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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases  
Schedule of Lease Cost Recognized in Earnings

 

   2024   2023 
   Years Ended December 31 
   2024   2023 
Lease Cost          
Finance lease cost:          
Amortization of right-of-use assets (1)  $48,687   $25,573 
Interest on lease liabilities (2)   6,553    1,713 
Operating lease cost (3)   3,102,662    3,914,954 
Short-term lease cost (3)(4)   1,419,524    1,874,556 
Sublease income (3)   (562,675)   (323,272)
Total lease cost  $4,014,751   $5,493,524 
           
Other Information          
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows from operating leases  $3,622,607   $4,007,919 
Operating cash flows from finance leases   6,553    1,713 
Financing cash flows from finance leases   46,425    27,868 
           
Right-of-use assets obtained in exchange for lease liabilities:          
Operating leases  $1,770,873   $160,348 
Finance leases   176,040    12,332 
           
Weighted-average remaining lease term (in years)          
Finance leases   1.80    3.29 
Operating leases   2.66    2.88 
           
Weighted-average discount rate          
Finance leases   7.89%   6.81%
Operating leases   5.37%   4.54%

 

 

(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:          
2025  $88,504   $2,532,116 
2026   63,751    1,956,436 
2027   2,833    643,208 
2028   1,181    304,099 
2029   -    207,649 
Thereafter   -    72,751 
Total undiscounted lease payments   156,269    5,716,259 
Less: Discount on cash flows   (11,102)   (430,819)
Present value of lease liabilities  $145,167   $5,285,440 
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  2024   2023 
Operating Leases             
Right-of-use assets  Other assets  $4,837,045   $6,374,336 
Right-of-use assets  Other assets  $4,837,045   $6,374,336 
              
Lease liabilities  Other liabilities and accrued expenses  $5,285,440   $6,888,542 
Lease liabilities  Other liabilities and accrued expenses  $5,285,440   $6,888,542 
              
Finance Leases             
Right-of-use assets     $207,127   $130,367 
Accumulated amortization      (64,971)   (115,565)
Right-of-use assets, net  Property and equipment, net  $142,156   $14,802 
Right-of-use assets, net  Property and equipment, net  $142,156   $14,802 
              
Lease liabilities  Bank and other loans payable  $145,167   $15,550 
Lease liabilities  Bank and other loans payable  $145,167   $15,550