|9 Months Ended|
Sep. 30, 2018
|Related Party Transactions [Abstract]|
The Company leases its corporate offices from a related party pursuant to a five-year lease agreement with a five-year extension option requiring a base rent of $0.1 million per year. The Company also leases five properties adjacent to the corporate office from related parties with annual base rents of $0.03 million, $0.03 million, $0.1 million, $0.1 million, and $0.2 million.
For the nine months ended September 30, 2018 and 2017, the Company paid approximately $0.3 million and $0.2 million, respectively, for the use of transportation services from a related party. The Company also rents equipment in Elk City, Oklahoma from a related party, and for the nine months ended September 30, 2018 and 2017, the Company paid $0.1 million and $0.1 million, respectively.
At September 30, 2018 and December 31, 2017, the Company had $0 and $0.02 million in payables, respectively, and approximately $0 and $0 in receivables, respectively, for services provided by related parties.
All agreements pertaining to real property and equipment were entered into during periods where the Company had limited liquidity and related parties secured them on behalf of the Company. All related party transactions are immaterial and have not been separately shown on the face of the financial statements.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef