Revenue Disclosures (Tables)
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12 Months Ended |
Dec. 31, 2024 |
Revenue from Contract with Customer [Abstract] |
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Schedule of Disaggregation of Revenue |
The following table shows the Company’s revenues disaggregated according to the timing of transfer of services:
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December 31, |
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2024 |
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2023 |
Revenue recognized at a point in time |
$ |
43,211,429 |
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|
$ |
39,008,020 |
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Revenue recognized over time |
$ |
8,685,176 |
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|
$ |
7,969,457 |
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Total Revenue |
$ |
51,896,605 |
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|
$ |
46,977,477 |
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Schedule of Rollforward of Accounts Receivable |
Changes in the Company’s accounts receivable, net during the years ended December 31, 2024 and 2023 were as follows:
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Accounts Receivable, Net |
Balance at December 31, 2022 |
$ |
2,388,163 |
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Cash received against accounts receivable included at the beginning of the year |
(2,170,108) |
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Net increase during the year ended December 31, 2023 |
2,362,534 |
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Balance at December 31, 2023 |
$ |
2,580,589 |
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Cash received against accounts receivable included at the beginning of the year |
(2,387,577) |
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Net increase during the year ended December 31, 2024 |
2,614,262 |
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Allowance for credit losses |
(220,893) |
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Balance at December 31, 2024 |
$ |
2,586,381 |
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Schedule of Rollforward in Contract Liabilities and Contract Assets |
Changes in the Company’s contract liability for deferred franchise fees during the years ended December 31, 2024 and 2023 were as follows:
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Deferred Revenue short and long-term |
Balance at December 31, 2022 |
$ |
16,629,735 |
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Revenue recognized that was included in the contract liability at the beginning of the year |
(2,709,080) |
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Net increase during the year ended December 31, 2023 |
2,193,224 |
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Balance at December 31, 2023 |
$ |
16,113,879 |
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Revenue recognized that was included in the contract liability at the beginning of the year |
(2,841,085) |
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Net increase during the year ended December 31, 2024 |
1,724,311 |
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Balance at December 31, 2024 |
$ |
14,997,105 |
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The Company’s deferred franchise and development costs represent capitalized sales commissions. Changes during the years ended December 31, 2024 and 2023 were as follows:
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Deferred Franchise and Development Costs short and long-term |
Balance at December 31, 2022 |
$ |
6,761,738 |
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Recognized as cost of revenue during the year |
(1,135,592) |
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Net increase during the year ended December 31, 2023 |
625,220 |
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Balance at December 31, 2023 |
$ |
6,251,366 |
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Recognized as cost of revenue during the year |
(1,221,140) |
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Net increase during the year ended December 31, 2024 |
539,247 |
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Balance at December 31, 2024 |
$ |
5,569,473 |
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Schedule of Estimated Revenue 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, 2024. The Company has elected to exclude short term contracts, sales and usage based royalties and any other variable consideration recognized on an “as invoiced” basis.
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Contract liabilities expected to be recognized in |
Amount |
2025 |
$ |
2,546,926 |
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2026 |
2,458,740 |
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2027 |
2,352,593 |
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2028 |
2,187,901 |
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2029 |
1,835,345 |
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Thereafter |
3,615,600 |
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Total |
$ |
14,997,105 |
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