What was the reported value of total other long-term assets 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 total other long-term assets for the company in 2023 was valued at $7,097,279. These assets are detailed in the financial statements provided in Item 21 of the FDD. The FDD further breaks down what comprises this total value.
The composition of other long-term assets includes prepaid commissions and notes receivable. Specifically, in 2023, prepaid commissions amounted to $7,062,651, while notes receivable accounted for $34,628. These two components combined constitute the total value of other long-term assets reported for that year.
For a prospective 360 Painting franchisee, understanding the nature and value of these assets can provide insights into the financial health and operational strategies of the company. Prepaid commissions, for example, might relate to upfront payments made for services or agreements that extend over a long period. Notes receivable could represent money owed to the company from various transactions. Reviewing these figures in comparison to previous years, as also provided in the FDD, can help potential franchisees identify trends and assess the stability and growth potential of 360 Painting.