Cash Flow

v3.22.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 138,945 $ 4,998,657
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,329,653 2,612,884
Net loss on disposition or impairment 95,749 109,519
Net franchise fees recognized upon termination of franchise agreements (15,218) (81,196)
Deferred income taxes 72,386 (1,380,631)
Stock based compensation expense 663,747 530,058
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 140,324 (954,888)
Prepaid expenses and other current assets (267,159) (24,423)
Deferred franchise costs (193,784) (881,891)
Deposits and other assets (132,379) (53,096)
Accounts payable (397,040) (162,524)
Accrued expenses (823,079) 130,609
Payroll liabilities (2,043,788) 1,848,378
Deferred revenue 492,473 1,757,294
Other liabilities 404,330 565,779
Net cash provided by operating activities 1,465,160 9,014,529
Cash flows from investing activities:    
Purchase of property and equipment (3,164,961) (3,238,959)
Reacquisition and termination of regional developer rights (2,650,000) (1,388,700)
Net cash used in investing activities (11,414,961) (8,877,659)
Cash flows from financing activities:    
Payments of finance lease obligation (38,022) (38,593)
Purchases of treasury stock under employee stock plans (2,598) (618,154)
Proceeds from exercise of stock options 113,673 1,262,563
Repayment of debt under the Paycheck Protection Program 0 (2,727,970)
Net cash provided by (used in) financing activities 73,053 (2,122,154)
Decrease in cash, cash equivalents and restricted cash (9,876,748) (1,985,284)
Cash, cash equivalents and restricted cash, beginning of period 19,912,338 20,819,629
Cash, cash equivalents and restricted cash, end of period 10,035,590 18,834,345
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 9,370,611 18,521,042
Restricted cash 664,979 313,303
Cash and cash equivalents and restricted cash 10,035,590 18,834,345
AZ Clinics    
Cash flows from investing activities:    
Acquisition of clinics (5,600,000) (1,925,000)
NC Clinics    
Cash flows from investing activities:    
Acquisition of clinics $ 0 $ (2,325,000)

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