| Schedule of Segment Reporting Information, by Segment |
The tables below present financial information for the Company’s two operating business segments.
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
Revenues: |
2020 |
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2019 |
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2020 |
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2019 |
Corporate clinics |
$ |
8,403,844 |
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$ |
6,829,576 |
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$ |
22,554,946 |
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$ |
18,245,940 |
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Franchise operations |
7,006,709 |
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5,896,801 |
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19,089,886 |
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16,329,792 |
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Total revenues |
$ |
15,410,553 |
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$ |
12,726,377 |
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$ |
41,644,832 |
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$ |
34,575,732 |
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Depreciation and amortization: |
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| Corporate clinics |
636,734 |
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489,623 |
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1,828,643 |
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1,155,779 |
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| Franchise operations |
342 |
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342 |
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1,027 |
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799 |
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| Corporate administration |
77,212 |
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48,407 |
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232,267 |
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151,937 |
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| Total depreciation and amortization |
$ |
714,288 |
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$ |
538,372 |
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$ |
2,061,937 |
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$ |
1,308,515 |
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Segment operating income: |
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Corporate clinics |
$ |
1,313,717 |
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$ |
821,228 |
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$ |
2,662,643 |
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$ |
2,225,252 |
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Franchise operations |
3,404,723 |
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2,874,609 |
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8,778,537 |
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7,894,934 |
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Total segment operating income |
$ |
4,718,440 |
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$ |
3,695,837 |
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$ |
11,441,180 |
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$ |
10,120,186 |
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| Reconciliation of total segment operating income to consolidated earnings before income taxes: |
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| Total segment operating income |
$ |
4,718,440 |
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$ |
3,695,837 |
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$ |
11,441,180 |
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$ |
10,120,186 |
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Unallocated corporate |
(3,013,084) |
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(3,055,458) |
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(8,723,890) |
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(8,048,531) |
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| Consolidated income from operations |
1,705,356 |
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640,379 |
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2,717,290 |
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2,071,655 |
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Bargain purchase gain |
— |
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— |
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— |
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19,298 |
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| Other expense, net |
(25,667) |
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(16,697) |
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(55,248) |
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(43,469) |
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| Income before income tax expense |
$ |
1,679,689 |
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$ |
623,682 |
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$ |
2,662,042 |
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$ |
2,047,484 |
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| Reconciliation of Assets from Segment to Consolidated |
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| Segment assets: |
September 30,
2020 |
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December 31,
2019 |
| Corporate clinics |
$ |
23,294,320 |
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$ |
25,389,147 |
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| Franchise operations |
8,502,811 |
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7,466,629 |
| Total segment assets |
31,797,131 |
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32,855,776 |
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| Unallocated cash and cash equivalents and restricted cash |
18,445,926 |
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8,641,877 |
| Unallocated property and equipment |
1,122,063 |
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996,385 |
| Other unallocated assets |
687,691 |
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1,211,629 |
| Total assets |
$ |
52,052,811 |
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$ |
43,705,667 |
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