LEASES (Tables)
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9 Months Ended |
Sep. 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 September 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 |
$ |
131,759 |
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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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$ |
992,490 |
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| Financing lease payments |
210,799 |
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608,872 |
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302,366 |
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43,626 |
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— |
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— |
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1,165,663 |
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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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September 30, 2026 |
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December 31, 2025 |
Operating leases |
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Weighted average remaining lease term (in years) |
2.29 |
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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) |
1.76 |
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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 Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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September 30, 2026 |
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September 30, 2025 |
| Operating lease costs |
$ |
124,187 |
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$ |
175,091 |
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$ |
474,368 |
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$ |
525,272 |
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Short-term lease costs (1)
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812,000 |
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1,143,136 |
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2,446,993 |
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3,555,538 |
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| Financing lease costs: |
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Amortization of financing lease assets (2)
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211,324 |
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217,213 |
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618,233 |
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720,618 |
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Interest on financing lease liabilities (3)
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22,582 |
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24,330 |
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72,129 |
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80,709 |
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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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September 30, 2026 |
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December 31, 2025 |
| Operating lease liability, current portion |
$ |
498,844 |
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$ |
586,614 |
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| Operating lease liability, non-current portion |
442,008 |
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819,223 |
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| Operating lease liability, total |
$ |
940,852
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$ |
1,405,837
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| Total undiscounted future cash flows (sum of future operating lease payments) |
992,490 |
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1,497,380 |
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| Imputed interest |
51,638 |
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91,543 |
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| Undiscounted future cash flows less imputed interest |
$ |
940,852
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$ |
1,405,837
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| Financing lease liability, current portion |
$ |
646,731 |
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$ |
730,564 |
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| Financing lease liability, non-current portion |
439,869 |
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593,146 |
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| Financing lease liability, total |
$ |
1,086,600
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$ |
1,323,710
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| Total undiscounted future cash flows (sum of future financing lease payments) |
1,165,663 |
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1,428,999 |
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| Imputed interest |
79,063 |
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105,289 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,086,600
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$ |
1,323,710
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| Schedule of Gain (Loss) on Disposal of Assets |
During the three and nine months ended September 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 Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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September 30, 2026 |
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September 30, 2025 |
| Sale of owned vehicles |
$ |
— |
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$ |
— |
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$ |
23,142 |
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$ |
(6,974) |
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| Sale of leased vehicles |
52,331 |
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105,642 |
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133,339 |
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392,519 |
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| Gain (loss) on disposal of assets |
$ |
52,331 |
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$ |
105,642 |
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$ |
156,481 |
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$ |
385,545 |
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During the three and nine months ended September 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 Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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September 30, 2026 |
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September 30, 2025 |
| Sale of owned vehicles |
$ |
— |
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$ |
— |
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$ |
23,142 |
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$ |
(6,974) |
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| Sale of leased vehicles |
52,331 |
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105,642 |
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133,339 |
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392,519 |
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| Gain (loss) on disposal of assets |
$ |
52,331 |
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$ |
105,642 |
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$ |
156,481 |
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$ |
385,545 |
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