Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 19,526,119 $ 20,554,258
Restricted cash 386,219 265,371
Accounts receivable, net 3,700,810 2,063,221
Deferred franchise and regional development costs, current portion 994,587 897,551
Prepaid expenses and other current assets 2,281,765 1,566,025
Total current assets 26,889,500 25,346,426
Property and equipment, net 14,388,946 8,747,369
Operating lease right-of-use asset 18,425,914 11,581,435
Deferred franchise and regional development costs, net of current portion 5,505,420 4,340,756
Intangible assets, net 5,403,390 2,865,006
Goodwill 5,085,203 4,625,604
Deferred tax assets 9,188,634 7,941,435
Deposits and other assets 567,202 431,336
Total assets 85,454,209 65,879,367
Current liabilities:    
Accounts payable 1,705,568 1,561,648
Accrued expenses 1,809,460 770,221
Co-op funds liability 386,219 248,468
Payroll liabilities ($0.4 million and $0.2 million attributable to VIEs as of December 31, 2021 and 2020) 3,906,317 2,776,036
Operating lease liability, current portion 4,613,843 2,918,140
Finance lease liability, current portion 49,855 70,507
Deferred franchise and regional development fee revenue, current portion 3,191,892 3,000,369
Deferred revenue from company clinics ($3.5 million and $2.5 million attributable to VIEs as of December 31, 2021 and 2020) 5,235,745 3,676,555
Debt under the Paycheck Protection Program 0 2,727,970
Other current liabilities 539,500 707,085
Total current liabilities 21,438,399 18,456,999
Operating lease liability, net of current portion 16,872,093 10,632,672
Finance lease liability, net of current portion 87,939 132,469
Debt under the Credit Agreement 2,000,000 2,000,000
Deferred franchise and regional development fee revenue, net of current portion 15,458,921 13,503,745
Other liabilities 27,230 27,230
Total liabilities 55,884,582 44,753,115
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of December 31, 2021 and 2020 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,451,355 shares issued and 14,419,712 shares outstanding as of December 31, 2021 and 14,174,237 shares issued and 14,157,070 outstanding as of December 31, 2020 14,450 14,174
Additional paid-in capital 43,900,157 41,350,001
Treasury stock 31,643 shares as of December 31, 2021 and 17,167 shares as of December 31, 2020, at cost (850,838) (143,111)
Accumulated deficit (13,519,142) (20,094,912)
Total The Joint Corp. stockholders' equity 29,544,627 21,126,152
Non-controlling Interest 25,000 100
Total equity 29,569,627 21,126,252
Total liabilities and stockholders' equity $ 85,454,209 $ 65,879,367