The Company’s financing lease liabilities consist of the following:

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The Company has lease arrangements for certain vehicles.  These leases typically have original terms not exceeding three years and contain residual value purchase options, which are reasonably certain of exercising. As of March 31, 2026, and December 31, 2025, the Company had $2.0 million and $2.0 million, respectively, of leased vehicles included in capital assets, rolling stock (net).  

For the three months ended March 31, 2026 and 2025, lease principal payments totaled less than $0.1 million and less than $0.1 million, respectively, and lease interest payments totaled $0.1 million and less than $0.1 million, respectively, for a combined lease payment total of $0.2 million and $0.1 million, respectively.

For the three months ended March 31, 2026 and 2025, the Company recorded depreciation of $0.1 million and $0.1 million and total expense reflected in the consolidated statement of operations was $0.2 million and $0.2 million, respectively.  

The weighted average discount rate of the leases is 13.8 percent, and the weighted average remaining life was 2.6 years as of March 31, 2026. The weighted average discount rate of the leases was 14.1 percent, and the weighted average remaining life was 2.9 years as of December 31, 2025.

Lease liability maturities including residuals as of March 31, 2026 are as follows:

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