What was the amount of the note payable (long-term) for All County in 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 note payable (long-term) for the company as of December 31, 2024, was $49,227. The 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.
This information is found within the liabilities section of All County's balance sheet. It indicates the company has a financial obligation extending beyond the next 12 months. For a prospective franchisee, this detail provides insight into the financial structure and long-term debts of All County.
Understanding the franchisor's financial obligations can help potential franchisees assess the financial stability of All County. Reviewing the notes payable and other liabilities in the FDD can offer a more complete picture of the company's financial health and its ability to support its franchisees.