Revenue Disclosures (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Revenue from Contract with Customer [Abstract] |
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| Schedule of Disaggregation of Revenue |
The following table shows the Company’s revenues disaggregated according to the timing of transfer of services:
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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| Revenue recognized at a point in time |
$ |
28,126,422 |
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$ |
27,401,004 |
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$ |
55,805,938 |
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$ |
53,737,394 |
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| Revenue recognized over time |
2,134,139 |
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1,906,180 |
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4,176,789 |
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3,870,611 |
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| Total Revenue |
$ |
30,260,561 |
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$ |
29,307,184 |
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$ |
59,982,727 |
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$ |
57,608,005 |
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| Schedule of Rollforward of Accounts Receivable |
Changes in the Company’s accounts receivable, net during the six months ended June 30, 2024 were as follows:
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Accounts Receivable, Net |
| Balance at December 31, 2022 |
$ |
3,911,272 |
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| Balance at December 31, 2023 |
$ |
3,718,924 |
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| Cash received against accounts receivable included at the beginning of the year |
(3,161,586) |
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| Net increase during the six months ended June 30, 2024 |
3,018,446 |
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| Balance at June 30, 2024 |
$ |
3,575,784 |
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| Schedule of Rollforward of Contract Asset and Liability |
Changes in the Company’s contract liability for deferred revenue from Company clinics during the six months ended June 30, 2024 were as follows:
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Deferred Revenue from company clinics |
| Balance at December 31, 2022 |
$ |
7,471,549 |
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| 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 |
(3,626,245) |
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| Net increase during the six months ended June 30, 2024 |
3,583,099 |
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| Balance at June 30, 2024 |
$ |
4,420,601 |
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Changes in the Company’s contract liability for deferred franchise fees during the six months ended June 30, 2024 were as follows:
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Deferred Revenue
short and long-term |
| Balance at December 31, 2022 |
$ |
16,629,735 |
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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 |
(1,333,503) |
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| Net increase during the six months ended June 30, 2024 |
676,668 |
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| Balance at June 30, 2024 |
$ |
15,457,044 |
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The Company’s deferred franchise and development costs represent capitalized sales commissions. Changes during the six months ended June 30, 2024 were as follows:
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Deferred Franchise and Development Costs
short and long-term |
| Balance at December 31, 2022 |
$ |
6,761,738 |
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| Balance at December 31, 2023 |
$ |
6,251,366 |
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| Recognized as cost of revenue during the six months ended June 30, 2024 |
(560,968) |
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| Net increase during the six months ended June 30, 2024 |
149,629 |
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| Balance at June 30, 2024 |
$ |
5,840,027 |
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| Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction |
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 June 30, 2024:
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| Contract liabilities expected to be recognized in |
Amount |
| 2024 (remainder) |
$ |
1,288,312 |
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| 2025 |
2,442,897 |
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| 2026 |
2,347,229 |
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| 2027 |
2,271,789 |
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| 2028 |
2,139,524 |
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| Thereafter |
4,967,293 |
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| Total |
$ |
15,457,044 |
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