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DEBT | 3 Months Ended
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Mar. 31, 2025
DEBT |
DEBT | 5. DEBT Dominion Loan Agreement On September 30, 2019, the Company entered into a Loan and Security Agreement with Dominion Bank, a Texas state bank (“Dominion Bank”). On September 30, 2023, the Company entered into a Fifth Loan Modification Agreement (the “Fifth Modification Agreement”) to the Loan and Security Agreement (as amended by (i) that certain Loan Modification Agreement dated as of September 30, 2020, (ii) that certain Second Loan Modification Agreement dated as of September 30, 2021, (iii) that certain Third Loan Modification Agreement dated as of September 30, 2022, (iv) that certain Fourth Modification Agreement dated as of March 21, 2023, and (v) the Fifth Modification Agreement, the “Loan Agreement”). The Loan Agreement provided for a secured revolving credit facility (the “Revolving Credit Facility”) in an amount up to the lesser of (I) an amount equal to the Borrowing Base or (II) $5 million. The Company’s obligations under the Loan Agreement were secured by a Certificate of Deposit with Dominion Bank for $5 million (the “Deposit”) in the Company’s collateral account. On May 2, 2024, the collateral deposit of $5 million was released and the Loan Agreement was terminated. Dominion Letters of Credit As of March 31, 2025, the Company has no outstanding letters of credit. Other Indebtedness As of March 31, 2025, the Company has three short-term notes payable to finance companies for various insurance premiums totaling $1.5 million. As of December 31, 2024, the Company had one outstanding short-term note payable to a finance company for various insurance premiums totaling $168,000. In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Condensed Consolidated Balance Sheet as of March 31, 2025, and December 31, 2024, include finance leases of $2.2 million and $2.4 million, respectively. Maturities and Interest Rates of Debt The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of March 31, 2025, and December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025 | ​ | December 31, 2024
Notes payable to finance company for insurance | ​ | ​ | ​ | ​ | ​ | ​
Aggregate principal amount outstanding | ​ | $ | 1,474 | ​ | $ | 168
Interest rates 6.35% and 9.74% | ​ | ​ | ​ | ​ | ​ | ​
​ The aggregate maturities of finance leases as of March 31, 2025, are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
April 2025 - March 2026 | ​ | $ | 836 | ​ | ​ | ​
April 2026 - March 2027 | ​ | ​ | 799 | ​ | ​ | ​
April 2027 - March 2028 | ​ | ​ | 462 | ​ | ​ | ​
April 2028 - March 2029 | ​ | ​ | 66 | ​ | ​ | ​
Obligations under finance leases | ​ | $ | 2,163 | ​ | ​ | ​
​ Interest rates on these leases range from 4.86% to 8.74%.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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