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Leases | 12 Months Ended
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Dec. 31, 2023
Leases |
Leases | 8. Leases The Company has leases for corporate and operational facilities (“real estate leases”). Real estate leases. Substantially all real estate leases have remaining terms of six (6) to nine (9) years, with additional five (5) year extensions available. All of these leases require a fixed lease payment that contains an annual lease payment escalation provision ranging from 3% to 4% per year. Certain leases contain early termination provisions that would require payment of unamortized tenant improvements, real estate broker commissions paid, and up to six (6) months of rent to compensate the landlord for early termination. The cost to exit a lease would be significant and potentially range $0.2 million to $0.8 million. The earliest any lease termination provisions could be exercised would be in 2023, which the Company did not exercise. The components of lease expense were as follows:
|  | YEARS ENDED |
|  | DECEMBER 31, |
|  | 2023 |  |  | 2022 |
Operating lease expense |  | $ | 12,463 |  |  | $ | 16,351 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of right of use assets |  | $ | 684,600 |  |  | $ | 682,102 |
Interest on finance lease liabilities |  |  | 214,954 |  |  |  | 241,444 |
Total finance lease expense |  | $ | 899,554 |  |  | $ | 923,546 |
Lease expense is included in general and administrative expenses in the consolidated statement of operations. Amortization of right of use assets is include in depreciation and amortization in the consolidated statement of operations. Supplemental cash flow information related to leases was as follows:
|  | YEARS ENDED |
|  | DECEMBER 31, |
|  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from leases |  | $ | 227,417 |  |  | $ | 257,795 |
Financing cash flows from leases |  |  | 586,833 |  |  |  | 600,438 |
Supplemental balance sheet information related to leases was as follows:
|  | DECEMBER 31, |
|  | 2023 |  |  | 2022 |
Lease right of use assets, net |  | $ | 4,045,222 |  |  | $ | 4,723,899 |
Current portion of lease liabilities |  |  | 638,258 |  |  |  | 596,529 |
Lease liabilities, net of current portion |  |  | 4,114,516 |  |  |  | 4,745,909 |
Weighted average remaining lease term |  |  |  |  |  |  |  |
Finance leases |  |  | 10.2 |  |  |  | 11 |
Weighted average discount rate |  |  |  |  |  |  |  |
Finance leases |  |  | 3.5 | % |  |  | 3.5 | %
Maturities of lease liabilities as of December 31, 2023, were as follows:
2024 |  | $ | 822,740 |
2025 |  |  | 730,500 |
2026 |  |  | 631,541 |
2027 |  |  | 633,663 |
2028 |  |  | 695,939 |
Thereafter |  |  | 2,228,121 |
Total undiscounted finance lease payments |  |  | 5,742,504 |
Less: Imputed interest |  |  | 989,730 |
Total lease liability |  | $ | 4,752,774 |
On January 1, 2022, the Company entered into an amendment to its lease agreement for its Tampa office to amend the term and the extension option to June 30, 2022. As a result of the amendment, the Company removed the lease right of use asset and lease liability from its consolidated balance sheet and accounted for the lease as month to month and recorded the monthly rent expense in its consolidated statement of operations until termination on June 30, 2022.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//840/tableOfContent + Details
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