What was the reported amount of notes receivable for 360 Painting in 2023?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
----|-----------------| | Acquisition of Rooterman | 739,207 | | Contingent consideration of House Doctors | 33,819 | | Impairment of Renew Crew | (169,724) | | Balance at December 31, 2022 | $ 5,433,689 | | Acquisition of Window Gang | 1,635,000
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to 360 Painting's 2025 Franchise Disclosure Document, the notes receivable in 2023 was reported as $34,628. This figure represents the amount of money owed to 360 Painting that is documented by a formal promissory note. Notes receivable are considered assets on the company's balance sheet.
For a prospective franchisee, understanding the notes receivable can provide insight into the financial transactions of 360 Painting. It is important to note that this value can fluctuate year to year, as seen by the reported $74,460 in 2022. Monitoring these figures over time can help assess the financial stability and practices of the company.
It is important to consider notes receivable in conjunction with other financial metrics to gain a comprehensive understanding of 360 Painting's financial health. A high amount of notes receivable could indicate potential risks if these notes are not collected in a timely manner. Therefore, prospective franchisees should evaluate these figures carefully and seek clarification from the franchisor regarding the nature and collectability of these notes.