Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.3
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income (as restated) $ 626,705 $ 7,565,047
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 6,646,622 3,921,887
Net loss on disposition or impairment (non-cash portion) 410,215 125,237
Net franchise fees recognized upon termination of franchise agreements (68,537) (133,007)
Deferred income taxes (441,353) (1,778,157)
Stock based compensation expense 1,273,989 1,056,015
Changes in operating assets and liabilities:    
Accounts receivable (154,672) (1,637,589)
Prepaid expenses and other current assets 183,406 (715,740)
Deferred franchise costs (351,151) (1,418,235)
Deposits and other assets (189,184) (148,516)
Accounts payable 818,265 (14,373)
Accrued expenses (1,170,070) 886,738
Payroll liabilities (1,875,807) 1,130,281
Upfront regional developer fees (1,288,134) (572,944)
Deferred revenue 2,889,139 4,162,209
Other liabilities 900,151 1,415,227
Net cash provided by operating activities 8,209,584 13,844,080
Cash flows from investing activities:    
Proceeds from sale of clinics 105,200 0
Purchase of property and equipment (5,899,080) (6,989,534)
Net cash used in investing activities (17,900,115) (12,754,669)
Cash flows from financing activities:    
Payments of finance lease obligation (49,855) (80,322)
Purchases of treasury stock under employee stock plans (5,804) (707,727)
Proceeds from exercise of stock options 384,269 1,519,317
Repayment of debt under the Paycheck Protection Program 0 (2,727,970)
Net cash provided by (used in) financing activities 328,610 (1,996,702)
Decrease in cash (9,361,921) (907,291)
Cash, cash equivalents and restricted cash, beginning of period 19,912,338 20,819,629
Cash, cash equivalents and restricted cash, end of period 10,550,417 19,912,338
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 9,745,066 19,526,119
Restricted cash 805,351 386,219
Cash and cash equivalents and restricted cash 10,550,417 19,912,338
AZ Clinics    
Cash flows from investing activities:    
Acquisition (6,966,923) (1,925,000)
NC Clinics    
Cash flows from investing activities:    
Acquisition (3,289,312) (3,840,135)
CA clinics    
Cash flows from investing activities:    
Acquisition $ (1,850,000) $ 0