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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases  
Schedule of Lease Cost Recognized in Earnings

 

   2023   2022 
   Years Ended December 31 
   2023   2022 
Lease Cost          
Finance lease cost:          
Amortization of right-of-use assets (1)  $25,573   $30,163 
Interest on lease liabilities (2)   1,713    2,773 
Operating lease cost (3)   3,914,954    4,498,894 
Short-term lease cost (3)(4)   1,874,556    1,135,003 
Sublease income (3)   (323,272)   (209,455)
Total lease cost  $5,493,524   $5,457,378 
           
Other Information          
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows from operating leases  $4,007,919   $4,250,630 
Operating cash flows from finance leases   1,713    2,773 
Financing cash flows from finance leases   27,868    31,685 
           
Right-of-use assets obtained in exchange for lease liabilities:          
Operating leases  $160,348   $2,054,534 
Finance leases   12,332    - 
           
Weighted-average remaining lease term (in years)          
Finance leases   3.29    1.25 
Operating leases   2.88    3.46 
           
Weighted-average discount rate          
Finance leases   6.81%   5.78%
Operating leases   4.54%   4.50%

 

 

(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:          
2024  $7,187   $3,187,826 
2025   3,525    2,073,045 
2026   2,833    1,443,598 
2027   2,833    340,112 
2028   1,181    128,854 
Thereafter   -    195,695 
Total undiscounted lease payments   17,559    7,369,130 
Less: Discount on cash flows   (2,009)   (480,588)
Present value of lease liabilities  $15,550   $6,888,542 
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  2023   2022 
Operating Leases             
Right-of-use assets  Other assets  $6,374,336   $9,987,699 
Right-of-use assets  Other assets  $6,374,336   $9,987,699 
              
Lease liabilities  Other liabilities and accrued expenses  $6,888,542   $10,596,471 
Lease liabilities  Other liabilities and accrued expenses  $6,888,542   $10,596,471 
              
Finance Leases             
Right-of-use assets     $130,367   $228,221 
Accumulated amortization      (115,565)   (200,178)
Right-of-use assets, net  Property and equipment, net  $14,802   $28,043 
Right-of-use assets, net  Property and equipment, net  $14,802   $28,043 
              
Lease liabilities  Bank and other loans payable  $15,550   $31,082 
Lease liabilities  Bank and other loans payable  $15,551   $31,082