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Leases
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases Leases
The Company has lease arrangements for properties, vehicles and transportation equipment. Certain leases 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 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 right-of-use asset and lease obligation. In making such determination, the Company considers all relevant economic factors.
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, vehicles and transportation equipment.
Lease Cost
The table below comprises lease expenses for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Components of total lease cost:
Operating lease expense$1,009,108 $697,050 $2,775,887 $2,319,282 
Finance lease expense:
              Amortization of right-of-use assets1,197,076 1,195,719 3,394,696 2,822,982 
              Interest on lease liabilities194,099 135,392 560,926 394,443 
              Finance lease expense1,391,175 1,331,111 3,955,622 3,217,425 
Short-term lease expense594,729 452,538 1,484,186 1,156,886 
Total lease cost$2,995,012 $2,480,699 $8,215,695 $6,693,593 

Lease Payments
The table below presents lease payments for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Components of total lease payments:
Operating lease payment$890,740 $697,050 $2,669,422 $2,319,282 
Finance lease payment1,088,265 782,808 3,118,054 2,293,330 
Total lease payments$1,979,005 $1,479,858 $5,787,476 $4,612,612 

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 2034. 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.
Loss on Lease Remeasurement
During the year, the Company reassessed the use of some office spaces, resulting in the termination of two leased office spaces. The Company recorded a loss from remeasurement of operating lease of $6,163 and $13,469 during the three and nine months ended September 30, 2024, respectively.
There were no gains or losses recorded relating to remeasurement of operating leases for the three and nine months ended September 30, 2023.
Lease Position as of September 30, 2024
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
September 30,
2024		December 31, 2023
Assets
Lease right-of-use assets$12,489,767 $9,580,535 
Total lease assets$12,489,767 $9,580,535 
Liabilities  
Current liabilities:  
Lease liability - current portion$3,776,159 $2,773,020 
Noncurrent liabilities:  
Lease liability, net of current portion9,172,259 7,223,941 
Total lease liability$12,948,418 $9,996,961 
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 September 30, 2024:
Weighted average remaining lease term (in years) - operating leases3.90
Weighted average discount rate - operating leases5.83 %
Undiscounted Cash Flows
Future minimum lease payments under the operating leases as of September 30, 2024 were as follows:
Operating
Leases
2024, remaining$1,109,227 
20254,412,071 
20263,604,641 
20272,391,396 
20281,765,274 
Thereafter1,277,710 
Total future minimum lease payments14,560,319 
Less effects of discounting(1,611,901)
Present value of future minimum lease payments$12,948,418 

Finance Leases
The Company leases vehicles under non-cancellable finance lease agreements with a liability of $13,990,018 and $11,430,465 as of September 30, 2024 and December 31, 2023, respectively, and accumulated depreciation of $9,896,278 and $11,679,823 as of September 30, 2024 and December 31, 2023, respectively.
Loss on Lease Remeasurement
During the year, the Company returned a number of leased vehicles, resulting in the termination of contract of these leased vehicles. The Company recorded a loss on remeasurement of finance lease of $0 and $18,583 during the three and nine months ended September 30, 2024, respectively.
For the three and nine months ended September 30, 2023, the Company terminated leased vehicles which resulted in a $4,834 gain on remeasurement of finance leases.
Lease Position as of September 30, 2024
Right-of-use assets and lease liabilities for the Company’s finance leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
September 30,
2024		December 31,
2023
Assets
Lease right-of-use assets$14,605,119 $12,003,919 
Total lease assets$14,605,119 $12,003,919 
Liabilities
Current liabilities:
Lease liability - current portion$4,435,324 $3,534,073 
Noncurrent liabilities:
Lease liability, net of current portion9,554,694 7,896,392 
Total lease liability$13,990,018 $11,430,465 
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, 2024:
Weighted average remaining lease term (in years) - finance leases3.45
Weighted average discount rate - finance leases5.69 %
Undiscounted Cash Flows
Future minimum lease payments under the finance leases as of September 30, 2024 are as follows:
Finance Leases
2024, remaining$1,321,296 
20255,010,486 
20264,175,450 
20272,856,492 
20281,670,204 
Thereafter428,898 
Total future minimum lease payments15,462,826 
Less effects of discounting(1,472,808)
Present value of future minimum lease payments$13,990,018 
Leases Leases
The Company has lease arrangements for properties, vehicles and transportation equipment. Certain leases 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 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 right-of-use asset and lease obligation. In making such determination, the Company considers all relevant economic factors.
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, vehicles and transportation equipment.
Lease Cost
The table below comprises lease expenses for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Components of total lease cost:
Operating lease expense$1,009,108 $697,050 $2,775,887 $2,319,282 
Finance lease expense:
              Amortization of right-of-use assets1,197,076 1,195,719 3,394,696 2,822,982 
              Interest on lease liabilities194,099 135,392 560,926 394,443 
              Finance lease expense1,391,175 1,331,111 3,955,622 3,217,425 
Short-term lease expense594,729 452,538 1,484,186 1,156,886 
Total lease cost$2,995,012 $2,480,699 $8,215,695 $6,693,593 

Lease Payments
The table below presents lease payments for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Components of total lease payments:
Operating lease payment$890,740 $697,050 $2,669,422 $2,319,282 
Finance lease payment1,088,265 782,808 3,118,054 2,293,330 
Total lease payments$1,979,005 $1,479,858 $5,787,476 $4,612,612 

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 2034. 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.
Loss on Lease Remeasurement
During the year, the Company reassessed the use of some office spaces, resulting in the termination of two leased office spaces. The Company recorded a loss from remeasurement of operating lease of $6,163 and $13,469 during the three and nine months ended September 30, 2024, respectively.
There were no gains or losses recorded relating to remeasurement of operating leases for the three and nine months ended September 30, 2023.
Lease Position as of September 30, 2024
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
September 30,
2024		December 31, 2023
Assets
Lease right-of-use assets$12,489,767 $9,580,535 
Total lease assets$12,489,767 $9,580,535 
Liabilities  
Current liabilities:  
Lease liability - current portion$3,776,159 $2,773,020 
Noncurrent liabilities:  
Lease liability, net of current portion9,172,259 7,223,941 
Total lease liability$12,948,418 $9,996,961 
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 September 30, 2024:
Weighted average remaining lease term (in years) - operating leases3.90
Weighted average discount rate - operating leases5.83 %
Undiscounted Cash Flows
Future minimum lease payments under the operating leases as of September 30, 2024 were as follows:
Operating
Leases
2024, remaining$1,109,227 
20254,412,071 
20263,604,641 
20272,391,396 
20281,765,274 
Thereafter1,277,710 
Total future minimum lease payments14,560,319 
Less effects of discounting(1,611,901)
Present value of future minimum lease payments$12,948,418 

Finance Leases
The Company leases vehicles under non-cancellable finance lease agreements with a liability of $13,990,018 and $11,430,465 as of September 30, 2024 and December 31, 2023, respectively, and accumulated depreciation of $9,896,278 and $11,679,823 as of September 30, 2024 and December 31, 2023, respectively.
Loss on Lease Remeasurement
During the year, the Company returned a number of leased vehicles, resulting in the termination of contract of these leased vehicles. The Company recorded a loss on remeasurement of finance lease of $0 and $18,583 during the three and nine months ended September 30, 2024, respectively.
For the three and nine months ended September 30, 2023, the Company terminated leased vehicles which resulted in a $4,834 gain on remeasurement of finance leases.
Lease Position as of September 30, 2024
Right-of-use assets and lease liabilities for the Company’s finance leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
September 30,
2024		December 31,
2023
Assets
Lease right-of-use assets$14,605,119 $12,003,919 
Total lease assets$14,605,119 $12,003,919 
Liabilities
Current liabilities:
Lease liability - current portion$4,435,324 $3,534,073 
Noncurrent liabilities:
Lease liability, net of current portion9,554,694 7,896,392 
Total lease liability$13,990,018 $11,430,465 
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, 2024:
Weighted average remaining lease term (in years) - finance leases3.45
Weighted average discount rate - finance leases5.69 %
Undiscounted Cash Flows
Future minimum lease payments under the finance leases as of September 30, 2024 are as follows:
Finance Leases
2024, remaining$1,321,296 
20255,010,486 
20264,175,450 
20272,856,492 
20281,670,204 
Thereafter428,898 
Total future minimum lease payments15,462,826 
Less effects of discounting(1,472,808)
Present value of future minimum lease payments$13,990,018