Commitments and Contingencies (Tables)
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3 Months Ended |
Mar. 31, 2021 |
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| Commitments and Contingencies Disclosure [Abstract] |
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| Lease, Cost |
The table below summarizes the components of lease expense and income statement location for the three months ended March 31, 2021 and 2020:
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Line Item in the
Company’s Consolidated
Income Statements |
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Three Months Ended
March 31, 2021 |
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Three Months Ended
March 31, 2020
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| Finance lease costs: |
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| Amortization of assets |
Depreciation and amortization |
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$ |
19,913 |
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$ |
10,554 |
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| Interest on lease liabilities |
Other expense, net |
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2,623 |
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2,283 |
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| Total finance lease costs |
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22,536 |
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12,837 |
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| Operating lease costs |
General and administrative expenses |
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941,037 |
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$ |
849,891 |
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| Total lease costs |
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$ |
963,573 |
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$ |
862,728 |
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| Assets And Liabilities, Lessee |
Supplemental information and balance sheet location related to leases is as follows:
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March 31, 2021 |
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December 31, 2020 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$ |
13,010,941 |
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$ |
11,581,435 |
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| Operating lease liability - current portion |
$ |
3,125,921 |
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$ |
2,918,140 |
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| Operating lease liability - net of current portion |
12,246,741 |
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10,632,672 |
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| Total operating lease liability |
$ |
15,372,662 |
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$ |
13,550,812 |
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| Finance Leases: |
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| Property and equipment, at cost |
$ |
258,253 |
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$ |
282,027 |
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| Less accumulated amortization |
(82,547) |
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(92,549) |
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| Property and equipment, net |
$ |
175,706 |
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$ |
189,478 |
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| Finance lease liability - current portion |
75,992 |
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70,507 |
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| Finance lease liability - net of current portion |
114,887 |
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132,469 |
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| Total finance lease liabilities |
$ |
190,879 |
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$ |
202,976 |
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| Weighted average remaining lease term (in years): |
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| Operating leases |
4.9 |
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4.7 |
| Finance lease |
3.9 |
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4.1 |
| Weighted average discount rate: |
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| Operating leases |
8.3 |
% |
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8.5 |
% |
| Finance leases |
5.3 |
% |
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5.3 |
% |
Supplemental cash flow information related to leases is as follows:
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Three Months Ended March 31, 2021 |
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Three Months Ended March 31, 2020 |
| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
979,349 |
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$ |
765,093 |
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| Operating cash flows from finance leases |
2,623 |
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2,283 |
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| Financing cash flows from finance leases |
18,238 |
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7,214 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
$ |
2,191,809 |
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$ |
549,004 |
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| Finance lease |
6,141 |
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151,396 |
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| Lessee, Operating Lease, Liability, Maturity |
Maturities of lease liabilities as of March 31, 2021 are as follows:
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Operating Leases |
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Finance Lease |
| 2021 (remainder) |
$ |
3,154,129 |
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$ |
62,585 |
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| 2022 |
4,318,485 |
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50,882 |
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| 2023 |
3,593,576 |
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27,600 |
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| 2024 |
2,996,026 |
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27,600 |
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| 2025 |
2,585,425 |
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27,600 |
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| Thereafter |
2,095,334 |
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11,500 |
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| Total lease payments |
$ |
18,742,975 |
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$ |
207,767 |
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| Less: Imputed interest |
(3,370,313) |
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(16,888) |
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| Total lease obligations |
15,372,662 |
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190,879 |
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| Less: Current obligations |
(3,125,921) |
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(75,992) |
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| Long-term lease obligation |
$ |
12,246,741 |
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$ |
114,887 |
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| Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of March 31, 2021 are as follows:
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Operating Leases |
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Finance Lease |
| 2021 (remainder) |
$ |
3,154,129 |
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$ |
62,585 |
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| 2022 |
4,318,485 |
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50,882 |
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| 2023 |
3,593,576 |
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27,600 |
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| 2024 |
2,996,026 |
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27,600 |
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| 2025 |
2,585,425 |
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27,600 |
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| Thereafter |
2,095,334 |
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11,500 |
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| Total lease payments |
$ |
18,742,975 |
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$ |
207,767 |
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| Less: Imputed interest |
(3,370,313) |
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(16,888) |
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| Total lease obligations |
15,372,662 |
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190,879 |
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| Less: Current obligations |
(3,125,921) |
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(75,992) |
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| Long-term lease obligation |
$ |
12,246,741 |
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$ |
114,887 |
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