Supplemental Disclosure of Non-cash Activity |
6 Months Ended |
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Jun. 30, 2022 | |
| Supplemental Cash Flow Information [Abstract] | |
| Supplemental Disclosure of Non-cash Activity | During the six months ended June 30, 2022 and 2021, cash paid for income taxes was $59,271 and $446,058, respectively. During the six months ended June 30, 2022 and 2021, cash paid for interest was $23,982 and $47,033, respectively. Supplemental disclosure of non-cash activity:
As of June 30, 2022, accounts payable and accrued expenses included property and equipment purchases of $263,295 and $186,777, respectively. As of December 31, 2021, accounts payable and accrued expenses included property and equipment purchases of $158,293, and $152,501, respectively.
In connection with the acquisition of franchised clinics during the six months ended June 30, 2022, the Company acquired $235,558 of property and equipment and intangible assets of $2,983,200, in exchange for $5,761,256 to the seller (of which $161,256 is to be paid in the third quarter of 2022). Additionally, at the time of this transaction, the Company carried net deferred revenue of $70,484, representing net franchise fees collected upon the execution of the franchise agreement. The Company netted this amount against the purchase price of the acquisition.
In connection with the acquisition of franchised clinics during the six months ended June 30, 2021, the Company acquired $528,974 of property and equipment and intangible assets of $3,723,872, in exchange for $4,493,028 in cash to the sellers (of which $243,028 was paid in July 2021). Additionally, at the time of these transactions, the Company carried net deferred revenue of $87,858, 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 six months ended June 30, 2022, the Company had deferred revenue of $452,918, representing fees collected upon the execution of the regional developer agreement. The Company netted this amount against the aggregate purchase price.
In connection with the Company’s reacquisition and termination of regional developer rights during the six months ended June 30, 2021, the Company had deferred revenue of $35,679, representing fees collected upon the execution of the regional developer agreement. The Company netted this amount against the aggregate purchase price.
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