What was the total value of 360 Painting's other long-term assets as of December 31, 2022?
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 value of other long-term assets as of December 31, 2022, was $5,532,968. These assets are further broken down into prepaid commissions and notes receivable.
Specifically, the prepaid commissions totaled $5,458,508, while notes receivable amounted to $74,460 as of the same date. This information is derived from the consolidated financial statements of Premium Service Brands, LLC and Subsidiaries, which include 360 Painting.
A prospective franchisee should understand the composition and nature of these 'other long-term assets'. Prepaid commissions likely represent payments made in advance for services or benefits extending beyond a year, while notes receivable are amounts due to the company from others. Reviewing these figures in the context of 360 Painting's overall financial health can provide insights into the company's financial strategies and stability.