v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
The Company has lease arrangements for properties, vehicles and transportation equipment. Certain leases contain options to purchase, extend or terminate the lease. Determining the lease term and amount of lease payments to include in the calculation of the right-of-use asset and lease obligations for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain and whether the optional period and payments should be
included in the calculation of the associated right-of-use asset and lease obligation. In making such determination, the Company considers all relevant economic factors.
The Company’s lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived imputed rates, which were used to discount its real estate lease liabilities. The Company used estimated borrowing rates of 6% on January 1, 2019 for all leases that commenced prior to that date for office spaces, vehicles and transportation equipment.
Lease Costs
The table below comprises lease expenses for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Components of total lease cost:
Operating lease expense$1,349,100 $830,029 $2,671,618 $1,766,779 
Finance lease expense:
              Amortization of right-of-use assets1,316,938 1,141,130 2,558,381 2,197,620 
              Interest on lease liabilities250,694 184,944 470,749 366,827 
              Finance lease expense1,567,632 1,326,074 3,029,130 2,564,447 
Short-term lease expense214,582 420,583 582,205 889,457 
Total lease cost$3,131,314 $2,576,686 $6,282,953 $5,220,683 
Lease Payments
The table below presents lease payments for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Components of total lease payments:
Operating lease payment$1,203,839 $849,696 $2,274,370 $1,778,682 
Finance lease payment1,367,624 1,060,201 2,664,511 2,029,789 
Total lease payments$2,571,463 $1,909,897 $4,938,881 $3,808,471 

Operating Leases
The Company is obligated to make rental payments under non-cancellable operating leases for office, dispatch station space and transportation equipment, expiring at various dates through 2034. Under the terms of the leases, the Company is also obligated for its proportionate share of real estate taxes, insurance and maintenance costs of the property.
(Gain) Loss on Remeasurement
During the six months ended June 30, 2025, the Company reassessed the use of some office spaces, resulting in early terminations of two leased office spaces. The Company recorded a (gain) loss from remeasurement of operating lease of $(6,425) and $164 during the three and six months ended June 30, 2025.
The Company recorded a loss from remeasurement of operating lease of $0 and $7,306 during the three and six months ended June 30, 2024.
Sublease Income
During the six months ended June 30, 2025, the Company subleased a portion of its corporate office space in New York, NY. The sublease entered into during the six months ended June 30, 2025 has a lease term of one year and four months and has been classified as an operating lease by the Company. Sublease income was $109,758 and $184,760 for the three and six months ended June 30, 2025, respectively. During the six months ended June 30, 2024, the Company subleased its office space in Houston, TX. The sublease was entered in 2023 and has a lease term of three years and has been classified as an operating lease by the Company. Sublease income was $18,869 and $37,739 for the three and six months ended June 30, 2024, respectively. The Company recognizes sublease income as rental income, presented in the Company’s unaudited Condensed Consolidated Statement of Operations and Comprehensive (Loss) Income under other income (expense).
Lease Position as of June 30, 2025
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
June 30,
2025		December 31, 2024
Assets
Lease right-of-use assets$12,611,145 $11,958,698 
Total lease assets$12,611,145 $11,958,698 
Liabilities  
Current liabilities:  
Lease liability - current portion$4,693,813 $3,844,561 
Noncurrent liabilities:  
Lease liability, net of current portion8,769,686 8,599,072 
Total lease liability$13,463,499 $12,443,633 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases as of June 30, 2025:
Weighted average remaining lease term (in years) - operating leases3.42
Weighted average discount rate - operating leases5.90%
Undiscounted Cash Flows
Future minimum lease payments under the operating leases as of June 30, 2025 were as follows:
Operating
Leases
2025, remaining$2,747,564 
20264,673,528 
20273,393,467 
20282,613,171 
20291,225,505 
203065,516 
Thereafter212,065 
Total future minimum lease payments14,930,816 
Less effects of discounting(1,467,317)
Present value of future minimum lease payments$13,463,499 
Finance Leases
The Company leases vehicles under non-cancellable finance lease agreements with a liability of $16,976,239 and $14,725,605 as of June 30, 2025 and December 31, 2024, respectively, and a right-of-use net of $17,664,270 and $15,337,299 as of June 30, 2025 and December 31, 2024, respectively (accumulated depreciation of $11,042,816 and $9,128,202 as of June 30, 2025 and December 31, 2024, respectively).
Loss on Lease Remeasurement
During the year, the Company returned a number of leased vehicles, resulting in the termination of contract of these leased vehicles. The Company recorded a loss on remeasurement of finance lease of $13,032 and $47,280 during the three and six months ended June 30, 2025.
The Company recorded a loss on remeasurement of finance lease of $21,192 and $18,583 during the three and six months ended June 30, 2024.
Lease Position as of June 30, 2025
Right-of-use assets and lease liabilities for the Company’s finance leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
June 30,
2025		December 31,
2024
Assets
Lease right-of-use assets$17,664,270 $15,337,299 
Total lease assets$17,664,270 $15,337,299 
Liabilities
Current liabilities:
Lease liability - current portion$5,359,548 $4,694,467 
Noncurrent liabilities:
Lease liability, net of current portion11,616,691 10,031,138 
Total lease liability$16,976,239 $14,725,605 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of June 30, 2025:
Weighted average remaining lease term (in years) - finance leases3.48
Weighted average discount rate - finance leases5.79%
Undiscounted Cash Flows
Future minimum lease payments under the finance leases as of June 30, 2025 are as follows:
Finance Leases
2025, remaining$3,207,123 
20265,782,525 
20274,616,290 
20283,320,258 
20291,667,550 
2030211,232 
Total future minimum lease payments18,804,978 
Less effects of discounting(1,828,739)
Present value of future minimum lease payments$16,976,239 
Leases Leases
The Company has lease arrangements for properties, vehicles and transportation equipment. Certain leases contain options to purchase, extend or terminate the lease. Determining the lease term and amount of lease payments to include in the calculation of the right-of-use asset and lease obligations for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain and whether the optional period and payments should be
included in the calculation of the associated right-of-use asset and lease obligation. In making such determination, the Company considers all relevant economic factors.
The Company’s lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived imputed rates, which were used to discount its real estate lease liabilities. The Company used estimated borrowing rates of 6% on January 1, 2019 for all leases that commenced prior to that date for office spaces, vehicles and transportation equipment.
Lease Costs
The table below comprises lease expenses for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Components of total lease cost:
Operating lease expense$1,349,100 $830,029 $2,671,618 $1,766,779 
Finance lease expense:
              Amortization of right-of-use assets1,316,938 1,141,130 2,558,381 2,197,620 
              Interest on lease liabilities250,694 184,944 470,749 366,827 
              Finance lease expense1,567,632 1,326,074 3,029,130 2,564,447 
Short-term lease expense214,582 420,583 582,205 889,457 
Total lease cost$3,131,314 $2,576,686 $6,282,953 $5,220,683 
Lease Payments
The table below presents lease payments for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Components of total lease payments:
Operating lease payment$1,203,839 $849,696 $2,274,370 $1,778,682 
Finance lease payment1,367,624 1,060,201 2,664,511 2,029,789 
Total lease payments$2,571,463 $1,909,897 $4,938,881 $3,808,471 

Operating Leases
The Company is obligated to make rental payments under non-cancellable operating leases for office, dispatch station space and transportation equipment, expiring at various dates through 2034. Under the terms of the leases, the Company is also obligated for its proportionate share of real estate taxes, insurance and maintenance costs of the property.
(Gain) Loss on Remeasurement
During the six months ended June 30, 2025, the Company reassessed the use of some office spaces, resulting in early terminations of two leased office spaces. The Company recorded a (gain) loss from remeasurement of operating lease of $(6,425) and $164 during the three and six months ended June 30, 2025.
The Company recorded a loss from remeasurement of operating lease of $0 and $7,306 during the three and six months ended June 30, 2024.
Sublease Income
During the six months ended June 30, 2025, the Company subleased a portion of its corporate office space in New York, NY. The sublease entered into during the six months ended June 30, 2025 has a lease term of one year and four months and has been classified as an operating lease by the Company. Sublease income was $109,758 and $184,760 for the three and six months ended June 30, 2025, respectively. During the six months ended June 30, 2024, the Company subleased its office space in Houston, TX. The sublease was entered in 2023 and has a lease term of three years and has been classified as an operating lease by the Company. Sublease income was $18,869 and $37,739 for the three and six months ended June 30, 2024, respectively. The Company recognizes sublease income as rental income, presented in the Company’s unaudited Condensed Consolidated Statement of Operations and Comprehensive (Loss) Income under other income (expense).
Lease Position as of June 30, 2025
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
June 30,
2025		December 31, 2024
Assets
Lease right-of-use assets$12,611,145 $11,958,698 
Total lease assets$12,611,145 $11,958,698 
Liabilities  
Current liabilities:  
Lease liability - current portion$4,693,813 $3,844,561 
Noncurrent liabilities:  
Lease liability, net of current portion8,769,686 8,599,072 
Total lease liability$13,463,499 $12,443,633 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases as of June 30, 2025:
Weighted average remaining lease term (in years) - operating leases3.42
Weighted average discount rate - operating leases5.90%
Undiscounted Cash Flows
Future minimum lease payments under the operating leases as of June 30, 2025 were as follows:
Operating
Leases
2025, remaining$2,747,564 
20264,673,528 
20273,393,467 
20282,613,171 
20291,225,505 
203065,516 
Thereafter212,065 
Total future minimum lease payments14,930,816 
Less effects of discounting(1,467,317)
Present value of future minimum lease payments$13,463,499 
Finance Leases
The Company leases vehicles under non-cancellable finance lease agreements with a liability of $16,976,239 and $14,725,605 as of June 30, 2025 and December 31, 2024, respectively, and a right-of-use net of $17,664,270 and $15,337,299 as of June 30, 2025 and December 31, 2024, respectively (accumulated depreciation of $11,042,816 and $9,128,202 as of June 30, 2025 and December 31, 2024, respectively).
Loss on Lease Remeasurement
During the year, the Company returned a number of leased vehicles, resulting in the termination of contract of these leased vehicles. The Company recorded a loss on remeasurement of finance lease of $13,032 and $47,280 during the three and six months ended June 30, 2025.
The Company recorded a loss on remeasurement of finance lease of $21,192 and $18,583 during the three and six months ended June 30, 2024.
Lease Position as of June 30, 2025
Right-of-use assets and lease liabilities for the Company’s finance leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
June 30,
2025		December 31,
2024
Assets
Lease right-of-use assets$17,664,270 $15,337,299 
Total lease assets$17,664,270 $15,337,299 
Liabilities
Current liabilities:
Lease liability - current portion$5,359,548 $4,694,467 
Noncurrent liabilities:
Lease liability, net of current portion11,616,691 10,031,138 
Total lease liability$16,976,239 $14,725,605 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of June 30, 2025:
Weighted average remaining lease term (in years) - finance leases3.48
Weighted average discount rate - finance leases5.79%
Undiscounted Cash Flows
Future minimum lease payments under the finance leases as of June 30, 2025 are as follows:
Finance Leases
2025, remaining$3,207,123 
20265,782,525 
20274,616,290 
20283,320,258 
20291,667,550 
2030211,232 
Total future minimum lease payments18,804,978 
Less effects of discounting(1,828,739)
Present value of future minimum lease payments$16,976,239