| Schedule of Segment Reporting Information, by Segment |
The tables below present financial information for the Company’s two operating business segments.
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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| Revenues: |
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(as restated) |
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(as restated) |
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| Corporate clinics |
$ |
17,882,303 |
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$ |
15,836,327 |
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$ |
52,813,098 |
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$ |
42,936,298 |
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| Franchise operations |
11,591,646 |
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10,613,492 |
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34,268,855 |
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30,637,635 |
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| Total revenues |
$ |
29,473,949 |
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$ |
26,449,819 |
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$ |
87,081,953 |
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$ |
73,573,933 |
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| Depreciation and amortization: |
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| Corporate clinics |
$ |
2,067,803 |
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$ |
1,504,914 |
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$ |
6,027,561 |
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$ |
3,780,283 |
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| Franchise operations |
190,867 |
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189,426 |
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597,557 |
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549,161 |
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| Corporate administration |
90,536 |
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85,584 |
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268,411 |
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249,006 |
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| Total depreciation and amortization |
$ |
2,349,206 |
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$ |
1,779,924 |
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$ |
6,893,529 |
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$ |
4,578,450 |
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| Segment operating income (loss): |
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| Corporate clinics |
$ |
(931,366) |
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$ |
(60,022) |
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$ |
(1,331,630) |
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$ |
345,657 |
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| Franchise operations |
5,139,006 |
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5,195,558 |
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13,913,150 |
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11,606,763 |
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| Total segment operating income |
$ |
4,207,640 |
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$ |
5,135,536 |
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$ |
12,581,520 |
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$ |
11,952,420 |
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| Reconciliation of total segment operating income to consolidated earnings before income taxes: |
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| Total segment operating income |
$ |
4,207,640 |
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$ |
5,135,536 |
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$ |
12,581,520 |
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$ |
11,952,420 |
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| Unallocated corporate |
(5,105,687) |
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(4,403,220) |
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(14,507,231) |
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(12,589,279) |
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| Consolidated (loss) income from operations |
(898,047) |
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732,316 |
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(1,925,711) |
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(636,859) |
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| Other income (expense), net |
(6,244) |
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(25,235) |
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3,708,399 |
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(60,668) |
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| (Loss) income before income tax benefit |
$ |
(904,291) |
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$ |
707,081 |
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$ |
1,782,688 |
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$ |
(697,527) |
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| Schedule of Reconciliation of Assets from Segment to Consolidated |
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| Segment assets: |
September 30,
2023 |
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December 31,
2022 |
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(as restated) |
| Corporate clinics |
$ |
54,861,935 |
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$ |
56,008,234 |
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| Franchise operations |
12,299,470 |
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12,360,878 |
| Total segment assets |
67,161,405 |
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68,369,112 |
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| Unallocated cash and cash equivalents |
17,142,353 |
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10,550,417 |
| Unallocated property and equipment |
708,471 |
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915,216 |
| Other unallocated assets |
13,560,397 |
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13,655,632 |
| Total assets |
$ |
98,572,626 |
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$ |
93,490,377 |
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