What was the value of All County's note payable to stockholders - current as of December 31, 2023?
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 value of the note payable to stockholders - current as of December 31, 2023, was $1,698. This liability represents the short-term portion of money owed by All County to its stockholders, which is due within the next year. It is important to note that in 2024, this particular liability is listed as "-", indicating it was either paid off or reclassified.
For a prospective All County franchisee, understanding the company's liabilities is crucial. A note payable to stockholders suggests that the company has borrowed money from its owners, which is a common practice in closely held businesses. The fact that this note was cleared or reclassified in 2024 could indicate improved financial management or a change in the company's capital structure.
Reviewing the balance sheets for multiple years, as presented in the FDD, provides insight into the financial stability and practices of All County. Franchisees should pay close attention to how liabilities like these are managed, as they can impact the company's overall financial health and its ability to support its franchisees. Further investigation into the reasons behind the fluctuation in liabilities can offer a more comprehensive understanding of All County's financial strategies.