What was the gross amount of 360 Painting's trademarks in 2023?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
314,840 | | 13,402 | | 671,056 | | (231,173) | | 439,883 | | |
Depreciation and amortization expense related to property and equipment recognized in the consolidated statement of operations was $348,175 and $152,162 for the years ended December 2023 and 2022, respectively.
6. Intangible Assets and Goodwill
Intangible Assets
Intangible assets consisted of the following as of December 31, 2023 and 2022:
| 2023 |
|---|
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to the 2025 FDD, 360 Painting's gross amount of trademarks in 2023 was $1,656,200. This figure represents the historical cost of acquiring or developing the trademarks before any amortization. Trademarks are recognized as intangible assets with an estimated useful life of 15 years.
For a prospective franchisee, this valuation indicates the financial investment 360 Painting has made in its brand identity. A strong trademark can be a valuable asset, contributing to brand recognition and customer loyalty. The gross amount reflects the initial investment, while the accumulated amortization shows how much of that value has been expensed over time.
It's important to note that this figure is part of the consolidated financial statements of Premium Service Brands, LLC and Subsidiaries, the affiliate of 360 Painting, LLC. The trademarks are amortized over their estimated useful life, impacting the net amount reported on the financial statements. Reviewing both the gross amount and accumulated amortization provides a clearer picture of the trademark's value and its impact on the company's financials.