What was the credit line payable for All Team as of December 31, 2023?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
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Tampa, Florida March 24, 2025
ALL TEAM FRANCHISE CORPORATION BALANCE SHEETS
AS OF DECEMBER 31, 2024 AND 2023
| 2024 | 2023 | |
|---|---|---|
| CURRENT ASSETS | ||
| Cash | $ 629,272 | $ 1,015,879 |
| Accounts receivable-trade, pledged, | 589,672 | 1,075,420 |
| less credit losses of $63,416 and $57,416, respectively | ||
| Advances to related parties | 1,526,254 | 1,091,453 |
| Prepaid expenses | 81,663 | 20,368 |
| Due from IRS | - | 49,780 |
| Total Current Assets | 2,826,861 | 3,252,900 |
| PROPERTY AND EQUIPMENT, net | - | - |
| OTHER ASSETS | ||
| Operating lease right-of-use assets | 90,309 | 143,935 |
| Deposits | 34,537 | 34,537 |
| Intangible assets | 61,329 | 61,329 |
| Total Other Assets | 186,175 | 239,801 |
| TOTAL ASSETS | $ 3,013,036 | $ 3,492,701 |
| CURRENT LIABILITIES | ||
| Accounts payable - trade | $ 2,646 | $ 3,528 |
| Due to stockholder | 14,772 | 39,378 |
| Current maturity of operating lease liability | 58,709 | 53,626 |
| Credit line payable | 859,983 | 1,321,084 |
| Accrued expenses | 124,879 | 231,956 |
| Other funding liabilities | 1,133,303 | 919,887 |
| Total Current Liabilities | 2,194,292 | 2,569,459 |
| LONG TERM LIABILITY | ||
| Operating lease liability, net of current maturity | 31,600 | 90,309 |
| Total Long-Term Liability | 31,600 | 90,309 |
| Total Liabilities | 2,225,892 | 2,659,768 |
| 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, the credit line payable as of December 31, 2023, was $1,321,084. This figure is part of the company's current liabilities, which totaled $2,569,459 for that year. The credit line is with Centennial Bank under a "Capital Express Agreement" and functions as accounts receivable financing.
The agreement stipulates that the outstanding face amount of purchased receivables cannot exceed $4,700,000. Fees are applied to the accounts receivable, with 0.95% charged for the first 15 days after the posting date. After this initial period, a higher fee of 0.3% per day is charged on unpaid accounts until payment is received. The credit line is secured by the accounts receivable themselves.
For a prospective All Team franchisee, this information provides insight into the company's financing arrangements and debt obligations. Understanding the credit line payable and its terms can help franchisees assess the financial stability of All Team. It also highlights the importance of managing accounts receivable effectively, as these directly secure the credit line and impact associated fees. Franchisees should consider these factors when evaluating the overall financial health and operational strategies of All Team.