LEASES (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 are as follows:


	2025		2026		2027		2028		2029		Other Future Years		Total
Operating lease payments (1)	$	547,077	$	636,649	$	460,497	$	250,606	$	149,628	$	—	$	2,044,457
Financing lease payments (2)	749,113		647,580		262,333		17,609		—		—		1,676,635

(1)The weighted average annual discount rate as of March 31, 2025 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $148,280. The weighted average remaining term of operating leases was 3.25 years.

(2)The weighted average annual discount rate as of March 31, 2025 for financing leases was 7.45%. Based on this rate, the future lease payments above include imputed interest of $121,951. The weighted average remaining term of financing leases was 1.87 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, 2025		December 31, 2024
Operating lease liability, current portion	$	661,487	$	648,204
Operating lease liability, non-current portion	1,234,690		1,405,837
Operating lease liability, total	$	1,896,177	$	2,054,041
Total undiscounted future cash flows (sum of future operating lease payments)	2,044,457		2,224,840
Imputed interest	148,280		170,799
Undiscounted future cash flows less imputed interest	$	1,896,177	$	2,054,041

Financing lease liability, current portion	$	846,380	$	906,119
Financing lease liability, non-current portion	708,304		647,078
Financing lease liability, total	$	1,554,684	$	1,553,197
Total undiscounted future cash flows (sum of future financing lease payments)	1,676,635		1,667,763
Imputed interest	121,951		114,566
Undiscounted future cash flows less imputed interest	$	1,554,684	$	1,553,197

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, 2025		March 31, 2024
Operating lease costs		$	175,091	$	175,091
Short-term lease costs (1)		1,152,304		981,291
Financing lease costs:
Amortization of financing lease assets (2)		264,787		260,901
Interest on financing lease liabilities (3)		28,741		31,317

(1)Amount included in Lease operating expenses

(2)Amount included in Depreciation, depletion and amortization

(3)Amount included in Interest (expense)