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Leases (Tables)
3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Schedule of Lease Costs
The table below comprises operating lease expenses for the three months ended March 31, 2024 and 2023:
Three Months Ended
March 31,
Components of total lease cost:20242023
Operating lease expense$936,750 $756,245 
Short-term lease expense468,874 336,318 
Total lease cost - operating leases$1,405,624 $1,092,563 
The table below presents lease payments for the three months ended March 31, 2024 and 2023:
 Three Months Ended
March 31,
Components of total lease cost:20242023
Finance lease payment$969,588 $744,030 
Short-term lease payment— — 
Total lease payments$969,588 $744,030 
Assets And Liabilities, Lessee
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
March 31, 2024December 31, 2023
Assets
Lease right-of-use assets$9,125,733 $9,580,535 
Total lease assets$9,125,733 $9,580,535 
Liabilities  
Current liabilities:  
Lease liability - current portion$2,835,458 $2,773,020 
Noncurrent liabilities:  
Lease liability, net of current portion6,720,787 7,223,941 
Total lease liability$9,556,245 $9,996,961 
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 operating leases as of March 31, 2024:
Weighted average remaining lease term (in years) - operating leases3.54
Weighted average discount rate - operating leases5.73 %
Right-of-use assets and lease liabilities for the Company’s finance leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
March 31,
2024
December 31,
2023
Assets
Lease right-of-use assets$13,385,131 $12,003,919 
Total lease assets$13,385,131 $12,003,919 
Liabilities
Current liabilities:
Lease liability - current portion$3,866,929 $3,534,073 
Noncurrent liabilities:  
Lease liability, net of current portion8,718,460 7,896,392 
Total lease liability$12,585,389 $11,430,465 
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 March 31, 2024:
Weighted average remaining lease term (in years) - finance leases3.46
Weighted average discount rate - finance leases5.58 %
Schedule of Future Minimum Lease Payments Under the Operating Leases
Future minimum lease payments under the operating leases as of March 31, 2024 were as follows:
Operating
Leases
2024, remaining$2,465,671 
20253,326,939 
20262,488,249 
20271,294,407 
2028676,215 
Thereafter365,656 
Total future minimum lease payments10,617,137 
Less effects of discounting(1,060,892)
Present value of future minimum lease payments$9,556,245 
Finance Lease, Liability, Fiscal Year Maturity
Future minimum lease payments under the finance leases as of March 31, 2024 are as follows:
Finance Leases
2024, remaining$3,381,839 
20254,227,073 
20263,363,565 
20271,983,021 
2028843,042 
Thereafter83,908 
Total future minimum lease payments13,882,448 
Less effects of discounting(1,297,059)
Present value of future minimum lease payments$12,585,389