What was the amount of All County's long-term note payable as of December 31, 2024?
All_County Franchise · 2025 FDDAnswer from 2025 FDD Document
ults of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America
Joe Teston CPA Advisors St. Petersburg, Florida January 28, 2025
Joe Teston CPA Advisors
Balance Sheets
at December 31, 2024, 2023, & 2022
| Year 2024 | Year 2023 | Year 2022 | |
|---|---|---|---|
| ASSETS | |||
| CURRENT ASSETS: | |||
| Cash and Cash Equivalents | $ 372,503 | $ 80,928 | $ 66,131 |
| Commissions Receivable, net | (3,198) | 45,404 | 95,321 |
| Due from Shareholder | - | - | |
| Notes Due from Franchisees | - | - | |
| Total Current Assets | 369,305 | 126,332 | 161,452 |
| PROPERTY & EQUIPMENT: | |||
| Furniture, Fixtures & Equipment (net of | |||
| accumulated depreciation) | 54,245 | 44,207 | 26,025 |
| OTHER ASSETS: | |||
| National Ad Fund Account | 47,310 | 24,642 | 48,667 |
| TOTAL ASSETS | 470,860 | 195,181 | 236,144 |
| LIABILITIES AND MEMBERS' EQUITY | |||
| LIABILITIES | |||
| Current Liabilities | |||
| Accounts Payable | 84,174 | 161,791 | 46,337 |
| Note Payable to Stockholders - Current | - | 1,698 | 1,698 |
| Deferred Revenue | - | - | - |
| Total Current Liabilities | 84,174 | 163,489 | 48,035 |
| Long-Term Liabilities | |||
| Note Payable | 49,227 | - | - |
| Total Long-Term Liabilities | 49,227 | - | - |
| TOTAL LIABILITIES | 133,401 | 163,489 | 48,035 |
| STOCKHOLDERS' EQUITY (DEFICIT): | |||
| Common Stock, $1 par value | 200 | 200 | 200 |
| (1000 shares authorized / 200 issued & outstanding |
Source: Item 22 — Contracts (FDD page 43)
What This Means (2025 FDD)
According to All County's 2025 Franchise Disclosure Document, the company had a long-term note payable of $49,227 as of December 31, 2024. This note is related to an automobile retail installment sale and carries an annual interest rate of 6.44%, with the final payment due in December 2029.
For a prospective All County franchisee, this information provides insight into the company's financial obligations and debt management. Knowing the details of All County's note payable helps potential franchisees assess the financial stability and health of the franchisor.
The presence of a long-term note payable indicates that All County has financial commitments extending into the future. While a single note payable may not be a significant concern, franchisees may want to inquire about the company's overall debt strategy and its ability to meet its financial obligations. Understanding the franchisor's financial position is crucial for franchisees making a long-term investment.