Balance Sheet

v3.21.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 17,834,526 $ 20,554,258
Restricted cash 172,624 265,371
Accounts receivable, net 2,292,507 1,850,499
Deferred franchise and regional development costs, current portion 910,008 897,551
Prepaid expenses and other current assets 1,950,402 1,566,025
Total current assets 23,160,067 25,133,704
Property and equipment, net 9,338,838 8,747,369
Operating lease right-of-use asset 13,010,941 11,581,435
Deferred franchise and regional development costs, net of current portion 4,467,579 4,340,756
Intangible assets, net 3,444,538 2,865,006
Goodwill 4,625,604 4,625,604
Deferred tax assets 8,426,443 8,007,633
Deposits and other assets 433,549 431,336
Total assets 66,907,559 65,732,843
Current liabilities:    
Accounts payable 1,154,803 1,561,648
Accrued expenses 830,714 770,221
Co-op funds liability 172,623 248,468
Payroll liabilities 2,559,016 2,776,036
Debt under the Credit Agreement 2,000,000 0
Operating lease liability, current portion 3,125,921 2,918,140
Finance lease liability, current portion 75,992 70,507
Deferred franchise and regional developer fee revenue, current portion 3,045,868 3,000,369
Deferred revenue from company clinics ($2.7 million and $2.6 million attributable to VIE) 3,971,067 3,905,200
Debt under the Paycheck Protection Program 0 2,727,970
Other current liabilities 707,763 707,085
Total current liabilities 17,643,767 18,685,644
Operating lease liability, net of current portion 12,246,741 10,632,672
Finance lease liability, net of current portion 114,887 132,469
Debt under the Credit Agreement 0 2,000,000
Deferred franchise and regional developer fee revenue, net of current portion 13,560,449 13,503,745
Other liabilities 27,230 27,230
Total liabilities 43,593,074 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 March 31, 2021 and December 31, 2020 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,288,111 shares issued and 14,257,325 shares outstanding as of March 31, 2021 and 14,174,237 shares issued and 14,157,070 outstanding as of December 31, 2020 14,288 14,174
Additional paid-in capital 42,217,157 41,350,001
Treasury stock 30,786 shares as of March 31, 2021 and 17,167 shares as of December 31, 2020, at cost (761,265) (143,111)
Accumulated deficit (18,155,795) (20,470,081)
Total The Joint Corp. stockholders' equity 23,314,385 20,750,983
Non-controlling Interest 100 100
Total equity 23,314,485 20,751,083
Total liabilities and stockholders' equity $ 66,907,559 $ 65,732,843

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