Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.3
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 10,928,295 4,712,763
Goodwill 8,493,407 5,085,203
Deferred tax assets 11,928,152 11,486,799
Deposits and other assets 756,386 567,202
Total assets 93,490,377 87,061,747
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 fee revenue, current portion 2,468,601 2,421,721
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
Upfront regional developer fees, current portion 487,250 770,171
Other current liabilities 597,294 539,500
Total current liabilities 23,217,017 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 fee revenue, net of current portion 14,161,134 12,953,430
Upfront regional developer fees, net of current portion 1,500,278 2,505,491
Other liabilities 1,287,879 895,711
Total liabilities 60,902,534 56,753,063
Commitments and contingencies (note 11)
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 (12,153,380) (12,780,085)
Total The Joint Corp. stockholders' equity 32,562,843 30,283,684
Non-controlling Interest 25,000 25,000
Total equity 32,587,843 30,308,684
Total liabilities and stockholders' equity $ 93,490,377 $ 87,061,747