Cash Flow

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income $ 13,167,314 $ 3,323,712
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,734,462 1,899,257
Net loss on disposition or impairment (non-cash portion) 1,193 114,352
Net franchise fees recognized upon termination of franchise agreements (57,080) (113,944)
Bargain purchase gain 0 (19,298)
Deferred income taxes (8,097,494) 1,573
Stock based compensation expense 885,975 720,651
Changes in operating assets and liabilities:    
Accounts receivable 794,586 (1,838,735)
Prepaid expenses and other current assets (443,547) (240,188)
Deferred franchise costs (899,056) (882,672)
Deposits and other assets (43,380) 268,369
Accounts payable (90,429) 75,893
Accrued expenses 389,973 (64,758)
Payroll liabilities (68,071) 808,449
Deferred revenue 2,206,063 2,615,896
Other liabilities 702,733 853,392
Net cash provided by operating activities 11,183,242 7,521,949
Cash flows from investing activities:    
Acquisition of business (534,000) (3,122,332)
Purchase of property and equipment (3,156,233) (3,483,578)
Reacquisition and termination of regional developer rights (1,039,500) (681,500)
Payments received on notes receivable 128,724 149,348
Net cash used in investing activities (4,601,009) (7,138,062)
Cash flows from financing activities:    
Payments of finance lease obligation (57,097) (21,954)
Purchases of treasury stock under employee stock plans (32,070) (20,185)
Proceeds from exercise of stock options 1,009,364 545,177
Proceeds from the Credit Agreement, net of related fees 1,947,352 0
Proceeds from the Paycheck Protection Program 2,727,970 0
Repayments on notes payable 0 (1,100,000)
Net cash provided by (used in) financing activities 5,595,519 (596,962)
Increase (decrease) in cash 12,177,752 (213,075)
Cash and restricted cash, beginning of period 8,641,877 8,854,952
Cash and restricted cash, end of period $ 20,819,629 $ 8,641,877

Source