What was the total reported members' equity for All States M.E.D.?
All_States_M_E_D Franchise · 2024 FDDAnswer from 2024 FDD Document
s well as evaluate the overall presentation of the financial statements.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about All States M.E.D. Franchising, LLC.'s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Miami, Florida April 25, 2024
Balance Sheet
December 31, 2023
Assets
| Cash | $ 121,914 |
|---|---|
| Total assets | $ 121,914 |
| Liabilities and Members' Equity | |
| Liabilities | $ - |
| Deferred franchise fee | - |
| Total liabilities | - |
| Members' Equity | 121,914 |
| Total Members' Equity | 121,914 |
| Total Liabilities and Members' Equity |
Source: Item 23 — RECEIPTS (FDD pages 44–174)
What This Means (2024 FDD)
According to All States M.E.D.'s 2024 Franchise Disclosure Document, two different figures are provided for the total members' equity. One excerpt from Item 23 shows the total member's equity as $121,914. Another excerpt from Item 23 shows the total member's equity as $57,413. These figures represent the company's net worth, which is the amount that would be left over if all assets were sold and all liabilities were paid off.
It is important to note that these figures may not be directly comparable, as they could be from different dates or reflect different accounting methods. The FDD also includes financial statements audited by Smith, Buzzi & Associates, LLC for the period ending December 31, 2023, but the specific members' equity reported in those statements is not quoted in the provided excerpts.
A prospective All States M.E.D. franchisee should carefully review the full financial statements within the FDD and discuss these figures with the franchisor to understand the context and any potential implications for the financial health of the company. Understanding the trend and composition of members' equity is crucial for assessing the financial stability of All States M.E.D.