Cash Flow

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 630,058 $ 6,935,751
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,341,420 4,275,140
Net loss on disposition or impairment 360,140 109,871
Net franchise fees recognized upon termination of franchise agreements (15,218) (98,196)
Deferred income taxes 73,403 (1,909,241)
Stock based compensation expense 969,562 826,908
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (244,236) (1,069,864)
Prepaid expenses and other current assets (450,702) 13,079
Deferred franchise costs (186,618) (1,245,049)
Deposits and other assets (153,651) (95,176)
Accounts payable 50,702 (49,415)
Accrued expenses (571,447) 164,866
Payroll liabilities (1,118,259) 1,329,785
Deferred revenue 636,470 2,410,202
Other liabilities 360,791 852,926
Net cash provided by operating activities 5,682,415 12,451,587
Cash flows from investing activities:    
Purchase of property and equipment (4,322,673) (5,382,857)
Reacquisition and termination of regional developer rights (2,650,000) (1,388,700)
Net cash used in investing activities (14,938,929) (11,264,585)
Cash flows from financing activities:    
Payments of finance lease obligation (43,907) (59,285)
Purchases of treasury stock under employee stock plans (5,804) (707,728)
Proceeds from exercise of stock options 362,029 1,480,634
Repayment of debt under the Paycheck Protection Program 0 (2,727,970)
Net cash provided by (used in) financing activities 312,318 (2,014,349)
Decrease in cash, cash equivalents and restricted cash (8,944,196) (827,347)
Cash, cash equivalents and restricted cash, beginning of period 19,912,338 20,819,629
Cash, cash equivalents and restricted cash, end of period 10,968,142 19,992,282
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 10,272,112 19,542,685
Restricted cash 696,030 449,597
Cash and cash equivalents and restricted cash 10,968,142 19,992,282
AZ Clinics    
Cash flows from investing activities:    
Acquisition of clinics (6,861,256) (1,925,000)
NC Clinics    
Cash flows from investing activities:    
Acquisition of clinics $ (1,105,000) $ (2,568,028)

Source