LEASES (Tables)
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9 Months Ended |
Sep. 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 September 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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$ |
185,359 |
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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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$ |
1,682,739 |
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Financing lease payments (2)
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212,810 |
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736,174 |
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353,326 |
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71,667 |
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— |
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— |
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1,373,977 |
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(1)The weighted average annual discount rate as of September 30, 2025 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $108,622. The weighted average remaining term of operating leases was 2.88 years.
(2)The weighted average annual discount rate as of September 30, 2025 for financing leases was 7.50%. Based on this rate, the future lease payments above include imputed interest of $98,151. The weighted average remaining term of financing leases was 1.91 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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September 30, 2025 |
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December 31, 2024 |
| Operating lease liability, current portion |
$ |
633,264 |
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$ |
648,204 |
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| Operating lease liability, non-current portion |
940,853 |
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1,405,837 |
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| Operating lease liability, total |
$ |
1,574,117
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$ |
2,054,041
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| Total undiscounted future cash flows (sum of future operating lease payments) |
1,682,739 |
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2,224,840 |
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| Imputed interest |
108,622 |
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170,799 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,574,117
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$ |
2,054,041
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| Financing lease liability, current portion |
$ |
728,762 |
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$ |
906,119 |
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| Financing lease liability, non-current portion |
547,064 |
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647,078 |
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| Financing lease liability, total |
$ |
1,275,826
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$ |
1,553,197
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| Total undiscounted future cash flows (sum of future financing lease payments) |
1,373,977 |
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1,667,763 |
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| Imputed interest |
98,151 |
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114,566 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,275,826
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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 Nine Months Ended |
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September 30, 2025 |
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September 30, 2024 |
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September 30, 2025 |
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September 30, 2024 |
| Operating lease costs |
$ |
175,091 |
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$ |
175,091 |
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$ |
525,272 |
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$ |
525,272 |
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Short-term lease costs (1)
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1,143,136 |
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1,225,729 |
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3,555,538 |
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3,311,077 |
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| Financing lease costs: |
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Amortization of financing lease assets (2)
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217,213 |
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258,022 |
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720,618 |
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790,386 |
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Interest on financing lease liabilities (3)
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24,330 |
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27,224 |
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80,709 |
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89,963 |
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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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