Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 17,457,625 $ 18,153,609
Restricted cash 1,190,096 1,060,683
Accounts receivable, net 3,575,784 3,718,924
Deferred franchise and regional development costs, current portion 1,041,492 1,047,430
Prepaid expenses and other current assets 3,436,072 2,439,837
Assets held for sale 16,686,248 17,915,055
Total current assets 43,387,317 44,335,538
Property and equipment, net 8,928,658 11,044,317
Operating lease right-of-use asset 11,859,692 12,413,221
Deferred franchise and regional development costs, net of current portion 4,798,535 5,203,936
Intangible assets, net 4,145,162 5,020,926
Goodwill 7,677,695 7,352,879
Deferred tax assets ($1.1 million and $1.1 million attributable to VIEs as of June 30, 2024 and December 31, 2023) 907,019 1,031,648
Deposits and other assets 736,498 748,394
Total assets 82,440,576 87,150,859
Current liabilities:    
Accounts payable 1,639,841 1,625,088
Accrued expenses 3,161,257 1,963,009
Co-op funds liability 1,190,096 1,060,683
Payroll liabilities ($0.7 million and $0.7 million attributable to VIEs as of June 30, 2024 and December 31, 2023) 4,272,155 3,485,744
Operating lease liability, current portion 3,811,835 3,756,328
Finance lease liability, current portion 26,038 25,491
Upfront regional developer Fees, current portion 298,306 362,326
Other current liabilities 532,251 483,249
Liabilities to be disposed of ($2.8 million and $3.6 million attributable to VIEs as of June 30, 2024 and December 31, 2023) 12,140,570 13,831,863
Total current liabilities 34,014,106 33,574,082
Operating lease liability, net of current portion 10,205,222 10,914,997
Finance lease liability, net of current portion 24,858 38,016
Debt under the Credit Agreement 0 2,000,000
Deferred franchise fee revenue, net of current portion 12,935,888 13,597,325
Upfront regional developer fees, net of current portion 814,823 1,019,316
Other liabilities ($1.2 million and $1.2 million attributable to VIEs as of June 30, 2024 and December 31, 2023) 1,235,241 1,235,241
Total liabilities 59,230,138 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 June 30, 2024 and December 31, 2023 0 0
Common stock, $0.001 par value; 20,000,000 shares authorized, 14,996,787 shares issued and 14,963,772 shares outstanding as of June 30, 2024 and 14,783,757 shares issued and 14,751,633 outstanding as of December 31, 2023 14,996 14,783
Additional paid-in capital 48,595,496 47,498,151
Treasury stock 33,015 shares as of June 30, 2024 and 32,124 shares as of December 31, 2023, at cost (870,058) (860,475)
Accumulated deficit (24,554,996) (21,905,577)
Total The Joint Corp. stockholders' equity 23,185,438 24,746,882
Non-controlling Interest 25,000 25,000
Total equity 23,210,438 24,771,882
Total liabilities and stockholders' equity 82,440,576 87,150,859
Franchise fees    
Current liabilities:    
Deferred revenue 2,521,156 2,516,554
Company clinics    
Current liabilities:    
Deferred revenue $ 4,420,601 $ 4,463,747