Commitments and Contingencies (Tables)
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12 Months Ended |
Dec. 31, 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 years ended December 31, 2020 and December 31, 2019:
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Years Ended December 31, |
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Line Item in the Company’s Consolidated Income Statements |
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2020 |
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2019 |
| Finance lease costs: |
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| Amortization of assets |
Depreciation and amortization |
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$ |
67,874 |
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$ |
24,675 |
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| Interest on lease liabilities |
Other expense, net |
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11,575 |
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6,832 |
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| Total finance lease costs |
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$ |
79,449 |
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$ |
31,507 |
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| Operating lease costs |
General and administrative expenses |
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$ |
3,552,395 |
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$ |
3,005,124 |
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| Total lease costs |
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$ |
3,631,844 |
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$ |
3,036,631 |
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| Assets And Liabilities, Lessee |
Supplemental information and balance sheet location related to leases is as follows:
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Years Ended December 31, |
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2020 |
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2019 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$ |
11,581,435 |
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$ |
12,486,672 |
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| Operating lease liability, current portion |
2,918,140 |
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2,313,109 |
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| Operating lease liability, net of current portion |
10,632,672 |
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11,901,040 |
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| Total operating lease liability |
$ |
13,550,812 |
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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 |
(92,549) |
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(24,675) |
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| Property and equipment, net |
$ |
189,478 |
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$ |
55,929 |
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| Finance lease liability, current portion |
70,507 |
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24,253 |
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| Finance lease liability, net of current portion |
132,469 |
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34,398 |
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| Total finance lease liabilities |
$ |
202,976 |
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$ |
58,651 |
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| Weighted average remaining lease term (in years): |
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| Operating leases |
4.7 |
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5.4 |
| Finance lease |
4.1 |
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2.3 |
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| Weighted average discount rate: |
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| Operating leases |
8.5 |
% |
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8.7 |
% |
| Finance leases |
5.3 |
% |
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10.0 |
% |
Supplemental cash flow information related to leases is as follows:
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Years Ended December 31, |
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2020 |
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2019 |
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| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
3,462,848 |
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$ |
2,834,903 |
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| Operating cash flows from finance leases |
11,575 |
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6,832 |
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| Financing cash flows from finance leases |
57,097 |
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21,954 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
1,869,080 |
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1,350,090 |
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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 December 31, 2020 are as follows:
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Operating Leases |
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Finance Lease |
| 2021 |
$ |
3,925,287 |
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$ |
78,900 |
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| 2022 |
3,797,361 |
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48,975 |
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| 2023 |
3,099,227 |
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27,600 |
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| 2024 |
2,494,385 |
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27,600 |
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| 2025 |
2,077,593 |
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27,600 |
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| Thereafter |
991,612 |
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11,500 |
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| Total lease payments |
16,385,465 |
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222,175 |
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| Less: Imputed interest |
(2,834,653) |
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(19,199) |
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| Total lease obligations |
13,550,812 |
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202,976 |
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| Less: Current obligations |
(2,918,140) |
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(70,507) |
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| Long-term lease obligation |
$ |
10,632,672 |
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$ |
132,469 |
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| Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of December 31, 2020 are as follows:
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Operating Leases |
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Finance Lease |
| 2021 |
$ |
3,925,287 |
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$ |
78,900 |
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| 2022 |
3,797,361 |
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48,975 |
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| 2023 |
3,099,227 |
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27,600 |
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| 2024 |
2,494,385 |
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27,600 |
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| 2025 |
2,077,593 |
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27,600 |
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| Thereafter |
991,612 |
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11,500 |
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| Total lease payments |
16,385,465 |
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222,175 |
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| Less: Imputed interest |
(2,834,653) |
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(19,199) |
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| Total lease obligations |
13,550,812 |
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202,976 |
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| Less: Current obligations |
(2,918,140) |
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(70,507) |
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| Long-term lease obligation |
$ |
10,632,672 |
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$ |
132,469 |
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