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