Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (unaudited)

v3.23.3
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 13,602,515 $ 9,745,066
Restricted cash 848,831 805,351
Accounts receivable, net 3,534,828 3,911,272
Deferred franchise and regional development costs, current portion 1,058,704 1,054,060
Prepaid expenses and other current assets 3,306,964 2,098,359
Assets held for sale 215,722 0
Total current assets 22,567,564 17,614,108
Property and equipment, net 17,627,933 17,475,152
Operating lease right-of-use asset 22,641,632 20,587,199
Deferred franchise and regional development costs, net of current portion 5,605,760 5,707,678
Intangible assets, net 10,050,360 10,928,295
Goodwill 8,493,407 8,493,407
Deferred tax assets 11,450,998 11,928,152
Deposits and other assets 768,943 756,386
Total assets 99,206,597 93,490,377
Current liabilities:    
Accounts payable 1,576,085 2,966,589
Accrued expenses 2,342,744 1,069,610
Co-op funds liability 848,832 805,351
Payroll liabilities 2,845,800 2,030,510
Operating lease liability, current portion 5,880,954 5,295,830
Finance lease liability, current portion 24,956 24,433
Deferred franchise fee revenue, current portion 2,503,294 2,468,601
Deferred revenue from company clinics ($5.0 million and $4.7 million attributable to VIE) 7,689,448 7,471,549
Upfront Regional Developer Fees, current portion 406,965 487,250
Other current liabilities 693,427 597,294
Liabilities to be disposed of 155,622 0
Total current liabilities 24,968,127 23,217,017
Operating lease liability, net of current portion 20,029,654 18,672,719
Finance lease liability, net of current portion 50,896 63,507
Debt under the Credit Agreement 2,000,000 2,000,000
Deferred franchise revenue, net of current portion 14,210,441 14,161,134
Upfront Regional Developer Fees, net of current portion 1,183,106 1,500,278
Other liabilities 1,287,879 1,287,879
Total liabilities 63,730,103 60,902,534
Commitments and contingencies
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of June 30, 2023 and December 31, 2022 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,772,520 shares issued and 14,740,485 shares outstanding as of June 30, 2023 and 14,560,353 shares issued and 14,528,487 outstanding as of December 31, 2022 14,772 14,560
Additional paid-in capital 46,443,706 45,558,305
Treasury stock 32,035 shares as of June 30, 2023 and 31,866 shares as of December 31, 2022, at cost (859,279) (856,642)
Accumulated deficit (10,147,705) (12,153,380)
Total The Joint Corp. stockholders' equity 35,451,494 32,562,843
Non-controlling Interest 25,000 25,000
Total equity 35,476,494 32,587,843
Total liabilities and stockholders' equity $ 99,206,597 $ 93,490,377