Leases

12 Months Ended

Dec. 31, 2021

(10)

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,
	2020		2021
Lease cost
Operating lease cost	$	10,441,532	$	11,104,313
Finance lease cost:
Amortization of right-of-use asset		13,333		13,334
Interest on lease liability		5,371		2,829
Short-term lease cost		28,800		29,100

Total lease cost	$	10,489,036	$	11,149,576


Other information
Operating cash flows from operating leases	$	10,775,742	$	11,272,752
Operating cash flows from finance lease		5,371		2,829
Financing cash flows from finance lease		64,821		70,171
Right-of-use assets obtained in exchange for new operating lease liabilities		1,823,807		8,220,577
Right-of-use assets obtained in exchange for new finance lease liabilities		—		—


	December 31, 2021
Weighted-average remaining lease term – operating leases		5.3 years
Weighted-average remaining lease term – finance lease		24.0 years
Weighted-average discount rate – operating leases		8.1%
Weighted-average discount rate – finance lease		3.9%

As of December 31, 2021, future minimum payments for operating and finance leases for the next five years and thereafter are summarized as follows:


2022	$	10,348,839
2023		8,938,966
2024		7,689,531
2025		6,615,613
2026		4,039,083
Thereafter		10,508,875

Total lease payments		48,140,907
Less imputed interest		(11,697,681	)

Present value of lease liabilities	$	36,443,226