Quarterly report pursuant to Section 13 or 15(d)

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

v3.22.2
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2022
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 (i) (ii) (iii)
Reported Adjustments Adjustments Adjustments As Adjusted
ASSETS
Accounts receivable, net 1,850,499  —  212,722  —  2,063,221 
Total current assets 25,133,704  —  212,722  —  25,346,426 
Deferred tax assets 8,007,633  22,153  (44,672) (43,679) 7,941,435 
Total assets $ 65,732,843  $ 22,153  $ 168,050  $ (43,679) $ 65,879,367 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue from company clinics 3,905,200  296,348  (524,993) 3,676,555 
Total current liabilities 18,685,644  296,348  —  (524,993) 18,456,999 
Total liabilities 44,981,760  296,348  —  (524,993) 44,753,115 
Stockholders' equity:
Accumulated deficit (20,470,081) (274,194) 168,050  481,314  (20,094,912)
Total The Joint Corp. stockholders' equity 20,750,983  (274,194) 168,050  481,314  21,126,152 
Total equity 20,751,083  (274,194) 168,050  481,314  21,126,252 
Total liabilities and stockholders' equity $ 65,732,843  $ 22,154  $ 168,050  $ (43,679) $ 65,879,367 
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 six months ended June 30, 2022 and 2021:
Three Months Ended
June 30,		 Six Months Ended
June 30,
Franchised clinics: 2022 2021 2022 2021
Clinics open at beginning of period 636  527  610  515 
Opened during the period 31  36  58  48 
Sold during the period (4) (8) (4) (8)
Closed during the period (1) —  (2) — 
Clinics in operation at the end of the period 662  555  662  555 
Three Months Ended
June 30,		 Six Months Ended
June 30,
Company-owned or managed clinics: 2022 2021 2022 2021
Clinics open at beginning of period 100  65  96  64 
Opened during the period 3  5  7  6 
Acquired during the period 4  8  4  8 
Closed during the period —  —  —  — 
Clinics in operation at the end of the period 107  78  107  78 
Total clinics in operation at the end of the period 769  633  769  633 
Clinic licenses sold but not yet developed 229  247  229  247 
Licenses for future clinics subject to executed letters of intent 41  35  41  35 
Schedule of Earnings (Loss) per Common Share
Three Months Ended
June 30,		 Six Months Ended
June 30,
2022 2021 2022 2021
Net income $ 344,742  $ 2,683,962  $ 138,945  $ 4,998,657 
Weighted average common shares outstanding - basic 14,475,825  14,290,697  14,454,738  14,234,929 
Effect of dilutive securities:
Unvested restricted stock and stock options 366,991  636,754  432,500  666,934 
Weighted average common shares outstanding - diluted 14,842,816  14,927,451  14,887,238  14,901,863 
Basic earnings per share $ 0.02  $ 0.19  $ 0.01  $ 0.35 
Diluted earnings per share $ 0.02  $ 0.18  $ 0.01  $ 0.34 
The following common stock equivalents were excluded from the computation of diluted earnings per share for the periods presented because including them would have been antidilutive:
Three Months Ended
June 30,		 Six Months Ended
June 30,
Weighted average dilutive securities: 2022 2021 2022 2021
Restricted stocks —  1,576  —  792 
Stock options 43,120  45,825  42,064  30,399