Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income (as restated) $ 2,326,164 $ 4,220
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 2,215,055 1,336,656
Net loss on disposition or impairment (non-cash portion) 65,469 6,906
Net franchise fees recognized upon termination of franchise agreements (73,095) 0
Deferred income taxes 733,390 (211,629)
Stock based compensation expense 266,210 323,556
Changes in operating assets and liabilities:    
Accounts receivable 385,629 88,008
Prepaid expenses and other current assets (1,370,390) (144,644)
Deferred franchise costs (27,255) (86,692)
Deposits and other assets 801 (94,878)
Accounts payable (1,189,662) 59,461
Accrued expenses 818,784 (164,751)
Payroll liabilities 1,540,498 (1,522,340)
Deferred revenue 437,838 498,273
Upfront regional developer fees (47,116) (296,983)
Other liabilities (57,727) 402,715
Net cash provided by operating activities 6,024,593 197,878
Cash flows from investing activities:    
Purchase of property and equipment (1,200,215) (1,289,943)
Net cash used in investing activities (1,200,215) (1,289,943)
Cash flows from financing activities:    
Payments of finance lease obligation (6,011) (21,387)
Purchases of treasury stock under employee stock plans (2,637) (2,598)
Proceeds from exercise of stock options 138,457 49,623
Net cash provided by financing activities 129,809 25,638
Increase (decrease) in cash, cash equivalents and restricted cash 4,954,187 (1,066,427)
Cash, cash equivalents and restricted cash, beginning of period 10,550,417 19,912,338
Cash, cash equivalents and restricted cash, end of period 15,504,604 18,845,911
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 14,773,225 18,251,194
Restricted cash 731,379 594,717
Cash and cash equivalents and restricted cash $ 15,504,604 $ 18,845,911