Cash Flow

v3.20.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 814,947 $ 952,644
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 654,249 365,678
Net loss on disposition or impairment 1,193 105,193
Net franchise fees recognized upon termination of franchise agreements (14,862) 0
Bargain purchase gain 0 (19,298)
Deferred income taxes (34,406) (22,425)
Stock based compensation expense 250,392 171,771
Changes in operating assets and liabilities:    
Accounts receivable 809,563 (241,850)
Prepaid expenses and other current assets (18,073) 51,560
Deferred franchise costs (104,483) (189,722)
Deposits and other assets (4,378) 268,974
Accounts payable (80,682) (276,074)
Accrued expenses 205,601 (117,795)
Payroll liabilities (1,727,021) (1,151,652)
Deferred revenue 339,523 769,216
Other liabilities 380,259 (206,709)
Net cash provided by operating activities 1,471,822 459,511
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 0 (30,000)
Purchase of property and equipment (1,261,213) (526,027)
Reacquisition and termination of regional developer rights 0 (681,500)
Payments received on notes receivable 39,720 35,954
Net cash used in investing activities (1,221,493) (1,201,573)
Cash flows from financing activities:    
Payments of finance lease obligation (7,214) (5,285)
Purchases of treasury stock under employee stock plans (3,774) 0
Proceeds from exercise of stock options 140,899 189,886
Proceeds from the Credit Agreement, net of related fees 1,947,352 0
Repayments on notes payable 0 (100,000)
Net cash provided by financing activities 2,077,263 84,601
Increase (decrease) in cash 2,327,592 (657,461)
Cash and restricted cash, beginning of period 8,641,877 8,854,952
Cash and restricted cash, end of period $ 10,969,469 $ 8,197,491

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