Revenue Disclosures (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Revenue from Contract with Customer [Abstract] |
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| Schedule of Disaggregation of Revenue |
The following table shows the Company’s revenues disaggregated according to the timing of transfer of services:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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| Revenue recognized at a point in time |
$ |
28,069,481 |
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$ |
27,418,343 |
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$ |
83,875,419 |
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$ |
81,155,737 |
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| Revenue recognized over time |
2,129,009 |
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2,055,606 |
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6,305,798 |
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5,926,216 |
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| Total Revenue |
$ |
30,198,490 |
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$ |
29,473,949 |
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$ |
90,181,217 |
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$ |
87,081,953 |
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| Schedule of Rollforward of Accounts Receivable |
Changes in the Company’s accounts receivable, net during the nine months ended September 30, 2024 were as follows:
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Accounts Receivable, Net |
| Balance at December 31, 2022 |
$ |
3,911,272 |
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| Balance at December 31, 2023 |
$ |
3,718,924 |
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| Cash received against accounts receivable included at the beginning of the year |
(3,158,145) |
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| Net increase during the nine months ended September 30, 2024 |
2,859,884 |
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| Balance at September 30, 2024 |
$ |
4,295,663 |
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| Schedule of Rollforward of Contract Liabilities Contract Assets |
Changes in the Company’s contract liability for deferred revenue from Company clinics during the nine months ended September 30, 2024 were as follows:
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Deferred Revenue from company clinics |
| Balance at December 31, 2022 |
$ |
7,471,549 |
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| Balance at December 31, 2023 |
$ |
4,463,747 |
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| Revenue recognized that was included in the contract liability at the beginning of the year |
(4,173,367) |
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| Net increase during the nine months ended September 30, 2024 |
2,893,016 |
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| Balance at September 30, 2024 |
$ |
3,183,396 |
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Changes in the Company’s contract liability for deferred franchise fees during the nine months ended September 30, 2024 were as follows:
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Deferred Revenue
short and long-term |
| Balance at December 31, 2022 |
$ |
16,629,735 |
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| Balance at December 31, 2023 |
$ |
16,113,879 |
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| Revenue recognized that was included in the contract liability at the beginning of the year |
(1,997,255) |
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| Net increase during the nine months ended September 30, 2024 |
1,099,561 |
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| Balance at September 30, 2024 |
$ |
15,216,185 |
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The Company’s deferred franchise and development costs represent capitalized sales commissions. Changes during the nine months ended September 30, 2024 were as follows:
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Deferred Franchise and Development Costs
short and long-term |
| Balance at December 31, 2022 |
$ |
6,761,738 |
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| Balance at December 31, 2023 |
$ |
6,251,366 |
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| Cost of revenue recognized that was included in the contract asset at the beginning of the year |
(845,304) |
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| Net increase during the nine months ended September 30, 2024 |
334,816 |
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| Balance at September 30, 2024 |
$ |
5,740,878 |
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| Schedule of Estimated Revenue Related to Performance Obligations |
The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of September 30, 2024:
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| Contract liabilities expected to be recognized in |
Amount |
| 2024 (remainder) |
$ |
657,508 |
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| 2025 |
2,489,091 |
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| 2026 |
2,387,514 |
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| 2027 |
2,312,074 |
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| 2028 |
2,178,929 |
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| Thereafter |
5,191,069 |
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| Total |
$ |
15,216,185 |
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