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Leases (Tables)
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Summary of the components of lease expense

The components of lease expense were as follows:

 

 

Three Months Ended March 31, 2022

 

 Operating leases

 

 

 

    Operating lease cost

 

$

267,106

 

    Variable lease cost

 

 

53,003

 

 Operating lease expense

 

 

320,110

 

 Short-term lease rent expense

 

 

32,132

 

 Total rent expense

 

$

352,242

 

 

 

 

Three Months Ended March 31, 2022

 

 Operating cash flows - operating leases

 

$

184,560

 

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

 

$

7,616,513

 

 


 

 

 

March 31, 2022

 

 Weighted-average remaining lease term – operating leases (in years)

 

 

8.5

 

 Weighted-average discount rate – operating leases

 

 

3.75

%

Summary of future minimum payments during the next five years and thereafter

As of March 31, 2022, future minimum payments during the next five years and thereafter are as follows:

 2022 (excluding the quarter ended March 31, 2022)

 

$

556,782

 

 2023

 

 

743,549

 

 2024

 

 

745,345

 

 2025

 

 

704,453

 

 2026

 

 

683,704

 

 Thereafter

 

 

2,593,782

 

Total

 

 

6,027,615

 

 Less imputed interest

 

 

(877,831

)

Operating lease liabilities

 

$

5,149,784