Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Note 10 – Leases

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

		September 30,
		2022
Right-of-Use Assets
Operating lease right-of-use assets	$	17,317,175
Lease Liabilities:
Operating lease liabilities	$	19,064,596
Finance Lease cost
Amortization of right-of-use assets	$	216,904
Interest of lease liabilities		12,626
Total finance lease cost	$	229,530
		September 30,
		2022
Operating leases
Weighted average remaining lease term		6.0 years
Weighted average discount rate		7%
Finance Leases
Weighted average remaining lease term		1.2 years
Weighted average discount rate		4%

As our leases do not provide an implicit interest 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 September 30, 2022, and 2021, rent expense including short-term leases was $1,357,780 and $506,033, respectively, and $2,683,697 and $1,505,455, for the nine months ended September 30, 2022 and 2021, respectively. Cash paid for amounts included in operating lease liabilities was $1,187,931 as of September 30, 2022.

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

	Operating		Financing
Remainder of 2022	$	1,296,353	$	523,994
2023		4,941,930		1,165,031
2024		4,195,545		475,805
2025		3,675,921		216,739
2026		2,104,048		14,744
2027 and thereafter		6,909,533		—
Total minimum payments		23,123,330		2,396,313
Less amounts representing interest		4,058,734		317,934
Present value of minimum payments	$	19,064,596	$	2,078,379