LEASES (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, 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 |
$ |
263,518 |
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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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$ |
1,124,249 |
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| Financing lease payments |
435,932 |
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581,242 |
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274,736 |
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27,508 |
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— |
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— |
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1,319,418 |
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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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June 30, 2026 |
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December 31, 2025 |
Operating leases |
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Weighted average remaining lease term (in years) |
2.48 |
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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) |
1.89 |
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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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For the Six Months Ended |
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June 30, 2026 |
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June 30, 2025 |
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June 30, 2026 |
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June 30, 2025 |
| 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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791,606 |
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1,260,098 |
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1,634,993 |
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2,412,402 |
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| Financing lease costs: |
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Amortization of financing lease assets (2)
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213,472 |
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238,618 |
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406,909 |
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503,405 |
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Interest on financing lease liabilities (3)
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25,661 |
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27,638 |
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49,547 |
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56,379 |
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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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June 30, 2026 |
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December 31, 2025 |
| Operating lease liability, current portion |
$ |
491,796 |
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$ |
586,614 |
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| Operating lease liability, non-current portion |
569,328 |
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819,223 |
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| Operating lease liability, total |
$ |
1,061,124
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$ |
1,405,837
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| Total undiscounted future cash flows (sum of future operating lease payments) |
1,124,249 |
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1,497,380 |
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| Imputed interest |
63,125 |
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91,543 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,061,124
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$ |
1,405,837
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| Financing lease liability, current portion |
$ |
693,432 |
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$ |
730,564 |
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| Financing lease liability, non-current portion |
533,212 |
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593,146 |
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| Financing lease liability, total |
$ |
1,226,644
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$ |
1,323,710
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| Total undiscounted future cash flows (sum of future financing lease payments) |
1,319,418 |
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1,428,999 |
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| Imputed interest |
92,774 |
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105,289 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,226,644
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$ |
1,323,710
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| Schedule of Gain (Loss) on Disposal of Assets |
During the three and six months ended June 30, 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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For the Six Months Ended |
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June 30, 2026 |
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June 30, 2025 |
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June 30, 2026 |
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June 30, 2025 |
| Sale of owned vehicles |
$ |
81,008 |
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$ |
155,293 |
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$ |
81,008 |
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$ |
286,877 |
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| Sale of leased vehicles |
23,142 |
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— |
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23,142 |
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(6,974) |
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| Gain (loss) on disposal of assets |
$ |
104,150 |
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$ |
155,293 |
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$ |
104,150 |
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$ |
279,903 |
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During the three and six months ended June 30, 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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For the Six Months Ended |
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June 30, 2026 |
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June 30, 2025 |
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June 30, 2026 |
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June 30, 2025 |
| Sale of owned vehicles |
$ |
81,008 |
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$ |
155,293 |
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$ |
81,008 |
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$ |
286,877 |
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| Sale of leased vehicles |
23,142 |
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— |
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23,142 |
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(6,974) |
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| Gain (loss) on disposal of assets |
$ |
104,150 |
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$ |
155,293 |
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$ |
104,150 |
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$ |
279,903 |
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