Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (5,814,558) $ 1,289,402
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 4,166,952 6,893,529
Net loss on disposition or impairment (non-cash portion) 5,602,641 1,114,738
Net franchise fees recognized upon termination of franchise agreements (99,966) (170,720)
Deferred income taxes 67,990 187,062
Stock based compensation expense 1,475,710 1,209,296
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 240,981 258,145
Prepaid expenses and other current assets (53,888) (504,203)
Deferred franchise costs 456,894 166,078
Deposits and other assets 15,710 (15,377)
Assets and liabilities held for sale, net (2,147,354) 0
Accounts payable 276,296 (1,244,767)
Accrued expenses 1,255,713 1,279,949
Payroll liabilities 2,621,327 1,844,943
Deferred revenue (1,504,305) (551,226)
Upfront regional developer fees (346,357) (496,730)
Other liabilities (928,850) 34,638
Net cash provided by operating activities 5,284,936 11,294,757
Cash flows from investing activities:    
Proceeds from sale of clinics 374,100 0
Acquisition of CA clinics 0 (1,050,000)
Purchase of property and equipment (901,394) (3,833,148)
Net cash used in investing activities (527,294) (4,883,148)
Cash flows from financing activities:    
Payments of finance lease obligation (19,013) (18,227)
Purchases of treasury stock under employee stock plans (9,583) (3,832)
Proceeds from exercise of stock options 52,098 202,386
Repayment of debt under the Credit Agreement (2,000,000) 0
Net cash provided by (used in) financing activities (1,976,498) 180,327
Increase in cash, cash equivalents and restricted cash 2,781,144 6,591,936
Cash, cash equivalents and restricted cash, beginning of period 19,214,292 10,550,417
Cash, cash equivalents and restricted cash, end of period 21,995,436 17,142,353
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 20,737,769 16,050,137
Restricted cash 1,257,667 1,092,216
Cash, cash equivalents and restricted cash, end of period 21,995,436 17,142,353
Net cash paid for:    
Interest 56,668 163,334
Income taxes 507,925 468,289
Unpaid purchases of property and equipment 0 155,340
Franchise Fees Collected Upon Franchise Agreement    
Non-cash investment in acquisition of franchised clinics $ 0 $ 28,997