What was the current maturity of operating lease liability for All Team as of December 31, 2024?
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 current maturity of the operating lease liability as of December 31, 2024, was $58,709. This represents the portion of the operating lease liability that All Team was obligated to pay within the next 12 months from that date.
An operating lease is a type of lease where the asset's risk and ownership benefits remain with the lessor. All Team has an operating lease in place for a real estate lease that is set to expire in 2026. The company also has other operating leases with terms less than 12 months, which are recognized as rent expense as the lease payments are made.
The operating lease liability, net of current maturity, was $31,600 as of December 31, 2024. This figure represents the remaining portion of the operating lease liability extending beyond the next 12 months. Understanding the breakdown between current and non-current portions of lease liabilities is important for assessing All Team's short-term and long-term financial obligations related to its leased assets.