Balance Sheet

v3.22.2.2
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 10,272,112 $ 19,526,119
Restricted cash 696,030 386,219
Accounts receivable, net 3,945,046 3,700,810
Deferred franchise and regional development costs, current portion 1,032,930 994,587
Prepaid expenses and other current assets 2,732,467 2,281,765
Assets held for sale 243,387 0
Total current assets 18,921,972 26,889,500
Property and equipment, net 16,210,051 14,388,946
Operating lease right-of-use asset 19,046,081 18,425,914
Deferred franchise and regional development costs, net of current portion 5,621,297 5,505,420
Intangible assets, net 10,162,506 5,403,390
Goodwill 8,493,407 5,085,203
Deferred tax assets 9,115,231 9,188,634
Deposits and other assets 720,853 567,202
Total assets 88,291,398 85,454,209
Current liabilities:    
Accounts payable 1,982,237 1,705,568
Accrued expenses 1,555,992 1,809,460
Co-op funds liability 696,030 386,219
Payroll liabilities 2,788,058 3,906,317
Operating lease liability, current portion 4,969,470 4,613,843
Finance lease liability, current portion 24,175 49,855
Deferred franchise and regional developer fee revenue, current portion 2,974,993 3,191,892
Deferred revenue from company clinics ($3.7 million and $3.5 million attributable to VIE) 5,900,964 5,235,745
Other current liabilities 522,500 539,500
Liabilities to be disposed of 223,287 0
Total current liabilities 21,637,706 21,438,399
Operating lease liability, net of current portion 17,427,096 16,872,093
Finance lease liability, net of current portion 69,713 87,939
Debt under the Credit Agreement 2,000,000 2,000,000
Deferred franchise and regional developer fee revenue, net of current portion 15,604,180 15,458,921
Other liabilities 27,230 27,230
Total liabilities 56,765,925 55,884,582
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, 2022 and December 31, 2021 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,561,545 shares issued and 14,529,679 shares outstanding as of September 30, 2022 and 14,451,355 shares issued and 14,419,712 outstanding as of December 31, 2021 14,561 14,450
Additional paid-in capital 45,231,637 43,900,157
Treasury stock 31,866 shares as of September 30, 2022 and 31,643 shares as of December 31, 2021, at cost (856,642) (850,838)
Accumulated deficit (12,889,083) (13,519,142)
Total The Joint Corp. stockholders' equity 31,500,473 29,544,627
Non-controlling Interest 25,000 25,000
Total equity 31,525,473 29,569,627
Total liabilities and stockholders' equity $ 88,291,398 $ 85,454,209

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