Transactions with Related Parties |
6 Months Ended |
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Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| Transactions with Related Parties | Transactions with Related Parties Mr. David Mounts Gonzales, a former director of the Company, is a general partner of AI Catalyst Fund, L.P., a greater than five percent stockholder in the Company (“AI Catalyst”), which, as such, is also a related party to the Company. Mr. Connor Mounts, the co-founder and an equity owner of Schematyx, Inc. (“Schematyx”), an entity in which AI Catalyst is also an equity owner, is an immediate family member of Mr. David Mounts Gonzales. Schematyx agreed to provide strategic support relating to the assessment of opportunities related to artificial intelligence to the Company on a pro bono basis for no monetary consideration, the provision of which services were completed in the second calendar quarter of 2025. The services provided by Schematyx were approved by the Audit Committee of the Company’s Board of Directors pursuant to the Company’s Related Party Transactions Policy, and there was no material impact from the transaction on the financial statements of the Company during any period when the services were provided by Schematyx. Following the completion of the services provided by Schematyx, on May 1, 2025, the Company’s wholly owned subsidiary, ModivCare Solutions, LLC, a Delaware limited liability company, entered into separate consulting agreements with two individual equity owners of Schematyx, one of whom is a co-founder of Schematyx (along with Mr. Connor Mounts) and is also a general partner of AI Catalyst. Under the agreements, the consultants were to provide for a period of up to three months strategic advisory and technical guidance to support the Company’s pursuit of artificial intelligence, automation, and modernization objectives with the intent, among other things, to achieve annual operational expense reduction. The consultants together were paid in the aggregate $100,000 per month plus reimbursement of preapproved, reasonable and necessary travel and living (such as lodging and meals) expenses during the term of the agreements. The agreements were terminated and the services completed by the consultants on August 9, 2025. The consulting agreements were approved by the Audit Committee of the Company’s Board of Directors pursuant to the Company’s Related Party Transactions Policy, and, other than as set forth in this paragraph, there was no material impact from the transaction on the financial statements of the Company during any period when the services were provided by Schematyx.
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