Quarterly report [Sections 13 or 15(d)]

LEASES (Tables)

v3.25.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Future Lease Payments of Operating Lease and Finance Lease
Future lease payments associated with these operating and financing leases as of March 31, 2025 are as follows:
2025 2026 2027 2028 2029 Other Future Years Total
Operating lease payments (1)
$ 547,077  $ 636,649  $ 460,497  $ 250,606  $ 149,628  $ —  $ 2,044,457 
Financing lease payments (2)
749,113  647,580  262,333  17,609  —  —  1,676,635 

(1)The weighted average annual discount rate as of March 31, 2025 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $148,280. The weighted average remaining term of operating leases was 3.25 years.
(2)The weighted average annual discount rate as of March 31, 2025 for financing leases was 7.45%. Based on this rate, the future lease payments above include imputed interest of $121,951. The weighted average remaining term of financing leases was 1.87 years.
Schedule of Reconciliation Between The Undiscounted Future Cash Flows And The Operating And Financing Lease Liabilities
The following table represents a reconciliation between the undiscounted future cash flows in the table above and the operating and financing lease liabilities disclosed in the Condensed Balance Sheets:
As of
March 31, 2025 December 31, 2024
Operating lease liability, current portion $ 661,487  $ 648,204 
Operating lease liability, non-current portion 1,234,690  1,405,837 
Operating lease liability, total $ 1,896,177  $ 2,054,041 
Total undiscounted future cash flows (sum of future operating lease payments) 2,044,457  2,224,840 
Imputed interest 148,280  170,799 
Undiscounted future cash flows less imputed interest $ 1,896,177  $ 2,054,041 
Financing lease liability, current portion $ 846,380  $ 906,119 
Financing lease liability, non-current portion 708,304  647,078 
Financing lease liability, total $ 1,554,684  $ 1,553,197 
Total undiscounted future cash flows (sum of future financing lease payments) 1,676,635  1,667,763 
Imputed interest 121,951  114,566 
Undiscounted future cash flows less imputed interest $ 1,554,684  $ 1,553,197 
Schedule of Lease Cost
The following table provides supplemental information regarding lease costs in the Condensed Statements of Operations:
For the Three Months Ended
March 31, 2025 March 31, 2024
Operating lease costs $ 175,091  $ 175,091 
Short-term lease costs (1)
1,152,304  981,291 
Financing lease costs:
Amortization of financing lease assets (2)
264,787  260,901 
Interest on financing lease liabilities (3)
28,741  31,317 

(1)Amount included in Lease operating expenses
(2)Amount included in Depreciation, depletion and amortization
(3)Amount included in Interest (expense)