What was the total amount of assets for 1-800-GOT-JUNK? as of December 31, 2024?
1_800_Got_Junk Franchise · 2025 FDDAnswer from 2025 FDD Document
/s/ KPMG LLP Chartered Professional Accountants Vancouver, Canada April 29, 2024 1-800-GOT-JUNK? LLC Consolidated Balance Sheets (Expressed in United States dollars)
December 31, 2023 and 2022
Notes
Assets
Current assets: Cash $ 6,452,149 $ 2,588,388 Short-term investment 100,578 100,175 Accounts receivable (net of allowance for doubtful accounts: 2023 - $690,491 (2022 - $153,943)) 21,204,821 15,175,147 Due from related parties 2,010,218 Prepaid expenses
109,478 5,000 Income taxes recoverable
12,298 73,995
29,889,542 17,942,735
Equipment 147,150 93,423 Deferred income tax assets 2,075,109 1,844,487
$ 32,111,801 $ 19,880,645
Source: Item 21 — Financial Statements (FDD page 56)
What This Means (2025 FDD)
According to 1-800-GOT-JUNK?'s 2025 Franchise Disclosure Document, the company's total assets as of December 31, 2023, amounted to $32,111,801. This figure includes both current and non-current assets. Current assets consist of cash, short-term investments, accounts receivable (net of allowance for doubtful accounts), due from related parties, prepaid expenses, and income taxes recoverable. Non-current assets include equipment and deferred income tax assets. The corresponding figure for December 31, 2022, was $19,880,645.
For a prospective 1-800-GOT-JUNK? franchisee, understanding the asset composition and changes in asset values is crucial for assessing the financial health and stability of the franchisor. A significant increase in assets could indicate growth and successful management, while a decrease might raise concerns about financial performance. Reviewing these figures in comparison to previous years and industry benchmarks can provide a more comprehensive understanding.
It is important to note that these figures are based on the consolidated balance sheets and are expressed in United States dollars. The financial statements are prepared in accordance with generally accepted accounting principles (GAAP) and are audited by KPMG LLP, a chartered professional accountant in Vancouver, Canada. The notes accompanying the consolidated financial statements provide additional details and explanations of the various asset categories and accounting policies used.
Prospective franchisees should carefully examine the notes to the financial statements and consider consulting with a financial advisor to fully understand the implications of these asset figures for their investment decision. Understanding the franchisor's financial position is a key part of the due diligence process before investing in a 1-800-GOT-JUNK? franchise.