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Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases  
Schedule of Lease Cost Recognized in Earnings

 

   2021   2020 
   Years Ended December 31 
   2021   2020 
Lease Cost          
Finance lease cost:          
Amortization of right-of-use assets (1)  $41,925   $58,576 
Interest on lease liabilities (2)   4,713    7,341 
Operating lease cost (3)   4,896,315    5,408,737 
Short-term lease cost (3)(4)   167,551    222,311 
Sublease income (3)   (275,038)   (394,758)
Total lease cost  $4,835,466   $5,302,207 
           
Other Information          
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows from operating leases  $4,697,819   $5,293,901 
Operating cash flows from finance leases   4,713    7,341 
Financing cash flows from finance leases   42,184    56,982 
           
Right-of-use assets obtained in exchange for lease liabilities:          
Operating leases  $5,216,048   $5,631,193 
Finance leases   -    8,494 
           
Weighted-average remaining lease term (in years)          
Finance leases   2.07    2.74 
Operating leases   6.04    5.40 
           
Weighted-average discount rate          
Finance leases   5.74%   5.59%
Operating leases   4.14%   4.87%

 

 

(1)Included in Depreciation on property and equipment on the consolidated statements of earnings
(2)Included in Interest expense on the consolidated statements of earnings
(3)Included in Rent and rent related expenses on the consolidated statements of earnings
(4)Includes leases with a term of 12 months or less
Schedule of Future Minimum Rental Payments for Finance Leases and Operating Leases

The following table presents the maturity analysis of the Company’s lease liabilities.

 

   Finance Leases   Operating Leases 
Lease payments due in:          
2022  $34,458   $4,109,174 
2023   27,220    3,340,343 
2024   4,354    2,707,152 
2025   692    1,809,667 
2026   -    1,414,296 
Thereafter   -    2,449,017 
Total undiscounted lease payments   66,724    15,829,649 
Less: Discount on cash flows   (3,957)   (2,889,958)
Present value of lease liabilities  $62,767   $12,939,691 
Schedule of Right-of-Use Assets and Lease Liabilities

The following table presents the Company’s right-of-use assets and lease liabilities.

 

      Year Ended December 31 
   Balance Sheet Location  2021   2020 
Operating Leases             
Right-of-use assets  Other assets  $12,483,638   $11,663,245 
              
Lease liabilities  Other liabilities and accrued expenses  $12,939,691   $11,921,884 
              
Finance Leases             
Right-of-use assets     $235,867   $254,276 
Accumulated amortization      (177,660)   (154,144)
Right-of-use assets, net  Property and equipment, net  $58,207   $100,132 
              
Lease liabilities  Bank and other loans payable  $62,767   $104,951