Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (2,649,419) $ 2,005,675
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 2,927,718 4,544,322
Net loss on disposition or impairment (non-cash portion) 1,797,422 209,815
Net franchise fees recognized upon termination of franchise agreements (73,526) (20,050)
Deferred income taxes 124,629 477,154
Stock based compensation expense 1,045,460 683,227
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 85,861 376,444
Prepaid expenses and other current assets (997,307) (1,208,605)
Deferred franchise costs 385,256 51,268
Deposits and other assets 5,196 (12,557)
Assets and liabilities held for sale, net (1,674,226) 0
Accounts payable 14,284 (1,440,375)
Accrued expenses 1,198,248 1,104,369
Payroll liabilities 786,411 815,290
Deferred revenue (631,272) 245,363
Upfront regional developer fees (268,513) (397,457)
Other liabilities (239,348) 59,259
Net cash provided by operating activities 1,836,874 7,493,142
Cash flows from investing activities:    
Proceeds from sale of clinics 224,100 0
Acquisition of CA clinics 0 (1,050,000)
Purchase of property and equipment (657,450) (2,729,875)
Net cash used in investing activities (433,350) (3,779,875)
Cash flows from financing activities:    
Payments of finance lease obligation (12,610) (12,087)
Purchases of treasury stock under employee stock plans (9,583) (2,637)
Proceeds from exercise of stock options 52,098 202,386
Repayment of debt under the Credit Agreement (2,000,000) 0
Net cash provided by (used in) financing activities (1,970,095) 187,662
Increase (decrease) in cash, cash equivalents and restricted cash (566,571) 3,900,929
Cash, cash equivalents and restricted cash, beginning of period 19,214,292 10,550,417
Cash, cash equivalents and restricted cash, end of period 18,647,721 14,451,346
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 17,457,625 13,602,515
Restricted cash 1,190,096 848,831
Cash, cash equivalents and restricted cash, end of period 18,647,721 14,451,346
Net cash paid for:    
Interest 31,390 127,481
Income taxes 410,550 59,989
Unpaid purchases of property and equipment 469 79,871
Franchise Fees Collected Upon Franchise Agreement    
Non-cash investment in acquisition of franchised clinics $ 0 $ 28,997