Balance Sheet

v3.25.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 25,051,355 $ 18,153,609
Restricted cash 945,081 1,060,683
Accounts receivable, net 2,586,381 2,580,589
Deferred franchise and regional development costs, current portion 1,055,582 1,047,430
Prepaid expenses and other current assets 1,729,079 1,844,340
Discontinued operations current assets ($1.1 million attributable to VIEs as of December 31, 2024) 40,827,044 19,648,887
Total current assets 72,194,522 44,335,538
Property and equipment, net 3,166,882 3,805,887
Operating lease right-of-use asset 245,384 466,268
Deferred franchise and regional development costs, net of current portion 4,513,891 5,203,936
Discontinued operations noncurrent assets ($1.1 million attributable to VIEs as of December 31, 2023) 0 33,142,084
Deposits and other assets 300,779 254,299
Total assets 80,421,458 87,208,012
Current liabilities:    
Accounts payable 1,750,938 1,253,816
Accrued expenses 1,505,827 1,157,822
Co-op funds liability 945,082 1,060,683
Payroll liabilities 3,551,173 858,862
Operating lease liability, current portion 448,285 412,601
Deferred franchise fee revenue, current portion 2,546,926 2,516,554
Upfront regional developer fees, current portion 288,095 362,326
Other current liabilities 603,250 483,249
Discontinued operations current liabilities ($7.1 million and $5.9 million attributable to VIEs as of December 31, 2024 and 2023) 37,714,200 25,468,169
Total current liabilities 49,353,776 33,574,082
Operating lease liability, net of current portion 0 448,308
Debt under the Credit Agreement 0 2,000,000
Deferred franchise fee revenue, net of current portion 12,450,179 13,597,325
Upfront regional developer fees, net of current portion 672,334 1,019,316
Discontinued operations liabilities, net of current portion ($1.2 million attributable to VIEs as of December 31, 2023) 0 11,739,946
Deferred tax liabilities 0 57,153
Total liabilities 62,476,289 62,436,130
Commitments and contingencies (Note 9)
Stockholders’ equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of December 31, 2024 and 2023 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 15,192,893 shares issued and 15,159,878 shares outstanding as of December 31, 2024 and 14,783,757 shares issued and 14,751,633 outstanding as of December 31, 2023 15,192 14,783
Additional paid-in capital 49,210,455 47,498,151
Treasury stock 33,015 shares as of December 31, 2024 and 32,124 shares as of December 31, 2023, at cost (870,058) (860,475)
Accumulated deficit (30,435,420) (21,905,577)
Total The Joint Corp. stockholders’ equity 17,920,169 24,746,882
Non-controlling Interest 25,000 25,000
Total equity 17,945,169 24,771,882
Total liabilities and stockholders’ equity $ 80,421,458 $ 87,208,012

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