LEASES (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Leases [Abstract] |
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| Schedule of Future Lease Payments of Operating Lease and Finance Lease |
Future lease payments associated with these operating and financing leases as of June 30, 2025 are as follows:
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2025 |
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2026 |
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2027 |
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2028 |
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2029 |
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Other Future Years |
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Total |
Operating lease payments (1)
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$ |
366,218 |
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$ |
636,649 |
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$ |
460,497 |
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$ |
250,606 |
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$ |
149,628 |
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$ |
— |
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$ |
1,863,598 |
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Financing lease payments (2)
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433,416 |
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664,994 |
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282,147 |
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24,213 |
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— |
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— |
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1,404,770 |
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(1)The weighted average annual discount rate as of June 30, 2025 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $127,547. The weighted average remaining term of operating leases was 3.05 years.
(2)The weighted average annual discount rate as of June 30, 2025 for financing leases was 7.50%. Based on this rate, the future lease payments above include imputed interest of $99,639. The weighted average remaining term of financing leases was 1.90 years.
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| 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:
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As of |
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June 30, 2025 |
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December 31, 2024 |
| Operating lease liability, current portion |
$ |
674,927 |
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$ |
648,204 |
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| Operating lease liability, non-current portion |
1,061,124 |
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1,405,837 |
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| Operating lease liability, total |
$ |
1,736,051
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$ |
2,054,041
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| Total undiscounted future cash flows (sum of future operating lease payments) |
1,863,598 |
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2,224,840 |
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| Imputed interest |
127,547 |
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170,799 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,736,051
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$ |
2,054,041
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| Financing lease liability, current portion |
$ |
724,527 |
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$ |
906,119 |
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| Financing lease liability, non-current portion |
580,604 |
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647,078 |
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| Financing lease liability, total |
$ |
1,305,131
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$ |
1,553,197
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| Total undiscounted future cash flows (sum of future financing lease payments) |
1,404,770 |
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1,667,763 |
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| Imputed interest |
99,639 |
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114,566 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,305,131
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$ |
1,553,197
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| Schedule of Lease Cost |
The following table provides supplemental information regarding lease costs in the Condensed Statements of Operations:
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
| Operating lease costs |
$ |
175,090 |
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$ |
175,090 |
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$ |
350,181 |
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$ |
350,181 |
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Short-term lease costs (1)
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1,260,098 |
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1,104,057 |
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2,412,402 |
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2,085,348 |
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| Financing lease costs: |
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Amortization of financing lease assets (2)
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238,618 |
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271,463 |
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503,405 |
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532,364 |
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Interest on financing lease liabilities (3)
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27,638 |
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31,422 |
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56,379 |
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62,739 |
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(1)Amount included in Lease operating expenses
(2)Amount included in Depreciation, depletion and amortization
(3)Amount included in Interest (expense)
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