v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (16,699,837) $ (11,079,300)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation of property and equipment 1,266,513 1,220,806
Amortization of intangible assets 21,038 1,299,142
Amortization of finance lease right-of-use assets 1,359,556 1,241,443
Loss (gain) on disposal of fixed assets 62,493 (15,139)
Deferred income tax expense (253,775) (3,927,428)
Accretion of discount related to restricted investments (78,004) 0
Loss on equity method investments 0 40,698
Bad debt expense 1,732,911 1,247,991
Stock-based compensation 3,224,784 4,830,312
Loss on remeasurement of operating and finance leases 0 40,837
Loss on change in fair value of contingent consideration 2,760,000 0
Changes in operating assets and liabilities:    
Accounts receivable (2,803,766) 31,437,734
Prepaid expenses and other current assets (37,672) (386,734)
Other assets 16,374 538,190
Accounts payable 2,700,501 (8,308,173)
Accrued liabilities 1,938,714 (9,148,984)
Operating lease liabilities and right-of-use assets 132,363 185,334
Net cash (used in) provided by operating activities (4,657,807) 9,216,729
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (430,310) (1,029,626)
Purchase of intangibles (665,172) (712,711)
Acquisition of a business, net of cash acquired 0 (3,646,318)
Purchase of restricted investments (1,731,066) 0
Proceeds from sale and maturity of restricted investments 4,463,765 0
Proceeds from disposal of property and equipment 21,903 94,341
Net cash provided by (used in) investing activities 1,659,120 (5,294,314)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of notes payable (14,551) (3,060)
Earnout payments on contingent liabilities 0 (265,538)
Distributions paid to noncontrolling interest (1,024,270) 0
Payments for taxes related to shares withheld for employee taxes (22,203) (1,200,977)
Common stock repurchased 0 (5,751,954)
Payments on obligations under finance lease (1,403,655) (1,296,887)
Net cash used in financing activities (2,464,679) (8,518,416)
Effect of exchange rate changes on cash and cash equivalents (206,076) 317,738
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (5,669,442) (4,278,263)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 52,484,778 107,337,307
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 46,815,336 103,059,044
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 47,031 561,707
Cash paid for interest on finance lease liabilities 248,568 220,055
Cash paid for income taxes 15,791 1,906,712
Right-of-use assets obtained in exchange for lease liabilities 2,114,291 5,966,095
Supplemental non-cash investing and financing activities:    
Property and equipment in accounts payable 55,035 438,738
Reconciliation of cash and restricted cash    
Cash 35,675,081 79,007,535
Restricted cash 11,140,255 24,051,509
Total cash and restricted cash shown in statement of cash flows $ 46,815,336 $ 103,059,044