Company: REI
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001384195-25-000018
Chunk: 14

Company: RING ENERGY, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 straight-line method based upon the following estimated useful lives:Leasehold improvements3‑5 yearsOffice equipment and software3‑7 yearsEquipment5‑10 yearsAutomobiles4 yearsBuildings and structures7 yearsUAV3 yearsThe following table provides information on the Company's depreciation expense for the three and nine months ended September 30, 2025 and 2024.For the Three Months EndedFor the Nine Months EndedSeptember 30, 2025September 30, 2024September 30, 2025September 30, 2024Depreciation$105,933 $102,043 $309,211 $306,752 

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 

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policy, and funded the premium with a promissory note with a face value after down payments of $58,773. The APR for both notes was 7.98%. At the end of May 2025, 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 $1,648,539. The APR for this note was 7.75%. As of September 30, 2025 and December 31, 2024, the notes payable balances included in current liabilities on the Condensed Balance Sheets were $1,001,829 and $496,397, respectively. The following table reflects the weighted average notes payable balances and the weighted average interest rate on the weighted average notes payable outstanding during the period as of and for the three and nine months ended September 30, 2025 and 2024.Three Months EndedNine Months EndedSeptember 30, 2025September 30, 2024September 30, 2025September 30, 2024Weighted average notes payable balance$1,295,192 $1,181,511 $646,316 $616,090 Weighted average interest rate on weighted average notes payable7.94 %8.16 %8.85