What was the total value of Amerispec Inspection Services' intangible assets, net, in 2023 as restated?
Amerispec_Inspection_Services Franchise · 2025 FDDAnswer from 2025 FDD Document
nd timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Birmingham, Alabama April 30, 2025
TCB Services HoldCo, LLC and Subsidiaries Consolidated Balance Sheets December 31, 2024 and 2023
| 2024 | 2023 As Restated | |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash | $ 1,736,027 | $ 1,861,862 |
| Accounts receivable, net | 1,744,530 | 1,617,560 |
| Other receivables | 485,856 | - |
| Prepaid expenses and other current assets | 337,782 | 190,172 |
| Total Current Assets | 4,304,195 | 3,669,594 |
| Property and equipment, net | 1,105,077 | 42,500 |
Source: Item 23 — Receipts (FDD pages 47–172)
What This Means (2025 FDD)
According to Amerispec Inspection Services's 2025 Franchise Disclosure Document, the total value of intangible assets, net, for the company in 2023 as restated was $13,034,791. Intangible assets are non-physical assets that can include items such as trade names and franchise relationships. These assets were acquired in connection with a transaction, and Amerispec Inspection Services amortizes the trade names on a straight-line basis over 10 years and franchise relationships on a straight-line basis over 15 years.
For a prospective franchisee, understanding the value and amortization of intangible assets is important because it reflects the financial structure and accounting practices of Amerispec Inspection Services. The company evaluates these assets periodically to ensure that their carrying values are recoverable, and no impairment was noted as of December 31, 2023. This indicates that the company believes these assets will continue to provide economic benefits over their useful lives.
The 2023 financial statements were restated because the company previously did not identify and analyze the value of intangible assets separately from goodwill. This restatement provides a more accurate financial picture, which is crucial for potential franchisees assessing the financial health and stability of Amerispec Inspection Services. The auditor's opinion on the restated statements differs from the original report, reflecting the correction of this accounting method.