Balance Sheet

v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 16,050,137 $ 9,745,066
Restricted cash 1,092,216 805,351
Accounts receivable, net 3,653,127 3,911,272
Deferred franchise and regional development costs, current portion 1,054,534 1,054,060
Prepaid expenses and other current assets 2,602,563 2,098,359
Assets held for sale 3,972,113 0
Total current assets 28,424,690 17,614,108
Property and equipment, net 15,355,755 17,475,152
Operating lease right-of-use asset 19,803,896 20,587,199
Deferred franchise and regional development costs, net of current portion 5,409,924 5,707,678
Intangible assets, net 8,623,115 10,928,295
Goodwill 8,448,893 8,493,407
Deferred tax assets ($1.0 million and $1.0 million attributable to VIE) 11,741,090 11,928,152
Deposits and other assets 765,263 756,386
Total assets 98,572,626 93,490,377
Current liabilities:    
Accounts payable 1,877,162 2,966,589
Accrued expenses 2,488,324 1,069,610
Co-op funds liability 1,092,216 805,351
Payroll liabilities 3,875,453 2,030,510
Operating lease liability, current portion 5,392,944 5,295,830
Finance lease liability, current portion 25,223 24,433
Deferred franchise revenue, current portion 2,512,350 2,468,601
Deferred revenue from company clinics ($4.6 million and $4.7 million attributable to VIE) 6,538,713 7,471,549
Upfront regional developer fees, current portion 383,972 487,250
Other current liabilities 516,249 597,294
Liabilities to be disposed of 2,971,933 0
Total current liabilities 27,674,539 23,217,017
Operating lease liability, net of current portion 17,200,146 18,672,719
Finance lease liability, net of current portion 44,490 63,507
Debt under the Credit Agreement 2,000,000 2,000,000
Deferred franchise revenue, net of current portion 13,980,758 14,161,134
Upfront regional developer fees, net of current portion 1,099,718 1,500,278
Other liabilities ($1.3 million and $1.3 million attributable to VIE) 1,287,880 1,287,879
Total liabilities 63,287,531 60,902,534
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, 2023 and December 31, 2022 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,786,411 shares issued and 14,754,287 shares outstanding as of September 30, 2023 and 14,560,353 shares issued and 14,528,487 outstanding as of December 31, 2022 14,786 14,560
Additional paid-in capital 46,969,761 45,558,305
Treasury stock 32,124 shares as of September 30, 2023 and 31,866 shares as of December 31, 2022, at cost (860,474) (856,642)
Accumulated deficit (10,863,978) (12,153,380)
Total The Joint Corp. stockholders' equity 35,260,095 32,562,843
Non-controlling interest 25,000 25,000
Total equity 35,285,095 32,587,843
Total liabilities and stockholders' equity $ 98,572,626 $ 93,490,377

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