Supplemental Disclosure of Non-cash Activity |
3 Months Ended |
|---|---|
Mar. 31, 2016 | |
| Notes to Financial Statements | |
| Cash Flow, Supplemental Disclosures [Text Block] |
Supplemental disclosure of cash flow information: During the three months ended March 31, 2016 and 2015, cash paid for income taxes was $3,625 and $0, respectively. During the three months ended March 31, 2016 and 2015, cash paid for interest was $2,648 and $0, respectively. Supplemental disclosure of non-cash activity: As of March 31, 2016, we had property and equipment purchases of $796,581 and $147,186 which were included in accounts payable and accrued expenses, respectively. In connection with our reacquisition and termination of regional developer rights during the three months ended March 31, 2016 and 2015, we had deferred revenue of $36,250 and $572,750, respectively, representing license fees collected upon the execution of the regional developer agreements. We netted these amounts against the aggregate purchase price of the acquisitions (Note 5). In connection with our acquisitions of franchises during the three months ended March 31, 2015, we acquired $525,000 of property and equipment, intangible assets of $329,000 and assumed deferred revenue associated with membership packages paid in advance of $104,936 in exchange for $1,830,000 in cash and notes payable issued to the sellers for an aggregate amount of $255,000. Additionally, at the time of these transactions, we carried deferred revenue of $348,000, representing franchise fees collected upon the execution of franchise agreements, and deferred costs of $155,900, related to our acquisition of undeveloped franchises. We netted these amounts against the aggregate purchase price of the acquisitions (Note 2).
|