LEASES (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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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 March 31, 2026 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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Other Future Years |
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Total |
| Operating lease payments |
$ |
450,325 |
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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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$ |
1,311,056 |
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| Financing lease payments |
600,452 |
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481,866 |
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175,360 |
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2,664 |
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— |
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— |
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1,260,342 |
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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 |
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March 31, 2026 |
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December 31, 2025 |
Operating leases |
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Weighted average remaining lease term (in years) |
2.58 |
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2.71 |
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) |
1.90 |
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1.99 |
Weighted average discount rate |
7.50% |
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7.50% |
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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March 31, 2026 |
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March 31, 2025 |
| Operating lease costs |
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$ |
175,091 |
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$ |
175,091 |
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Short-term lease costs (1)
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843,387 |
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1,152,304 |
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| Financing lease costs: |
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Amortization of financing lease assets (2)
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193,437 |
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264,787 |
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Interest on financing lease liabilities (3)
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23,886 |
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28,741 |
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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 Condensed Balance Sheets:
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As of |
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March 31, 2026 |
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December 31, 2025 |
| Operating lease liability, current portion |
$ |
539,464 |
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$ |
586,614 |
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| Operating lease liability, non-current portion |
695,226 |
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819,223 |
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| Operating lease liability, total |
$ |
1,234,690
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$ |
1,405,837
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| Total undiscounted future cash flows (sum of future operating lease payments) |
1,311,056 |
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1,497,380 |
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| Imputed interest |
76,366 |
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91,543 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,234,690
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$ |
1,405,837
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| Financing lease liability, current portion |
$ |
686,697 |
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$ |
730,564 |
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| Financing lease liability, non-current portion |
487,110 |
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593,146 |
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| Financing lease liability, total |
$ |
1,173,807
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$ |
1,323,710
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| Total undiscounted future cash flows (sum of future financing lease payments) |
1,260,342 |
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1,428,999 |
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| Imputed interest |
86,535 |
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105,289 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,173,807
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$ |
1,323,710
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| Schedule of Gain (Loss) on Disposal of Assets |
During the three months ended March 31, 2026 and 2025, 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 Three Months Ended |
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March 31, 2026 |
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March 31, 2025 |
| Sale of owned vehicles |
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$ |
— |
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$ |
(6,974) |
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| Sale of leased vehicles |
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— |
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131,584 |
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| Gain (loss) on disposal of assets |
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$ |
— |
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$ |
124,610 |
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During the three months ended March 31, 2026 and 2025, 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 Three Months Ended |
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March 31, 2026 |
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March 31, 2025 |
| Sale of owned vehicles |
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$ |
— |
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$ |
(6,974) |
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| Sale of leased vehicles |
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— |
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131,584 |
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| Gain (loss) on disposal of assets |
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$ |
— |
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$ |
124,610 |
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