Cash Flow

v3.21.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 4,998,657 $ 930,532
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,612,884 1,347,649
Net loss on disposition or impairment (non-cash portion) 109,519 1,193
Net franchise fees recognized upon termination of franchise agreements (81,196) (50,312)
Deferred income taxes (1,380,631) (2,756)
Stock based compensation expense 530,058 466,473
Changes in operating assets and liabilities:    
Accounts receivable (954,888) 635,605
Prepaid expenses and other current assets (24,423) (35,789)
Deferred franchise costs (881,891) 2,498
Deposits and other assets (53,096) 4,406
Accounts payable (162,524) (141,327)
Accrued expenses 130,609 406,986
Payroll liabilities 1,848,378 (784,505)
Deferred revenue 1,757,294 (317,053)
Other liabilities 565,779 572,795
Net cash provided by operating activities 9,014,529 3,036,395
Cash flows from investing activities:    
Purchase of property and equipment (3,238,959) (1,986,367)
Reacquisition and termination of regional developer rights (1,388,700) 0
Payments received on notes receivable 0 80,441
Net cash used in investing activities (8,877,659) (1,905,926)
Cash flows from financing activities:    
Payments of finance lease obligation (38,593) (23,509)
Purchases of treasury stock under employee stock plans (618,154) (3,774)
Proceeds from exercise of stock options 1,262,563 387,920
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 (2,122,154) 5,035,959
(Decrease) increase in cash, cash equivalents and restricted cash (1,985,284) 6,166,428
Cash, cash equivalents and restricted cash, beginning of period 20,819,629 8,641,877
Cash, cash equivalents and restricted cash, end of period 18,834,345 14,808,305
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 18,521,042 14,573,266
Restricted cash 313,303 235,039
Cash and cash equivalents and restricted cash 18,834,345 14,808,305
Phoenix, Arizona    
Cash flows from investing activities:    
Acquisition of clinics (1,925,000) 0
North Carolina    
Cash flows from investing activities:    
Acquisition of clinics $ (2,325,000) $ 0

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