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

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 2,907,265 $ (5,796,893)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 1,713,719 4,722,137
Net loss on disposition or impairment 5,448,908 7,780,574
Net franchise fees recognized upon termination of franchise agreements (347,097) (239,335)
Deferred income taxes 93,066 (55,556)
Provision for credit losses 286,232 220,893
Stock-based compensation expense 1,297,433 1,679,005
Changes in operating assets and liabilities:    
Accounts receivable 1,534,554 (1,645,078)
Prepaid expenses and other current assets (35,389) 101,167
Deferred franchise costs 547,192 499,285
Deposits and other assets (5,276) 8,827
Accounts payable (391,127) 68,258
Accrued expenses (2,994,297) 4,609,759
Payroll liabilities (839,892) 2,398,765
Operating leases (5,103,266) (3,796,648)
Deferred revenue (1,444,410) (597,489)
Upfront regional developer fees (285,443) (421,213)
Other liabilities (543,663) (121,408)
Net cash provided by operating activities 1,838,509 9,415,050
Cash flows from investing activities:    
Proceeds from sale of clinics 7,778,287 554,100
Purchase of property and equipment (1,503,785) (1,185,647)
Net cash provided by (used in) investing activities 6,274,502 (631,547)
Cash flows from financing activities:    
Payments of finance lease obligations (4,354) (25,484)
Purchases of treasury stock under employee stock plans (8,440) (9,583)
Purchases of common stock under stock repurchase programs (11,313,583) 0
Proceeds from exercise of stock options 1,518,798 33,708
Repayment of Debt under the Credit Agreement 0 (2,000,000)
Net cash used in financing activities (9,807,579) (2,001,359)
(Decrease) increase in cash, cash equivalents and restricted cash (1,694,568) 6,782,144
Cash, cash equivalents and restricted cash, beginning of period 25,996,436 19,214,292
Cash, cash equivalents and restricted cash, end of period 24,301,868 25,996,436
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 23,601,810 25,051,355
Restricted cash 700,058 945,081
Total cash, cash equivalents and restricted cash 24,301,868 25,996,436
Net cash paid for:    
Interest 50,694 69,445
Income taxes 626,752 610,492
Non-cash investing and financing activity:    
Unpaid purchases of property and equipment 245,250 124,699
Stock option exercise receivable $ 0 $ 896,766