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Leases (Tables)
9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Schedule of Lease Costs
The table below comprises lease expenses for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Components of total lease cost:
Operating lease expense$1,009,108 $697,050 $2,775,887 $2,319,282 
Finance lease expense:
              Amortization of right-of-use assets1,197,076 1,195,719 3,394,696 2,822,982 
              Interest on lease liabilities194,099 135,392 560,926 394,443 
              Finance lease expense1,391,175 1,331,111 3,955,622 3,217,425 
Short-term lease expense594,729 452,538 1,484,186 1,156,886 
Total lease cost$2,995,012 $2,480,699 $8,215,695 $6,693,593 
The table below presents lease payments for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Components of total lease payments:
Operating lease payment$890,740 $697,050 $2,669,422 $2,319,282 
Finance lease payment1,088,265 782,808 3,118,054 2,293,330 
Total lease payments$1,979,005 $1,479,858 $5,787,476 $4,612,612 
Schedule of Assets And Liabilities, Lessee
Right-of-use assets and lease liabilities for the Company’s operating leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
September 30,
2024
December 31, 2023
Assets
Lease right-of-use assets$12,489,767 $9,580,535 
Total lease assets$12,489,767 $9,580,535 
Liabilities  
Current liabilities:  
Lease liability - current portion$3,776,159 $2,773,020 
Noncurrent liabilities:  
Lease liability, net of current portion9,172,259 7,223,941 
Total lease liability$12,948,418 $9,996,961 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases as of September 30, 2024:
Weighted average remaining lease term (in years) - operating leases3.90
Weighted average discount rate - operating leases5.83 %
Right-of-use assets and lease liabilities for the Company’s finance leases were recorded in the unaudited Condensed Consolidated Balance Sheets as follows:
September 30,
2024
December 31,
2023
Assets
Lease right-of-use assets$14,605,119 $12,003,919 
Total lease assets$14,605,119 $12,003,919 
Liabilities
Current liabilities:
Lease liability - current portion$4,435,324 $3,534,073 
Noncurrent liabilities:
Lease liability, net of current portion9,554,694 7,896,392 
Total lease liability$13,990,018 $11,430,465 
Lease Terms and Discount Rate
The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of September 30, 2024:
Weighted average remaining lease term (in years) - finance leases3.45
Weighted average discount rate - finance leases5.69 %
Schedule of Future Minimum Lease Payments Under the Operating Leases
Future minimum lease payments under the operating leases as of September 30, 2024 were as follows:
Operating
Leases
2024, remaining$1,109,227 
20254,412,071 
20263,604,641 
20272,391,396 
20281,765,274 
Thereafter1,277,710 
Total future minimum lease payments14,560,319 
Less effects of discounting(1,611,901)
Present value of future minimum lease payments$12,948,418 
Schedule of Finance Lease, Liability, Fiscal Year Maturity
Future minimum lease payments under the finance leases as of September 30, 2024 are as follows:
Finance Leases
2024, remaining$1,321,296 
20255,010,486 
20264,175,450 
20272,856,492 
20281,670,204 
Thereafter428,898 
Total future minimum lease payments15,462,826 
Less effects of discounting(1,472,808)
Present value of future minimum lease payments$13,990,018