| Disaggregation of Revenue |
The following table shows the Company's revenues disaggregated according to the timing of transfer of services:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2022 |
|
2021 |
|
(As Restated) |
|
(As Restated) |
| Revenue recognized at a point in time |
$ |
94,520,246 |
|
|
$ |
73,968,060 |
|
| Revenue recognized over time |
$ |
6,732,064 |
|
|
$ |
6,042,953 |
|
Total Revenue |
$ |
101,252,310 |
|
|
$ |
80,011,013 |
|
|
| Schedule of Changes in Contract Asset and Liability |
Changes in the Company's contract liability for deferred franchise fees during the years ended December 31, 2022 and 2021 were as follows:
|
|
|
|
|
|
|
Deferred Revenue
short and long-term |
|
(As Restated) |
| Balance at December 31, 2020 |
$ |
12,655,508 |
|
| Revenue recognized that was included in the contract liability at the beginning of the year |
(2,619,098) |
|
| Net increase during the year ended December 31, 2021 |
5,338,741 |
|
| Balance at December 31, 2021 |
$ |
15,375,151 |
|
| Revenue recognized that was included in the contract liability at the beginning of the year |
(2,250,471) |
|
| Net increase during the year ended December 31, 2022 |
3,505,055 |
|
| Balance at December 31, 2022 |
$ |
16,629,735 |
|
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:
|
|
|
|
|
|
|
Amount |
Contract liabilities expected to be recognized in |
(As Restated) |
| 2023 |
$ |
2,468,601 |
|
| 2024 |
2,354,521 |
|
| 2025 |
2,208,462 |
|
| 2026 |
2,112,532 |
|
| 2027 |
2,033,031 |
|
| Thereafter |
5,452,588 |
|
| Total |
$ |
16,629,735 |
|
|