Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
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, 2023 are as follows:
2024 2025 2026 2027 2028
Thereafter
Operating lease payments (1)
$ 675,210  $ 727,460  $ 636,649  $ 460,497  $ 250,606  $ 149,628 
Financing lease payments (2)
1,052,449  713,501  240,503  —  —  — 
(1)The weighted average annual discount rate as of December 31, 2023 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $277,833. The weighted average remaining term of operating leases was 4.32 years.
(2)The weighted average annual discount rate as of December 31, 2023 for financing leases was 6.69%. Based on this rate, the future lease payments above include imputed interest of $143,869. The weighted average remaining term of financing leases was 2.00 years.
Schedule of Lease Cost
The following table provides supplemental information regarding lease costs in the Statements of Operations:
2023
Operating lease costs $ 541,801 
Short-term lease costs (1)
$ 5,096,723 
Financing lease costs:
Amortization of financing lease assets (2)
$ 803,721 
Interest on financing lease liabilities (3)
$ 101,269 
(1)Amount included in Lease operating expenses
(2)Amount included in Depreciation, depletion and amortization
(3)Amount included in Interest (expense)
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:
As of December 31,
2023 2022
Operating lease liability, current portion 568,176  398,362 
Operating lease liability, non-current portion 2,054,041  1,473,897 
Operating lease liability, total 2,622,217  1,872,259 
Total undiscounted future cash flows (sum of future operating lease payments) 2,900,050  2,065,580 
Imputed interest 277,833  193,321 
Undiscounted future cash flows less imputed interest 2,622,217  1,872,259 
Financing lease liability, current portion 956,254  709,653 
Financing lease liability, non-current portion 906,330  1,052,479 
Financing lease liability, total 1,862,584  1,762,132 
Total undiscounted future cash flows (sum of future financing lease payments) 2,006,453  1,900,595 
Imputed interest 143,869  138,463 
Undiscounted future cash flows less imputed interest 1,862,584  1,762,132