Company: REI
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001628280-25-010585
Chunk: 97

Company: RING ENERGY, INC.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 16
Chunk 97
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 owned vehicles, driving the loss on disposal of 87,128. 

Accounts Payable The following table summarizes the Company's components of its current accounts payable balance presented in its Balance Sheets at December 31, 2024 and 2023: 20242023Trade accounts payable$39,289,431 $37,626,348 Revenues payable35,766,989 44,348,938 Accrued expenses20,672,841 22,088,838 Accounts payable$95,729,261 $104,064,124 Trade accounts payable – The following table summarizes the Company's current trade accounts payable at December 31, 2024 and 2023:20242023Accounts payable related to vendors$37,147,926 $36,944,263 Other2,141,505 682,085 Trade accounts payable$39,289,431 $37,626,348 Revenues payable – The following table summarizes the Company's current revenues and royalties payable at December 31, 2024 and 2023:20242023Revenue held in suspense$28,166,335 $31,592,825 Revenues and royalties payable7,600,654 12,756,113 Revenues payable$35,766,989 $44,348,938 Accrued expenses – The following table summarizes the Company's current accrued expenses at December 31, 2024 and 2023:

F-12

20242023Accrued capital expenditures$3,645,377 $7,518,603 Accrued lease operating expenses5,313,315 6,798,548 Accrued interest2,830,440 3,684,378 Accrued general and administrative expense4,897,904 4,047,095 Other3,985,805 40,214 Accrued expenses$20,672,841 $22,088,838 

Notes Payable – At the end of May 2024, the Company renewed its control of well, general liability, pollution, umbrella, property, workers' compensation, auto, and D&O insurance policies, funding the premiums with a promissory note with a face value after down payments of $1,501,507. In November 2024, the Company renewed its cybersecurity insurance policy, and funded the premium with a promissory note with a face value