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Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Summary of Components of Lease Cost

The components of lease cost are presented in the following table:

 

 

 

Three Months Ended March 31, 2021

 

Components of total lease costs:

 

 

 

 

Operating lease cost

 

$

540,639

 

Short-term lease cost

 

 

12,450

 

Variable lease cost

 

 

 

Total lease cost

 

$

553,089

 

Schedule of Operating Lease and Supplemental Information

Amounts reported in the Consolidated Balance Sheets were as follows:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Operating leases:

 

 

 

 

 

 

 

 

ROU assets

 

$

9,650,463

 

 

$

10,074,506

 

Lease liability, current

 

 

1,562,964

 

 

 

1,527,224

 

Lease liability, long-term

 

 

8,470,264

 

 

 

8,836,655

 

Total lease liabilities

 

$

10,033,228

 

 

$

10,363,879

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term (in years)

 

 

6.0

 

 

6.2

 

Weighted-average discount rate (annual)

 

 

4.6

%

 

 

4.6

%

Summary of Other Information Related to Lease

Other information related to leases are as follows:

 

 

 

Three Months Ended March 31, 2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

Operating cash flows from operating leases

 

$

459,698

 

Right-of-use assets obtained in exchange for lease liabilities:

 

 

 

 

Operating leases

 

 

 

Schedule of Maturity Analysis of the Company's Operating Leases Liabilities

The following table presents a maturity analysis of the Company’s operating leases liabilities as of March 31, 2021:

 

2021

 

$

1,522,813

 

2022

 

 

1,903,329

 

2023

 

 

1,948,666

 

2024

 

 

1,847,041

 

2025

 

 

1,531,435

 

Thereafter

 

 

2,793,934

 

Total undiscounted lease payments

 

 

11,547,220

 

Less: Imputed interest

 

 

1,513,991

 

Total lease liabilities

 

$

10,033,228