Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.23.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2023 are as follows:
2023 2024 2025 2026 2027 Other Future Years
Operating lease payments (1)
$ 118,616  $ 675,210  $ 727,460  $ 636,649  $ 460,497  400,234 
Financing lease payments (2)
223,492  832,238  493,290  49,763  —  — 

(1)The weighted average annual discount rate as of September 30, 2023 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $307,998. The weighted average remaining term of operating leases was 4.51 years.
(2)The weighted average annual discount rate as of September 30, 2023 for financing leases was 6.25%. Based on this rate, the future lease payments above include imputed interest of $101,334. The weighted average remaining term of financing leases was 2.00 years.
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:
As of
September 30, 2023 December 31, 2022
Operating lease liability, current portion $ 503,420  $ 398,362 
Operating lease liability, non-current portion 2,207,248  1,473,897 
Operating lease liability, total $ 2,710,668  $ 1,872,259 
Total undiscounted future cash flows (sum of future operating lease payments) 3,018,666  2,065,580 
Imputed interest 307,998  193,321 
Undiscounted future cash flows less imputed interest $ 2,710,668  $ 1,872,259 
Financing lease liability, current portion $ 806,993  $ 709,653 
Financing lease liability, non-current portion 690,456  1,052,479 
Financing lease liability, total $ 1,497,449  $ 1,762,132 
Total undiscounted future cash flows (sum of future financing lease payments) 1,598,783  1,900,595 
Imputed interest 101,334  138,463 
Undiscounted future cash flows less imputed interest $ 1,497,449  $ 1,762,132 
Schedule of Lease Cost
The following table provides supplemental information regarding lease costs in the Condensed Statements of Operations:
For the Three Months Ended
For the Nine Months Ended
September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
Operating lease costs $ 138,220  $ 83,590  $ 366,711  $ 250,770 
Short-term lease costs (1)
1,012,525  639,708  4,042,160  1,937,310 
Financing lease costs:
Amortization of financing lease assets (2)
197,221  106,982  572,744  334,447 
Interest on financing lease liabilities (3)
23,416  10,391  73,115  24,184 

(1)Amount included in Lease operating expenses
(2)Amount included in Depreciation, depletion and amortization
(3)Amount included in Interest (expense)