Leases

12 Months Ended

Dec. 31, 2020

(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