Balance Sheet

v3.21.2
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 18,521,042 $ 20,554,258
Restricted cash 313,303 265,371
Accounts receivable, net 2,805,387 1,850,499
Deferred franchise and regional development costs, current portion 973,224 897,551
Prepaid expenses and other current assets 1,590,448 1,566,025
Total current assets 24,203,404 25,133,704
Property and equipment, net 12,418,496 8,747,369
Operating lease right-of-use asset 15,232,136 11,581,435
Deferred franchise and regional development costs, net of current portion 5,042,889 4,340,756
Intangible assets, net 6,176,429 2,865,006
Goodwill 5,128,302 4,625,604
Deferred tax assets 9,388,264 8,007,633
Deposits and other assets 474,782 431,336
Total assets 78,064,702 65,732,843
Current liabilities:    
Accounts payable 2,160,642 1,561,648
Accrued expenses 1,143,858 770,221
Co-op funds liability 313,304 248,468
Payroll liabilities 4,624,414 2,776,036
Debt under the Credit Agreement 2,000,000 0
Operating lease liability, current portion 3,605,458 2,918,140
Finance lease liability, current portion 79,752 70,507
Deferred franchise and regional developer fee revenue, current portion 3,162,710 3,000,369
Deferred revenue from company clinics ($2.9 million and $2.6 million attributable to VIEs) 4,366,186 3,905,200
Debt under the Paycheck Protection Program 0 2,727,970
Other current liabilities 551,035 707,085
Total current liabilities 22,007,359 18,685,644
Operating lease liability, net of current portion 14,297,918 10,632,672
Finance lease liability, net of current portion 99,772 132,469
Debt under the Credit Agreement 0 2,000,000
Deferred franchise and regional developer fee revenue, net of current portion 14,708,216 13,503,745
Other liabilities 27,230 27,230
Total liabilities 51,140,495 44,981,760
Commitments and contingencies
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of June 30, 2021 and December 31, 2020 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,406,148 shares issued and 14,375,362 shares outstanding as of June 30, 2021 and 14,174,237 shares issued and 14,157,070 outstanding as of December 31, 2020 14,405 14,174
Additional paid-in capital 43,142,391 41,350,001
Treasury stock 30,786 shares as of June 30, 2021 and 17,167 shares as of December 31, 2020, at cost (761,265) (143,111)
Accumulated deficit (15,471,424) (20,470,081)
Total The Joint Corp. stockholders' equity 26,924,107 20,750,983
Non-controlling Interest 100 100
Total equity 26,924,207 20,751,083
Total liabilities and stockholders' equity $ 78,064,702 $ 65,732,843

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