Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 20,737,769 $ 18,153,609
Restricted cash 1,257,667 1,060,683
Accounts receivable, net 4,295,663 3,718,924
Deferred franchise and regional development costs, current portion 1,052,391 1,047,430
Prepaid expenses and other current assets 2,492,653 2,439,837
Assets held for sale 25,334,715 17,915,055
Total current assets 55,170,858 44,335,538
Property and equipment, net 6,084,785 11,044,317
Operating lease right-of-use asset 7,727,105 12,413,221
Deferred franchise and regional development costs, net of current portion 4,688,487 5,203,936
Intangible assets, net 0 5,020,926
Goodwill 4,237,945 7,352,879
Deferred tax assets ($1.1 million and $1.1 million attributable to VIEs as of September 30, 2024 and December 31, 2023) 963,658 1,031,648
Deposits and other assets 725,984 748,394
Total assets 79,598,822 87,150,859
Current liabilities:    
Accrued expenses 4,093,722 1,963,009
Co-op funds liability 1,257,667 1,060,683
Payroll liabilities ($0.7 million and $0.7 million attributable to VIEs as of September 30, 2024 and December 31, 2023) 6,107,071 3,485,744
Operating lease liability, current portion 3,222,887 3,756,328
Finance lease liability, current portion 26,312 25,491
Upfront regional developer Fees, current portion 291,707 362,326
Other current liabilities 544,250 483,249
Liabilities to be disposed of ($1.4 million and $3.6 million attributable to VIEs as of September 30, 2024 and December 31, 2023) 15,124,554 13,831,863
Total current liabilities 38,288,775 33,574,082
Operating lease liability, net of current portion 6,157,147 10,914,997
Finance lease liability, net of current portion 18,172 38,016
Debt under the Credit Agreement 0 2,000,000
Deferred franchise fee revenue, net of current portion 12,680,360 13,597,325
Upfront regional developer fees, net of current portion 743,578 1,019,316
Other liabilities ($1.2 million and $1.2 million attributable to VIEs as of September 30, 2024 and December 31, 2023) 1,235,241 1,235,241
Total liabilities 59,123,273 62,378,977
Commitments and contingencies (Note 10)
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of September 30, 2024 and December 31, 2023 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,991,462 shares issued and 14,958,447 shares outstanding as of September 30, 2024 and 14,783,757 shares issued and 14,751,633 outstanding as of December 31, 2023 14,991 14,783
Additional paid-in capital 49,025,751 47,498,151
Treasury stock 33,015 shares as of September 30, 2024 and 32,124 shares as of December 31, 2023, at cost (870,058) (860,475)
Accumulated deficit (27,720,135) (21,905,577)
Total The Joint Corp. stockholders' equity 20,450,549 24,746,882
Non-controlling Interest 25,000 25,000
Total equity 20,475,549 24,771,882
Total liabilities and stockholders' equity 79,598,822 87,150,859
Franchise fees    
Current liabilities:    
Deferred revenue 2,535,825 2,516,554
Company clinics    
Current liabilities:    
Deferred revenue 3,183,396 4,463,747
Nonrelated Party    
Current liabilities:    
Accounts payable 1,526,384 1,625,088
Related Party    
Current liabilities:    
Accounts payable $ 375,000 $ 0