General form of registration statement for all companies including face-amount certificate companies

Consolidated Statements of Cash Flows

v3.3.0.814
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:    
Net (loss) income $ (3,031,220) $ 155,635
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Provision for bad debts 102,782  
Depreciation and amortization 210,123 70,725
Loss on disposal of property and equipment 10,127  
Deferred income taxes 1,758,100 (552,300)
Accrued interest on notes receivable   (5,551)
Stock based compensation expense 101,830  
Changes in operating assets and liabilties:    
Restricted cash (165,790) 17,290
Accounts receivable (369,532) (287,757)
Income taxes receivable (395,814)  
Prepaid income taxes   300,000
Prepaid expenses and other current assets (352,196) 47,069
Deferred franchise costs (20,400) (14,850)
Deposits and other assets   (60,686)
Accounts payable and accrued expenses 1,044,648 125,394
Co-op funds liability 132,471 9,359
Payroll liabilities 489,574 58,046
Advertising fund deferred revenue (4,652) (26,650)
Other liabilities (25,447) 108,029
Deferred rent 545,164  
Income taxes payable (419,297) 419,297
Deferred revenue (47,916) 59,167
Net cash (used in) provided by operating activities (437,445) 422,217
Cash flows from investing activities:    
Acquisition of business, net of cash acquired (900,000)  
Advances for reacquisition and termination of regional developer rights (507,500)  
Purchase of property and equipment (659,305) (241,412)
Proceeds from sale of equipment 2,500  
Payments received on notes receivable 4,179 10,353
Net cash used in investing activities (2,060,126) (231,059)
Cash flows from financing activities:    
Proceeds from issuance of common stock - initial public offering 22,425,000  
Offering costs paid (2,647,396)  
Purchase of treasury stock   (240,000)
Net cash provided by (used in) financing activities 19,777,604 (240,000)
Net increase (decrease) in cash 17,280,033 (48,842)
Cash at beginning of period 3,516,750 3,565,592
Cash at end of period 20,796,783 $ 3,516,750
Supplemental cash flow disclosures:    
Cash paid for income taxes 420,250  
Non-cash financing and investing activities:    
Warrants issued for services in connection with initial public offering 113,929  
Conversion of preferred stock to common stock $ 25