What was the amount of 360 Painting's accounts payable in 2024?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Charlottesville, Virginia
April 22, 2025
| 2024 | 2023 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 943,020 $ | 722,074 |
| Accounts receivable, net | 3,218,426 | 2,838,106 |
| Prepaid expenses and other current assets | 3,666,212 | 2,486,419 |
| Total current assets | 7,827,658 | 6,046,599 |
| Property and equipment, net | 762,462 | 728,024 |
| Right-of-use lease asset, net | 1,476,728 | 1,633,661 |
| Intangible assets, net | 11,433,105 | 12,925,497 |
| Goodwill | 7,068,689 | 7,068,689 |
| Other assets | 7,888,574 | 7,097,279 |
| Total assets | $ 36,457,216 $ | 35,499,749 |
| Liabilities and Members' Deficit | ||
| Current liabilities | ||
| Accounts payable | $ 434,745 $ | 435,883 |
| Accrued and other liabilities | 3,365,005 | 3,368,024 |
| Deferred revenue, current | 2,041,424 | 1,860,040 |
| Lease liability, current portion | 150,635 | 124,701 |
| Current maturities of long-term debt | 609,375 | 599,500 |
| Total current liabilities | 6,601,184 | 6,388,148 |
| Long-term debt, net | 20,436,661 | 19,918,725 |
| Lease liability, noncurrent porti |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to 360 Painting's 2025 Franchise Disclosure Document, the company's accounts payable for 2024 was $434,745. This figure is part of the consolidated financial statements of Premium Service Brands, LLC and Subsidiaries, which includes 360 Painting. The financial statements provide a snapshot of the company's financial health, with accounts payable representing the short-term obligations the company owes to its suppliers and other creditors.
For a prospective franchisee, understanding the accounts payable figure is crucial as it provides insight into 360 Painting's management of its short-term liabilities. A high accounts payable balance could indicate that the company is effectively managing its cash flow by delaying payments to suppliers, or it could signal potential financial strain if the company is struggling to meet its obligations. Conversely, a low accounts payable balance might suggest that the company is promptly paying its suppliers, which could reflect strong financial health.
It's important to note that these financial statements are for Premium Service Brands, LLC and Subsidiaries, not just 360 Painting alone. While 360 Painting's individual financial statements are not included in the FDD, Premium Service Brands, LLC guarantees the obligations of 360 Painting to its franchisees. Therefore, prospective franchisees should review these consolidated statements carefully to assess the financial stability of the parent company and its ability to support the 360 Painting franchise system.