Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.23.1
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Lease, Cost
The table below summarizes the components of lease expense and income statement location for the three months ended March 31, 2023 and 2022:

Line Item in the
Company’s Condensed Consolidated
Income Statements
Three Months Ended
March 31, 2023
Three Months Ended
March 31, 2022
Finance lease costs:
Amortization of assets Depreciation and amortization $ 7,570  $ 21,797 
Interest on lease liabilities Other income (expense), net 889  1,437 
Total finance lease costs 8,459  23,234 
Operating lease costs General and administrative expenses 1,588,941  1,353,676 
Total lease costs $ 1,597,400  $ 1,376,910 
Schedule of Assets And Liabilities, Lessee
Supplemental information and balance sheet location related to leases is as follows:
March 31, 2023 December 31, 2022
Operating Leases:
Operating lease right-of -use asset $22,451,137 $20,587,199
Operating lease liability - current portion $5,622,576 $5,295,830
Operating lease liability - net of current portion 20,211,159 18,672,719
Total operating lease liability $25,833,735 $23,968,549
Finance Leases:
Property and equipment, at cost $151,396 $151,396
Less accumulated amortization (95,222) (87,652)
Property and equipment, net $56,174 $63,744
Finance lease liability - current portion 24,693 24,433
Finance lease liability - net of current portion 57,235 63,507
Total finance lease liabilities $81,928 $87,940
Weighted average remaining lease term (in years):
Operating leases 5.3 5.4
Finance lease 3.2 3.4
Weighted average discount rate:
Operating leases 5.0  % 4.8  %
Finance leases 4.3  % 4.3  %
Supplemental cash flow information related to leases is as follows:
Three Months Ended March 31, 2023 Three Months Ended March 31, 2022
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases $ 1,695,098  $ 1,397,213 
Operating cash flows from finance leases 889  1,437 
Financing cash flows from finance leases 6,011  21,387 
Non-cash transactions: ROU assets obtained in exchange for lease liabilities
Operating lease $ 2,247,839  $ 1,508,371 
Finance lease —  — 
Schedule of Lessee, Operating Lease, Liability, Maturity Maturities of lease liabilities as of March 31, 2023 are as follows:
Operating Leases Finance Lease
2023 (remainder) $ 5,067,906  $ 20,700 
2024 6,389,909  27,600 
2025 5,800,960  27,600 
2026 3,994,546  11,500 
2027 2,998,993  — 
Thereafter 5,181,535  — 
Total lease payments $ 29,433,849  $ 87,400 
Less: Imputed interest (3,600,114) (5,472)
Total lease obligations 25,833,735  81,928 
Less: Current obligations (5,622,576) (24,693)
Long-term lease obligation $ 20,211,159  $ 57,235 
Schedule of Finance Lease, Liability, Maturity Maturities of lease liabilities as of March 31, 2023 are as follows:
Operating Leases Finance Lease
2023 (remainder) $ 5,067,906  $ 20,700 
2024 6,389,909  27,600 
2025 5,800,960  27,600 
2026 3,994,546  11,500 
2027 2,998,993  — 
Thereafter 5,181,535  — 
Total lease payments $ 29,433,849  $ 87,400 
Less: Imputed interest (3,600,114) (5,472)
Total lease obligations 25,833,735  81,928 
Less: Current obligations (5,622,576) (24,693)
Long-term lease obligation $ 20,211,159  $ 57,235