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Commitments and Contingencies
6 Months Ended
Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

12. Commitments and Contingencies

The Company has commitments under operating leases for real estate leased from third parties under non-cancelable operating leases. A right-of-use (“ROU”) asset and lease liability is recorded on the Consolidated Balance Sheet for all leases except those with an original lease term of twelve months or less. 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 ROU asset and lease liability.

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

 

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

Components of total lease costs:

 

 

 

 

 

 

 

 

Operating lease cost

 

$

555,384

 

 

$

1,096,023

 

Short-term lease cost

 

 

15,841

 

 

 

27,241

 

Variable lease cost

 

 

 

 

 

 

Total lease cost

 

$

571,225

 

 

$

1,123,264

 

 

Amounts reported in the Consolidated Balance Sheets were as follows:

 

 

 

June 30, 2021

 

 

December 31, 2020

 

Operating leases:

 

 

 

 

 

 

 

 

ROU assets

 

$

10,882,410

 

 

$

10,074,506

 

Lease liability, current

 

 

1,828,000

 

 

 

1,527,224

 

Lease liability, long-term

 

 

9,525,372

 

 

 

8,836,655

 

Total lease liabilities

 

$

11,353,372

 

 

$

10,363,879

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term (in years)

 

 

5.7

 

 

6.2

 

Weighted-average discount rate (annual)

 

 

4.3

%

 

 

4.6

%

Other information related to leases are as follows:

 

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

472,705

 

 

$

931,353

 

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

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

The following table presents a maturity analysis of the Company’s operating leases liabilities as of June 30, 2021:

2021

 

$

1,164,049

 

2022

 

 

2,261,605

 

2023

 

 

2,311,391

 

2024

 

 

2,124,176

 

2025

 

 

1,936,698

 

Thereafter

 

 

3,095,550

 

Total undiscounted lease payments

 

 

12,893,469

 

Less: Imputed interest

 

 

1,540,097

 

Total lease liabilities

 

$

11,353,372