Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

(10)         Leases

The Company leases office and warehouse space under operating leases. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments under the lease. Operating lease, right-of-use assets, and liabilities are recognized at the lease commencement date based on the present value of lease payments over the reasonably certain lease term. The implicit rates with the Company’s operating leases are generally not determinable and the Company uses its incremental borrowing rate at the lease commencement date to determine the present value of its lease payments. The determination of the Company’s incremental borrowing rate requires judgement. The company determines its incremental borrowing rate for each lease using its then-current borrowing rate. Certain of the Company’s leases include options to extend or terminate the lease. The Company establishes the number of renewal options periods used in determining the operating lease term based upon its assessment at the inception of the operating lease. The option to renew the lease may be automatic, at the option of the Company, or mutually agreed to between the landlord and the Company. Once the facility lease term has begun, the present value of the aggregate future minimum lease payments is recorded as a right-of-use asset. Lease expense is recognized on a straight-line basis over the term of the lease.

	Six Months Ended June 30,
	2021			2020
Operating lease costs	$	126,904		$	130,378
Short-term operating lease costs		7,670			19,928
Financing lease expense:
Amortization of right-of-use assets		3,005			2,179
Interest on lease liabilities		1,018			579
Total financing lease expense		4,023			2,758
Total lease expense	$	138,597		$	153,064
Right-of-use assets obtained in exchange for new operating lease liabilities	$	1,603		$	2,649,070
Right-of-use assets obtained in exchange for new financing lease liabilities	$	—		$	16,524
Weighted-average remaining lease term (years) - operating leases		13.6			14.6
Weighted-average remaining lease term (years) - financing leases		2.6			3.6
Weighted-average discount rate - operating leases		6.75	%		6.75	%
Weighted-average discount rate - financing leases		8.76	%		8.82	%

The future minimum payments under these operating lease agreements are as follows:

	Operating			Financing
2021 (excluding the six months ended June 30, 2021)	$	131,858		$	4,821
2022		285,159			9,641
2023		287,108			5,881
2024		287,108			2,929
2025		287,108			—
Thereafter		2,599,409			—
Total minimum operating lease obligations		3,877,750			23,272
Less-amounts representing interest		(1,345,803	)		(2,401	)
Present value of minimum operating lease obligations		2,531,947			20,871
Current maturities		(105,593	)		(8,155	)
Lease obligations, net of current maturities	$	2,426,354		$	12,716