Annual report [Section 13 and 15(d), not S-K Item 405]

LEASES (Tables)

v3.25.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 are as follows:
2025 2026 2027 2028 2029
Thereafter
Total
Operating lease payments (1)
$ 727,460  $ 636,649  $ 460,497  $ 250,606  $ 149,628  $ —  $ 2,224,840 
Financing lease payments (2)
986,950  533,030  147,783  —  —  —  1,667,763 
(1)The weighted average annual discount rate as of December 31, 2024 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $170,799. The weighted average remaining term of operating leases was 3.45 years.
(2)The weighted average annual discount rate as of December 31, 2024 for financing leases was 7.31%. Based on this rate, the future lease payments above include imputed interest of $114,566. The weighted average remaining term of financing leases was 1.85 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 Balance Sheets:
As of December 31,
2024 2023
Operating lease liability, current portion 648,204  568,176 
Operating lease liability, non-current portion 1,405,837  2,054,041 
Operating lease liability, total 2,054,041  2,622,217 
Total undiscounted future cash flows (sum of future operating lease payments) 2,224,840  2,900,050 
Imputed interest 170,799  277,833 
Undiscounted future cash flows less imputed interest 2,054,041  2,622,217 
Financing lease liability, current portion 906,119  956,254 
Financing lease liability, non-current portion 647,078  906,330 
Financing lease liability, total 1,553,197  1,862,584 
Total undiscounted future cash flows (sum of future financing lease payments) 1,667,763  2,006,453 
Imputed interest 114,566  143,869 
Undiscounted future cash flows less imputed interest 1,553,197  1,862,584 
Schedule of Lease Cost
The following table provides supplemental information regarding lease costs in the Statements of Operations for the years ended December 31, 2024, 2023, and 2022.
2024 2023 2022
Operating lease costs $ 700,362  $ 541,801  $ 363,908 
Short-term lease costs (1)
$ 4,083,088  $ 5,096,723  $ 2,618,405 
Financing lease costs:
Amortization of financing lease assets (2)
$ 1,058,398  $ 803,721  $ 505,211 
Interest on financing lease liabilities (3)
$ 121,293  $ 101,269  $ 48,472 
(1)Amount included in Lease operating expenses
(2)Amount included in Depreciation, depletion and amortization
(3)Amount included in Interest (expense)