Quarterly report pursuant to Section 13 or 15(d)

Nature of Operations and Summary of Significant Accounting Policies (Tables)

v3.21.2
Nature of Operations and Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Schedule of Franchisor Disclosure
The following table summarizes the number of clinics in operation under franchise agreements and as company-owned or managed clinics for the three and six months ended June 30, 2021 and 2020:
Three Months Ended
June 30,
Six Months Ended
June 30,
Franchised clinics: 2021 2020 2021 2020
Clinics open at beginning of period 527  469  515  453 
Opened during the period 36  12  48  28 
Sold during the period (8) —  (8) — 
Closed during the period —  (4) —  (4)
Clinics in operation at the end of the period 555  477  555  477 
Three Months Ended
June 30,
Six Months Ended
June 30,
Company-owned or managed clinics: 2021 2020 2021 2020
Clinics open at beginning of period 65  61  64  60 
Opened during the period
Acquired during the period —  — 
Closed during the period —  —  —  — 
Clinics in operation at the end of the period 78  62  78  62 
Total clinics in operation at the end of the period 633  539  633  539 
Clinic licenses sold but not yet developed 247  169  247  169 
Executed letters of intent for future clinic licenses 35  40  35  40 
Schedule of Earnings (Loss) per Common Share
Three Months Ended
June 30,
Six Months Ended
June 30,
2021 2020 2021 2020
Net Income $ 2,683,962  $ 115,585  $ 4,998,657  $ 930,532 
Weighted average common shares outstanding - basic 14,290,697  13,980,984  14,234,929  13,935,829 
Effect of dilutive securities:
Unvested restricted stock and stock options 636,754  510,655  666,934  551,254 
Weighted average common shares outstanding - diluted 14,927,451  14,491,639  14,901,863  14,487,083 
Basic earnings per share $ 0.19  $ 0.01  $ 0.35  $ 0.07 
Diluted earnings per share $ 0.18  $ 0.01  $ 0.34  $ 0.06 
Potentially dilutive securities excluded from the calculation of diluted net income per common share as the effect would be anti-dilutive were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
Weighted average potentially dilutive securities: 2021 2020 2021 2020
Unvested restricted stock 1,576  18,557  792  11,318 
Stock options 45,825  174,213  30,399  137,952