Cash Flow

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 2,534,491 $ 2,031,887
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,061,937 1,308,515
Loss on disposition or impairment 1,193 116,775
Net franchise fees recognized upon termination of franchise agreements (54,174) (89,007)
Bargain purchase gain 0 (19,298)
Deferred income taxes (17,022) (1,449)
Stock based compensation expense 678,706 536,744
Changes in operating assets and liabilities:    
Accounts receivable 831,401 (533,149)
Prepaid expenses and other current assets 200,919 (172,845)
Deferred franchise costs (247,127) (884,895)
Deposits and other assets (4,602) 425,851
Accounts payable (379,342) 223,210
Accrued expenses 677,308 (48,637)
Payroll liabilities (259,620) (75,122)
Deferred revenue 417,221 2,148,195
Other, net 466,156 (261,567)
Net cash provided by operating activities 6,907,445 4,705,208
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 0 (3,072,332)
Purchase of property and equipment (2,344,344) (2,312,257)
Reacquisition and termination of regional developer rights 0 (681,500)
Payments received on notes receivable 118,398 110,605
Net cash used in investing activities (2,225,946) (5,955,484)
Cash flows from financing activities:    
Payments of finance lease obligation (40,168) (16,259)
Purchases of treasury stock under employee stock plans (4,262) (20,184)
Proceeds from exercise of stock options 491,658 527,760
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 (100,000)
Net cash provided by financing activities 5,122,550 391,317
Increase (decrease) in cash 9,804,049 (858,959)
Cash and restricted cash, beginning of period 8,641,877 8,854,952
Cash and restricted cash, end of period $ 18,445,926 $ 7,995,993

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