| Schedule of Segment Reporting Information, by Segment |
The tables below present financial information for the Company’s two operating business segments.
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Three Months Ended |
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Six Months Ended |
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June 30, |
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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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| Revenues: |
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(as restated) |
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(as restated) |
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| Corporate clinics |
$ |
17,802,838 |
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$ |
14,492,972 |
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$ |
34,930,795 |
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$ |
27,099,971 |
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| Franchise operations |
11,504,346 |
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10,394,393 |
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22,677,210 |
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20,024,145 |
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| Total revenues |
$ |
29,307,184 |
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$ |
24,887,365 |
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$ |
57,608,005 |
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$ |
47,124,116 |
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| Depreciation and amortization: |
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| Corporate clinics |
2,032,666 |
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1,191,694 |
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3,959,758 |
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2,275,370 |
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| Franchise operations |
207,717 |
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186,247 |
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406,690 |
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359,735 |
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| Corporate administration |
88,884 |
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83,929 |
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177,874 |
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163,422 |
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| Total depreciation and amortization |
$ |
2,329,267 |
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$ |
1,461,870 |
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$ |
4,544,322 |
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$ |
2,798,527 |
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| Segment operating income (loss): |
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| Corporate clinics |
$ |
21,790 |
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$ |
551,223 |
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$ |
(400,263) |
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$ |
405,680 |
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| Franchise operations |
4,232,245 |
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2,162,769 |
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8,774,144 |
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6,411,204 |
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| Total segment operating income |
$ |
4,254,035 |
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$ |
2,713,992 |
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$ |
8,373,881 |
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$ |
6,816,884 |
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| Reconciliation of total segment operating income to consolidated earnings before income taxes: |
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| Total segment operating income |
$ |
4,254,035 |
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$ |
2,713,992 |
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$ |
8,373,881 |
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$ |
6,816,884 |
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| Unallocated corporate |
(4,628,589) |
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(4,044,458) |
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(9,401,544) |
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(8,186,058) |
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| Consolidated income from operations |
(374,554) |
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(1,330,466) |
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(1,027,663) |
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(1,369,174) |
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| Other income (expense), net |
(106,520) |
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(19,286) |
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3,714,642 |
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(35,434) |
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| (Loss) income before income tax expense |
$ |
(481,074) |
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$ |
(1,349,752) |
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$ |
2,686,979 |
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$ |
(1,404,608) |
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| Schedule of Reconciliation of Assets from Segment to Consolidated |
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| Segment assets: |
June 30,
2023 |
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December 31,
2022 |
| Corporate clinics |
$ |
56,791,939 |
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$ |
56,008,234 |
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| Franchise operations |
13,716,157 |
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12,360,878 |
| Total segment assets |
70,508,096 |
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68,369,112 |
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| Unallocated cash and cash equivalents and restricted cash |
14,451,346 |
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10,550,417 |
| Unallocated property and equipment |
734,432 |
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915,216 |
| Other unallocated assets |
13,512,723 |
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13,655,632 |
| Total assets |
$ |
99,206,597 |
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$ |
93,490,377 |
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