Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

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LEASES (Tables)
 3 Months Ended
Mar. 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 March 31, 2024 are as follows:
2024 2025 2026 2027 2028 Other Future Years
Operating lease payments (1)
$ 532,397  $ 727,460  $ 636,649  $ 460,497  $ 250,606  $ 149,628 
Financing lease payments (2)
845,252  808,632  335,634  15,855  —  — 

(1)The weighted average annual discount rate as of March 31, 2024 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $248,687. The weighted average remaining term of operating leases was 4.10 years.
(2)The weighted average annual discount rate as of March 31, 2024 for financing leases was 6.88%. Based on this rate, the future lease payments above include imputed interest of $143,090. The weighted average remaining term of financing leases was 1.99 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
March 31, 2024 December 31, 2023
Operating lease liability, current portion $ 612,373  $ 568,176 
Operating lease liability, non-current portion 1,896,177  2,054,041 
Operating lease liability, total $ 2,508,550  $ 2,622,217 
Total undiscounted future cash flows (sum of future operating lease payments) 2,757,237  2,900,050 
Imputed interest 248,687  277,833 
Undiscounted future cash flows less imputed interest $ 2,508,550  $ 2,622,217 
Financing lease liability, current portion $ 1,003,909  $ 956,254 
Financing lease liability, non-current portion 858,374  906,330 
Financing lease liability, total $ 1,862,283  $ 1,862,584 
Total undiscounted future cash flows (sum of future financing lease payments) 2,005,373  2,006,453 
Imputed interest 143,090  143,869 
Undiscounted future cash flows less imputed interest $ 1,862,283  $ 1,862,584 
Schedule of Lease Cost
The following table provides supplemental information regarding lease costs in the Condensed Statements of Operations:
For the Three Months Ended
March 31, 2024 March 31, 2023
Operating lease costs $ 175,091  $ 113,138 
Short-term lease costs (1)
981,291  1,213,799 
Financing lease costs:
Amortization of financing lease assets (2)
260,901  186,028 
Interest on financing lease liabilities (3)
31,317  25,431 

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