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