Nature of Operations and Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2021 |
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| Accounting Policies [Abstract] |
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| Schedule of Correction of Immaterial Error |
The table below sets forth the impact of the revision on the previously issued consolidated balance sheet:
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December 31, 2020 |
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As Previously |
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Reported |
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Adjustments |
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As Adjusted |
| ASSETS |
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| Deferred tax assets |
8,007,633 |
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80,440 |
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8,088,073 |
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| Total assets |
$ |
65,732,843 |
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$ |
80,440 |
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$ |
65,813,283 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Current liabilities: |
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| Deferred revenue from company clinics |
3,905,200 |
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296,348 |
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4,201,548 |
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| Total current liabilities |
18,685,644 |
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296,348 |
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18,981,992 |
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| Total liabilities |
44,981,760 |
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296,348 |
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45,278,108 |
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| Stockholders' equity: |
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| Accumulated deficit |
(20,470,081) |
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(215,908) |
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(20,685,989) |
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| Total The Joint Corp. stockholders' equity |
20,750,983 |
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(215,908) |
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20,535,075 |
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| Total equity |
20,751,083 |
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(215,908) |
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20,535,175 |
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| Total liabilities and stockholders' equity |
$ |
65,732,843 |
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$ |
80,440 |
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$ |
65,813,283 |
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| Schedule of Franchisor Disclosure |
The following table summarizes the number of clinics in operation under franchise agreements and as company-owned or managed clinics for the three and nine months ended September 30, 2021 and 2020:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| Franchised clinics: |
2021 |
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2020 |
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2021 |
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2020 |
| Clinics open at beginning of period |
555 |
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477 |
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515 |
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453 |
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| Opened during the period |
28 |
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21 |
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76 |
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49 |
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| Sold during the period |
— |
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— |
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(8) |
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— |
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| Closed during the period |
— |
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(1) |
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— |
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(5) |
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| Clinics in operation at the end of the period |
583 |
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497 |
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583 |
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497 |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| Company-owned or managed clinics: |
2021 |
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2020 |
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2021 |
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2020 |
| Clinics open at beginning of period |
78 |
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62 |
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64 |
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60 |
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| Opened during the period |
5 |
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1 |
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11 |
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3 |
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| Acquired during the period |
— |
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— |
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8 |
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— |
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| Closed during the period |
— |
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— |
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— |
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— |
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| Clinics in operation at the end of the period |
83 |
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63 |
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83 |
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63 |
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| Total clinics in operation at the end of the period |
666 |
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560 |
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666 |
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560 |
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| Clinic licenses sold but not yet developed |
252 |
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178 |
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252 |
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178 |
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| Executed letters of intent for future clinic licenses |
43 |
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40 |
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43 |
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40 |
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| Schedule of Earnings per Common Share |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
| Net Income |
$ |
1,937,095 |
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$ |
1,603,959 |
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$ |
6,935,751 |
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$ |
2,534,491 |
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| Weighted average common shares outstanding - basic |
14,388,905 |
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14,033,535 |
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14,286,818 |
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13,968,635 |
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| Effect of dilutive securities: |
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| Unvested restricted stock and stock options |
581,423 |
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559,572 |
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644,941 |
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554,694 |
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| Weighted average common shares outstanding - diluted |
14,970,328 |
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14,593,107 |
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14,931,759 |
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14,523,329 |
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| Basic earnings per share |
$ |
0.13 |
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$ |
0.11 |
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$ |
0.49 |
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$ |
0.18 |
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| Diluted earnings per share |
$ |
0.13 |
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$ |
0.11 |
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$ |
0.46 |
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$ |
0.17 |
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Potentially dilutive securities excluded from the calculation of diluted net income per common share as the effect would be anti-dilutive were as follows:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| Weighted average potentially dilutive securities: |
2021 |
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2020 |
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2021 |
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2020 |
| Unvested restricted stock |
— |
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— |
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— |
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— |
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| Stock options |
601 |
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112,768 |
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35,293 |
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133,194 |
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