What was the total long-term liability for All Team in 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; 30,000 shares authorized, 1,000 | ||
| shares issued, and 1,000 shares outstanding | 1,000 | 1,000 |
| Additional p |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 33)
What This Means (2025 FDD)
According to All Team's 2025 Franchise Disclosure Document, the company's total long-term liability in 2022 was $143,935. This figure primarily represents the operating lease liability, net of current maturity.
For a prospective franchisee, understanding the long-term liabilities of All Team is crucial for assessing the financial health and stability of the company. Long-term liabilities, like the operating lease liability, represent obligations that All Team must meet over an extended period. These liabilities can impact the company's cash flow and profitability, which in turn could affect the support and resources available to franchisees.
It's important to note that operating leases are common in many businesses, especially those requiring physical locations. The lease liability reflects All Team's commitment to lease agreements for its business operations. Franchisees should consider how All Team manages these liabilities and whether the company's financial structure is sustainable.
Reviewing the trend of long-term liabilities over several years, as presented in the financial statements, can provide further insights. A consistent or decreasing level of long-term liabilities might indicate sound financial management, while a significant increase could raise concerns about the company's future financial obligations.