Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2.2
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Schedule of Correction of Immaterial Error
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  22,154  (44,672) (43,679) 7,941,436 
Total assets $ 65,732,843  $ 22,154  $ 168,050  $ (43,679) $ 65,879,368 
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) $ 65,879,368 
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 nine months ended September 30, 2022 and 2021:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
Franchised clinics: 2022 2021 2022 2021
Clinics open at beginning of period 662  555  610  515 
Opened during the period 33  28  91  76 
Acquired during the period 1  —  1  — 
Sold during the period (4) —  (8) (8)
Closed during the period (2) —  (4) — 
Clinics in operation at the end of the period 690  583  690  583 
Three Months Ended
September 30,		 Nine Months Ended
September 30,
Company-owned or managed clinics: 2022 2021 2022 2021
Clinics open at beginning of period 107  78  96  64 
Opened during the period 5  5  12  11 
Acquired during the period 4  —  8  8 
Sold during the period (1) —  (1) — 
Closed during the period —  —  —  — 
Clinics in operation at the end of the period 115  83  115  83 
Total clinics in operation at the end of the period 805  666  805  666 
Clinic licenses sold but not yet developed 212  252  212  252 
Licenses for future clinics subject to executed letters of intent 40  43  40  43 
Schedule of Earnings (Loss) per Common Share
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2022 2021 2022 2021
Net income $ 491,113  $ 1,937,095  $ 630,058  $ 6,935,751 
Weighted average common shares outstanding - basic 14,512,856  14,388,905  14,474,323  14,286,818 
Effect of dilutive securities:
Unvested restricted stock and stock options 316,773  581,423  403,727  644,941 
Weighted average common shares outstanding - diluted 14,829,629  14,970,328  14,878,050  14,931,759 
Basic earnings per share $ 0.03  $ 0.13  $ 0.04  $ 0.49 
Diluted earnings per share $ 0.03  $ 0.13  $ 0.04  $ 0.46 
The following common stock equivalents were excluded from the computation of diluted earnings per share for the periods presented because including them would have been antidilutive:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
Weighted average dilutive securities: 2022 2021 2022 2021
Restricted stocks —  —  —  — 
Stock options 77,485  601  41,293  35,293