v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
20262025
Components of total lease cost:
Operating lease expense$1,419,699 $1,322,518 
Finance lease expense:
              Amortization of right-of-use assets1,359,556 1,241,443 
              Interest on lease liabilities248,568 220,055 
              Finance lease expense1,608,124 1,461,498 
Short-term lease expense90,027 367,623 
Total lease cost$3,117,850 $3,151,639 
Lease Payments
The table below presents lease payments for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
20262025
Components of total lease payments:
Operating lease payment$1,462,549 $1,070,531 
Finance lease payment1,403,655 1,296,887 
Total lease payments$2,866,204 $2,367,418 

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.
Loss on Lease Remeasurement
During the three months ended March 31, 2026, there were no recorded gain or loss. The Company recorded a loss from remeasurement of operating lease of $6,589 during the three months ended March 31, 2025.
Sublease Income
During the three months ended March 31, 2026, the Company subleased a portion of its corporate office space in New York, NY. The sublease entered into has a lease term of one year and four months and has been classified as an operating lease by the Company. Sublease income was $93,724 and $55,678 for the three months ended March 31, 2026 and 2025, respectively. The Company also continues to sublease its office space in Houston, TX. The sublease was entered in 2023, has a lease term of three years and has been classified as an operating lease by the Company. Sublease income was $19,792 and $19,324 for the three months ended March 31, 2026 and 2025, respectively. The Company recognizes sublease income as rental income, presented in the Company’s unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss under other income (expense).
Lease Position as of March 31, 2026
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
March 31,
2026		December 31, 2025
Assets
Lease right-of-use assets$10,248,516 $11,520,781 
Total lease assets$10,248,516 $11,520,781 
Liabilities  
Current liabilities:  
Lease liability - current portion$4,288,907 $4,650,953 
Noncurrent liabilities:  
Lease liability, net of current portion6,610,293 7,563,664 
Total lease liability$10,899,200 $12,214,617 
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 March 31, 2026:
Weighted average remaining lease term (in years) - operating leases2.95
Weighted average discount rate - operating leases5.98%
Undiscounted Cash Flows
Future minimum lease payments under the operating leases as of March 31, 2026 were as follows:
Operating
Leases
2026, remaining$3,777,638 
20273,715,861 
20282,729,772 
20291,353,338 
2030152,823 
203162,895 
Thereafter141,514 
Total future minimum lease payments11,933,841 
Less effects of discounting(1,034,641)
Present value of future minimum lease payments$10,899,200 
Finance Leases
The Company leases vehicles under non-cancellable finance lease agreements with a liability of $17,386,771 and $16,727,594 as of March 31, 2026 and December 31, 2025, respectively, and a right-of-use net of $$18,120,270 and $17,420,424 as of March 31, 2026 and December 31, 2025, respectively (accumulated depreciation of $12,605,574 and $11,739,994 as of March 31, 2026 and December 31, 2025, respectively).
Loss on Lease Remeasurement
During the three months ended March 31, 2026, there were no recorded gain or loss. The Company recorded a loss on remeasurement of finance lease of $34,248 during the three months ended March 31, 2025.
Lease Position as of March 31, 2026
Right-of-use assets and lease liabilities for the Company’s finance leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
March 31,
2026		December 31,
2025
Assets
Lease right-of-use assets$18,120,270 $17,420,424 
Total lease assets$18,120,270 $17,420,424 
Liabilities
Current liabilities:
Lease liability - current portion$5,845,230 $5,509,687 
Noncurrent liabilities:
Lease liability, net of current portion11,541,541 11,217,907 
Total lease liability$17,386,771 $16,727,594 
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 March 31, 2026:
Weighted average remaining lease term (in years) - finance leases3.35
Weighted average discount rate - finance leases5.90%
Undiscounted Cash Flows
Future minimum lease payments under the finance leases as of March 31, 2026 are as follows:
Finance Leases
2026, remaining$5,139,904 
20275,720,498 
20284,445,063 
20292,805,431 
20301,036,748 
203170,634 
Total future minimum lease payments19,218,278 
Less effects of discounting(1,831,507)
Present value of future minimum lease payments$17,386,771 
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 months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
20262025
Components of total lease cost:
Operating lease expense$1,419,699 $1,322,518 
Finance lease expense:
              Amortization of right-of-use assets1,359,556 1,241,443 
              Interest on lease liabilities248,568 220,055 
              Finance lease expense1,608,124 1,461,498 
Short-term lease expense90,027 367,623 
Total lease cost$3,117,850 $3,151,639 
Lease Payments
The table below presents lease payments for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31,
20262025
Components of total lease payments:
Operating lease payment$1,462,549 $1,070,531 
Finance lease payment1,403,655 1,296,887 
Total lease payments$2,866,204 $2,367,418 

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.
Loss on Lease Remeasurement
During the three months ended March 31, 2026, there were no recorded gain or loss. The Company recorded a loss from remeasurement of operating lease of $6,589 during the three months ended March 31, 2025.
Sublease Income
During the three months ended March 31, 2026, the Company subleased a portion of its corporate office space in New York, NY. The sublease entered into has a lease term of one year and four months and has been classified as an operating lease by the Company. Sublease income was $93,724 and $55,678 for the three months ended March 31, 2026 and 2025, respectively. The Company also continues to sublease its office space in Houston, TX. The sublease was entered in 2023, has a lease term of three years and has been classified as an operating lease by the Company. Sublease income was $19,792 and $19,324 for the three months ended March 31, 2026 and 2025, respectively. The Company recognizes sublease income as rental income, presented in the Company’s unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss under other income (expense).
Lease Position as of March 31, 2026
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
March 31,
2026		December 31, 2025
Assets
Lease right-of-use assets$10,248,516 $11,520,781 
Total lease assets$10,248,516 $11,520,781 
Liabilities  
Current liabilities:  
Lease liability - current portion$4,288,907 $4,650,953 
Noncurrent liabilities:  
Lease liability, net of current portion6,610,293 7,563,664 
Total lease liability$10,899,200 $12,214,617 
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 March 31, 2026:
Weighted average remaining lease term (in years) - operating leases2.95
Weighted average discount rate - operating leases5.98%
Undiscounted Cash Flows
Future minimum lease payments under the operating leases as of March 31, 2026 were as follows:
Operating
Leases
2026, remaining$3,777,638 
20273,715,861 
20282,729,772 
20291,353,338 
2030152,823 
203162,895 
Thereafter141,514 
Total future minimum lease payments11,933,841 
Less effects of discounting(1,034,641)
Present value of future minimum lease payments$10,899,200 
Finance Leases
The Company leases vehicles under non-cancellable finance lease agreements with a liability of $17,386,771 and $16,727,594 as of March 31, 2026 and December 31, 2025, respectively, and a right-of-use net of $$18,120,270 and $17,420,424 as of March 31, 2026 and December 31, 2025, respectively (accumulated depreciation of $12,605,574 and $11,739,994 as of March 31, 2026 and December 31, 2025, respectively).
Loss on Lease Remeasurement
During the three months ended March 31, 2026, there were no recorded gain or loss. The Company recorded a loss on remeasurement of finance lease of $34,248 during the three months ended March 31, 2025.
Lease Position as of March 31, 2026
Right-of-use assets and lease liabilities for the Company’s finance leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
March 31,
2026		December 31,
2025
Assets
Lease right-of-use assets$18,120,270 $17,420,424 
Total lease assets$18,120,270 $17,420,424 
Liabilities
Current liabilities:
Lease liability - current portion$5,845,230 $5,509,687 
Noncurrent liabilities:
Lease liability, net of current portion11,541,541 11,217,907 
Total lease liability$17,386,771 $16,727,594 
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 March 31, 2026:
Weighted average remaining lease term (in years) - finance leases3.35
Weighted average discount rate - finance leases5.90%
Undiscounted Cash Flows
Future minimum lease payments under the finance leases as of March 31, 2026 are as follows:
Finance Leases
2026, remaining$5,139,904 
20275,720,498 
20284,445,063 
20292,805,431 
20301,036,748 
203170,634 
Total future minimum lease payments19,218,278 
Less effects of discounting(1,831,507)
Present value of future minimum lease payments$17,386,771