LEASES (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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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, 2023 are as follows:
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2023 |
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2024 |
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2025 |
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2026 |
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2027 |
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Other Future Years |
Operating lease payments (1)
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$ |
220,193 |
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$ |
482,328 |
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$ |
494,692 |
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$ |
398,096 |
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$ |
216,000 |
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— |
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Financing lease payments (2)
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416,687 |
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771,643 |
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432,695 |
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11,136 |
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— |
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(1)The weighted average discount rate as of June 30, 2023 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $152,969. The weighted average remaining term of operating leases was 3.81 years.
(2)The weighted average discount rate as of June 30, 2023 for financing leases was 6.05%. Based on this rate, the future lease payments above include imputed interest of $105,298. The weighted average remaining term of financing leases was 2.02 years.
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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, 2023 |
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December 31, 2022 |
| Operating lease liability, current portion |
$ |
394,404 |
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$ |
398,362 |
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| Operating lease liability, non-current portion |
1,263,936 |
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1,473,897 |
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| Operating lease liability, total |
$ |
1,658,340
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$ |
1,872,259
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| Total undiscounted future cash flows (sum of future operating lease payments) |
1,811,309 |
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2,065,580 |
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| Imputed interest |
152,969 |
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193,321 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,658,340
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$ |
1,872,259
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| Financing lease liability, current portion |
$ |
761,110 |
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$ |
709,653 |
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| Financing lease liability, non-current portion |
765,753 |
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1,052,479 |
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| Financing lease liability, total |
$ |
1,526,863
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$ |
1,762,132
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| Total undiscounted future cash flows (sum of future financing lease payments) |
1,632,161 |
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1,900,595 |
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| Imputed interest |
105,298 |
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138,463 |
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| Undiscounted future cash flows less imputed interest |
$ |
1,526,863
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$ |
1,762,132
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| Schedule of Lease Cost |
The following table provides supplemental information regarding lease costs in our 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, 2023 |
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June 30, 2022 |
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June 30, 2023 |
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June 30, 2022 |
| Operating lease costs |
$ |
115,353 |
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$ |
83,590 |
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$ |
228,491 |
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$ |
167,180 |
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Short-term lease costs (1)
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1,815,836 |
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581,799 |
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3,029,635 |
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1,297,602 |
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| Financing lease costs: |
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Amortization of financing lease assets (2)
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189,495 |
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110,850 |
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375,523 |
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227,465 |
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Interest on financing lease liabilities (3)
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24,268 |
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7,280 |
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49,699 |
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13,793 |
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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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