Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

Note 10 – Leases

At June 30, 2022, the following amounts were recorded on the Condensed Consolidated Balance Sheets relating to operating our leases.

		June 30,
		2022
Right-of-Use Assets
Operating lease right-of-use assets	$	10,900,297
Lease Liabilities:
Operating lease liabilities	$	12,724,357
		June 30,
		2022
Weighted average  remaining lease term		7.9 years
Weighted average discount rate		6%

As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date. Upon transition to ASC Topic 842, the Company used the incremental borrowing rate on January 1, 2022 for all operating leases that commenced prior to that date. We have operating leases primarily for office space. Lease costs are generally fixed, with certain contracts containing escalations in the lessors’ annual costs.

For the three months ended June 30, 2022 and 2021, rent expense including short-term leases was $777,248 and $499,711, respectively, and $1,325,917 and $999,422, for the six months ended June 30, 2022 and 2021, respectively. Cash paid for amounts included in operating lease liabilities was $407,423 as of June 30, 2022.

The expected future payments relating to our operating lease liabilities at June 30, 2022 are as follows:

Remainder of 2022	$	1,248,181
2023		1,904,310
2024		1,948,832
2025		1,994,439
2026		2,104,048
2027 and thereafter		6,909,533
Total minimum payments		16,109,343
Less amounts representing interest		3,384,986
Present value of minimum payments	$	12,724,357