COMMITMENTS AND CONTINGENT LIABILITIES |
12 Months Ended | |||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Text Block] |
NOTE 10 COMMITMENTS AND CONTINGENT LIABILITIES
Standby Letters of Credit A commercial bank has issued standby letters of credit on behalf of the Company to the states of Texas and Kansas totaling $280,000 to allow the Company to do business in those states. The Company intends to renew the standby letters of credit for as long as the Company does business in those states. No amounts have been drawn under the standby letters of credit.
Operating leases The following table summarizes our future estimated office lease payments for periods subsequent to December 31, 2015. The leases pertain to approximately 15,000 square feet of space for our corporate headquarters in Midland, Texas, approximately 3,700 square feet that was our former corporate headquarters in Midland, Texas, which we have sublet, approximately 3,700 square feet of office space for our accounting offices in Tulsa, Oklahoma and approximately 2,000 square feet of office space for our field office in Andrews, Texas. The Company incurred lease expenses of $527,582, $526,658 and $167,120 for the years ended December 31, 2016, 2015 and 2014, respectively. The following table reflects the future minimum lease payments under the operating lease as of December 31, 2016.
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