Supplemental Disclosure of Non-cash Activity
|9 Months Ended|
Sep. 30, 2020
|Supplemental Cash Flow Information [Abstract]|
|Supplemental Disclosure of Non-cash Activity||
During the nine months ended September 30, 2020 and 2019, cash paid for income taxes was $167,620 and $34,396, respectively. During the nine months ended September 30, 2020 and 2019, cash paid for interest was $31,458 and $75,000, respectively.
Supplemental disclosure of non-cash activity:
As of September 30, 2020, accounts payable include property and equipment purchases of $93,026. As of September 30, 2019, accounts payable and accrued expenses include property and equipment purchases of $206,201 and $103,136, respectively. As of December 31, 2019, accounts payable and accrued expenses include property and equipment purchases of $196,671, and $15,250, respectively.
In connection with the acquisition of franchised clinics during the nine months ended September 30, 2019, the Company acquired $149,542 of property and equipment and intangible assets of $1,989,169, in exchange for $3,072,332 in cash to the sellers. Additionally, at the time of these transactions, the Company carried net deferred revenue of $36,695, representing net franchise fees collected upon the execution of the franchise agreement. The Company netted this amount against the purchase price of the acquisitions.
In connection with the Company’s reacquisition and termination of regional developer rights during the nine months ended September 30, 2019, the Company had deferred revenue of $44,334 representing license fees collected upon the execution of the regional developer agreements. The Company netted these amounts against the aggregate purchase price of the acquisitions.
The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef