Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.4
Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 9,745,066 $ 19,526,119
Restricted cash 805,351 386,219
Accounts receivable 3,911,272 3,700,810
Deferred franchise and regional development costs, current portion 1,054,060 994,587
Prepaid expenses and other current assets 2,098,359 2,281,765
Total current assets 17,614,108 26,889,500
Property and equipment, net 17,475,152 14,388,946
Operating lease right-of-use asset 20,587,199 18,425,914
Deferred franchise and regional development costs, net of current portion 5,707,678 5,505,420
Intangible assets, net 12,867,529 5,403,390
Goodwill 8,493,407 5,085,203
Deferred tax assets 8,441,713 9,188,634
Deposits and other assets 756,386 567,202
Total assets 91,943,172 85,454,209
Current liabilities:    
Accounts payable 2,966,589 1,705,568
Accrued expenses 1,069,610 1,809,460
Co-op funds liability 805,351 386,219
Payroll liabilities ($0.6 million and $0.4 million attributable to VIEs as of December 31, 2022 and 2021) 2,030,510 3,906,317
Operating lease liability, current portion 5,295,830 4,613,843
Finance lease liability, current portion 24,433 49,855
Deferred franchise and regional development fee revenue, current portion 2,955,851 3,191,892
Deferred revenue from company clinics ($4.7 million and $3.5 million attributable to VIEs as of December 31, 2022 and 2021) 7,471,549 5,235,745
Other current liabilities 499,250 539,500
Total current liabilities 23,118,973 21,438,399
Operating lease liability, net of current portion 18,672,719 16,872,093
Finance lease liability, net of current portion 63,507 87,939
Debt under the Credit Agreement 2,000,000 2,000,000
Deferred franchise and regional development fee revenue, net of current portion 15,661,412 15,458,921
Other liabilities 27,230 27,230
Total liabilities 59,543,841 55,884,582
Commitments and contingencies (note 10)
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of December 31, 2022 and 2021 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,560,353 shares issued and 14,528,487 shares outstanding as of December 31, 2022 and 14,451,355 shares issued and 14,419,712 outstanding as of December 31, 2021 14,560 14,450
Additional paid-in capital 45,558,305 43,900,157
Treasury stock 31,866 shares as of December 31, 2022 and 31,643 shares as of December 31, 2021, at cost (856,642) (850,838)
Accumulated deficit (12,341,892) (13,519,142)
Total The Joint Corp. stockholders' equity 32,374,331 29,544,627
Non-controlling Interest 25,000 25,000
Total equity 32,399,331 29,569,627
Total liabilities and stockholders' equity $ 91,943,172 $ 85,454,209