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Note 11 - Subsequent Events
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3 Months Ended |
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Mar. 31, 2015
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| Subsequent Events [Abstract] | |
| Subsequent Events [Text Block] |
Note 11: Subsequent Events
On April 1, 2015, we granted an aggregate of 7,500 stock options at an exercise price of $7.81 that vest immediately to certain non-employee members of our board of directors. The options expire in 2025.
On April 14, 2015, we completed a purchase of a franchise from a franchisee. The transaction involved the repurchase of a developed franchise. We intend to manage the clinic opened under the developed franchise. The total consideration for this transaction was approximately $335,000, subject to adjustments, of which $276,500 was funded from the proceeds of our recent initial public offering and a note for $58,000 was issued to the seller.
On April 30, 2015, we completed the repurchase of eight franchises in San Diego County, California. In a related transaction, we completed the termination of nine franchise agreements for franchises that were to be located in Los Angeles County, California region. The total consideration for these transactions was $631,000, $550,100 of which was funded from the proceeds of our recent initial public offering, and $89,900 of which was funded with a promissory note.
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