Nature of Operations and Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Accounting Policies [Abstract] |
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| Schedule of Franchisor Disclosure |
The following table summarizes the number of clinics in operation under franchise agreements and as company-owned or managed clinics for the three months ended March 31, 2024 and 2023:
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Three Months Ended
March 31, |
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| Franchised clinics: |
2024 |
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2023 |
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| Clinics open at beginning of period |
800 |
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712 |
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| Opened during the period |
23 |
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29 |
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| Acquired during the period |
— |
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— |
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| Sold during the period |
— |
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— |
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| Closed during the period |
(4) |
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(1) |
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| Clinics in operation at the end of the period |
819 |
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740 |
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Three Months Ended
March 31, |
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| Company-owned or managed clinics: |
2024 |
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2023 |
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| Clinics open at beginning of period |
135 |
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126 |
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| Opened during the period |
— |
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4 |
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| Acquired during the period |
— |
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— |
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| Sold during the period |
— |
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— |
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| Closed during the period |
— |
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— |
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| Clinics in operation at the end of the period |
135 |
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130 |
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| Total clinics in operation at the end of the period |
954 |
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870 |
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| Clinic licenses sold but not yet developed |
117 |
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178 |
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| Future clinic licenses subject to executed letters of intent |
46 |
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39 |
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| Disaggregation of Revenue |
VIE total revenue and general administrative expenses for the three months ended March 31, 2024 and 2023 were as follows:
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Three Months Ended
March 31, |
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2024 |
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2023 |
| Revenues |
$ |
10,211,580 |
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$ |
9,882,291 |
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| General and administrative expenses |
4,572,649 |
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4,598,358 |
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The following table shows the Company’s revenues disaggregated according to the timing of transfer of services:
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Three Months Ended March 31, |
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2024 |
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2023 |
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| Revenue recognized at a point in time |
$ |
27,679,517 |
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$ |
26,336,390 |
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| Revenue recognized over time |
2,042,649 |
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1,964,430 |
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| Total Revenue |
$ |
29,722,166 |
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$ |
28,300,820 |
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| Schedule of Variable Interest Entity's Payroll Liability |
The carrying amount of the VIEs’ assets and liabilities was immaterial as of March 31, 2024 and December 31, 2023, except for the balances as follows:
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March 31,
2024 |
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December 31,
2023 |
| Deferred tax assets |
$ |
1,088,802 |
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$ |
1,088,802 |
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| Payroll liabilities |
1,042,706 |
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728,130 |
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| Deferred revenue from company managed clinics |
1,627,538 |
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1,558,178 |
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| Liabilities to be disposed of |
3,664,938 |
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3,622,481 |
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| Other liabilities |
1,235,241 |
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1,235,241 |
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| Schedule of Earnings per Common Share |
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Three Months Ended
March 31, |
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2024 |
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2023 |
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| Net income |
$ |
946,979 |
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$ |
2,326,164 |
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| Weighted average common shares outstanding - basic |
14,801,354 |
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14,566,185 |
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| Effect of dilutive securities: |
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| Unvested restricted stock and stock options |
209,932 |
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295,549 |
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| Weighted average common shares outstanding - diluted |
15,011,286 |
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14,861,734 |
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| Basic earnings per share |
$ |
0.06 |
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$ |
0.16 |
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| Diluted earnings per share |
$ |
0.06 |
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$ |
0.16 |
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The following common stock equivalents were excluded from the computation of diluted earnings per share for the periods presented because including them would have been antidilutive:
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Three Months Ended
March 31, |
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| Weighted average dilutive securities: |
2024 |
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2023 |
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| Restricted stocks |
— |
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— |
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| Stock options |
120,031 |
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92,652 |
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