Commitments and Contingencies (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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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 months ended March 31, 2022 and 2021:
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Line Item in the
Company’s Condensed Consolidated
Income Statements |
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Three Months Ended
March 31, 2022 |
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Three Months Ended
March 31, 2021
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| Finance lease costs: |
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| Amortization of assets |
Depreciation and amortization |
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$ |
21,797 |
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$ |
19,913 |
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| Interest on lease liabilities |
Other expense, net |
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1,437 |
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2,623 |
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| Total finance lease costs |
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23,234 |
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22,536 |
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| Operating lease costs |
General and administrative expenses |
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1,353,676 |
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$ |
941,037 |
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| Total lease costs |
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$ |
1,376,910 |
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$ |
963,573 |
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| Assets And Liabilities, Lessee |
Supplemental information and balance sheet location related to leases is as follows:
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March 31, 2022 |
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December 31, 2021 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$18,927,052 |
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$18,425,914 |
| Operating lease liability - current portion |
$4,872,292 |
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$4,613,843 |
| Operating lease liability - net of current portion |
17,184,696 |
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16,872,093 |
| Total operating lease liability |
$22,056,988 |
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$21,485,936 |
| Finance Leases: |
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| Property and equipment, at cost |
$267,252 |
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$267,252 |
| Less accumulated amortization |
(169,733) |
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(147,937) |
| Property and equipment, net |
$97,519 |
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$119,315 |
| Finance lease liability - current portion |
34,479 |
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49,855 |
| Finance lease liability - net of current portion |
81,928 |
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87,939 |
| Total finance lease liabilities |
$116,407 |
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$137,794 |
| Weighted average remaining lease term (in years): |
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| Operating leases |
5.4 |
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5.4 |
| Finance lease |
3.8 |
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3.6 |
| Weighted average discount rate: |
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| Operating leases |
4.4 |
% |
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4.6 |
% |
| Finance leases |
4.5 |
% |
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4.8 |
% |
Supplemental cash flow information related to leases is as follows:
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Three Months Ended March 31, 2022 |
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Three Months Ended March 31, 2021 |
| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
1,397,213 |
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$ |
979,349 |
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| Operating cash flows from finance leases |
1,437 |
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2,623 |
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| Financing cash flows from finance leases |
21,387 |
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18,238 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
$ |
1,508,371 |
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$ |
2,191,809 |
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| Finance lease |
— |
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6,141 |
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| Lessee, Operating Lease, Liability, Maturity |
Maturities of lease liabilities as of March 31, 2022 are as follows:
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Operating Leases |
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Finance Lease |
| 2022 (remainder) |
$ |
4,324,014 |
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$ |
31,547 |
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| 2023 |
5,156,450 |
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27,600 |
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| 2024 |
4,603,382 |
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27,600 |
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| 2025 |
4,134,635 |
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27,600 |
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| 2026 |
2,291,865 |
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11,500 |
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| Thereafter |
4,084,024 |
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— |
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| Total lease payments |
$ |
24,594,370 |
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$ |
125,847 |
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| Less: Imputed interest |
(2,537,382) |
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(9,440) |
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| Total lease obligations |
22,056,988 |
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116,407 |
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| Less: Current obligations |
(4,872,292) |
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(34,479) |
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| Long-term lease obligation |
$ |
17,184,696 |
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$ |
81,928 |
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| Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of March 31, 2022 are as follows:
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Operating Leases |
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Finance Lease |
| 2022 (remainder) |
$ |
4,324,014 |
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$ |
31,547 |
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| 2023 |
5,156,450 |
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27,600 |
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| 2024 |
4,603,382 |
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27,600 |
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| 2025 |
4,134,635 |
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27,600 |
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| 2026 |
2,291,865 |
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11,500 |
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| Thereafter |
4,084,024 |
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— |
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| Total lease payments |
$ |
24,594,370 |
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$ |
125,847 |
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| Less: Imputed interest |
(2,537,382) |
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(9,440) |
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| Total lease obligations |
22,056,988 |
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116,407 |
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| Less: Current obligations |
(4,872,292) |
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(34,479) |
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| Long-term lease obligation |
$ |
17,184,696 |
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$ |
81,928 |
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