Acquisition and Assets Held for Sale (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Business Combination and Asset Acquisition [Abstract] |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The allocation of the total purchase price of the CA Clinics Purchase was as follows:
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| Property and equipment |
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$ |
313,995 |
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| Operating lease right-of-use asset |
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317,662 |
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| Intangible assets |
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1,004,513 |
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| Total assets acquired |
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1,636,170 |
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| Deferred revenue |
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(158,365) |
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| Operating lease liability - current portion |
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(118,081) |
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| Operating lease liability - net of current portion |
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(199,957) |
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| Net purchase consideration |
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$ |
1,159,767 |
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The allocation of the purchase price was as follows:
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| Property and equipment |
$ |
235,558 |
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| Operating lease right-of-use asset |
823,869 |
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| Intangible assets |
2,983,200 |
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| Total identifiable assets acquired |
4,042,627 |
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| Goodwill |
2,965,375 |
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| Deferred revenue |
(493,060) |
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| Operating lease liability – current portion |
(107,694) |
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| Operating lease liability – net of current portion |
(716,476) |
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| Net purchase consideration |
$ |
5,690,772 |
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| Schedule of Business Acquisition, Pro Forma Information |
The following table summarizes selected unaudited pro forma consolidated income statements for three and six months ended June 30, 2023 and 2022 for the 2023 and 2022 acquisitions, as if the CA Clinics Purchase (which has been accounted for as an asset purchase) in 2023 and the AZ clinics acquired (which have been accounted for as a business combination) had both been completed on January 1, 2022.
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(as restated) |
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(as restated) |
| Revenues, net |
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$ |
29,684,349 |
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$ |
25,601,056 |
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$ |
58,346,746 |
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$ |
48,910,697 |
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| Net income (loss) |
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(304,758) |
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$ |
(1,022,274) |
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$ |
1,983,969 |
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$ |
(1,196,652) |
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$ |
29,379,591 |
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$ |
24,578,782 |
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$ |
60,330,715 |
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$ |
47,714,045 |
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| Schedule of Assets and Liabilities Held for Sale |
The principal components of the held for sale assets and liabilities as of June 30, 2023 were as follows:
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June 30, 2023 |
| Assets |
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Property and equipment, net |
159,472 |
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| Operating lease right-of-use asset |
116,451 |
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| Valuation allowance |
$ |
(60,201) |
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| Total assets held for sale |
$ |
215,722 |
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| Liabilities |
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| Operating lease liability, current and non-current |
148,846 |
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| Deferred revenue from company clinics |
6,776 |
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| Total liabilities to be disposed of |
$ |
155,622 |
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