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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Leases | (11) Leases The Company leases office space, radio towers and office equipment. Discount rates are based on the Company’s incremental borrowing rate due to the rate implicit in the leases being not readily determinable. The Company used the current borrowing rate on its credit facility, adjusted for the effects of collateralization, to determine the various rates it would pay to finance similar transactions over similar time periods. The following table summarizes lease information:
|  | Year ended December 31, |
|  | 2019 |  |  | 2020 |
Lease cost |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 10,190,243 |  |  | $ | 10,441,532 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use asset |  |  | 22,088 |  |  |  | 13,333 |
Interest on lease liability |  |  | 11,285 |  |  |  | 5,371 |
Short-term lease cost |  |  | 28,800 |  |  |  | 28,800 |
Total lease cost |  | $ | 10,252,416 |  |  | $ | 10,489,036 |
Other information |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 9,901,889 |  |  | $ | 10,775,742 |
Operating cash flows from finance lease |  |  | 11,285 |  |  |  | 5,371 |
Financing cash flows from finance lease |  |  | 67,492 |  |  |  | 64,821 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 5,523,800 |  |  |  | 1,823,807 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  |  | — |  |  |  | — |
|  | December 31, 2020 |
Weighted-average remaining lease term – operating leases |  |  | 6.0 years |
Weighted-average remaining lease term – finance lease |  |  | 25.0 years |
Weighted-average discount rate – operating leases |  |  | 8.2 | %
Weighted-average discount rate – finance lease |  |  | 3.9 | %
As of December 31, 2020, future minimum payments for operating and finance leases for the next five years and thereafter are summarized as follows:
2021 |  | $ | 10,703,432 |
2022 |  |  | 9,545,225 |
2023 |  |  | 8,141,094 |
2024 |  |  | 6,865,454 |
2025 |  |  | 5,775,905 |
Thereafter |  |  | 14,164,891 |
Total lease payments |  |  | 55,196,001 |
Less imputed interest |  |  | (18,484,783 | )
Present value of lease liabilities |  | $ | 36,711,218 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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