Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.23.3
Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Lease, Cost
The table below summarizes the components of lease expense and income statement location for the years ended December 31, 2022 and December 31, 2021:
Years Ended December 31,
Line Item in the Company’s Consolidated Income Statements 2022 2021
Finance lease costs:
Amortization of assets Depreciation and amortization $ 55,572  $ 85,300 
Interest on lease liabilities Other expense, net 4,516  9,012 
Total finance lease costs $ 60,088  $ 94,312 
Operating lease costs General and administrative expenses $ 5,647,185  $ 4,590,571 
Total lease costs $ 5,707,273  $ 4,684,883 
Schedule of Assets And Liabilities, Lessee Supplemental information and balance sheet location related to leases for the years ended December 31, 2022 and December 31, 2021 was as follows:
Years Ended December 31,
2022 2021
Operating Leases:
Operating lease right-of -use asset $ 20,587,199  $ 18,425,914 
Operating lease liability, current portion $ 5,295,830  $ 4,613,843 
Operating lease liability, net of current portion 18,672,719  16,872,093 
Total operating lease liability $ 23,968,549  $ 21,485,936 
Finance Leases:
Property and equipment, at cost $ 151,396  $ 267,252 
Less accumulated amortization (87,652) (147,937)
Property and equipment, net $ 63,744  $ 119,315 
Finance lease liability, current portion $ 24,433  $ 49,855 
Finance lease liability, net of current portion 63,507  87,939 
Total finance lease liabilities $ 87,940  $ 137,794 
Weighted average remaining lease term (in years):
Operating leases 5.4 5.4
Finance lease 3.4 3.6
Weighted average discount rate:
Operating leases 4.8  % 4.6  %
Finance leases 4.3  % 4.8  %
Supplemental cash flow information related to leases for the years ended December 31, 2022 and December 31, 2021 were as follows:
Years Ended December 31,
2022 2021
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases $ 5,931,114  $ 4,484,737 
Operating cash flows from finance leases 4,516  9,012 
Financing cash flows from finance leases 49,855  80,322 
Non-cash transactions: ROU assets obtained in exchange for lease liabilities
Operating lease 7,222,822  10,007,188 
Finance lease —  15,140 
Schedule of Lessee, Operating Lease, Liability, Maturity Maturities of lease liabilities as of December 31, 2022 were as follows:
Operating Leases Finance Lease
2023 $ 6,280,108  $ 27,600 
2024 5,689,672  27,600 
2025 5,084,585  27,600 
2026 3,264,579  11,500 
2027 2,268,960  — 
Thereafter 4,561,694  — 
Total lease payments 27,149,598  94,300 
Less: Imputed interest (3,181,049) (6,360)
Total lease obligations 23,968,549  87,940 
Less: Current obligations (5,295,830) (24,433)
Long-term lease obligation $ 18,672,719  $ 63,507 
Schedule of Finance Lease, Liability, Maturity Maturities of lease liabilities as of December 31, 2022 were as follows:
Operating Leases Finance Lease
2023 $ 6,280,108  $ 27,600 
2024 5,689,672  27,600 
2025 5,084,585  27,600 
2026 3,264,579  11,500 
2027 2,268,960  — 
Thereafter 4,561,694  — 
Total lease payments 27,149,598  94,300 
Less: Imputed interest (3,181,049) (6,360)
Total lease obligations 23,968,549  87,940 
Less: Current obligations (5,295,830) (24,433)
Long-term lease obligation $ 18,672,719  $ 63,507