Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.20.4
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 20,554,258 $ 8,455,989
Restricted cash 265,371 185,888
Accounts receivable, net 1,850,499 2,645,085
Notes receivable, net 0 128,724
Deferred franchise and regional development costs, current portion 897,551 765,508
Prepaid expenses and other current assets 1,566,025 1,122,478
Total current assets 25,133,704 13,303,672
Property and equipment, net 8,747,369 6,581,588
Operating lease right-of-use asset 11,581,435 12,486,672
Deferred franchise and regional development costs, net of current portion 4,340,756 3,627,225
Intangible assets, net 2,865,006 3,219,791
Goodwill 4,625,604 4,150,461
Deferred tax assets 8,007,633 0
Deposits and other assets 431,336 336,258
Total assets 65,732,843 43,705,667
Current liabilities:    
Accounts payable 1,561,648 1,525,838
Accrued expenses 770,221 216,814
Co-op funds liability 248,468 185,889
Payroll liabilities 2,776,036 2,844,107
Operating lease liability, current portion 2,918,140 2,313,109
Finance lease liability, current portion 70,507 24,253
Deferred franchise and regional development fee revenue, current portion 3,000,369 2,740,954
Deferred revenue from company clinics 3,905,200 3,196,664
Debt under the Paycheck Protection Program 2,727,970 0
Other current liabilities 707,085 518,686
Total current liabilities 18,685,644 13,566,314
Operating lease liability, net of current portion 10,632,672 11,901,040
Finance lease liability, net of current portion 132,469 34,398
Debt under the Credit Agreement 2,000,000 0
Deferred franchise and regional development fee revenue, net of current portion 13,503,745 12,366,322
Deferred tax liability 0 89,863
Other liabilities 27,230 27,230
Total liabilities 44,981,760 37,985,167
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of December 31, 2020 and 2019 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,174,237 shares issued and 14,157,070 shares outstanding as of December 31, 2020 and 13,898,694 shares issued and 13,882,932 outstanding as of December 31, 2019 14,174 13,899
Additional paid-in capital 41,350,001 39,454,937
Treasury stock 17,167 shares as of December 31, 2020 and 15,762 shares as of December 31, 2019, at cost (143,111) (111,041)
Accumulated deficit (20,470,081) (33,637,395)
Total The Joint Corp. stockholders' equity 20,750,983 5,720,400
Non-controlling Interest 100 100
Total equity 20,751,083 5,720,500
Total liabilities and stockholders' equity $ 65,732,843 $ 43,705,667