Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net (loss) income $ (9,752,197) $ 626,705
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 8,582,203 6,646,622
Net loss on disposition or impairment (non-cash portion) 2,632,604 410,215
Net franchise fees recognized upon termination of franchise agreements (217,827) (68,537)
Deferred income taxes 10,896,504 (441,353)
Stock based compensation expense 1,737,682 1,273,989
Changes in operating assets and liabilities:    
Accounts receivable 192,348 (154,672)
Prepaid expenses and other current assets (341,478) 183,406
Deferred franchise costs 355,952 (351,151)
Deposits and other assets 1,492 (189,184)
Accounts payable (1,381,836) 818,265
Accrued expenses 793,679 (1,170,070)
Payroll liabilities 1,455,234 (1,875,807)
Upfront regional developer fees (598,778) (1,288,134)
Deferred revenue 301,095 2,889,139
Other liabilities 20,912 900,151
Net cash provided by operating activities 14,677,589 8,209,584
Cash flows from investing activities:    
Proceeds from sale of clinics 0 105,200
Purchase of property and equipment (4,999,070) (5,899,080)
Net cash used in investing activities (6,187,835) (17,900,115)
Cash flows from financing activities:    
Payments of finance lease obligation (24,432) (49,855)
Purchases of treasury stock under employee stock plans (3,833) (5,804)
Proceeds from exercise of stock options 202,386 384,269
Net cash provided by financing activities 174,121 328,610
Increase (decrease) in cash 8,663,875 (9,361,921)
Cash, cash equivalents and restricted cash, beginning of period 10,550,417 19,912,338
Cash, cash equivalents and restricted cash, end of period 19,214,292 10,550,417
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 18,153,609 9,745,066
Restricted cash 1,060,683 805,351
Cash and cash equivalents and restricted cash 19,214,292 10,550,417
AZ Clinics    
Cash flows from investing activities:    
Acquisition 0 (6,966,923)
NC Clinics    
Cash flows from investing activities:    
Acquisition 0 (3,289,312)
CA Clinics    
Cash flows from investing activities:    
Acquisition $ (1,188,765) $ (1,850,000)