Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 18,742,884 $ 18,153,609
Restricted cash 923,958 1,060,683
Accounts receivable, net 3,265,800 3,718,924
Deferred franchise and regional development costs, current portion 1,046,156 1,047,430
Prepaid expenses and other current assets 2,926,719 2,439,837
Assets held for sale 17,726,238 17,915,055
Total current assets 44,631,755 44,335,538
Property and equipment, net 10,303,746 11,044,317
Operating lease right-of-use asset 12,214,619 12,413,221
Deferred franchise and regional development costs, net of current portion 5,016,644 5,203,936
Intangible assets, net 4,573,725 5,020,926
Goodwill 7,226,701 7,352,879
Deferred tax assets ($1.1 million and $1.1 million attributable to VIEs as of March 31, 2024 and December 31, 2023) 960,621 1,031,648
Deposits and other assets 755,743 748,394
Total assets 85,683,554 87,150,859
Current liabilities:    
Accounts payable 1,281,198 1,625,088
Accrued expenses 1,964,005 1,963,009
Co-op funds liability 923,958 1,060,683
Payroll liabilities ($1.0 million and $0.7 million attributable to VIEs as of March 31, 2024 and December 31, 2023) 4,511,015 3,485,744
Operating lease liability, current portion 3,750,477 3,756,328
Finance lease liability, current portion 25,763 25,491
Deferred franchise fee revenue, current portion 2,528,468 2,516,554
Deferred revenue from company clinics ($1.6 million and $1.6 million attributable to VIEs as of March 31, 2024 and December 31, 2023) 4,603,602 4,463,747
Upfront regional developer fees, current portion 340,040 362,326
Other current liabilities 585,110 483,249
Liabilities to be disposed of ($3.7 million and $3.6 million attributable to VIEs as of March 31, 2024 and December 31, 2023) 12,832,986 13,831,863
Total current liabilities 33,346,622 33,574,082
Operating lease liability, net of current portion 10,606,889 10,914,997
Finance lease liability, net of current portion 31,471 38,016
Debt under the Credit Agreement 0 2,000,000
Deferred franchise fee revenue, net of current portion 13,316,975 13,597,325
Upfront regional developer fees, net of current portion 940,662 1,019,316
Other liabilities ($1.2 million and $1.2 million attributable to VIE as of March 31, 2024 and December 31, 2023) 1,235,241 1,235,241
Total liabilities 59,477,860 62,378,977
Commitments and contingencies (Note 10)
Stockholders' equity:    
Series A preferred stock, $0.001 par value; 50,000 shares authorized, 0 issued and outstanding, as of March 31, 2024 and December 31, 2023 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,968,547 shares issued and 14,935,716 shares outstanding as of March 31, 2024 and 14,783,757 shares issued and 14,751,633 outstanding as of December 31, 2023 14,967 14,783
Additional paid-in capital 47,991,362 47,498,151
Treasury stock 32,831 shares as of March 31, 2024 and 32,124 shares as of December 31, 2023, at cost (867,037) (860,475)
Accumulated deficit (20,958,598) (21,905,577)
Total The Joint Corp. stockholders' equity 26,180,694 24,746,882
Non-controlling Interest 25,000 25,000
Total equity 26,205,694 24,771,882
Total liabilities and stockholders' equity $ 85,683,554 $ 87,150,859