Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (unaudited)

v3.23.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 14,773,225 $ 9,745,066
Restricted cash 731,379 805,351
Accounts receivable, net 3,525,643 3,911,272
Deferred franchise and regional development costs, current portion 1,059,126 1,054,060
Prepaid expenses and other current assets 3,468,749 2,098,359
Total current assets 23,558,122 17,614,108
Property and equipment, net 17,500,027 17,475,152
Operating lease right-of-use asset 22,451,137 20,587,199
Deferred franchise and regional development costs, net of current portion 5,678,935 5,707,678
Intangible assets, net 11,905,176 12,867,529
Goodwill 8,493,407 8,493,407
Deferred tax assets 7,708,323 8,441,713
Deposits and other assets 755,585 756,386
Total assets 98,050,712 91,943,172
Current liabilities:    
Accounts payable 1,836,853 2,966,589
Accrued expenses 1,996,427 1,069,610
Co-op funds liability 731,379 805,351
Payroll liabilities ($0.9 million and $0.6 million attributable to VIE) 3,571,008 2,030,510
Operating lease liability, current portion 5,622,576 5,295,830
Finance lease liability, current portion 24,693 24,433
Deferred franchise and regional developer fee revenue, current portion 2,978,937 2,955,851
Deferred revenue from company clinics ($4.9 million and $4.7 million attributable to VIE) 7,713,735 7,471,549
Other current liabilities 494,250 499,250
Total current liabilities 24,969,858 23,118,973
Operating lease liability, net of current portion 20,211,159 18,672,719
Finance lease liability, net of current portion 57,235 63,507
Debt under the Credit Agreement 2,000,000 2,000,000
Deferred franchise and regional developer fee revenue, net of current portion 15,682,833 15,661,412
Other liabilities 27,230 27,230
Total liabilities 62,948,315 59,543,841
Commitments and contingencies
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of March 31, 2023 and December 31, 2022 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,671,360 shares issued and 14,639,325 shares outstanding as of March 31, 2023 and 14,560,353 shares issued and 14,528,487 outstanding as of December 31, 2022 14,671 14,560
Additional paid-in capital 45,962,861 45,558,305
Treasury stock 32,035 shares as of March 31, 2023 and 31,866 shares as of December 31, 2022, at cost (859,279) (856,642)
Accumulated deficit (10,040,856) (12,341,892)
Total The Joint Corp. stockholders' equity 35,077,397 32,374,331
Non-controlling Interest 25,000 25,000
Total equity 35,102,397 32,399,331
Total liabilities and stockholders' equity $ 98,050,712 $ 91,943,172