Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.24.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 18,153,609 $ 9,745,066
Restricted cash 1,060,683 805,351
Accounts receivable 3,718,924 3,911,272
Deferred franchise and regional development costs, current portion 1,047,430 1,054,060
Prepaid expenses and other current assets 2,439,837 2,098,359
Assets held for sale 17,915,055 0
Total current assets 44,335,538 17,614,108
Property and equipment, net 11,044,317 17,475,152
Operating lease right-of-use asset 12,413,221 20,587,199
Deferred franchise and regional development costs, net of current portion 5,203,936 5,707,678
Intangible assets, net 5,020,926 10,928,295
Goodwill 7,352,879 8,493,407
Deferred tax assets ($1.1 million and $1.0 million attributable to VIEs as of December 31, 2023 and 2022) 1,031,648 11,928,152
Deposits and other assets 748,394 756,386
Total assets 87,150,859 93,490,377
Current liabilities:    
Accounts payable 1,625,088 2,966,589
Accrued expenses 1,963,009 1,069,610
Co-op funds liability 1,060,683 805,351
Payroll liabilities ($0.7 million and $0.6 million attributable to VIEs as of December 31, 2023 and 2022) 3,485,744 2,030,510
Operating lease liability, current portion 3,756,328 5,295,830
Finance lease liability, current portion 25,491 24,433
Deferred franchise fee revenue, current portion 2,516,554 2,468,601
Deferred revenue from company clinics ($1.6 million and $4.7 million attributable to VIEs as of December 31, 2023 and 2022) 4,463,747 7,471,549
Upfront regional developer fees, current portion 362,326 487,250
Other current liabilities 483,249 597,294
Liabilities to be disposed of ($3.6 million attributable to VIEs as of December 31, 2023) 13,831,863 0
Total current liabilities 33,574,082 23,217,017
Operating lease liability, net of current portion 10,914,997 18,672,719
Finance lease liability, net of current portion 38,016 63,507
Debt under the Credit Agreement 2,000,000 2,000,000
Deferred franchise fee revenue, net of current portion 13,597,325 14,161,134
Upfront regional developer fees, net of current portion 1,019,316 1,500,278
Other liabilities 1,235,241 1,287,879
Total liabilities 62,378,977 60,902,534
Commitments and contingencies (note 10)
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of December 31, 2023 and 2022 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,783,757 shares issued and 14,751,633 shares outstanding as of December 31, 2023 and 14,560,353 shares issued and 14,528,487 outstanding as of December 31, 2022 14,783 14,560
Additional paid-in capital 47,498,151 45,558,305
Treasury stock 32,124 shares as of December 31, 2023 and 31,866 shares as of December 31, 2022, at cost (860,475) (856,642)
Accumulated deficit (21,905,577) (12,153,380)
Total The Joint Corp. stockholders' equity 24,746,882 32,562,843
Non-controlling Interest 25,000 25,000
Total equity 24,771,882 32,587,843
Total liabilities and stockholders' equity $ 87,150,859 $ 93,490,377