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Leases | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2021 | Dec. 31, 2020
Ambulnz, Inc. [Member] |  |
Leases [Line Items] |  |
Leases | 13. Leases Operating Leases The Company is obligated to make rental payments under non-cancellable operating leases for office, dispatch station space, and transportation equipment, expiring at various dates through 2026. Under the terms of the leases, the Company is also obligated for its proportionate share of real estate taxes, insurance and maintenance costs of the property. The Company is required to hold certain funds in restricted cash and cash equivalents accounts under some of these agreements. Certain leases for property and transportation equipment contain options to purchase, extend or terminate the lease. Determining the lease term and amount of lease payments to include in the calculation of the right-of-use (ROU) asset and lease obligations for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain and whether the optional period and payments should be included in the calculation of the associated ROU asset and lease obligation. In making the determination of such judgment, the Company considers all relevant economic factors that would require whether to exercise or not exercise the option. The Company’s lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived imputed rates, which were used to discount its real estate lease liabilities. The Company used estimated borrowing rates of 6% on January 1, 2019, for all leases that commenced prior to that date, for office spaces and transportation equipment. Lease Costs The table below comprise lease expenses for the periods ended September 30, 2021 and 2020:
Components of total lease cost: |  | September 30, 2021 |  | September 30, 2020
Operating lease expense |  | $ | 1,446,067 |  | $ | 1,243,152
Short-term lease expense |  |  | 256,448 |  |  | 77,442
Total lease cost |  | $ | 1,702,515 |  | $ | 1,320,594
Lease Position as of September 30, 2021 Right-of-use lease assets and lease liabilities for the Company’s operating leases were recorded in the consolidated balance sheets as follows:
|  | September 30, 2021 |  | December 31, 2020
Assets |  |  |  |  |  |
Lease right-of-use assets |  | $ | 4,511,988 |  | $ | 4,997,407
Total lease assets |  | $ | 4,511,988 |  | $ | 4,997,407
Liabilities |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Lease liability – current portion |  | $ | 1,552,866 |  | $ | 1,620,470
Noncurrent liabilities: |  |  |  |  |  |
Lease liability, net of current portion |  |  | 3,220,829 |  |  | 3,638,254
Total lease liability |  | $ | 4,773,695 |  | $ | 5,258,724
Lease Terms and Discount Rate
Weighted average remaining lease term (in years) – operating leases |  | 4.29 |
Weighted average discount rate – operating leases |  | 6.0 | %
Undiscounted Cash Flows Future minimum lease payments under the operating leases at September 30, 2021 are as follows:
|  | Operating Leases
2021, remaining |  | $ | 520,185 |
2022 |  |  | 1,647,308 |
2023 |  |  | 1,200,637 |
2024 |  |  | 784,919 |
2025 |  |  | 796,541 |
2026 and thereafter |  |  | 402,199 |
Total future minimum lease payments |  |  | 5,351,789 |
Less effects of discounting |  |  | (578,094 | )
Present value of future minimum lease payments |  | $ | 4,773,695 |
Operating lease expense approximated $1,702,515 and $1,320,594 for the nine months ended September 30, 2021, and 2020, respectively. Operating lease expense approximated $776,164 and $523,426 for the three months ended September 30, 2021, and 2020, respectively. For the nine months ended September 30, 2021, the Company made $1,446,067 of fixed cash payments related to operating leases and $1,972,283 related to finance leases. For the three months ended September 30, 2021, the Company made $519,716 of fixed cash payments related to operating leases and $725,233 related to finance leases. Finance Leases The Company leases vehicles under a non-cancelable finance lease agreements with a liability of $9,092,472 and $7,373,664 for the periods ended September 30, 2021, and December 31, 2020, (accumulated depreciation of $6,291,087 and $4,181,317 as of September 30, 2021, and December 31, 2020). Depreciation expense for the vehicles under non-cancelable lease agreements amounted to $2,109,770 and $1,611,312 for the nine months ended September 30, 2021, and 2020, respectively. Depreciation expense for the vehicles under non-cancelable lease agreements amounted to $752,313 and $1,086,373 for the three months ended September 30, 2021, and 2020, respectively. Lease Payments
Components of total lease payment: |  | September 30, 2021 |  | September 30, 2020
Finance lease payment |  | $ | 1,972,283 |  | $ | 1,576,085
Short-term lease payment |  |  | — |  |  | —
Total lease payments |  | $ | 1,972,283 |  | $ | 1,576,085
Lease Position as of September 30, 2021 Right-of-use lease assets and lease liabilities for the Company’s finance leases were recorded in the consolidated balance sheet as follows:
|  | September 30, 2021 |  | December 31, 2020
Assets |  |  |  |  |  |
Lease right-of-use assets |  | $ | 8,224,418 |  | $ | 7,001,644
Total lease assets |  | $ | 8,224,418 |  | $ | 7,001,644
Liabilities |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Lease liability – current portion |  | $ | 2,858,622 |  | $ | 1,876,765
Noncurrent liabilities: |  |  |  |  |  |
Lease liability, net of current portion |  |  | 6,233,850 |  |  | 5,496,899
Total lease liability |  | $ | 9,092,472 |  | $ | 7,373,664
Lease Terms and Discount Rate The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of September 30, 2021:
Weighted average remaining lease term (in years) – finance leases |  | 3.68 |
Weighted average discount rate – finance leases |  | 6.00 | %
Undiscounted Cash Flows Future minimum lease payments under the finance leases at September 30, 2021 are as follows:
|  | Finance Leases
2021, remaining |  | $ | 730,383 |
2022 |  |  | 3,387,233 |
2023 |  |  | 2,628,443 |
2024 |  |  | 1,332,844 |
2025 |  |  | 1,379,690 |
2026 and thereafter |  |  | 728,305 |
Total future minimum lease payments |  |  | 10,186,898 |
Less effects of discounting |  |  | (1,094,426 | )
Present value of future minimum lease payments |  | $ | 9,092,472 |
| 13. Leases Operating Leases The Company is obligated to make rental payments under non-cancellable operating leases for office, dispatch station space, and transportation equipment, expiring at various dates through 2026. Under the terms of the leases, the Company is also obligated for its proportionate share of real estate taxes, insurance and maintenance costs of the property. The Company is required to hold certain funds in restricted cash and cash equivalents accounts under some of these agreements. Certain leases for property and transportation equipment contain options to purchase, extend or terminate the lease. Determining the lease term and amount of lease payments to include in the calculation of the right-of-use (ROU) asset and lease obligations for leases containing options requires the use of judgment to determine whether the exercise of an option is reasonably certain and whether the optional period and payments should be included in the calculation of the associated ROU asset and lease obligation. In making the determination of such judgment, the Company considers all relevant economic factors that would require whether to exercise or not exercise the option. The Company’s lease agreements generally do not provide an implicit borrowing rate. Therefore, the Company used a benchmark approach to derive an appropriate imputed discount rate. The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived imputed rates, which were used to discount its real estate lease liabilities. The Company used estimated borrowing rates of 6% on January 1, 2019, for all leases that commenced prior to that date, for office spaces and transportation equipment. Lease Costs The table below comprise lease expenses for the years ended December 31, 2020 and 2019:
Components of total lease cost: |  | For the Years Ended December 31,
2020 |  | 2019
Operating lease expense |  | $ | 1,828,356 |  | $ | 1,347,184
Short-term lease expense |  |  | 175,006 |  |  | 82,210
Total lease cost |  | $ | 2,003,362 |  | $ | 1,429,394
Lease Position as of December 31, 2020 Right-of-use lease assets and lease liabilities for the Company’s operating leases were recorded in the consolidated balance sheet as follows:
|  | As of December 31, 2020 |  | As of December 31, 2019
Assets |  |  |  |  |  |
Lease right-of-use assets |  | $ | 4,997,407 |  | $ | 5,147,005
Total lease assets |  | $ | 4,997,407 |  | $ | 5,147,005
Liabilities |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Lease liability – current portion |  | $ | 1,620,470 |  | $ | 1,252,727
Noncurrent liabilities: |  |  |  |  |  |
Lease liability, net of current portion |  |  | 3,638,254 |  |  | 4,411,190
Total lease liability |  | $ | 5,258,724 |  | $ | 5,393,917
Lease Terms and Discount Rate The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases as of December 31, 2020:
Weighted average remaining lease term (in years) – operating leases |  | 4.33 |
Weighted average discount rate – operating leases |  | 6.15 | %
Undiscounted Cash Flows Future lease payments included in lease liabilities as of December 31, 2020, and for the following five fiscal years and thereafter were as follows:
Years ending December 31, |  | Operating Leases
2021 |  | $ | 1,891,942 |
2022 |  |  | 1,463,982 |
2023 |  |  | 1,025,282 |
2024 |  |  | 616,863 |
2025 |  |  | 626,645 |
2026 and thereafter |  |  | 317,618 |
Total future minimum lease payments |  | $ | 5,942,332 |
Less effects of discounting |  |  | (683,608 | )
Present value of future minimum lease payments |  | $ | 5,258,724 |
Operating lease expense approximated $1,828,356 and $1,347,184 for the years ended December 31, 2020, and 2019, respectively. For the year ended December 31, 2020, the Company made $1,828,356 of fixed cash payments related to operating leases and $2,122,550 related to finance leases. Finance Leases The Company leases vehicles under a non-cancelable finance lease agreements with a liability of $7,373,664 and $8,825,707 for the years ended December 31, 2020, and 2019, respectively, (accumulated depreciation of $4,181,317 and $2,054,966 as of December 31, 2020, and 2019, respectively). Depreciation expense for the vehicles under non-cancelable lease agreements amounted to $2,126,351 and $1,279,090 for the years ended December 31, 2020, and 2019, respectively. Lease Payments The table below comprise lease payments for the years ended December 31, 2020, and 2019:
Components of total lease payment: |  | For the Years Ended December 31,
2020 |  | 2019
Finance lease payment |  | $ | 2,122,550 |  | $ | 2,583,378
Short-term lease payment |  |  | — |  |  | —
Total lease payments |  | $ | 2,122,550 |  | $ | 2,583,378
Lease Position as of December 31, 2020 Right-of-use lease assets and lease liabilities for the Company’s finance leases were recorded in the consolidated balance sheet as follows:
|  | As of December 31, 2020 |  | As of December 31, 2019
Assets |  |  |  |  |  |
Lease right-of-use assets |  | $ | 7,001,644 |  | $ | 8,886,378
Total lease assets |  | $ | 7,001,644 |  | $ | 8,886,378
Liabilities |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Lease liability – current portion |  | $ | 1,876,765 |  | $ | 1,849,086
Noncurrent liabilities: |  |  |  |  |  |
Lease liability, net of current portion |  |  | 5,496,899 |  |  | 6,976,621
Total lease liability |  | $ | 7,373,664 |  | $ | 8,825,707
Lease Terms and Discount Rate The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of December 31, 2020:
Weighted average remaining lease term (in years) – finance leases |  | 3.15 |
Weighted average discount rate – finance leases |  | 5.67 | %
Undiscounted Cash Flows Future minimum lease payments under the finance leases at December 31, 2020 are as follows:
Years ending December 31, |  | Finance Leases
2021 |  | $ | 2,268,132 |
2022 |  |  | 2,723,654 |
2023 |  |  | 1,966,206 |
2024 |  |  | 683,549 |
2025 |  |  | 590,439 |
2026 and thereafter |  |  | — |
Total future minimum lease payments |  | $ | 8,231,980 |
Less: effects of discounting |  |  | (858,316 | )
Present value of future minimum lease payments |  | $ | 7,373,664 |

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- Definition Tabular disclosure for lessee's operating leases. Includes, but is not limited to, description of lessee's operating lease, existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123406913&loc=d3e41499-112717 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=124440162&loc=d3e12069-110248 Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123406913&loc=d3e41502-112717 Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123389372&loc=d3e36991-112694 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 3) -URI http://asc.fasb.org/extlink&oid=123403562&loc=d3e38371-112697 + Details
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