What was the total value of Bumble Roofing's right-of-use assets in 2023?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
HOLDCO, LLC CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2024, 2023, AND 2022
ASSETS
| 2024 | 2023 ("As Restated") | 2022 ("As Restated") | |
|---|---|---|---|
| Current Assets | |||
| Cash | $ 2,941,232 | $ 1,737,401 | $ 1,492,295 |
| Royalties and accounts receivable, net | 10,215,595 | 8,416,631 | 5,544,544 |
| Rebates receivable, net | 1,889,160 | 1,815,484 | - |
| Notes receivable | 97,904 | 24,492 | 231,429 |
| Inventory | 3,461,346 | 3,215,098 | 950,753 |
| Prepaid expenses and other | 854,615 | 2,211,505 | 1,436,976 |
| Total Current Assets | 19,459,852 | 17,420,611 | 9,655,997 |
| Property and Equipment, Net | 3,998,259 | 3,511,245 | 1,952,874 |
| Other Assets | |||
| Notes receivable, net of current portion | 623,693 | 293,452 | 199,591 |
| Intangibles, net | 237,978,533 | 246,073,099 | 153,303,800 |
| Right-of-use assets | 4,548,121 | 2,972,324 | - |
| Other assets | 37,688 | 28,923 | 28,923 |
| Due from affiliated companies | - | - | 958,379 |
| 243,188,035 | 249,367,798 | 154,490,6 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 53)
What This Means (2025 FDD)
According to Bumble Roofing's 2025 Franchise Disclosure Document, the company's right-of-use assets totaled $2,972,324 in 2023. Right-of-use assets typically represent the value of a company's right to use an asset, such as property or equipment, over a specified lease term. These assets are recognized on the balance sheet as a result of lease accounting standards.
For a prospective Bumble Roofing franchisee, understanding the company's right-of-use assets can provide insight into its leasing obligations and overall financial health. It demonstrates the company's approach to managing its assets and liabilities related to leased properties and equipment. Reviewing the changes in right-of-use assets from year to year can also indicate the company's growth and expansion strategies.
It's important to note that right-of-use assets are closely tied to lease liabilities, which represent the company's obligation to make lease payments. Franchisees should consider both the assets and liabilities when assessing the financial implications of leasing arrangements. Further details about the nature of these leased assets and the terms of the leases can be found in the notes to the financial statements within the FDD.