| Disaggregation of Revenue |
The following table shows the Company's revenues disaggregated according to the timing of transfer of services:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2022 |
|
2021 |
| Revenue recognized at a point in time |
$ |
94,520,246 |
|
|
$ |
73,968,060 |
|
| Revenue recognized over time |
$ |
7,391,163 |
|
|
$ |
6,891,593 |
|
| Balance at Total Revenue |
$ |
101,911,409 |
|
|
$ |
80,859,653 |
|
|
| Schedule of Changes in Contract Asset and Liability |
Changes in the Company's contract liability for deferred franchise and regional development fees during the years ended December 31, 2022 and 2021 were as follows:
|
|
|
|
|
|
|
Deferred Revenue
short and long-term |
| Balance at December 31, 2020 |
$ |
16,504,114 |
|
| Revenue recognized that was included in the contract liability at the beginning of the year |
(3,503,417) |
|
| Net increase during the year ended December 31, 2021 |
5,650,116 |
|
| Balance at December 31, 2021 |
$ |
18,650,813 |
|
| Revenue recognized that was included in the contract liability at the beginning of the year |
(2,909,569) |
|
| Net increase during the year ended December 31, 2022 |
2,876,019 |
|
| Balance at December 31, 2022 |
$ |
18,617,263 |
|
The Company's deferred franchise and development costs represent capitalized sales commissions. Changes during the years ended December 31, 2022 and 2021 were as follows:
|
|
|
|
|
|
|
Deferred Franchise and Development Costs
short and long-term |
| Balance at December 31, 2020 |
$ |
5,238,307 |
|
| Recognized as cost of revenue during the year |
(1,099,892) |
|
| Net increase during the year ended December 31, 2021 |
2,361,592 |
|
| Balance at December 31, 2021 |
$ |
6,500,007 |
|
| Recognized as cost of revenue during the year |
(938,736) |
|
| Net increase during the year ended December 31, 2022 |
1,200,467 |
|
| Balance at December 31, 2022 |
$ |
6,761,738 |
|
|
| Schedule of Revenue Expected to be Recognized Related to Performance Obligations |
The following table illustrates revenues expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of December 31, 2022:
|
|
|
|
|
|
| Contract liabilities expected to be recognized in |
Amount |
| 2023 |
$ |
2,955,851 |
|
| 2024 |
2,732,210 |
|
| 2025 |
2,536,034 |
|
| 2026 |
2,434,666 |
|
| 2027 |
2,256,867 |
|
| Thereafter |
5,701,635 |
|
| Total |
$ |
18,617,263 |
|
|