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DEBT | 9 Months Ended
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Sep. 30, 2025
DEBT |
DEBT | 6. DEBT Letters of Credit As of September 30, 2025, the Company has no outstanding letters of credit. Geospace Notes In connection with the Equipment Purchase Agreement, as of September 30, 2025, the Company has issued two Geospace Notes. Dawson Operating and Dawson Geophysical Company issued the first Geospace Note on August 8, 2025, for approximately $3.6 million. Dawson Operating and Dawson Geophysical Company issued the second Geospace Note on September 29, 2025 for approximately $3.9 million. Each Note has a term of 36 months with a fixed interest rate of 8.75% annually and may be prepaid in whole or in part at any time without penalty. The combined monthly principal and interest payments due on these notes totals approximately $239,000. These notes are collateralized by both the equipment purchased and two owned properties in Midland that consist of a 61,402 square foot property used as a field office and a 6,600 square foot property used as an inventory and storage facility. Other Indebtedness As of September 30, 2025, the Company has two short-term notes payable to finance companies for various insurance premiums totaling $0.2 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 September 30, 2025, and December 31, 2024, include finance leases of $2.5 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 September 30, 2025, and December 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025 | ​ | December 31, 2024
Notes payable to finance company for insurance | ​ | ​ | ​ | ​ | ​ | ​
Aggregate principal amount outstanding | ​ | $ | 206 | ​ | $ | 168
Interest rates range from 6.35% to 9.47% | ​ | ​ | ​ | ​ | ​ | ​
​ The aggregate maturities of notes payable for equipment purchases as of September 30, 2025, are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
October 2025 - September 2026 | ​ | $ | 2,306 | ​ | ​ | ​
October 2026 - September 2027 | ​ | ​ | 2,516 | ​ | ​ | ​
October 2027 - September 2028 | ​ | ​ | 2,631 | ​ | ​ | ​
Obligations under notes payable | ​ | $ | 7,453 | ​ | ​ | ​
​ Interest rates on these notes are 8.75%. The aggregate maturities of finance leases (net of imputed interest) as of September 30, 2025, are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
October 2025 - September 2026 | ​ | $ | 1,086 | ​ | ​ | ​
October 2026 - September 2027 | ​ | ​ | 869 | ​ | ​ | ​
October 2027 - September 2028 | ​ | ​ | 418 | ​ | ​ | ​
October 2028 - September 2029 | ​ | ​ | 111 | ​ | ​ | ​
October 2029 - September 2030 | ​ | ​ | — | ​ | ​ | ​
Obligations under finance leases | ​ | $ | 2,484 | ​ | ​ | ​
​ Interest rates on these leases range from 4.86% to 8.74%.

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