Leases (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Leases [Abstract] |
|
| Summary of Equipment Held Under Finance Leases |
Following is a summary of equipment held under the finance leases at March 31, 2026, and December 31, 2025, respectively:
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
|
December 31,
2025 |
|
Equipment |
$ |
16,360,122 |
|
|
$ |
15,919,545 |
|
Accumulated depreciation |
|
(10,218,141 |
) |
|
|
(9,975,175 |
) |
|
$ |
6,141,981 |
|
|
$ |
5,944,370 |
|
|
| Schedule of Future Minimum Lease Payments |
Future minimum lease payments as of March 31, 2026 were as follows:
|
|
|
|
|
|
|
|
|
Finance Leases |
|
|
Operating Leases |
|
2026 |
$ |
3,153,775 |
|
|
$ |
5,029,501 |
|
2027 |
|
3,353,543 |
|
|
|
6,563,206 |
|
2028 |
|
1,562,652 |
|
|
|
4,517,490 |
|
2029 |
|
894,592 |
|
|
|
2,550,382 |
|
2030 |
|
60,093 |
|
|
|
2,168,115 |
|
Thereafter |
|
- |
|
|
|
8,669,700 |
|
Total future undiscounted lease payments |
|
9,024,655 |
|
|
|
29,498,394 |
|
Less: Imputed interest |
|
(543,618 |
) |
|
|
(6,787,381 |
) |
Lease liabilities |
|
8,481,037 |
|
|
|
22,711,013 |
|
Less: Current portion of lease liabilities |
|
(3,487,722 |
) |
|
|
(5,455,264 |
) |
Long-term portion of lease liabilities |
$ |
4,993,315 |
|
|
$ |
17,255,749 |
|
|
| Components of Lease Costs |
The components of lease costs are as follows:
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2026 |
|
|
For the three months ended March 31, 2025 |
|
Amortization of finance lease assets |
$ |
481,724 |
|
|
$ |
749,683 |
|
Interest in finance lease liabilities |
|
81,051 |
|
|
|
113,048 |
|
Operating lease cost |
|
1,346,761 |
|
|
|
897,253 |
|
Short-term lease costs |
|
— |
|
|
|
— |
|
Total lease costs |
$ |
1,909,536 |
|
|
$ |
1,759,984 |
|
|
| Schedule of Other Required Information Related to Company's Lease Obligations |
Other required information related to the Company’s lease obligations were as follows:
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2026 |
|
|
For the three months ended March 31, 2025 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
Financing cash flows from finance leases |
$ |
(538,528 |
) |
|
$ |
(599,006 |
) |
Operating cash flows from operating leases |
|
(1,193,081 |
) |
|
|
(917,626 |
) |
Assets obtained in exchange for lease obligations (non-cash) |
|
|
|
|
|
Property and equipment via finance leases |
|
695,897 |
|
|
|
723,438 |
|
Right-of-use assets via operating leases |
|
11,767,913 |
|
|
|
1,495,491 |
|
|