Cash Flow

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 6,935,751 $ 2,534,491
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,275,140 2,061,937
Net loss on disposition or impairment (non-cash portion) 109,871 1,193
Net franchise fees recognized upon termination of franchise agreements (98,196) (54,174)
Deferred income taxes (1,909,241) (17,022)
Stock based compensation expense 826,908 678,706
Changes in operating assets and liabilities:    
Accounts receivable (1,069,864) 831,401
Prepaid expenses and other current assets 13,079 200,919
Deferred franchise costs (1,245,049) (247,127)
Deposits and other assets (95,176) (4,602)
Accounts payable (49,415) (379,342)
Accrued expenses 164,866 677,308
Payroll liabilities 1,329,785 (259,620)
Deferred revenue 2,410,202 417,221
Other liabilities 852,926 466,156
Net cash provided by operating activities 12,451,587 6,907,445
Cash flows from investing activities:    
Purchase of property and equipment (5,382,857) (2,344,344)
Reacquisition and termination of regional developer rights (1,388,700) 0
Payments received on notes receivable 0 118,398
Net cash used in investing activities (11,264,585) (2,225,946)
Cash flows from financing activities:    
Payments of finance lease obligation (59,285) (40,168)
Purchases of treasury stock under employee stock plans (707,728) (4,262)
Proceeds from exercise of stock options 1,480,634 491,658
Proceeds from the Credit Agreement, net of related fees 0 1,947,352
Proceeds from the Paycheck Protection Program 0 2,727,970
Repayment of debt under the Paycheck Protection Program (2,727,970) 0
Net cash (used in) provided by financing activities (2,014,349) 5,122,550
(Decrease) increase in cash, cash equivalents and restricted cash (827,347) 9,804,049
Cash, cash equivalents and restricted cash, beginning of period 20,819,629 8,641,877
Cash, cash equivalents and restricted cash, end of period 19,992,282 18,445,926
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 19,542,685 18,305,526
Restricted cash 449,597 140,400
Cash and cash equivalents and restricted cash 19,992,282 18,445,926
Phoenix, Arizona    
Cash flows from investing activities:    
Acquisition of clinics (1,925,000) 0
North Carolina    
Cash flows from investing activities:    
Acquisition of clinics $ (2,568,028) $ 0

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