9. Prepaid Expenses and Other Current Assets

WAV Program

The Company participates in the City of New York’s Wheelchair Accessible Vehicle (“WAV”) incentive program. The WAV program incentivizes taxi owners to place wheelchair accessible vehicles into service by providing a rebate credit for incurring the up-front costs to place a wheelchair accessible vehicle into service. Under the WAV program, the Company receives a $20,000 rebate credit for each wheelchair accessible vehicle placed into service. The WAV program also provides for quarterly rebates of $625 for each wheelchair accessible vehicle that completes at least 750 trips within a quarter. The total amount of the rebate credits for the up-front and operational payments is capped at $30,000 per vehicle. The Company qualifies for the rebate grants when a WAV is placed in service, or quarterly trips are completed, and an application for rebate is approved, at which time amounts are recognized as WAV grant receivable within prepaid expenses and other current assets on the condensed consolidated balance sheets.

The Company accounts for the WAV program government grants as (i) grants related to an asset (i.e. asset-based) and as part of the cost basis in determining the carrying value of the asset for the initial placed-in-service rebate credit, and (ii) as a grant related to income reported within WAV grant income on the condensed consolidated statements of operations for the quarterly rebate credit. The Company recognized WAV grant income of $0.4 million and $0.7 million for the three and six months ended June 30, 2026, respectively, and $0.2 million for the three and six months ended June 30, 2025, respectively.