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 ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 1,289,402 $ (136,551)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 6,893,529 4,578,450
Net loss on disposition or impairment 1,114,738 360,140
Net franchise fees recognized upon termination of franchise agreements (170,720) (15,218)
Deferred income taxes 187,062 (961,759)
Stock-based compensation expense 1,209,296 969,562
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 258,145 (244,236)
Prepaid expenses and other current assets (504,203) (450,702)
Deferred franchise costs 166,078 (186,618)
Deposits and other assets (15,377) (153,650)
Accounts payable (1,244,767) 50,702
Accrued expenses 1,279,949 (571,447)
Payroll liabilities 1,844,943 (1,118,259)
Deferred revenue (551,226) 1,161,393
Upfront regional developer fees (496,730) (977,841)
Other liabilities 34,638 728,449
Net cash provided by operating activities 11,294,757 3,032,415
Cash flows from investing activities:    
Purchase of property and equipment (3,833,148) (4,322,673)
Net cash used in investing activities (4,883,148) (12,288,929)
Cash flows from financing activities:    
Payments of finance lease obligation (18,227) (43,907)
Purchases of treasury stock under employee stock plans (3,832) (5,804)
Proceeds from exercise of stock options 202,386 362,029
Repayment of debt under the Paycheck Protection Program 0 0
Net cash provided by financing activities 180,327 312,318
Increase (decrease) in cash, cash equivalents and restricted cash 6,591,936 (8,944,196)
Cash, cash equivalents and restricted cash, beginning of period 10,550,417 19,912,338
Cash, cash equivalents and restricted cash, end of period 17,142,353 10,968,142
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 16,050,137 10,272,112
Restricted cash 1,092,216 696,030
Cash and cash equivalents and restricted cash 17,142,353 10,968,142
AZ Clinics    
Cash flows from investing activities:    
Acquisition of clinics 0 (6,861,256)
NC Clinics    
Cash flows from investing activities:    
Acquisition of clinics 0 (1,105,000)
CA Clinics    
Cash flows from investing activities:    
Acquisition of clinics $ (1,050,000) $ 0