Revenue Disclosures (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Revenue from Contract with Customer [Abstract] |
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| Disaggregation of Revenue |
VIE total revenue and general administrative expenses for the three months ended March 31, 2024 and 2023 were as follows:
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Three Months Ended
March 31, |
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2024 |
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2023 |
| Revenues |
$ |
10,211,580 |
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$ |
9,882,291 |
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| General and administrative expenses |
4,572,649 |
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4,598,358 |
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The following table shows the Company’s revenues disaggregated according to the timing of transfer of services:
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Three Months Ended March 31, |
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2024 |
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2023 |
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| Revenue recognized at a point in time |
$ |
27,679,517 |
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$ |
26,336,390 |
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| Revenue recognized over time |
2,042,649 |
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1,964,430 |
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| Total Revenue |
$ |
29,722,166 |
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$ |
28,300,820 |
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| Schedule of Changes in Contract Asset and Liability |
Changes in the Company’s contract liability for deferred revenue from Company clinics during the three months ended March 31, 2024 were as follows:
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Deferred Revenue
from company clinics |
| Balance at December 31, 2023 |
$ |
4,463,747 |
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| Revenue recognized that was included in the contract liability at the beginning of the year |
(2,948,839) |
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| Net increase during the quarter ending March 31, 2024 |
3,088,694 |
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| Balance at March 31, 2024 |
$ |
4,603,602 |
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Changes in the Company’s contract liability for deferred franchise fees during the three months ended March 31, 2024 were as follows:
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Deferred Revenue
short and long-term |
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| Balance at December 31, 2023 |
$ |
16,113,879 |
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| Revenue recognized that was included in the contract liability at the beginning of the year |
(650,383) |
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| Net increase during the three months ended March 31, 2024 |
381,947 |
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| Balance at March 31, 2024 |
$ |
15,845,443 |
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The Company’s deferred franchise and development costs represent capitalized sales commissions. Changes during the three months ended March 31, 2024 were as follows:
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Deferred Franchise and Development Costs
short and long-term |
| Balance at December 31, 2023 |
$ |
6,251,366 |
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| Recognized as cost of revenue during the three months ended March 31, 2024 |
(272,144) |
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| Net increase during the three months ended March 31, 2024 |
83,578 |
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| Balance at March 31, 2024 |
$ |
6,062,800 |
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| Schedule of Revenue Expected to be Recognized Related to Performance Obligations |
The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of March 31, 2024:
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Amount |
| Contract liabilities expected to be recognized in |
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| 2024 (remainder) |
$ |
1,916,860 |
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| 2025 |
2,425,093 |
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| 2026 |
2,329,425 |
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| 2027 |
2,253,985 |
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| 2028 |
2,118,045 |
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| Thereafter |
4,802,035 |
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| Total |
$ |
15,845,443 |
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