Balance Sheet

v3.22.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 18,251,194 $ 19,526,119
Restricted cash 594,717 386,219
Accounts receivable, net 3,612,802 3,700,810
Deferred franchise and regional development costs, current portion 985,557 994,587
Prepaid expenses and other current assets 2,426,409 2,281,765
Total current assets 25,870,679 26,889,500
Property and equipment, net 14,880,942 14,388,946
Operating lease right-of-use asset 18,927,052 18,425,914
Deferred franchise and regional development costs, net of current portion 5,601,142 5,505,420
Intangible assets, net 4,829,941 5,403,390
Goodwill 5,085,203 5,085,203
Deferred tax assets 9,205,410 9,188,634
Deposits and other assets 662,080 567,202
Total assets 85,062,449 85,454,209
Current liabilities:    
Accounts payable 1,874,911 1,705,568
Accrued expenses 1,644,709 1,809,460
Co-op funds liability 594,717 386,219
Payroll liabilities ($0.7 million and $0.4 million attributable to VIE) 2,383,977 3,906,317
Operating lease liability, current portion 4,872,292 4,613,843
Finance lease liability, current portion 34,479 49,855
Deferred franchise and regional developer fee revenue, current portion 3,130,856 3,191,892
Deferred revenue from company clinics ($3.6 million and $3.5 million attributable to VIE) 5,546,856 5,235,745
Other current liabilities 541,250 539,500
Total current liabilities 20,624,047 21,438,399
Operating lease liability, net of current portion 17,184,696 16,872,093
Finance lease liability, net of current portion 81,928 87,939
Debt under the Credit Agreement 2,000,000 2,000,000
Deferred franchise and regional developer fee revenue, net of current portion 15,410,136 15,458,921
Other liabilities 27,230 27,230
Total liabilities 55,328,037 55,884,582
Commitments and contingencies
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of March 31, 2022 and December 31, 2021 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,493,049 shares issued and 14,461,332 shares outstanding as of March 31, 2022 and 14,451,355 shares issued and 14,419,712 outstanding as of December 31, 2021 14,492 14,450
Additional paid-in capital 44,273,294 43,900,157
Treasury stock 31,717 shares as of March 31, 2022 and 31,643 shares as of December 31, 2021, at cost (853,436) (850,838)
Accumulated deficit (13,724,938) (13,519,142)
Total The Joint Corp. stockholders' equity 29,709,412 29,544,627
Non-controlling Interest 25,000 25,000
Total equity 29,734,412 29,569,627
Total liabilities and stockholders' equity $ 85,062,449 $ 85,454,209

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