Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.22.2
Commitments and Contingencies (Tables)
6 Months Ended
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
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, 2022 and 2021:

Line Item in the
Company’s Condensed Consolidated
Income Statements
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2021
Six Months Ended
June 30, 2022
Six Months Ended
June 30, 2021
Finance lease costs:
Amortization of assets Depreciation and amortization $ 18,636  $ 21,797  $ 40,432  $ 41,710 
Interest on lease liabilities Other expense, net 1,112  2,470  2,549  5,093 
Total finance lease costs 19,748  24,267  42,981  46,803 
Operating lease costs General and administrative expenses 1,375,574  $ 1,171,414  2,730,884  $ 2,076,172 
Total lease costs $ 1,395,322  $ 1,195,681  $ 2,773,865  $ 2,122,975 
Schedule of Assets And Liabilities, Lessee
Supplemental information and balance sheet location related to leases (excluding amounts related to leases classified as held for sale) is as follows:
June 30, 2022 December 31, 2021
Operating Leases:
Operating lease right-of -use asset $19,793,363 $18,425,914
Operating lease liability - current portion $4,928,765 $4,613,843
Operating lease liability - net of current portion 17,962,952 16,872,093
Total operating lease liability $22,891,717 $21,485,936
Finance Leases:
Property and equipment, at cost $151,396 $267,252
Less accumulated amortization (72,513) (147,937)
Property and equipment, net $78,883 $119,315
Finance lease liability - current portion 23,920 49,855
Finance lease liability - net of current portion 75,853 87,939
Total finance lease liabilities $99,773 $137,794
Weighted average remaining lease term (in years):
Operating leases 5.5 5.4
Finance lease 3.9 3.6
Weighted average discount rate:
Operating leases 4.5  % 4.6  %
Finance leases 4.3  % 4.8  %
Supplemental cash flow information related to leases is as follows:
Six Months Ended
June 30, 2022
Six Months Ended
June 30, 2021
Cash paid for amounts included in measurement of liabilities:
Operating cash flows from operating leases $ 2,822,523  $ 1,998,470 
Operating cash flows from finance leases 2,549  5,093 
Financing cash flows from finance leases 38,022  38,593 
Non-cash transactions: ROU assets obtained in exchange for lease liabilities
Operating lease $ 2,071,960  $ 4,769,494 
Finance lease —  15,140 
`
Schedule of Lessee, Operating Lease, Liability, Maturity Maturities of lease liabilities as of June 30, 2022 were as follows:
Operating Leases Finance Lease
2022 (remainder) $ 2,963,869  $ 13,800 
2023 5,461,292  27,600 
2024 4,922,193  27,600 
2025 4,460,588  27,600 
2026 2,659,407  11,500 
Thereafter 5,225,907  — 
Total lease payments $ 25,693,256  $ 108,100 
Less: Imputed interest (2,801,539) (8,327)
Total lease obligations 22,891,717  99,773 
Less: Current obligations (4,928,765) (23,920)
Long-term lease obligation $ 17,962,952  $ 75,853 
Schedule of Finance Lease, Liability, Maturity Maturities of lease liabilities as of June 30, 2022 were as follows:
Operating Leases Finance Lease
2022 (remainder) $ 2,963,869  $ 13,800 
2023 5,461,292  27,600 
2024 4,922,193  27,600 
2025 4,460,588  27,600 
2026 2,659,407  11,500 
Thereafter 5,225,907  — 
Total lease payments $ 25,693,256  $ 108,100 
Less: Imputed interest (2,801,539) (8,327)
Total lease obligations 22,891,717  99,773 
Less: Current obligations (4,928,765) (23,920)
Long-term lease obligation $ 17,962,952  $ 75,853