| Schedule of Changes in Contract Asset and Liability |
Changes in the Company's contract liability for deferred franchise and regional development fees during the years ended December 31, 2021 and 2020 were as follows:
|
|
|
|
|
|
|
Deferred Revenue
short and long-term |
| Balance at December 31, 2019 |
$ |
15,107,276 |
|
| Revenue recognized that was included in the contract liability at the beginning of the year |
(2,977,604) |
|
| Net increase during the year ended December 31, 2020 |
4,374,442 |
|
| Balance at December 31, 2020 |
$ |
16,504,114 |
|
| Revenue recognized that was included in the contract liability at the beginning of the year |
(3,503,417) |
|
| Net increase during the year ended December 31, 2021 |
5,650,116 |
|
| Balance at December 31, 2021 |
$ |
18,650,813 |
|
The Company's deferred franchise and development costs represent capitalized sales commissions. Changes during the years ended December 31, 2021 and 2020 were as follows:
|
|
|
|
|
|
|
Deferred Franchise and Development Costs
short and long-term |
| Balance at December 31, 2019 |
$ |
4,392,733 |
|
| Recognized as cost of revenue during the year |
(850,912) |
|
| Net increase during the year ended December 31, 2020 |
1,696,486 |
|
| Balance at December 31, 2020 |
$ |
5,238,307 |
|
| Recognized as cost of revenue during the year |
(1,099,892) |
|
| Net increase during the year ended December 31, 2021 |
2,361,592 |
|
| Balance at December 31, 2021 |
$ |
6,500,007 |
|
|
| Schedule of Revenue Expected to be Recognized Related to Performance Obligations |
The following table illustrates revenues expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of December 31, 2021:
|
|
|
|
|
|
| Contract liabilities expected to be recognized in |
Amount |
| 2022 |
$ |
3,191,892 |
|
| 2023 |
2,881,296 |
|
| 2024 |
2,419,922 |
|
| 2025 |
2,220,200 |
|
| 2026 |
2,114,736 |
|
| Thereafter |
5,822,767 |
|
| Total |
$ |
18,650,813 |
|
|