v3.26.3
REPORTABLE SEGMENTS (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
REPORTABLE SEGMENTS    
Schedule of principal business segments

Three Months Ended June 30, 2026

Owned Service

Managed

  ​ ​ ​

Network

  ​ ​ ​

Solutions

  ​ ​ ​

Logistics

  ​ ​ ​

Keen Labs

  ​ ​ ​

Others

  ​ ​ ​

Total

Revenues

$

1,982,761

147,522

3,626,992

3,854,734

182,410

$

9,794,419

Cost of revenue

1,248,766

102,142

2,823,815

2,700,005

115,639

6,990,367

Selling, general and administrative expenses

Facility costs

27,019

3,987

17,210

48,216

Insurance expenses

110,523

2,715

21,946

95,858

231,042

Marketing expenses

48,801

11,324

169,812

132,845

362,782

Operational expenses

1,073,928

31,840

158,486

417,447

1,313,106

2,994,807

Compensation and related benefits

413,507

39,814

287,595

346,031

400,652

1,487,599

Travel & entertainment

16,768

2,271

1,884

27,032

14,036

61,991

Vehicle expenses

67,267

3,275

70,542

Depreciation

35,586

35,586

Amortization

22,036

44,610

38,429

105,075

Total selling, general and administrative expenses

1,815,435

95,226

514,521

960,322

2,012,136

5,397,640

Loss on impairment

322,616

322,616

(Loss) income from operations

(1,404,056)

(49,846)

288,656

194,407

(1,945,365)

(2,916,204)

Other (expense) income, net

(106,597)

167,973

(1,798)

(1,060,048)

(1,000,470)

Equity in earnings of equity method investee

426,941

426,941

Change in fair value of investment in equity securities

2,312,820

2,312,820

Net (loss) income from continuing operations

$

(1,510,653)

$

(49,846)

$

456,629

$

192,609

$

(265,652)

$

(1,176,913)

Total assets

$

3,292,197

$

$

3,856,684

$

1,577,435

$

44,281,547

$

53,007,863

Capital expenditures

$

1,578

$

$

$

$

$

1,578

Three Months Ended June 30, 2025

  ​ ​ ​

  ​ ​ ​

Owned Service

Managed

Network

  ​ ​ ​

Solutions

  ​ ​ ​

Logistics

  ​ ​ ​

Keen Labs

  ​ ​ ​

Others

  ​ ​ ​

Total

Revenues

$

4,401,467

608,951

2,874,783

$

7,885,201

Cost of revenue

2,447,233

395,187

2,162,027

5,004,447

Selling, general and administrative expenses

Facility costs

18,175

17,073

9,747

44,995

Insurance expenses

100,457

11,163

12,559

113,029

237,208

Marketing expenses

421,210

32,344

345,434

798,988

Operational expenses

1,049,417

76,178

(106,380)

1,636,435

2,655,650

Compensation and related benefits

1,332,382

141,008

634,000

163,443

2,270,833

Travel & entertainment

(6,323)

12,347

16,968

44,294

67,286

Vehicle expenses

153,818

6,718

10,694

171,230

Depreciation

57,951

19,856

6,381

84,188

Amortization

28,518

62,016

323

90,857

Total selling, general and administrative expenses

3,155,605

316,687

619,163

2,329,780

6,421,235

Loss on impairment

Loss from operations

(1,201,371)

(102,923)

93,593

(2,329,780)

(3,540,481)

Other (expense) income, net

2,722,145

11,015

(6,086,614)

(3,353,454)

Net (loss) income from continuing operations

$

1,520,774

$

(102,923)

$

104,608

$

$

(8,416,394)

$

(6,893,935)

Total assets

$

9,422,417

$

1,803,751

$

3,380,374

$

$

899,764

$

15,506,306

Capital expenditures

$

$

$

$

$

$

Six Months Ended June 30, 2026

  ​ ​ ​

Owned Service
Network

  ​ ​ ​

Managed
Solutions

  ​ ​ ​

Logistics

  ​ ​ ​

Keen Labs

  ​ ​ ​

Others

  ​ ​ ​

Total

Revenues

  ​ ​ ​

$

4,332,657

481,763

6,738,332

5,704,660

182,410

$

17,439,822

Cost of revenue

3,167,302

330,041

5,250,912

3,907,269

115,639

12,771,163

Selling, general and administrative expenses

Facility costs

104,260

16,089

18,228

138,577

Insurance expenses

201,856

11,513

43,891

225,372

482,632

Marketing expenses

185,442

45,264

333,454

410,573

974,733

Operational expenses

1,502,342

(20,274)

413,742

782,503

2,129,653

4,807,966

Compensation and related benefits

1,016,129

136,425

616,007

470,481

890,180

3,129,222

Travel & entertainment

36,550

1,050

16,140

27,032

56,685

137,457

Vehicle expenses

157,602

10,235

44

167,881

Depreciation

75,998

662

76,660

Amortization

47,595

86,074

69,608

203,277

Total selling, general and administrative expenses

3,327,774

200,302

1,175,854

1,613,470

3,801,005

10,118,405

Loss on impairment

322,616

322,616

(Loss) income from operations

(2,485,035)

(48,580)

311,566

183,921

(3,734,234)

(5,772,362)

Other (expense) income, net

(3,224,743)

173,742

(4,605)

(1,599,488)

(4,655,094)

Equity in earnings of equity method investee

708,464

708,464

Change in fair value of investment in equity securities

2,312,820

2,312,820

Net (loss) income from continuing operations

$

(5,709,778)

$

(48,580)

$

485,308

$

179,316

$

(2,312,438)

$

(7,406,172)

Total assets

$

3,292,197

$

$

3,856,684

$

1,577,435

$

44,281,547

$

53,007,863

Capital expenditures

$

2,733

$

$

$

$

$

2,733

Six Months Ended June 30, 2025

  ​ ​ ​

Owned Service
Network

  ​ ​ ​

Managed
Solutions

  ​ ​ ​

Logistics

  ​ ​ ​

Keen Labs

  ​ ​ ​

Others

  ​ ​ ​

Total

Revenues

$

8,362,025

2,365,319

5,412,213

$

16,139,557

Cost of revenue

4,425,423

1,736,378

4,171,561

10,333,362

Selling, general and administrative expenses

Facility costs

54,016

118,106

9,747

181,869

Insurance expenses

140,876

33,893

26,254

212,949

413,972

Marketing expenses

1,873,312

107,128

882,478

2,862,918

Operational expenses

1,542,635

(462,051)

215,157

2,993,446

4,289,187

Compensation and related benefits

2,197,643

800,307

634,000

403,628

4,035,578

Travel & entertainment

22,727

15,591

25,418

99,220

162,956

Vehicle expenses

219,968

106,697

10,694

337,359

Depreciation

111,286

19,856

6,381

137,523

Amortization

62,853

71,351

645

134,849

Total selling, general and administrative expenses

6,225,316

739,527

972,180

4,619,188

12,556,211

Loss on impairment

(Loss) income from operations

(2,288,714)

(110,586)

268,472

(4,619,188)

(6,750,016)

Other (expense) income, net

2,672,341

11,015

(9,696,671)

(7,013,315)

Net (loss) income from continuing operations

$

383,627

$

(110,586)

$

279,487

$

$

(14,315,859)

$

(13,763,331)

Total assets

$

9,422,417

$

1,803,751

$

3,380,374

$

$

899,764

$

15,506,306

Capital expenditures

$

$

$

$

$

$

Year Ended December 31, 2025

  ​ ​ ​

Owned Service
Network

  ​ ​ ​

Managed
Solutions

  ​ ​ ​

Logistics

  ​ ​ ​

Corporate and
Strategic Assets

  ​ ​ ​

Total

Revenues

$

17,907,967

$

3,130,538

$

12,033,756

$

33,072,261

Cost of revenue

 

10,639,101

 

2,278,467

 

9,227,775

 

 

22,145,343

Selling, general and administrative expenses

 

 

 

Facility costs

201,198

152,516

11,200

364,914

Insurance expenses

210,865

51,730

57,827

448,219

768,641

Marketing expenses

2,311,006

171,696

883,531

3,366,233

Operational expenses

3,696,282

(2,483)

748,231

3,907,696

8,349,726

Compensation and related benefits

4,024,294

994,087

1,303,117

1,673,018

7,994,516

Travel & entertainment

79,682

4,994

43,342

134,680

262,698

Vehicle expenses

462,668

128,830

16,766

608,264

Depreciation

209,186

15,721

25,670

250,577

Amortization

181,058

(2,350)

148,192

21,860

348,760

Total selling, general and administrative expenses

11,376,239

1,514,741

2,300,709

7,122,640

22,314,329

Loss on impairment

548,492

548,492

(Loss) income from operations

(4,655,865)

(662,670)

505,272

(7,122,640)

(11,935,903)

Other (expense) income, net

200,091

8,551

(87,082)

(5,439,130)

(5,317,570)

Net (loss) income from operations before income taxes

$

(4,455,774)

$

(654,119)

$

418,190

$

(12,561,770)

$

(17,253,473)

Total assets

$

7,573,010

$

751,591

$

3,833,283

$

1,662,158

$

13,820,042

Capital expenditures

$

49,670

$

$

$

$

49,670

Year Ended December 31, 2024

  ​ ​ ​

Owned Service
Network

  ​ ​ ​

Managed
Solutions

  ​ ​ ​

Logistics

  ​ ​ ​

Corporate and
Strategic Assets

  ​ ​ ​

Total

Revenues

$

12,201,600

$

4,429,995

$

4,307,602

$

139,774

$

21,078,971

Cost of revenue

 

7,633,214

 

4,412,938

 

3,447,440

 

62,907

 

15,556,499

Selling, general and administrative expenses

 

 

 

Facility costs

178,416

300,686

4,632

483,734

Insurance expenses

262,063

223,046

31,508

354,800

871,417

Marketing expenses

691,980

251,520

2,323,912

3,267,412

Operational expenses

653,618

420,063

541,489

2,954,932

4,570,102

Compensation and related benefits

2,554,216

2,147,486

2,459,072

7,160,774

Travel & entertainment

61,700

21,318

4,973

37,891

125,882

Vehicle expenses

206,234

167,600

202,744

576,578

Depreciation

216,776

41,879

258,655

Amortization

330,750

99,553

21,308

451,611

MSA working capital adjustment

(3,377,288)

(3,377,288)

Total selling, general and administrative expenses

5,155,753

154,431

677,523

8,401,170

14,388,877

Loss on impairment

2,403,628

2,403,628

Loss from operations

(2,990,995)

(137,374)

182,639

(8,324,303)

(11,270,033)

Other (expense) income, net

(10,892,477)

(10,892,477)

Net (loss) income from operations before income taxes

$

(2,990,995)

$

(137,374)

$

182,639

$

(19,216,780)

$

(22,162,510)

Total assets

$

3,379,649

$

705,522

$

3,085,843

$

4,325,941

$

11,496,955

Capital expenditures

$

27,044

$

$

$

$

27,044

Schedule of disaggregated revenue information by geographic area

Three Months Ended June 30, 2026

Owned Service

Managed

  ​ ​ ​

Network

  ​ ​ ​

Solutions

  ​ ​ ​

Logistics

  ​ ​ ​

Keen Labs

  ​ ​ ​

Others

  ​ ​ ​

Total

United States

$

1,982,761

$

147,522

$

3,626,992

$

3,854,734

$

182,410

$

9,794,419

Total

$

1,982,761

$

147,522

$

3,626,992

$

3,854,734

$

182,410

$

9,794,419

Three Months Ended June 30, 2025

  ​ ​ ​

Owned Service
Network

  ​ ​ ​

Managed
Solutions

  ​ ​ ​

Logistics

  ​ ​ ​

Keen Labs

  ​ ​ ​

Others

  ​ ​ ​

Total

United States

$

4,401,467

$

608,951

$

2,874,783

$

$

$

7,885,201

Total

$

4,401,467

$

608,951

$

2,874,783

$

$

$

7,885,201

Six Months Ended June 30, 2026

  ​ ​ ​

Owned Service
Network

  ​ ​ ​

Managed
Solutions

  ​ ​ ​

Logistics

  ​ ​ ​

Keen Labs

  ​ ​ ​

Others

  ​ ​ ​

Total

United States

$

4,332,657

$

481,763

$

6,738,332

$

5,704,660

$

182,410

$

17,439,822

Total

$

4,332,657

$

481,763

$

6,738,332

$

5,704,660

$

182,410

$

17,439,822

Six months ended June 30, 2025

  ​ ​ ​

Owned Service
Network

  ​ ​ ​

Managed
Solutions

  ​ ​ ​

Logistics

  ​ ​ ​

Keen Labs

  ​ ​ ​

Others

  ​ ​ ​

Total

United States

$

8,362,025

$

2,365,319

$

5,412,213

$

$

$

16,139,557

Total

$

8,362,025

$

2,365,319

$

5,412,213

$

$

$

16,139,557

Year Ended December 31, 2025

  ​ ​ ​

Owned

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Service

Managed

Corporate and

Network

Solutions

Logistics

Strategic Assets

Total

United States

$

17,907,967

$

3,130,538

$

12,033,756

$

$

33,072,261

Year Ended December 31, 2024

  ​ ​ ​

Owned

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Service

Managed

Corporate and

Network

Solutions

Logistics

Strategic Assets

Total

United States

$

12,201,600

$

4,429,995

$

4,307,602

$

139,774

$

21,078,971