Commitments and Contingencies (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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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, 2024 and 2023:
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Line Item in the
Company’s Condensed Consolidated
Income Statements |
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Three Months Ended
March 31, 2024 |
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Three Months Ended
March 31, 2023
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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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$ |
7,570 |
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| Interest on lease liabilities |
Other income, net |
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628 |
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889 |
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| Total finance lease costs |
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8,198 |
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8,459 |
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| Operating lease costs |
General and administrative expenses |
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1,001,343 |
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1,588,941 |
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| Total lease costs |
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$ |
1,009,541 |
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$ |
1,597,400 |
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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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March 31, 2024 |
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December 31, 2023 |
| Operating Leases: |
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| Operating lease right-of -use asset |
$12,214,619 |
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$12,413,221 |
| Operating lease liability - current portion |
$3,750,477 |
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$3,756,328 |
| Operating lease liability - net of current portion |
10,606,889 |
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10,914,997 |
| Total operating lease liability |
$14,357,366 |
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$14,671,325 |
| Finance Leases: |
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| Property and equipment, at cost |
$151,397 |
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$151,396 |
| Less accumulated amortization |
(125,501) |
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(117,932) |
| Property and equipment, net |
$25,896 |
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$33,464 |
| Finance lease liability - current portion |
25,763 |
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25,491 |
| Finance lease liability - net of current portion |
31,471 |
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38,016 |
| Total finance lease liabilities |
$57,234 |
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$63,507 |
| Weighted average remaining lease term (in years): |
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| Operating leases |
4.7 |
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4.8 |
| Finance lease |
2.1 |
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2.4 |
| Weighted average discount rate: |
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| Operating leases |
5.5 |
% |
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5.4 |
% |
| 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, 2024 |
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Three Months Ended March 31, 2023 |
| Cash paid for amounts included in measurement of liabilities: |
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| Operating cash flows from operating leases |
$ |
1,152,599 |
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$ |
1,695,098 |
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| Operating cash flows from finance leases |
628 |
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889 |
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| Financing cash flows from finance leases |
6,272 |
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6,011 |
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| Non-cash transactions: ROU assets obtained in exchange for lease liabilities |
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| Operating lease |
$ |
353,238 |
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$ |
2,247,839 |
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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, 2024 are as follows:
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Operating Leases |
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Finance Lease |
| 2024 (remainder) |
$ |
3,335,215 |
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$ |
20,699 |
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| 2025 |
4,147,189 |
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27,600 |
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| 2026 |
2,851,199 |
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11,500 |
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| 2027 |
2,126,668 |
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— |
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| 2028 |
1,307,851 |
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— |
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| Thereafter |
2,529,735 |
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— |
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| Total lease payments |
$ |
16,297,857 |
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$ |
59,799 |
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| Less: Imputed interest |
(1,940,491) |
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(2,565) |
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| Total lease obligations |
14,357,366 |
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57,234 |
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| Less: Current obligations |
(3,750,477) |
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(25,763) |
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| Long-term lease obligation |
$ |
10,606,889 |
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$ |
31,471 |
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| Schedule of Finance Lease, Liability, Maturity |
Maturities of lease liabilities as of March 31, 2024 are as follows:
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Operating Leases |
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Finance Lease |
| 2024 (remainder) |
$ |
3,335,215 |
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$ |
20,699 |
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| 2025 |
4,147,189 |
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27,600 |
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| 2026 |
2,851,199 |
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11,500 |
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| 2027 |
2,126,668 |
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— |
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| 2028 |
1,307,851 |
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— |
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| Thereafter |
2,529,735 |
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— |
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| Total lease payments |
$ |
16,297,857 |
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$ |
59,799 |
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| Less: Imputed interest |
(1,940,491) |
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(2,565) |
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| Total lease obligations |
14,357,366 |
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57,234 |
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| Less: Current obligations |
(3,750,477) |
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(25,763) |
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| Long-term lease obligation |
$ |
10,606,889 |
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$ |
31,471 |
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