Company: REI
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038401
Chunk: 96

Company: RING ENERGY, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 was 3.05 years.(2)The weighted average annual discount rate as of June 30, 2025 for financing leases was 7.50%. Based on this rate, the future lease payments above include imputed interest of $99,639. The weighted average remaining term of financing leases was 1.90 years. 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:

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As ofJune 30, 2025December 31, 2024Operating lease liability, current portion$674,927 $648,204 Operating lease liability, non-current portion1,061,124 1,405,837 Operating lease liability, total$1,736,051 $2,054,041 Total undiscounted future cash flows (sum of future operating lease payments)1,863,598 2,224,840 Imputed interest127,547 170,799 Undiscounted future cash flows less imputed interest$1,736,051 $2,054,041 Financing lease liability, current portion$724,527 $906,119 Financing lease liability, non-current portion580,604 647,078 Financing lease liability, total$1,305,131 $1,553,197 Total undiscounted future cash flows (sum of future financing lease payments)1,404,770 1,667,763 Imputed interest99,639 114,566 Undiscounted future cash flows less imputed interest$1,305,131 $1,553,197 The following table provides supplemental information regarding lease costs in the Condensed Statements of Operations:For the Three Months EndedFor the Six Months EndedJune 30, 2025June 30, 2024June 30, 2025June 30, 2024Operating lease costs$175,090 $175,090 $350,181 $350,181 Short-term lease costs (1)1,260,098 1,104,057 2,412,402 2,085,348 Financing lease costs:Amortization of financing lease assets (2)238,618 271,463 503,405 532,364 Interest on financing lease liabilities (3)27,638 31,422 56,379