Commitments and Contingencies (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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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 six months ended June 30, 2024 and 2023:
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Line Item in the
Company’s Condensed Consolidated
Income Statements |
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Three Months Ended
June 30, 2024 |
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Three Months Ended
June 30, 2023 |
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Six Months Ended
June 30, 2024 |
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Six Months Ended
June 30, 2023 |
| 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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$ |
15,140 |
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$ |
15,139 |
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| Interest on lease liabilities |
Other income (expense), net |
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561 |
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825 |
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1,189 |
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1,713 |
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| Total finance lease costs |
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8,131 |
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8,395 |
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16,329 |
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16,852 |
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| Operating lease costs |
General and administrative expenses |
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1,035,959 |
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1,639,749 |
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2,077,415 |
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3,253,595 |
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| Total lease costs |
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$ |
1,044,090 |
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$ |
1,648,144 |
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$ |
2,093,744 |
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$ |
3,270,447 |
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| Schedule of Supplemental Information |
Supplemental information and balance sheet location related to leases (excluding amounts related to leases classified as held for sale) was as follows:
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June 30, 2024 |
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December 31, 2023 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$11,859,692 |
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$12,413,221 |
| Operating lease liability - current portion |
$3,811,835 |
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$3,756,328 |
| Operating lease liability - net of current portion |
10,205,222 |
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10,914,997 |
| Total operating lease liability |
$14,017,057 |
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$14,671,325 |
| Finance Leases: |
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| Property and equipment, at cost |
$151,396 |
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$151,396 |
| Less accumulated amortization |
(133,071) |
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(117,932) |
| Property and equipment, net |
$18,325 |
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$33,464 |
| Finance lease liability - current portion |
26,038 |
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25,491 |
| Finance lease liability - net of current portion |
24,858 |
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38,016 |
| Total finance lease liabilities |
$50,896 |
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$63,507 |
| Weighted average remaining lease term (in years): |
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| Operating leases |
4.7 |
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4.8 |
| Finance lease |
1.9 |
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2.4 |
| Weighted average discount rate: |
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| Operating leases |
5.5 |
% |
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5.4 |
% |
| Finance leases |
4.3 |
% |
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4.3 |
% |
Supplemental cash flow information related to leases was as follows:
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Six Months Ended
June 30, 2024 |
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Six Months Ended
June 30, 2023 |
| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
2,380,024 |
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$ |
3,465,890 |
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| Operating cash flows from finance leases |
1,189 |
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1,713 |
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| Financing cash flows from finance leases |
12,610 |
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12,087 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
$ |
1,216,902 |
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$ |
3,859,696 |
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| Finance lease |
— |
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— |
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| Schedule of Operating Lease, Liability, Maturity |
Maturities of lease liabilities as of June 30, 2024 are as follows:
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Operating Leases |
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Finance Lease |
| 2024 (remainder) |
$ |
2,264,595 |
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$ |
13,800 |
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| 2025 |
4,304,571 |
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27,600 |
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| 2026 |
2,962,306 |
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11,500 |
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| 2027 |
2,277,031 |
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— |
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| 2028 |
1,507,778 |
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— |
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| Thereafter |
2,654,183 |
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— |
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| Total lease payments |
$ |
15,970,464 |
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$ |
52,900 |
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| Less: Imputed interest |
(1,953,407) |
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(2,004) |
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| Total lease obligations |
14,017,057 |
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50,896 |
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| Less: Current obligations |
(3,811,835) |
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(26,038) |
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| Long-term lease obligation |
$ |
10,205,222 |
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$ |
24,858 |
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| Schedule of Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of June 30, 2024 are as follows:
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Operating Leases |
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Finance Lease |
| 2024 (remainder) |
$ |
2,264,595 |
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$ |
13,800 |
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| 2025 |
4,304,571 |
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27,600 |
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| 2026 |
2,962,306 |
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11,500 |
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| 2027 |
2,277,031 |
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— |
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| 2028 |
1,507,778 |
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— |
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| Thereafter |
2,654,183 |
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— |
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| Total lease payments |
$ |
15,970,464 |
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$ |
52,900 |
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| Less: Imputed interest |
(1,953,407) |
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(2,004) |
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| Total lease obligations |
14,017,057 |
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50,896 |
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| Less: Current obligations |
(3,811,835) |
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(26,038) |
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| Long-term lease obligation |
$ |
10,205,222 |
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$ |
24,858 |
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