What was the total amount of accrued expenses for Benihana as of December 31, 2022?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
sumptions.
- We evaluated the reasonableness of management's undiscounted future cash flows analysis by comparing management's projections to (1) the Company's historical results, (2) internal communications to management and the Board of Directors, (3) external communications made publicly by management, and (4) industry data.
- We tested the completeness and accuracy of the underlying source information used by management to identify quantitative indicators of impairment.
/s/ Deloitte & Touche LLP
Denver, Colorado March 14, 2024
We have served as the Company's auditor since 2021.
F-3
THE ONE GROUP HOSPITALITY, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share information)
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 21,047 | $ 55,121 |
| Accounts receivable | 17,264 | 15,220 |
| Inventory | 6,184 | 5,728 |
| Other current assets | 1,809 | 2,091 |
| Due from related parties | 376 | 376 |
| Total current assets | 46,680 | 78,536 |
| Property and equipment, net | 139,908 | 94,087 |
| Operating lease right-of-use assets | 95,075 | 85,161 |
| Deferred tax assets, net | 14,757 | 12,323 |
| Intangibles, net | 15,306 | 15,290 |
| Other assets | 4,636 | 4,774 |
| Security deposits | 883 | 853 |
| Total assets | $ 317,245 | $ 291,024 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 19,089 | $ 13,055 |
| Accrued expenses | 28,333 | 22,409 |
| Deferred gift card revenue and other | 2,077 | 2,115 |
| Current portion of operating lease liabilities | 6,897 | 6,336 |
| Current portion of long-term debt | 1,500 | 1,500 |
| 266 | 256 | |
| Other current liabilities | ||
| Total current liabilities | 58,162 | 45,671 |
| Operating lease liabilities, net of current portion | 120,481 | 105,247 |
| Long-term debt, net of current portion | 70,410 | 70,544 |
| Other long-term liabilities | 832 | 972 |
| Total liabilities | 249,885 | 222,434 |
| Commitments and contingencies (Note 14) | ||
| Stockholders' equity: | ||
| Common stock, $0.0001 par value, 75,000,000 shares authorized; 33,560,428 issued | ||
| and 31,283,975 outstanding at December 31, 2023 and 3 |
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the total accrued expenses as of December 31, 2022, were $22,409. This figure is part of the company's liabilities and stockholders' equity statement, reflecting obligations that Benihana had incurred but not yet paid at the end of that fiscal year.
For a prospective Benihana franchisee, understanding accrued expenses is crucial as it provides insight into the company's short-term financial obligations. Accrued expenses can include items such as unpaid wages, rent, utilities, and taxes. Monitoring these expenses can help franchisees assess the financial health and stability of Benihana.
It's also worth noting that the accrued expenses for Benihana increased from $22,409 as of December 31, 2022, to $28,333 as of December 31, 2023. This increase could be due to various factors, such as increased business activity, changes in payment terms, or new obligations. Franchisees should investigate the reasons behind such changes to gain a deeper understanding of the company's financial performance and potential risks.