What was the total amount Benihana owed for 'Payroll and related' expenses as of December 31, 2021?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
inancial statements. We believe that our audit provides a reasonable basis for our opinion.
/s/ Plante & Moran PLLC
We served as the Company's auditor from 2018 to 2021.
Boulder, Colorado
March 19, 2021
F-4
THE ONE GROUP HOSPITALITY, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share information)
| December 31, 2021 | December 31, 2020 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 23,614 | $ 24,385 |
| Accounts receivable | 11,356 | 5,777 |
| Inventory | 3,915 | 2,490 |
| Other current assets | 3,666 | 1,348 |
| Due from related parties | 376 | 376 |
| Total current assets | 42,927 | 34,376 |
| Property and equipment, net | 69,638 | 67,344 |
| Operating lease right-of-use assets | 85,395 | 80,960 |
| Deferred tax assets, net | 12,313 | 13,226 |
| Intangibles, net | 15,505 | 16,313 |
| Other assets | 3,199 | 2,446 |
| Security deposits | 858 | 904 |
| Total assets | $ 229,835 | $ 215,569 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 11,094 | $ 7,404 |
| Accrued expenses | 23,155 | 15,684 |
| Deferred license revenue | 90 | 207 |
| Deferred gift card revenue and other | 2,029 | 1,990 |
| Current portion of operating lease liabilities | 5,396 | 4,817 |
| Current portion of CARES Act Loans | — | 10,057 |
| Current portion of long-term debt | 500 | 588 |
| Total current liabilities | 42,264 | 40,747 |
| Deferred license revenue, long-term | 298 | 953 |
| Operating lease liabilities, net of current portion | 103,616 | 98,569 |
| CARES Act Loans, net of current portion | — | 8,257 |
| Long-term debt, net of current portion | 23,132 | 45,064 |
| Total liabilities | 169,310 | 193,590 |
| Commitments and contingencies (Note 15) | ||
| Stockholders' equity: | ||
| Common stock, $0.0001 par value, 75,000,000 shares authorized; 32,138,396 issued | ||
| and 32,125,762 outstanding at December 31, 2021 and 29,083,183 shares issued and | ||
| outstanding at December 31, 2020 | 3 | 3 |
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued | ||
| and outstanding at December 31, 2021 and December 31, 2020, respectively | — | — |
| Treasury stock, 12,634 shares and 0 shares at December 31, 2021 and December 31, | ||
| 2020, respectively | (37) | — |
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the company's balance sheet lists 'Accrued expenses' as a current liability. As of December 31, 2021, Benihana's accrued expenses totaled $23,155.
Accrued expenses typically include obligations like payroll, rent, utilities, and taxes that have been incurred but not yet paid. For a prospective Benihana franchisee, this figure provides insight into the short-term financial obligations of the company. It is important to note that this figure represents the total accrued expenses, and payroll and related expenses are only a component of this total.
Understanding the accrued expenses can help a potential franchisee assess Benihana's financial health and stability. A significant increase in accrued expenses from one year to the next might indicate potential cash flow issues or changes in payment practices. Therefore, it's advisable for franchisees to investigate the specific components of accrued expenses to gain a clearer picture of the company's financial obligations.