LEASES (Tables)
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12 Months Ended |
Dec. 31, 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 December 31, 2025 are as follows:
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2026 |
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2027 |
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2028 |
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2029 |
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2030 |
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Thereafter |
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Total |
| Operating lease payments |
$ |
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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$ |
— |
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$ |
1,497,380 |
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| Financing lease payments |
803,745 |
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465,880 |
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159,374 |
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— |
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— |
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— |
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1,428,999 |
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| Schedule of Lease Cost |
The following table shows the weighted average remaining lease term and the weighted average discount rate for the Company's leases as of the dates indicated.
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As of December 31, |
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2025 |
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2024 |
Operating leases |
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Weighted average remaining lease term (in years) |
2.71 |
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3.45 |
Weighted average discount rate |
4.50 |
% |
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4.50 |
% |
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Finance leases |
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Weighted average remaining lease term (in years) |
1.99 |
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1.85 |
Weighted average discount rate |
7.50 |
% |
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7.31 |
% |
The following table provides supplemental information regarding lease costs in the Statements of Operations for the years ended December 31, 2025, 2024, and 2023.
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2025 |
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2024 |
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2023 |
| Operating lease costs |
$ |
700,362 |
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$ |
700,362 |
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$ |
541,801 |
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Short-term lease costs (1)
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$ |
4,714,675 |
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$ |
4,083,088 |
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$ |
5,096,723 |
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| Financing lease costs: |
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Amortization of financing lease assets (2)
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$ |
925,619 |
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$ |
1,058,398 |
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$ |
803,721 |
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Interest on financing lease liabilities (3)
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$ |
107,754 |
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$ |
121,293 |
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$ |
101,269 |
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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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| 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 Balance Sheets:
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As of December 31, |
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2025 |
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2024 |
| Operating lease liability, current portion |
$ |
586,614 |
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$ |
648,204 |
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| Operating lease liability, non-current portion |
819,223 |
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1,405,837 |
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| Operating lease liability, total |
$ |
1,405,837
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$ |
2,054,041
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| Total undiscounted future cash flows (sum of future operating lease payments) |
$ |
1,497,380 |
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$ |
2,224,840 |
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| Imputed interest |
91,543 |
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170,799 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,405,837
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$ |
2,054,041
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| Financing lease liability, current portion |
$ |
730,564 |
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$ |
906,119 |
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| Financing lease liability, non-current portion |
593,146 |
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647,078 |
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| Financing lease liability, total |
$ |
1,323,710
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$ |
1,553,197
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| Total undiscounted future cash flows (sum of future financing lease payments) |
$ |
1,428,999 |
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$ |
1,667,763 |
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| Imputed interest |
105,289 |
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114,566 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,323,710
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$ |
1,553,197
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| Schedule Of Gain (Loss) On Disposal Of Assets |
During the years ended December 31, 2025 2024, and 2023, the Company recorded a gain (loss) on disposal of assets, which was impacted by the sale of owned vehicles, as follows:
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
Sale of owned vehicles |
$ |
(6,974) |
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$ |
(14,239) |
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$ |
(132,109) |
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Sale of leased vehicles |
453,374 |
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103,932 |
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44,981 |
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Gain (loss) on disposal of assets |
$ |
446,400
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$ |
89,693
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$ |
(87,128) |
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During the years ended December 31, 2025, 2024, and 2023, the Company recorded a gain (loss) on disposal of assets, which was impacted by the sale of leased vehicles, as follows:
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
Sale of owned vehicles |
$ |
(6,974) |
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$ |
(14,239) |
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$ |
(132,109) |
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Sale of leased vehicles |
453,374 |
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103,932 |
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44,981 |
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Gain (loss) on disposal of assets |
$ |
446,400
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$ |
89,693
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$ |
(87,128) |
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