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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
(10)
Leases

The Company leases office space, 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,

 

 

2023

 

 

2024

 

Lease cost

 

 

 

 

 

 

Operating lease cost

 

$

11,565,713

 

 

$

11,452,668

 

Short-term lease cost

 

 

30,620

 

 

 

20,760

 

Total lease cost

 

$

11,596,333

 

 

$

11,473,428

 

 

 

 

 

 

 

 

Other information

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

12,182,522

 

 

$

12,015,198

 

Right-of-use assets obtained in exchange for new operating lease
   liabilities

 

 

4,561,161

 

 

 

6,685,102

 

 

 

December 31,
2024

 

Weighted-average remaining lease term – operating leases

 

6.5

 

Weighted-average discount rate – operating leases

 

 

9.3

%

 

As of December 31, 2024, future minimum payments for operating leases for the next five years and thereafter are summarized as follows:

 

2025

 

$

12,009,458

 

2026

 

 

9,651,059

 

2027

 

 

8,186,052

 

2028

 

 

6,687,386

 

2029

 

 

4,264,289

 

Thereafter

 

 

14,348,935

 

Total lease payments

 

 

55,147,179

 

Less imputed interest

 

 

(15,055,881

)

Present value of lease liabilities

 

$

40,091,298