What was the amount due to stockholder for All Team as of December 31, 2022?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
findings, and certain internal control related matters that we identified during the audit.
Tampa, Florida
May 30, 2024
ALL TEAM FRANCHISE CORPORATION BALANCE SHEETS
AS OF DECEMBER 31, 2023 AND 2022
| 2023 | 2022 | |
|---|---|---|
| CURRENT ASSETS | ||
| Cash | $ 1,015,879 | $ 894,307 |
| Accounts receivable-trade, pledged, | 1,075,420 | 2,468,379 |
| less credit losses of $57,416 and $51,915, respectively | ||
| Advances to related parties | 1,091,453 | 486,445 |
| Prepaid expenses | 20,368 | 4,098 |
| Due from IRS | 49,780 | - |
| Total Current Assets | 3,252,900 | 3,853,229 |
| PROPERTY AND EQUIPMENT, net | - | - |
| OTHER ASSETS | ||
| Operating lease right-of-use assets | 143,935 | 192,816 |
| Deposits | 34,537 | 34,537 |
| Intangible assets | 61,329 | 61,329 |
| Total Other Assets | 239,801 | 288,682 |
| TOTAL ASSETS | $ 3,492,701 | $ 4,141,911 |
| CURRENT LIABILITIES | ||
| Accounts payable - trade | $ 3,528 | $ - |
| Due to stockholder | 39,378 | 69,378 |
| Current maturity of operating lease liability | 53,626 | 48,881 |
| Credit line payable | 1,321,084 | 1,708,300 |
| Accrued expenses | 231,956 | 277,627 |
| Other funding liabilities | 919,887 | 1,246,428 |
| Total Current Liabilities | 2,569,459 | 3,350,614 |
| LONG TERM LIABILITY | ||
| Operating lease liability, net of current maturity | 90,309 | 143,935 |
| Total Long-Term Liability | 90,309 | 143,935 |
| Total Liabilities | 2,659,768 | 3,494,549 |
| STOCKHOLDER'S EQUITY | ||
| Common stock - $1 par value; |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 33)
What This Means (2025 FDD)
According to All Team's 2025 Franchise Disclosure Document, as of December 31, 2022, the amount due to the stockholder was $69,378. This figure is listed under current liabilities on the balance sheet. This liability represents an obligation All Team has to its stockholder that is expected to be settled within one year.
This "Due to stockholder" liability is distinct from the "Advances to related parties" listed under assets. The advances represent money the company has lent to entities owned by the stockholder, while the "Due to stockholder" is money All Team owes directly to the stockholder.
For a prospective franchisee, this indicates the financial relationships between All Team and its stockholder. It's important to understand the nature of these related-party transactions, as they can impact the company's financial stability and operational decisions. While a liability to a stockholder is not inherently negative, it is important to understand the terms of repayment and whether it could impact the company's ability to invest in franchisee support or innovation.
Franchisees should inquire about the history and nature of these transactions to assess any potential risks or benefits. Understanding the repayment schedule and interest terms (if any) associated with the amount due to the stockholder is crucial for evaluating the financial health of All Team.