XML 62 R43.htm IDEA: XBRL DOCUMENT v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Lease Costs
The table below comprises lease expenses for the years ended December 31, 2023, 2022 and 2021, respectively:
December 31,
Components of total lease cost:202320222021
Operating lease expense$3,418,134 $2,294,636 $1,993,984 
Short-term lease expense1,678,487 1,201,622 1,012,260 
Total lease cost - operating leases$5,096,621 $3,496,258 $3,006,244 
The table below comprises lease payments for the years ended December 31, 2023, 2022 and 2021, respectively:
 Year Ended December 31,
Components of total lease cost:202320222021
Finance lease payment$4,270,553 $2,985,568 $2,741,784 
Short-term lease payment— — — 
Total lease payments$4,270,553 $2,985,568 $2,741,784 
Assets And Liabilities, Lessee
Right-of-use lease assets and lease liabilities for the Company’s operating leases were recorded in the Consolidated Balance Sheets as follows:
December 31, 2023December 31, 2022
Assets
Lease right-of-use assets$9,580,535 $9,074,277 
Total lease assets$9,580,535 $9,074,277 
Liabilities  
Current liabilities:  
Lease liability - current portion$2,773,020 $2,325,024 
Noncurrent liabilities: 
Lease liability, net of current portion7,223,941 7,040,982 
Total lease liability$9,996,961 $9,366,006 
Lease Terms and Discount Rate
Weighted average remaining lease term (in years) - operating leases3.67
Weighted average discount rate - operating leases5.71 %
Right-of-use lease assets and lease liabilities for the Company’s finance leases were recorded in the Consolidated Balance Sheets as follows:
December 31,
2023		December 31,
2022
Assets
Lease right-of-use assets$12,003,919 $9,039,663 
Total lease assets$12,003,919 $9,039,663 
Liabilities
Current liabilities:
Lease liability - current portion$3,534,073 $2,732,639 
Noncurrent liabilities: 
Lease liability, net of current portion7,896,392 5,914,164 
Total lease liability$11,430,465 $8,646,803 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of December 31, 2023:
Weighted average remaining lease term (in years) - finance leases3.37
Weighted average discount rate - finance leases5.42 %
Schedule of future minimum lease payments under the operating leases
Future minimum lease payments under the operating leases as of December 31, 2023 are as follows:
Operating
Leases
2024$3,271,821 
20253,305,703 
20262,429,393 
20271,219,709 
2028597,566 
Thereafter318,901 
Total future minimum lease payments11,143,093 
Less effects of discounting(1,146,132)
Present value of future minimum lease payments$9,996,961 
Finance Lease, Liability, Fiscal Year Maturity
Future minimum lease payments under the finance leases as of December 31, 2023 are as follows:
Finance Leases
2024$4,072,021 
20253,745,030 
20262,868,368 
20271,495,766 
2028352,811 
Thereafter— 
Total future minimum lease payments12,533,996 
Less effects of discounting(1,103,531)
Present value of future minimum lease payments$11,430,465