Commitments and Contingencies (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Commitments and Contingencies Disclosure [Abstract] |
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| Schedule of Lease, Cost |
The table below summarizes the components of lease expense and income statement location for the three and nine months ended September 30, 2023 and 2022:
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Line Item in the
Company’s Condensed Consolidated
Income Statements |
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Three Months Ended
September 30, 2023 |
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Three Months Ended
September 30, 2022 |
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Nine Months Ended
September 30, 2023 |
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Nine Months Ended
September 30, 2022 |
| Finance lease costs: |
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| Amortization of assets |
Depreciation and amortization |
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$ |
7,570 |
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$ |
7,570 |
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$ |
22,709 |
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$ |
48,001 |
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| Interest on lease liabilities |
Other expense, net |
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760 |
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1,015 |
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2,473 |
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3,564 |
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| Total finance lease costs |
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8,330 |
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8,585 |
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25,182 |
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51,565 |
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| Operating lease costs |
General and administrative expenses |
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1,633,469 |
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$ |
1,426,010 |
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4,910,181 |
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$ |
4,138,801 |
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| Total lease costs |
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$ |
1,641,799 |
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$ |
1,434,595 |
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$ |
4,935,363 |
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$ |
4,190,366 |
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| Schedule of Assets And Liabilities, Lessee |
Supplemental information and balance sheet location related to leases (excluding amounts related to leases classified as held for sale) is as follows:
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September 30, 2023 |
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December 31, 2022 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$19,803,896 |
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$20,587,199 |
| Operating lease liability - current portion |
$5,392,944 |
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$5,295,830 |
| Operating lease liability - net of current portion |
17,200,146 |
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18,672,719 |
| Total operating lease liability |
$22,593,090 |
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$23,968,549 |
| Finance Leases: |
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| Property and equipment, at cost |
$151,396 |
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$151,396 |
| Less accumulated amortization |
(110,362) |
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(87,652) |
| Property and equipment, net |
$41,034 |
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$63,744 |
| Finance lease liability - current portion |
25,223 |
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24,433 |
| Finance lease liability - net of current portion |
44,490 |
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63,507 |
| Total finance lease liabilities |
$69,713 |
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$87,940 |
| Weighted average remaining lease term (in years): |
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| Operating leases |
5.1 |
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5.4 |
| Finance lease |
2.6 |
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3.4 |
| Weighted average discount rate: |
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| Operating leases |
5.1 |
% |
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4.8 |
% |
| Finance leases |
4.3 |
% |
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4.3 |
% |
Supplemental cash flow information related to leases is as follows:
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Nine Months Ended
September 30, 2023 |
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Nine Months Ended
September 30, 2022 |
| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
5,263,092 |
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$ |
4,309,229 |
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| Operating cash flows from finance leases |
2,473 |
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3,564 |
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| Financing cash flows from finance leases |
18,227 |
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43,907 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
$ |
4,287,622 |
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$ |
4,402,229 |
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| Finance lease |
— |
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— |
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`
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| Schedule of Lessee, Operating Lease, Liability, Maturity |
Maturities of lease liabilities as of September 30, 2023 were as follows:
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Operating Leases |
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Finance Lease |
| 2023 (remainder) |
$ |
1,633,006 |
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$ |
6,900 |
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| 2024 |
6,236,923 |
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27,600 |
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| 2025 |
5,592,674 |
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27,600 |
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| 2026 |
3,979,181 |
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11,500 |
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| 2027 |
3,099,193 |
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— |
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| Thereafter |
5,193,199 |
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— |
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| Total lease payments |
$ |
25,734,176 |
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$ |
73,600 |
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| Less: Imputed interest |
(3,141,086) |
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(3,887) |
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| Total lease obligations |
22,593,090 |
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69,713 |
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| Less: Current obligations |
(5,392,944) |
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(25,223) |
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| Long-term lease obligation |
$ |
17,200,146 |
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$ |
44,490 |
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| Schedule of Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of September 30, 2023 were as follows:
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Operating Leases |
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Finance Lease |
| 2023 (remainder) |
$ |
1,633,006 |
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$ |
6,900 |
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| 2024 |
6,236,923 |
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27,600 |
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| 2025 |
5,592,674 |
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27,600 |
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| 2026 |
3,979,181 |
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11,500 |
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| 2027 |
3,099,193 |
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— |
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| Thereafter |
5,193,199 |
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— |
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| Total lease payments |
$ |
25,734,176 |
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$ |
73,600 |
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| Less: Imputed interest |
(3,141,086) |
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(3,887) |
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| Total lease obligations |
22,593,090 |
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69,713 |
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| Less: Current obligations |
(5,392,944) |
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(25,223) |
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| Long-term lease obligation |
$ |
17,200,146 |
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$ |
44,490 |
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