Supplemental Disclosure of Non-cash Activity |
6 Months Ended |
|---|---|
Jun. 30, 2017 | |
| Notes to Financial Statements | |
| Cash Flow, Supplemental Disclosures [Text Block] |
During the six months ended June 30, 2017 and 2016, cash paid for income taxes was $22,838 and $0, respectively. During the six months ended June 30, 2017 and 2016, cash paid for interest was $56,993 and $3,550, respectively.Supplemental disclosure of non-cash activity: As of June 30, 2016, we had property and equipment purchases of $258,696 which were included in accounts payable.In connection with our acquisitions of franchises during the six months ended June 30, 2016, we acquired $296,571 of property and equipment, intangible assets of $294,772, goodwill of $478,326 and assumed deferred revenue associated with membership packages paid in advance of $72,218 in exchange for $839,000 in cash and notes payable issued to the sellers for an aggregate amount of $186,000. Additionally, at the time of these transactions, we carried deferred revenue of $29,000, representing franchise fees collected upon the execution of franchise agreements, and deferred costs of $1,450, related to our acquisition of undeveloped franchises. We netted these amounts against the aggregate purchase price of the acquisitions (Note 2 ).In connection with our reacquisition and termination of regional developer rights during the six months ended June 30, 2016, we had deferred revenue of $224,750, representing license fees collected upon the execution of the regional developer agreements. In accordance with ASC-952 -605, we netted these amounts against the aggregate purchase price of the acquisitions (Note 2 ).In connection with our sale of the regional developer territory in Central Florida, we issued a note receivable in the amount of
$187,000 with revenue to be recognized over the anticipated number of clinics to be opened in that territory. |