Balance Sheet

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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 19,542,685 $ 20,554,258
Restricted cash 449,597 265,371
Accounts receivable, net 2,920,363 1,850,499
Deferred franchise and regional development costs, current portion 992,124 897,551
Prepaid expenses and other current assets 1,552,946 1,566,025
Total current assets 25,457,715 25,133,704
Property and equipment, net 13,353,986 8,747,369
Operating lease right-of-use asset 15,903,649 11,581,435
Deferred franchise and regional development costs, net of current portion 5,387,147 4,340,756
Intangible assets, net 5,280,024 2,865,006
Goodwill 5,085,202 4,625,604
Deferred tax assets 9,997,313 8,088,073
Deposits and other assets 513,862 431,336
Total assets 80,978,898 65,813,283
Current liabilities:    
Accounts payable 1,788,446 1,561,648
Accrued expenses 935,087 770,221
Co-op funds liability 449,597 248,468
Payroll liabilities 4,105,821 2,776,036
Debt under the Credit Agreement 2,000,000 0
Operating lease liability, current portion 3,874,451 2,918,140
Finance lease liability, current portion 64,944 70,507
Deferred franchise and regional developer fee revenue, current portion 3,198,750 3,000,369
Deferred revenue from company clinics ($3.1 million and $2.6 million attributable to VIEs as of September 30, 2021, and December 31, 2020) 4,637,740 4,201,548
Debt under the Paycheck Protection Program 0 2,727,970
Other current liabilities 404,901 707,085
Total current liabilities 21,459,737 18,981,992
Operating lease liability, net of current portion 14,977,426 10,632,672
Finance lease liability, net of current portion 93,887 132,469
Debt under the Credit Agreement 0 2,000,000
Deferred franchise and regional developer fee revenue, net of current portion 15,349,878 13,503,745
Other liabilities 27,231 27,230
Total liabilities 51,908,159 45,278,108
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 September 30, 2021 and December 31, 2020 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,444,982 shares issued and 14,413,339 shares outstanding as of September 30, 2021 and 14,174,237 shares issued and 14,157,070 outstanding as of December 31, 2020 14,444 14,174
Additional paid-in capital 43,657,273 41,350,001
Treasury stock 31,643 shares as of September 30, 2021 and 17,167 shares as of December 31, 2020, at cost (850,839) (143,111)
Accumulated deficit (13,775,139) (20,685,989)
Total The Joint Corp. stockholders' equity 29,045,739 20,535,075
Non-controlling Interest 25,000 100
Total equity 29,070,739 20,535,175
Total liabilities and stockholders' equity $ 80,978,898 $ 65,813,283

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