Supplemental Disclosure of Non-cash Activity |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Supplemental Cash Flow Elements [Abstract] | |
| Supplemental Disclosure of Non-cash Activity |
During the years ended December 31, 2021 and 2020, cash paid for income taxes was $566,808 and $237,655, respectively. During the years ended December 31, 2021 and 2020, cash paid for interest was $69,273 and $42,833, respectively.
See notes to consolidated financial statements.
Supplemental disclosure of non-cash activity:
As of December 31, 2021, accounts payable and accrued expenses included property and equipment purchases of $158,293, and $152,501, respectively. As of December 31, 2020, accounts payable and accrued expenses included property and equipment purchases of $126,239, and $163,434, respectively.
In connection with the acquisitions during the year ended December 31, 2021, the Company acquired $781,605 of property and equipment and intangible assets of $4,859,313, in exchange for $5,765,135 to the seller. Additionally, at the time of these transactions, the Company carried net deferred revenue of $134,539, representing unrecognized 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 acquisitions during the year ended December 31, 2020, the Company acquired $1,625 of property and equipment and intangible assets of $96,400, in exchange for $534,000 to the sellers. Additionally, at the time of these transactions, the Company carried net deferred revenue of $355, representing unrecognized 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 year ended December 31, 2021, the Company had deferred revenue of $35,679 representing unrecognized license fees collected upon the execution of the regional developer agreement. The Company netted this amount against the aggregate purchase price of $1,388,700.
In connection with the Company's reacquisition and termination of regional developer rights during the year ended December 31, 2020, the Company had deferred revenue of $36,781 representing unrecognized license fees collected upon the execution of the regional developer agreements. The Company netted this amount against the aggregate purchase price of $1,039,500.
|