Commitments and Contingencies (Tables)
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3 Months Ended |
Mar. 31, 2023 |
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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 months ended March 31, 2023 and 2022:
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Line Item in the
Company’s Condensed Consolidated
Income Statements |
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Three Months Ended
March 31, 2023 |
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Three Months Ended
March 31, 2022
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| Finance lease costs: |
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| Amortization of assets |
Depreciation and amortization |
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$ |
7,570 |
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$ |
21,797 |
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| Interest on lease liabilities |
Other income (expense), net |
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889 |
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1,437 |
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| Total finance lease costs |
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8,459 |
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23,234 |
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| Operating lease costs |
General and administrative expenses |
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1,588,941 |
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1,353,676 |
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| Total lease costs |
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$ |
1,597,400 |
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$ |
1,376,910 |
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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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March 31, 2023 |
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December 31, 2022 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$22,451,137 |
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$20,587,199 |
| Operating lease liability - current portion |
$5,622,576 |
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$5,295,830 |
| Operating lease liability - net of current portion |
20,211,159 |
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18,672,719 |
| Total operating lease liability |
$25,833,735 |
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$23,968,549 |
| Finance Leases: |
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| Property and equipment, at cost |
$151,396 |
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$151,396 |
| Less accumulated amortization |
(95,222) |
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(87,652) |
| Property and equipment, net |
$56,174 |
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$63,744 |
| Finance lease liability - current portion |
24,693 |
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24,433 |
| Finance lease liability - net of current portion |
57,235 |
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63,507 |
| Total finance lease liabilities |
$81,928 |
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$87,940 |
| Weighted average remaining lease term (in years): |
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| Operating leases |
5.3 |
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5.4 |
| Finance lease |
3.2 |
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3.4 |
| Weighted average discount rate: |
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| Operating leases |
5.0 |
% |
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4.8 |
% |
| Finance leases |
4.3 |
% |
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4.3 |
% |
Supplemental cash flow information related to leases is as follows:
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Three Months Ended March 31, 2023 |
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Three Months Ended March 31, 2022 |
| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
1,695,098 |
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$ |
1,397,213 |
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| Operating cash flows from finance leases |
889 |
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1,437 |
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| Financing cash flows from finance leases |
6,011 |
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21,387 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
$ |
2,247,839 |
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$ |
1,508,371 |
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| Finance lease |
— |
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— |
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| Schedule of Lessee, Operating Lease, Liability, Maturity |
Maturities of lease liabilities as of March 31, 2023 are as follows:
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Operating Leases |
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Finance Lease |
| 2023 (remainder) |
$ |
5,067,906 |
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$ |
20,700 |
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| 2024 |
6,389,909 |
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27,600 |
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| 2025 |
5,800,960 |
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27,600 |
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| 2026 |
3,994,546 |
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11,500 |
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| 2027 |
2,998,993 |
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— |
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| Thereafter |
5,181,535 |
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— |
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| Total lease payments |
$ |
29,433,849 |
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$ |
87,400 |
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| Less: Imputed interest |
(3,600,114) |
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(5,472) |
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| Total lease obligations |
25,833,735 |
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81,928 |
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| Less: Current obligations |
(5,622,576) |
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(24,693) |
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| Long-term lease obligation |
$ |
20,211,159 |
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$ |
57,235 |
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| Schedule of Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of March 31, 2023 are as follows:
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Operating Leases |
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Finance Lease |
| 2023 (remainder) |
$ |
5,067,906 |
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$ |
20,700 |
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| 2024 |
6,389,909 |
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27,600 |
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| 2025 |
5,800,960 |
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27,600 |
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| 2026 |
3,994,546 |
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11,500 |
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| 2027 |
2,998,993 |
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— |
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| Thereafter |
5,181,535 |
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— |
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| Total lease payments |
$ |
29,433,849 |
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$ |
87,400 |
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| Less: Imputed interest |
(3,600,114) |
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(5,472) |
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| Total lease obligations |
25,833,735 |
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81,928 |
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| Less: Current obligations |
(5,622,576) |
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(24,693) |
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| Long-term lease obligation |
$ |
20,211,159 |
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$ |
57,235 |
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