What was the total equity for Bumble Roofing as of September 30, 2022, as restated?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
D STATEMENTS OF MEMBER'S EQUITY FOR THE YEARS ENDING SEPTEMBER 30, 2024, 2023, AND 2022
| Consolidated Member's Equity | Noncontrolling Interest | Total Equity | |
|---|---|---|---|
| Balance, September 30, 2021, as Previously Stated | $ 90,140,596 | $ - | $ 90,140,596 |
| Prior Period Adjustment - Change in Accounting Policy (Note 10) | 26,757 | - | 26,757 |
| Balance, September 30, 2021, as Restated | 90,167,353 | - | 90,167,353 |
| Net Income, as Restated | 6,089,513 | - | 6,089,513 |
| Distributions to Member | (5,078,245) | - | (5,078,245) |
| Contributions from Member | 69,256,426 | - | 69,256,426 |
| Balance, September 30, 2022, as Restated | 160,435,047 | - | 160,435,047 |
| Net Income (Loss), as Restated | 10,040,763 | (120,083) | 9,920,680 |
| Distributions to Member | (17,682,672) | - | (17,682,672) |
| Contributions from Member | 97,115,990 | 200 | 97,116,190 |
| Balance, September 30, 2023, as Restated | 249,909,128 | (119,883) | 249,789,245 |
| Net Income (Loss) | 20,635,648 | (176,630) | 20,459,018 |
| Distributions to Member | (26,088,010) | - | (26, |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 53)
What This Means (2025 FDD)
According to Bumble Roofing's 2025 Franchise Disclosure Document, the total equity as of September 30, 2022, as restated, was $160,435,047. This figure represents the sum of the consolidated member's equity ($160,435,047) and noncontrolling interest ($ -) at that time.
This number is a snapshot of the company's net worth at that specific point in time. It reflects the cumulative effect of past earnings, contributions from members, and any distributions made. For a prospective franchisee, this indicates the financial stability and overall capitalization of Bumble Roofing. A higher equity amount generally suggests a more financially robust franchisor.
It's important to note that this equity figure is 'as restated,' meaning it has been adjusted to reflect changes in accounting policies or corrections of prior errors. In this case, the beginning balance was adjusted due to a change in accounting policy. Reviewing the notes to the financial statements, particularly Note 10, would provide further details on the nature and impact of these restatements. Understanding these adjustments is crucial for accurately interpreting the equity figure and its implications for the franchisor's financial health.
Furthermore, the FDD shows the equity balance is calculated on a consolidated basis, including the accounts of OLB Holdco and its wholly-owned subsidiaries. This means the financial performance of all these entities contributes to the overall equity figure. A prospective franchisee should consider this consolidated structure when evaluating the financial stability of Bumble Roofing, as the performance of other subsidiaries could impact the franchisor's resources and ability to support its franchisees.