Business Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

The Company conducts business in three operating segments: Mobile Health Services, Transportation Services and Corporate. In accordance with ASC 280, Segment Reporting, operating segments are components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision makers, the Company’s Chief Executive Officer and Chief Financial Officer, in deciding how to allocate resources and assessing performance. Prior to 2023, the Company reported in two segments, because the Company’s entities have two main revenue streams. Beginning with the first quarter of 2023, the Company began reporting in three operating segments, adding a Corporate segment to allow for analysis of shared services and personnel that support both the Mobile Health Services and Transportation Services segments. Previously, these costs had been allocated almost entirely to the Transportation Services segment. All of the Company’s revenues and cost of revenues continue to be reported within the Transportation Services and Mobile Health Services segments. The Corporate segment contains operating expenses such as information technology costs, certain insurance costs and the compensation costs of senior and executive leadership. The segment reporting for the prior-year period has been adjusted to conform to the new methodology, for the purposes of allowing a clearer analysis of year-over-year performance. The Company’s Chief Executive Officer and Chief Financial Officer evaluate the Company’s financial information and resources and assess the performance of these resources by revenue stream and by operating income or loss performance.

The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its Mobile Health Services, Transportation Services and Corporate segments based primarily on results of operations.

Operating results for the business segments of the Company are as follows:

	Mobile Health Services		Transportation Services		Corporate		Total
Three Months Ended March 31, 2024
Revenues	$	143,941,158	$	48,146,371	$	—	$	192,087,529
Income (loss) from operations	32,212,025		1,016,298		(17,352,956)		15,875,367
Total assets	290,217,792		134,876,411		65,590,914		490,685,117
Depreciation and amortization expense	1,200,642		1,998,455		983,684		4,182,781
Stock compensation	1,912,290		138,424		1,937,625		3,988,339
Long-lived assets	46,236,132		66,118,463		10,725,695		123,080,290
Capital expenditures	129,190		3,208,082		798,213		4,135,485
Three Months Ended March 31, 2023
Revenues	$	72,946,757	$	40,055,946	$	—	$	113,002,703
Income (loss) from operations	13,188,159		1,083,040		(21,173,786)		(6,902,587)
Total assets	152,352,877		118,998,556		136,193,743		407,545,176
Depreciation and amortization expense	716,539		1,863,304		1,069,486		3,649,329
Stock compensation	116,934		259,693		8,073,389		8,450,016
Long-lived assets	32,775,318		82,637,490		11,469,921		126,882,729
Capital expenditures	26,090,733		3,625,456		1,499,647		31,215,836

Long-lived assets include property and equipment, goodwill, intangible assets, operating lease right-of-use assets and finance lease right-of-use assets.

Geographic Information

The following table summarizes long-lived assets by geographic location for the three months ended March 31, 2024 and 2023:

	March 31, 2024		March 31, 2023
Primary Geographical Markets
United States	$	103,643,069	$	108,243,999
United Kingdom	19,437,221		18,638,730
Total Long-Lived Assets	$	123,080,290	$	126,882,729

Revenues by geographic location are included in Note 2.