| Schedule of Disaggregation of Revenue |
The following table shows the Company's revenues disaggregated according to the timing of transfer of services:
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2023 |
|
2022 |
| Revenue recognized at a point in time |
$ |
109,726,899 |
|
|
$ |
94,520,246 |
|
| Revenue recognized over time |
$ |
7,969,457 |
|
|
$ |
6,732,064 |
|
Total Revenue |
$ |
117,696,356 |
|
|
$ |
101,252,310 |
|
|
| Schedule of Changes in Contract Asset and Liability |
Changes in the Company's contract liability for deferred revenue from company clinics during the years ended December 31, 2023 and 2022 were as follows:
|
|
|
|
|
|
|
Deferred Revenue
from company clinics
|
| Balance at December 31, 2021 |
$ |
5,235,745 |
|
| Revenue recognized that was included in the contract liability at the beginning of the year |
(4,553,086) |
|
| Net increase during the year ended December 31, 2022 |
6,788,890 |
|
| Balance at December 31, 2022 |
$ |
7,471,549 |
|
| Revenue recognized that was included in the contract liability at the beginning of the year |
(6,455,934) |
|
| Net increase during the year ended December 31, 2023 |
3,448,132 |
|
| Balance at December 31, 2023 |
$ |
4,463,747 |
|
Changes in the Company's contract liability for deferred franchise fees during the years ended December 31, 2023 and 2022 were as follows:
|
|
|
|
|
|
|
Deferred Revenue
short and long-term |
| Balance at December 31, 2021 |
$ |
15,375,151 |
|
| Revenue recognized that was included in the contract liability at the beginning of the year |
(2,250,471) |
|
| Net increase during the year ended December 31, 2022 |
3,505,055 |
|
| Balance at December 31, 2022 |
$ |
16,629,735 |
|
| Revenue recognized that was included in the contract liability at the beginning of the year |
(2,709,080) |
|
| Net increase during the year ended December 31, 2023 |
2,193,224 |
|
| Balance at December 31, 2023 |
$ |
16,113,879 |
|
The Company's deferred franchise and development costs represent capitalized sales commissions. Changes during the years ended December 31, 2023 and 2022 were as follows:
|
|
|
|
|
|
|
Deferred Franchise and Development Costs
short and long-term |
| Balance at December 31, 2021 |
$ |
6,500,007 |
|
| Recognized as cost of revenue during the year |
(938,736) |
|
| Net increase during the year ended December 31, 2022 |
1,200,467 |
|
| Balance at December 31, 2022 |
$ |
6,761,738 |
|
| Recognized as cost of revenue during the year |
(1,135,592) |
|
| Net increase during the year ended December 31, 2023 |
625,220 |
|
| Balance at December 31, 2023 |
$ |
6,251,366 |
|
|
| Schedule of Revenue Expected to be Recognized Related to Performance Obligations |
The following table illustrates revenues expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of December 31, 2023:
|
|
|
|
|
|
Contract liabilities expected to be recognized in |
Amount |
| 2024 |
$ |
2,516,554 |
|
| 2025 |
2,383,487 |
|
| 2026 |
2,289,250 |
|
| 2027 |
2,216,125 |
|
| 2028 |
2,080,555 |
|
| Thereafter |
4,627,908 |
|
| Total |
$ |
16,113,879 |
|
|