Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:              
Net loss $ 17,665 $ 946,979 $ (11,041,599) $ 2,326,164 $ (5,796,893) $ (9,752,197) $ (5,796,893)
Adjustments to reconcile net loss to net cash provided by operating activities:              
Depreciation and amortization         4,722,137 8,582,203  
Net loss on disposition or impairment (non-cash portion)         7,780,574 2,632,604  
Net franchise fees recognized upon termination of franchise agreements         (239,335) (217,827)  
Deferred income taxes         (55,556) 10,896,504  
Provision for credit losses on accounts receivable         220,893 0  
Stock based compensation expense         1,679,005 1,737,682  
Changes in operating assets and liabilities:              
Accounts receivable         (1,645,078) 192,348  
Prepaid expenses and other current assets         101,167 (341,478)  
Deferred franchise costs         499,285 355,952  
Deposits and other assets         8,827 1,492  
Accounts payable         68,258 (1,381,836)  
Accrued expenses         4,609,759 793,679  
Payroll liabilities         2,398,765 1,455,234  
Operating lease liabilities         (3,796,648) (107,735)  
Upfront regional developer fees         (421,213) (598,778)  
Deferred revenue         (597,489) 301,095  
Other liabilities         (121,408) 128,647  
Net cash provided by operating activities         9,415,050 14,677,589  
Cash flows from investing activities:              
Acquisition of CA clinics         0 (1,188,765)  
Proceeds from sale of clinics         554,100 0  
Purchase of property and equipment         (1,185,647) (4,999,070)  
Net cash used in investing activities         (631,547) (6,187,835)  
Cash flows from financing activities:              
Payments of finance lease obligation         (25,484) (24,432)  
Purchases of treasury stock under employee stock plans         (9,583) (3,833)  
Proceeds from exercise of stock options         33,708 202,386  
Repayment of debt under the Credit Agreement         (2,000,000) 0  
Net cash (used in) provided by financing activities         (2,001,359) 174,121  
Increase in cash         6,782,144 8,663,875  
Cash, cash equivalents and restricted cash, beginning of period   $ 19,214,292   $ 10,550,417 19,214,292 10,550,417  
Cash, cash equivalents and restricted cash, end of period 25,996,436   19,214,292   25,996,436 19,214,292 10,550,417
Reconciliation of cash, cash equivalents and restricted cash:              
Cash and cash equivalents 25,051,355   18,153,609   25,051,355 18,153,609  
Restricted cash 945,081   1,060,683   945,081 1,060,683  
Total cash and cash equivalents and restricted cash 25,996,436   19,214,292   25,996,436 19,214,292 10,550,417
Net cash paid for:              
Interest         69,445 173,062  
Income taxes         610,492 569,765  
Unpaid purchases of property and equipment         124,699 140,055  
Stock option exercise receivable         896,766 0  
Non-cash investment in acquisition of franchised clinics 14,997,105   16,113,879   14,997,105 16,113,879 $ 16,629,735
Franchise Fees Collected Upon Franchise Agreement              
Non-cash investment in acquisition of franchised clinics $ 0   $ 28,997   $ 0 $ 28,997