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ASSET RETIREMENT OBLIGATION | 12 Months Ended
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Dec. 31, 2024
ASSET RETIREMENT OBLIGATION |
ASSET RETIREMENT OBLIGATION | NOTE 8 – ASSET RETIREMENT OBLIGATION Changes in the asset retirement obligations for the years ended December 31, 2024 and 2023 were as follows:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |
Asset retirement obligation, beginning of period |  | $ | 1,638,027 |  |  | $ | 224,511 |
Revisions to estimate of retirement obligations |  |  | - |  |  |  | 1,075,061 |
Accretion expense |  |  | 73,081 |  |  |  | 13,471 |
Changes in asset retirement obligation estimates |  |  | - |  |  |  | 324,984 |
Asset retirement obligation, end of period |  | $ | 1,711,108 |  |  | $ | 1,638,027 |
The Company recorded accretion expense of $73,081 and $13,471 during the years ended December 31, 2024 and 2023, respectively. During the year ended December 31, 2023, the Company recalculated its asset retirement obligations based on indications that the associated costs had changed. Based on these changes in the estimate of cash flow costs and timing, the Company's asset retirement obligation liability increased by $1,075,061 and the Company’s asset retirement obligation expense increased by $324,984 during the year ended December 31, 2023. The Company added layers to its asset retirement obligations and assets at its credit-adjusted risk-free rate of 6.65% during the year ended December 31, 2023.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/410-20/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 20 -Topic 410 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-2 + Details
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