v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
Operating Leases
The Company entered into two lease agreements in Oklahoma and Texas for land during the year ended December 31, 2024. Both leases expire during 2034. Certain lease arrangements include renewal options and escalation clauses.
Future minimum lease payments included in the measurement of operating lease liabilities on the condensed consolidated balance sheet as of June 30, 2026, were as follows: 
Operating Lease
2026 (Remaining)130,080 
2027260,160 
2028260,160 
2029315,160 
2030320,160 
Thereafter998,919 
Total minimum lease payments$2,284,639 
Less: Imputed interest(718,839)
Present value of future minimum lease payments$1,565,800 
Less: Current portion(106,795)
Lease liabilities, net of current portion$1,459,005 
Total operating lease expense was $65,749 and $71,095 for the three months ended June 30, 2026 and 2025, respectively. Total operating lease expense was $138,806 and $140,510 for the six months ended June 30, 2026 and 2025, respectively. Operating lease expense is recorded in general and administrative expenses in the Company’s condensed consolidated statements of operations. The weighted-average discount rate and remaining lease term in years as of June 30, 2026 was 10.32% and 7.63, respectively. Total amortization expense for the ROU asset was $28,637 and $29,062 for the three months ended June 30, 2026 and 2025, respectively. Total amortization expense for the ROU asset was $64,638 and $53,970 for the six months ended June 30, 2026 and 2025, respectively.
Finance Leases
The Company leases computer equipment under finance lease agreements with four related party entities. See Note 12 - Transactions with Related Parties for additional information. These leases were acquired through the TCM acquisition on April 1, 2025. The lease obligations mature on various dates from 2027 through 2030.
Future minimum lease payments included in the measurement of finance lease liabilities on the condensed consolidated balance sheet as of June 30, 2026, were as follows:
Finance Lease
2026 (Remaining)9,298,519 
202719,982,408 
202816,891,230 
20299,026,084 
2030536,660 
Total minimum lease payments$55,734,901 
Less: Imputed interest(9,958,732)
Present value of future minimum lease payments$45,776,169 
Less: Current portion(13,067,517)
Lease liabilities, net of current portion$32,708,652 
The components of finance lease expense for the three and six months ended June 30, 2026 and 2025 are as follows.
For the Three Months
Ended June 30,
For the Six Months Ended 
June 30,
2026202520262025
Finance lease cost:
Amortization of ROU assets$3,783,212 $408,629 $4,581,245 $408,629 
Interest on lease liabilities1,430,658 133,295 1,756,748 133,295 
Total lease cost$5,213,870 $541,924 $6,337,993 $541,924 
The weighted-average discount rate and remaining lease term in years as of June 30, 2026 was 14.01% and 2.84, respectively.
Supplemental cash flow information and non-cash activity related to leases are as follows:
For the Six Months Ended 
June 30,
20262025
Operating cash flows for operating leases$(29,212)$(30,219)
Amortization of right-of-use assets$4,645,883 $462,598 
Financing cash flows from finance leases$(6,518,746)$(521,865)
Acquisition of right-of-use asset in exchange for lease obligations$45,504,172 $5,820,225 
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets$43,713,270 $6,078,929 
Leases Leases
Operating Leases
The Company entered into two lease agreements in Oklahoma and Texas for land during the year ended December 31, 2024. Both leases expire during 2034. Certain lease arrangements include renewal options and escalation clauses.
Future minimum lease payments included in the measurement of operating lease liabilities on the condensed consolidated balance sheet as of June 30, 2026, were as follows: 
Operating Lease
2026 (Remaining)130,080 
2027260,160 
2028260,160 
2029315,160 
2030320,160 
Thereafter998,919 
Total minimum lease payments$2,284,639 
Less: Imputed interest(718,839)
Present value of future minimum lease payments$1,565,800 
Less: Current portion(106,795)
Lease liabilities, net of current portion$1,459,005 
Total operating lease expense was $65,749 and $71,095 for the three months ended June 30, 2026 and 2025, respectively. Total operating lease expense was $138,806 and $140,510 for the six months ended June 30, 2026 and 2025, respectively. Operating lease expense is recorded in general and administrative expenses in the Company’s condensed consolidated statements of operations. The weighted-average discount rate and remaining lease term in years as of June 30, 2026 was 10.32% and 7.63, respectively. Total amortization expense for the ROU asset was $28,637 and $29,062 for the three months ended June 30, 2026 and 2025, respectively. Total amortization expense for the ROU asset was $64,638 and $53,970 for the six months ended June 30, 2026 and 2025, respectively.
Finance Leases
The Company leases computer equipment under finance lease agreements with four related party entities. See Note 12 - Transactions with Related Parties for additional information. These leases were acquired through the TCM acquisition on April 1, 2025. The lease obligations mature on various dates from 2027 through 2030.
Future minimum lease payments included in the measurement of finance lease liabilities on the condensed consolidated balance sheet as of June 30, 2026, were as follows:
Finance Lease
2026 (Remaining)9,298,519 
202719,982,408 
202816,891,230 
20299,026,084 
2030536,660 
Total minimum lease payments$55,734,901 
Less: Imputed interest(9,958,732)
Present value of future minimum lease payments$45,776,169 
Less: Current portion(13,067,517)
Lease liabilities, net of current portion$32,708,652 
The components of finance lease expense for the three and six months ended June 30, 2026 and 2025 are as follows.
For the Three Months
Ended June 30,
For the Six Months Ended 
June 30,
2026202520262025
Finance lease cost:
Amortization of ROU assets$3,783,212 $408,629 $4,581,245 $408,629 
Interest on lease liabilities1,430,658 133,295 1,756,748 133,295 
Total lease cost$5,213,870 $541,924 $6,337,993 $541,924 
The weighted-average discount rate and remaining lease term in years as of June 30, 2026 was 14.01% and 2.84, respectively.
Supplemental cash flow information and non-cash activity related to leases are as follows:
For the Six Months Ended 
June 30,
20262025
Operating cash flows for operating leases$(29,212)$(30,219)
Amortization of right-of-use assets$4,645,883 $462,598 
Financing cash flows from finance leases$(6,518,746)$(521,865)
Acquisition of right-of-use asset in exchange for lease obligations$45,504,172 $5,820,225 
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets$43,713,270 $6,078,929