Quarterly report pursuant to Section 13 or 15(d)

Nature of Operations and Summary of Significant Accounting Policies (Tables)

v3.21.2
Nature of Operations and Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Schedule of Correction of Immaterial Error
The table below sets forth the impact of the revision on the previously issued consolidated balance sheet:


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