Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 2,005,675 $ (867,648)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 4,544,322 2,798,527
Net loss on disposition or impairment 209,815 95,749
Net franchise fees recognized upon termination of franchise agreements (20,050) (15,218)
Deferred income taxes 477,154 (832,083)
Stock based compensation expense 683,227 663,747
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 376,444 140,324
Prepaid expenses and other current assets (1,208,605) (267,159)
Deferred franchise costs 51,268 (193,784)
Deposits and other assets (12,557) (132,379)
Accounts payable (1,440,375) (397,040)
Accrued expenses 1,104,369 (823,079)
Payroll liabilities 815,290 (2,043,788)
Deferred revenue 245,363 864,213
Upfront regional developer fees (397,457) (824,658)
Other liabilities 59,259 649,436
Net cash provided by operating activities 7,493,142 (1,184,840)
Cash flows from investing activities:    
Purchase of property and equipment (2,729,875) (3,164,961)
Net cash used in investing activities (3,779,875) (8,764,961)
Cash flows from financing activities:    
Payments of finance lease obligation (12,087) (38,022)
Purchases of treasury stock under employee stock plans (2,637) (2,598)
Proceeds from exercise of stock options 202,386 113,673
Net cash provided by financing activities 187,662 73,053
Increase (decrease) in cash, cash equivalents and restricted cash 3,900,929 (9,876,748)
Cash, cash equivalents and restricted cash, beginning of period 10,550,417 19,912,338
Cash, cash equivalents and restricted cash, end of period 14,451,346 10,035,590
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 13,602,515 9,370,611
Restricted cash 848,831 664,979
Cash and cash equivalents and restricted cash 14,451,346 10,035,590
AZ Clinics    
Cash flows from investing activities:    
Acquisition of clinics 0 (5,600,000)
CA Clinics    
Cash flows from investing activities:    
Acquisition of clinics $ (1,050,000) $ 0