What was the total value of Bumble Roofing's due to affiliated companies in 2023?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
s of this change in accounting policy for the years ending September 30, 2023 and 2022.
| 2023 | ||||||
|---|---|---|---|---|---|---|
| Previously Stated | Change | Restated | ||||
| Net Income | $ 7,827,835 | $ 2,212,928 | $ 10,040,763 | |||
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 53)
What This Means (2025 FDD)
According to Bumble Roofing's 2025 Franchise Disclosure Document, the total 'Due to affiliated companies' was reported as $4,757,068 in 2023. This figure is part of the company's liabilities. It represents the amount Bumble Roofing owes to its affiliated entities.
For a prospective franchisee, this indicates the financial relationships Bumble Roofing has with its affiliated companies. It's important to understand the nature of these relationships and how they might affect the financial stability and operations of the franchise system. High balances due to affiliates could suggest a reliance on these related parties for funding or services.
It is important to note that the original amount was previously stated as $(8,621,529), but was restated with a change of $3,864,461 to the final amount of $(4,757,068). This restatement indicates a change in the company's accounting or financial reporting practices, which could be due to corrections, acquisitions, or other financial adjustments. Understanding the reasons behind such restatements is crucial for assessing the reliability of the financial information provided.
Franchisees should seek clarification from Bumble Roofing regarding the nature of these debts, the repayment terms, and the potential impact on the franchise system's financial health. Consulting with a financial advisor to review the FDD and related financial statements is advisable to fully understand the implications of these related-party transactions.