Commitments and Contingencies (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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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 years ended December 31, 2021 and December 31, 2020:
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Years Ended December 31, |
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Line Item in the Company’s Consolidated Income Statements |
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2021 |
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2020 |
| Finance lease costs: |
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| Amortization of assets |
Depreciation and amortization |
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$ |
85,300 |
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$ |
67,874 |
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| Interest on lease liabilities |
Other expense, net |
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9,012 |
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11,575 |
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| Total finance lease costs |
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$ |
94,312 |
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$ |
79,449 |
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| Operating lease costs |
General and administrative expenses |
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$ |
4,590,571 |
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$ |
3,552,395 |
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| Total lease costs |
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$ |
4,684,883 |
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$ |
3,631,844 |
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| Schedule of Assets And Liabilities, Lessee |
Supplemental information and balance sheet location related to leases is as follows:
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Years Ended December 31, |
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2021 |
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2020 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$ |
18,425,914 |
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$ |
11,581,435 |
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| Operating lease liability, current portion |
$ |
4,613,843 |
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$ |
2,918,140 |
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| Operating lease liability, net of current portion |
16,872,093 |
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10,632,672 |
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| Total operating lease liability |
$ |
21,485,936 |
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$ |
13,550,812 |
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| Finance Leases: |
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| Property and equipment, at cost |
$ |
267,252 |
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$ |
282,027 |
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| Less accumulated amortization |
(147,937) |
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(92,549) |
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| Property and equipment, net |
$ |
119,315 |
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$ |
189,478 |
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| Finance lease liability, current portion |
$ |
49,855 |
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$ |
70,507 |
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| Finance lease liability, net of current portion |
87,939 |
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132,469 |
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| Total finance lease liabilities |
$ |
137,794 |
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$ |
202,976 |
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| Weighted average remaining lease term (in years): |
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| Operating leases |
5.4 |
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4.7 |
| Finance lease |
3.6 |
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4.1 |
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| Weighted average discount rate: |
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| Operating leases |
4.6 |
% |
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8.5 |
% |
| Finance leases |
4.8 |
% |
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5.3 |
% |
Supplemental cash flow information related to leases is as follows:
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Years Ended December 31, |
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2021 |
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2020 |
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| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
4,484,737 |
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$ |
3,462,848 |
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| Operating cash flows from finance leases |
9,012 |
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11,575 |
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| Financing cash flows from finance leases |
80,322 |
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57,097 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
10,007,188 |
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1,869,080 |
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| Finance lease |
15,140 |
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201,423 |
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| Schedule of Lessee, Operating Lease, Liability, Maturity |
Maturities of lease liabilities as of December 31, 2021 are as follows:
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Operating Leases |
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Finance Lease |
| 2022 |
$ |
5,461,181 |
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$ |
54,371 |
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| 2023 |
4,804,873 |
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27,600 |
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| 2024 |
4,289,146 |
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27,600 |
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| 2025 |
3,852,159 |
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27,600 |
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| 2026 |
2,002,135 |
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11,500 |
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| Thereafter |
3,657,317 |
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— |
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| Total lease payments |
24,066,811 |
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148,671 |
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| Less: Imputed interest |
(2,580,875) |
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(10,877) |
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| Total lease obligations |
21,485,936 |
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137,794 |
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| Less: Current obligations |
(4,613,843) |
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(49,855) |
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| Long-term lease obligation |
$ |
16,872,093 |
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$ |
87,939 |
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| Schedule of Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of December 31, 2021 are as follows:
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Operating Leases |
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Finance Lease |
| 2022 |
$ |
5,461,181 |
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$ |
54,371 |
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| 2023 |
4,804,873 |
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27,600 |
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| 2024 |
4,289,146 |
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27,600 |
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| 2025 |
3,852,159 |
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27,600 |
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| 2026 |
2,002,135 |
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11,500 |
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| Thereafter |
3,657,317 |
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— |
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| Total lease payments |
24,066,811 |
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148,671 |
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| Less: Imputed interest |
(2,580,875) |
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(10,877) |
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| Total lease obligations |
21,485,936 |
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137,794 |
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| Less: Current obligations |
(4,613,843) |
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(49,855) |
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| Long-term lease obligation |
$ |
16,872,093 |
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$ |
87,939 |
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