Supplemental Disclosure of Non-cash Activity
|6 Months Ended|
Jun. 30, 2021
|Supplemental Cash Flow Information [Abstract]|
|Supplemental Disclosure of Non-cash Activity||During the six months ended June 30, 2021 and 2020, cash paid for income taxes was $446,058 and $37,800, respectively. During the six months ended June 30, 2021 and 2020, cash paid for interest was $47,033 and $16,111, respectively.
Supplemental disclosure of non-cash activity:
As of June 30, 2021, accounts payable include property and equipment purchases of $761,518. As of December 31, 2020, accounts payable and accrued expenses include property and equipment purchases of $126,239, and $163,434, respectively.
In connection with the acquisitions during the six months ended June 30, 2021, the Company acquired $528,974 of property and equipment and intangible assets of $3,723,872, in exchange for $4,493,028 in cash to the sellers (of which $243,028 was paid in July 2021). Additionally, at the time of these transactions, the Company carried net deferred revenue of $87,858, representing net franchise fees collected upon the execution of the franchise agreement. The Company netted this amount against the purchase price of the acquisitions.In connection with the Company’s reacquisition and termination of regional developer rights during the six months ended June 30, 2021, the Company had deferred revenue of $35,679 representing fees collected upon the execution of the regional developer agreement. The Company netted this amount against the aggregate purchase price of $1,388,700.
The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef