Commitments and Contingencies (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Commitments and Contingencies Disclosure [Abstract] |
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| Schedule of Lease Expense |
The table below summarizes the components of lease expense and income statement location for the three and nine months ended September 30, 2024 and 2023:
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Line Items in the Company's Condensed Consolidated |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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Income Statements |
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2024 |
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2023 |
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2024 |
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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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$ |
22,710 |
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$ |
22,709 |
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| Interest on lease liabilities |
Other income (expense), net |
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499 |
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760 |
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1,686 |
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2,473 |
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| Total finance lease costs |
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8,069 |
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8,330 |
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24,396 |
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25,182 |
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| Operating lease costs |
General and administrative expenses |
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797,102 |
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1,633,469 |
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2,476,377 |
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4,910,181 |
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| Total lease costs |
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$ |
805,171 |
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$ |
1,641,799 |
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$ |
2,500,773 |
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$ |
4,935,363 |
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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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September 30, 2024 |
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December 31, 2023 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$7,727,105 |
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$12,413,221 |
| Operating lease liability - current portion |
$3,222,887 |
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$3,756,328 |
| Operating lease liability - net of current portion |
6,157,147 |
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10,914,997 |
| Total operating lease liability |
$9,380,034 |
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$14,671,325 |
| Finance Leases: |
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| Property and equipment, at cost |
$151,389 |
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$151,396 |
| Less accumulated amortization |
(140,635) |
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(117,932) |
| Property and equipment, net |
$10,754 |
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$33,464 |
| Finance lease liability - current portion |
26,312 |
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25,491 |
| Finance lease liability - net of current portion |
18,172 |
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38,016 |
| Total finance lease liabilities |
$44,484 |
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$63,507 |
| Weighted average remaining lease term (in years): |
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| Operating leases |
4.6 |
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4.8 |
| Finance lease |
1.7 |
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2.4 |
| Weighted average discount rate: |
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| Operating leases |
5.3 |
% |
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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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Nine Months Ended
September 30, 2024 |
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Nine Months Ended
September 30, 2023 |
| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
2,945,217 |
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$ |
5,263,092 |
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| Operating cash flows from finance leases |
1,686 |
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2,473 |
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| Financing cash flows from finance leases |
19,013 |
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18,227 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
$ |
2,049,597 |
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$ |
4,287,622 |
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| Finance lease |
— |
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— |
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| Schedule of Maturities of Operating Lease Liabilities |
Maturities of lease liabilities as of September 30, 2024 are as follows, excluding amounts related to leases classified as held for sale:
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Operating Leases |
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Finance Lease |
| 2024 (remainder) |
$ |
932,730 |
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$ |
6,900 |
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| 2025 |
3,584,268 |
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27,600 |
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| 2026 |
2,019,667 |
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11,500 |
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| 2027 |
1,735,137 |
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— |
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| 2028 |
1,118,433 |
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— |
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| Thereafter |
1,139,140 |
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— |
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| Total lease payments |
$ |
10,529,375 |
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$ |
46,000 |
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| Less: Imputed interest |
(1,149,341) |
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(1,516) |
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| Total lease obligations |
9,380,034 |
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44,484 |
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| Less: Current obligations |
(3,222,887) |
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(26,312) |
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| Long-term lease obligation |
$ |
6,157,147 |
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$ |
18,172 |
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| Schedule of Maturities of Finance Lease Liabilities |
Maturities of lease liabilities as of September 30, 2024 are as follows, excluding amounts related to leases classified as held for sale:
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Operating Leases |
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Finance Lease |
| 2024 (remainder) |
$ |
932,730 |
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$ |
6,900 |
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| 2025 |
3,584,268 |
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27,600 |
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| 2026 |
2,019,667 |
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11,500 |
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| 2027 |
1,735,137 |
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— |
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| 2028 |
1,118,433 |
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— |
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| Thereafter |
1,139,140 |
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— |
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| Total lease payments |
$ |
10,529,375 |
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$ |
46,000 |
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| Less: Imputed interest |
(1,149,341) |
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(1,516) |
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| Total lease obligations |
9,380,034 |
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44,484 |
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| Less: Current obligations |
(3,222,887) |
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(26,312) |
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| Long-term lease obligation |
$ |
6,157,147 |
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$ |
18,172 |
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