v3.25.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Property and Equipment Useful Lives

Property and equipment are stated at cost less accumulated depreciation and amortization. Expenditures for repairs and maintenance are expensed as incurred. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets as follows:

 

 

Estimated Useful Life

Transportation equipment

5-20 years

Office furniture and equipment

3-10 years

Leasehold improvements

Shorter of remaining lease term or useful life

Property and equipment, net consisted of the following:

 

 

December 31,
2025

 

 

December 31,
2024

 

Transportation equipment

 

$

309,675

 

 

$

329,416

 

Office furniture and equipment

 

 

3,418

 

 

 

3,216

 

Leasehold improvements

 

 

2,417

 

 

 

2,328

 

Construction in progress

 

 

236

 

 

 

236

 

Deposits on transportation equipment

 

 

1,725

 

 

 

14,165

 

 

 

317,471

 

 

 

349,361

 

Less: Accumulated depreciation

 

 

(93,741

)

 

 

(89,487

)

Property and equipment, net

 

$

223,730

 

 

$

259,874

 

 

 

Schedule of Aircraft Held for Sale

As of December 31, 2025 and December 31, 2024, the Company had one and three aircraft classified as held for sale, respectively. The following table summarizes the Company's held for sale activity during year ended December 31, 2025:

 

 

Year Ended December 31,

 

 

2025

 

Aircraft held for sale as of December 31, 2024

 

$

11,871

 

Aircraft held for sale sold

 

 

(8,650

)

Aircraft reclassified to held for sale

 

 

1,239

 

Loss due to fair value adjustments

 

 

(1,039

)

Aircraft held for sale as of December 31, 2025

 

$

3,421