Balance Sheet

v3.22.2
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 9,370,611 $ 19,526,119
Restricted cash 664,979 386,219
Accounts receivable, net 3,560,486 3,700,810
Deferred franchise and regional development costs, current portion 974,866 994,587
Prepaid expenses and other current assets 2,548,924 2,281,765
Assets held for sale 587,419 0
Total current assets 17,707,285 26,889,500
Property and equipment, net 16,055,493 14,388,946
Operating lease right-of-use asset 19,793,363 18,425,914
Deferred franchise and regional development costs, net of current portion 5,698,545 5,505,420
Intangible assets, net 9,114,701 5,403,390
Goodwill 8,050,578 5,085,203
Deferred tax assets 9,116,248 9,188,634
Deposits and other assets 699,581 567,202
Total assets 86,235,794 85,454,209
Current liabilities:    
Accounts payable 1,571,823 1,705,568
Accrued expenses 1,334,414 1,809,460
Co-op funds liability 664,979 386,219
Payroll liabilities 1,862,529 3,906,317
Operating lease liability, current portion 4,928,765 4,613,843
Finance lease liability, current portion 23,920 49,855
Deferred franchise and regional developer fee revenue, current portion 2,981,534 3,191,892
Deferred revenue from company clinics ($3.6 million and $3.5 million attributable to VIE) 5,829,652 5,235,745
Other current liabilities 558,250 539,500
Liabilities to be disposed of 482,944 0
Total current liabilities 20,238,810 21,438,399
Operating lease liability, net of current portion 17,962,952 16,872,093
Finance lease liability, net of current portion 75,853 87,939
Debt under the Credit Agreement 2,000,000 2,000,000
Deferred franchise and regional developer fee revenue, net of current portion 15,447,554 15,458,921
Other liabilities 27,230 27,230
Total liabilities 55,752,399 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 June 30, 2022 and December 31, 2021 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,526,417 shares issued and 14,494,700 shares outstanding as of June 30, 2022 and 14,451,355 shares issued and 14,419,712 outstanding as of December 31, 2021 14,526 14,450
Additional paid-in capital 44,677,501 43,900,157
Treasury stock 31,717 shares as of June 30, 2022 and 31,643 shares as of December 31, 2021, at cost (853,436) (850,838)
Accumulated deficit (13,380,196) (13,519,142)
Total The Joint Corp. stockholders' equity 30,458,395 29,544,627
Non-controlling Interest 25,000 25,000
Total equity 30,483,395 29,569,627
Total liabilities and stockholders' equity $ 86,235,794 $ 85,454,209

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