Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Legal Matters

The Company is a party to various claims and lawsuits incidental to its business. In the Company’s opinion, the liabilities, if any, which may ultimately result from the outcome of such matters, individually or in the aggregate, are not expected to have a material adverse effect on its financial position, liquidity, results of operations or cash flows.

Leases

The Company has commitments under operating leases for real estate leased from third parties under non-cancelable operating leases. The Company’s leases typically have lease terms between three years and ten years, with the longest lease term having an expiration date in 2029. Most of these leases include one or more renewal options for six years or less, and certain leases also include lessee termination options. At lease commencement, the Company assesses whether it is reasonably certain to exercise a renewal option, or reasonably certain not to exercise a termination option, by considering various economic factors. Options that are reasonably certain of being exercised are factored into the determination of the lease term, and related payments are included in the calculation of the right-of-use asset and lease liability.

The components of lease cost are presented in the following table:

	Year Ended December 31, 2021	Year Ended December 31, 2020
Components of total lease costs:
Operating lease cost	$2,370,643	$1,745,575
Short-term lease cost	100,607	48,150
Variable lease cost	—	—
Total lease cost	$2,471,250	$1,793,725

Amounts reported in the Consolidated Balance Sheets were as follows:

	December 31, 2021	December 31, 2020
Operating Leases:
Right-of-use assets	$10,499,751	$10,074,506
Lease liability, current	1,990,416	1,527,224
Lease liability, long-term	9,090,867	8,836,655
Total lease liabilities	$11,081,283	$10,363,879
Weighted-average remaining lease term (in years)	5.2	6.2
Weighted-average discount rate (annualized)	4.3%	4.6%

Other information related to leases are as follows:

	Year Ended December 31, 2021	Year Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$2,168,767	$1,504,352
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	2,438,075	11,430,120

The following table presents a maturity analysis of the Company’s operating leases liabilities as of December 31, 2021:

2022	$2,423,447
2023	2,481,751
2024	2,303,054
2025	2,124,094
2026	1,835,155
Thereafter	1,260,395
Total undiscounted lease payments	12,427,896
Less: Imputed interest	1,346,613
Total lease liabilities	$11,081,283