Commitments and Contingencies (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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| Commitments and Contingencies Disclosure [Abstract] |
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| Lease, Cost |
The table below summarizes the components of lease expense and income statement location for the three and nine months ended September 30, 2020 and 2019:
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Line Item in the
Company’s Consolidated
Income Statements |
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Three Months Ended September 30, 2020 |
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Three Months Ended September 30, 2019 |
Nine Months Ended September 30, 2020 |
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Nine Months Ended September 30, 2019 |
| Finance lease costs: |
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| Amortization of assets |
Depreciation and amortization |
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$ |
18,850 |
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$ |
6,169 |
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$ |
49,024 |
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$ |
18,506 |
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| Interest on lease liabilities |
Other expense, net |
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3,066 |
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1,642 |
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8,779 |
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5,331 |
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| Total finance lease costs |
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21,916 |
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7,811 |
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57,803 |
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23,837 |
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| Operating lease costs |
General and administrative expenses |
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891,603 |
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855,962 |
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2,659,569 |
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2,292,191 |
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| Total lease costs |
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$ |
913,519 |
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$ |
863,773 |
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$ |
2,717,372 |
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$ |
2,316,028 |
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| Assets And Liabilities, Lessee |
Supplemental information and balance sheet location related to leases is as follows:
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September 30, 2020 |
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December 31, 2019 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$ |
11,555,086 |
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$ |
12,486,672 |
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| Operating lease liability - current portion |
$ |
2,756,838 |
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$ |
2,313,109 |
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| Operating lease liability - net of current portion |
10,798,802 |
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11,901,040 |
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| Total operating lease liability |
$ |
13,555,640 |
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$ |
14,214,149 |
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| Finance Leases: |
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| Property and equipment, at cost |
$ |
282,027 |
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$ |
80,604 |
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| Less accumulated amortization |
(73,698) |
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(24,675) |
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| Property and equipment, net |
$ |
208,329 |
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$ |
55,929 |
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| Finance lease liability - current portion |
69,380 |
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24,253 |
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| Finance lease liability - net of current portion |
150,524 |
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34,398 |
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| Total finance lease liabilities |
$ |
219,904 |
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$ |
58,651 |
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| Weighted average remaining lease term (in years): |
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| Operating leases |
4.8 |
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5.4 |
| Finance lease |
4.2 |
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2.3 |
| Weighted average discount rate: |
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| Operating leases |
8.5 |
% |
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8.7 |
% |
| Finance leases |
5.4 |
% |
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10.0 |
% |
Supplemental cash flow information related to leases is as follows:
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Nine Months Ended September 30, 2020 |
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Nine Months Ended September 30, 2019 |
| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
2,517,613 |
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$ |
2,233,149 |
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| Operating cash flows from finance leases |
8,779 |
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5,331 |
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| Financing cash flows from finance leases |
40,168 |
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16,259 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
$ |
919,607 |
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$ |
4,501,092 |
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| Finance lease |
201,423 |
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80,604 |
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| Lessee, Operating Lease, Liability, Maturity |
Maturities of lease liabilities as of September 30, 2020 are as follows:
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Operating Leases |
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Finance Lease |
| 2020 (remainder) |
$ |
943,468 |
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$ |
19,725 |
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| 2021 |
3,768,378 |
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78,900 |
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| 2022 |
3,652,919 |
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48,975 |
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| 2023 |
2,950,447 |
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27,600 |
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| 2024 |
2,332,736 |
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27,600 |
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| Thereafter |
2,860,814 |
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39,100 |
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| Total lease payments |
$ |
16,508,762 |
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$ |
241,900 |
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| Less: Imputed interest |
(2,953,122) |
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(21,996) |
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| Total lease obligations |
13,555,640 |
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219,904 |
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| Less: Current obligations |
(2,756,838) |
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(69,380) |
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| Long-term lease obligation |
$ |
10,798,802 |
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$ |
150,524 |
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| Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of September 30, 2020 are as follows:
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Operating Leases |
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Finance Lease |
| 2020 (remainder) |
$ |
943,468 |
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$ |
19,725 |
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| 2021 |
3,768,378 |
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78,900 |
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| 2022 |
3,652,919 |
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48,975 |
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| 2023 |
2,950,447 |
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27,600 |
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| 2024 |
2,332,736 |
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27,600 |
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| Thereafter |
2,860,814 |
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39,100 |
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| Total lease payments |
$ |
16,508,762 |
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$ |
241,900 |
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| Less: Imputed interest |
(2,953,122) |
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(21,996) |
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| Total lease obligations |
13,555,640 |
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219,904 |
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| Less: Current obligations |
(2,756,838) |
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(69,380) |
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| Long-term lease obligation |
$ |
10,798,802 |
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$ |
150,524 |
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