Company: REI
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038401
Chunk: 85

Company: RING ENERGY, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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hold improvements3‑5 yearsOffice equipment and software3‑7 yearsEquipment5‑10 yearsAutomobiles4 yearsBuildings and structures7 yearsThe following table provides information on the Company's depreciation expense for the three and six months ended June 30, 2025 and 2024.For the Three Months EndedFor the Six Months EndedJune 30, 2025June 30, 2024June 30, 2025June 30, 2024Depreciation$106,658 $102,772 $203,278 $204,709 

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 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 June 30, 2025 and 

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December 31, 2024, the notes payable balances included in current liabilities on the Condensed Balance Sheets were $1,488,419 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 six months ended June 30, 2025 and 2024.Three Months EndedSix Months EndedJune 30, 2025June 30, 2024June 30, 2025June 30, 2024Weighted average notes payable balance$330,644 $335,293 $316,501 $330,272 Weighted average interest rate on weighted average notes payable12.88 %11.91 %10.85 %9.91 %The following table shows interest paid related to notes payable for the three and