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Cash, Cash Equivalents, and Restricted Cash
 6 Months Ended
Jun. 30, 2024
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents, and Restricted Cash

3. Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents include cash on hand and short term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

Restricted cash consists of amounts deposited to back bonds or letters of credit for potential well liabilities. The Company presents restricted cash with cash and cash equivalents in the Consolidated Statements of Cash Flows.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts in the Consolidated Statements of Cash Flows as of June 30, 2024 and December, 31 2023:

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June 30, 

    

December 31,

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2024

​

2023

Cash and cash equivalents

​

$

8,581,484

​

$

13,403,628

Restricted cash included in other assets

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​

900,000

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​

470,000

Cash, cash equivalents, and restricted cash in the statement of cash flows

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$

9,481,484

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$

13,873,628

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During the six months ended June 30, 2024, the Company was in the process of transitioning financial institutions for its Letters of Credit (“LOCs”) tied to various bonds associated with Pennsylvania and New York operatorship. The transition caused a temporary increase in restricted cash until the new LOCs are deemed effective and until the previous LOCs can be canceled.  

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