Property and Equipment, Net

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

12.

Property and Equipment, Net

Property and equipment, net consisted of the following:


	June 30, 2025			December 31, 2024
Transportation equipment	$	303,458		$	329,416
Office furniture and equipment		3,216			3,216
Leasehold improvements		2,407			2,328
Construction in progress		236			236
Deposits on transportation equipment		17,269			14,165
		326,586			349,361
Less: Accumulated depreciation		(93,805	)		(89,487	)
Property and equipment, net	$	232,781		$	259,874

Depreciation expense of property and equipment was $5,247 and $10,974, respectively for the three and six months ended June 30, 2025 and $6,338 and $12,517 for the three and six months ended June 30, 2024. The net carrying value of disposals of long-lived assets as of June 30, 2025 and December 31, 2024 was $21,853 and $23,449, respectively.

Interest payments on borrowings to acquire aircraft are capitalized for the month of acquisition when the aircraft’s in-service date begins following the 15th of the month. Interest payments for the month of acquisition would be expensed if the aircraft is placed into service before the 15th of the month. There was no capitalized interest as of June 30, 2025 and December 31, 2024, and was included as a component of construction in progress prior to the equipment’s in-service date.

12.

Property and Equipment, Net

Property and equipment, net consisted of the following:


		December 31, 2024			December 31, 2023
Transportation equipment	$	329,416		$	311,584
Office furniture and equipment		3,216			3,131
Leasehold improvements		2,328			2,306
Construction in progress		236			147
Deposits on transportation equipment		14,165			23,923
		349,361			341,091
Less: Accumulated depreciation		(89,487	)		(87,115	)
Property and equipment, net	$	259,874		$	253,976

Depreciation expense of property and equipment for the years ended December 31, 2024 and 2023, was $23,740 and $25,833, respectively. The net carrying value of disposals of long-lived assets as of December 31, 2024 and 2023 was $23,449 and $66,986, respectively.

Interest payments on borrowings to acquire aircraft are capitalized for the month of acquisition when the aircraft’s in-service date begins following the 15th of the month. (Interest payments for the month of acquisition would be expensed if the aircraft is placed into service before the 15th of the month). Capitalized interest was zero for both periods ending December 31, 2024 and December 31, 2023 and was included as a component of construction in progress prior to the equipment’s in-service date.