Annual report pursuant to Section 13 and 15(d)

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

v3.22.0.1
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments The table below sets forth the impact of the revision on the previously issued consolidated balance sheet:
December 31, 2020
As Previously (i) (ii) (iii)
Reported Adjustments Adjustments Adjustments As Adjusted
ASSETS
Accounts receivable, net 1,850,499  —  212,722  —  2,063,221 
Total current assets 25,133,704  —  212,722  —  25,346,426 
Deferred tax assets 8,007,633  22,153  (44,672) (43,679) 7,941,435 
Total assets $ 65,732,843  $ 22,153  $ 168,050  $ (43,679) $ 65,879,367 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue from company clinics 3,905,200  296,348  (524,993) 3,676,555 
Total current liabilities 18,685,644  296,348  —  (524,993) 18,456,999 
Total liabilities 44,981,760  296,348  —  (524,993) 44,753,115 
Stockholders' equity:
Accumulated deficit (20,470,081) (274,194) 168,050  481,314  (20,094,912)
Total The Joint Corp. stockholders' equity 20,750,983  (274,194) 168,050  481,314  21,126,152 
Total equity 20,751,083  (274,194) 168,050  481,314  21,126,252 
Total liabilities and stockholders' equity $ 65,732,843  $ 22,154  $ 168,050  $ (43,679) $ 65,879,367 
Schedule of Franchisor Disclosure The following table summarizes the number of clinics in operation under franchise agreements and as company-owned or managed for the years ended December 31, 2021 and 2020:
Year Ended December 31,
Franchised clinics: 2021 2020
Clinics open at beginning of period 515  453 
Opened during the period 110  70 
Sold during the period (12) (1)
Closed during the period (3) (7)
Clinics in operation at the end of the period 610  515 
Year Ended December 31,
Company-owned or managed clinics: 2021 2020
Clinics open at beginning of period 64  60 
Opened during the period 20  3 
Acquired during the period 12  1 
Closed during the period —  — 
Clinics in operation at the end of the period 96  64 
Total clinics in operation at the end of the period 706  579 
Clinic licenses sold but not yet developed 245  212 
Executed letters of intent for future clinic licenses 38  41 
Schedule of Earnings per Common Share
Year Ended December 31,
2021 2020
Net income $ 6,575,770  $ 13,167,314 
Weighted average common shares outstanding - basic 14,319,448  14,003,708 
Effect of dilutive securities:
Unvested restricted stock and stock options 616,129  579,169 
Weighted average common shares outstanding - diluted 14,935,577  14,582,877 
Basic earnings per share $ 0.46  $ 0.94 
Diluted earnings per share $ 0.44  $ 0.90 
Potentially dilutive securities excluded from the calculation of diluted net income per common share as the effect would be anti-dilutive were as follows:
Year Ended December 31,
2021 2020
Unvested restricted stock 58  — 
Stock options 4,658  94,294