What was the total value of C12 Group's other assets in 2023?
C12_Group Franchise · 2025 FDDAnswer from 2025 FDD Document
Cash balances in excess of the insured limit totaled approximately $139,000 at December 31, 2023. The Company performs on-going credit evaluations and generally requires no collateral from customers.
The Company is carrying a note receivable for the remaining amount to be collected from the sale of the C12 Atlanta entity to a franchisee in January 2023. The note is due to be collected through monthly principal payments of $9,640 through January 2025. The note has a balance of $133,107 at December 31, 2023.
Rent expense under such leases totaled approximately $134,000 in 2023 and $124,000 in 2022 under such leases.
Accumulated amortization totaled $35,986 at December 31, 2023 and $23,990 at December 31, 2022.
Accumulated amortization totaled $185,725 at December 31, 2023 and $152,530 at December 31, 2022.
Source: Item 22 — CONTRACTS (FDD page 46)
What This Means (2025 FDD)
According to C12 Group's 2025 Franchise Disclosure Document, details regarding the total value of the company's other assets as of December 31, 2023, are not explicitly outlined in the provided excerpts. However, the document does provide information on specific assets and liabilities. For example, the cash balances in excess of the insured limit totaled approximately $139,000 at December 31, 2023. Additionally, the company is carrying a note receivable for $133,107 at December 31, 2023, related to the sale of C12 Atlanta. The accumulated amortization for website and applications totaled $185,725 at December 31, 2023. Accumulated amortization of goodwill totaled $35,986 at December 31, 2023. The document also mentions operating leases, with rent expense totaling approximately $134,000 in 2023. The financial statements include balance sheets, statements of operations, changes in member's equity, and cash flows. These statements offer a detailed view of the company's financial activities and position. However, a consolidated figure for 'other assets' is not provided.
For a prospective franchisee, understanding the composition and value of C12 Group's assets is crucial for assessing the financial health and stability of the franchisor. While the FDD excerpts offer insights into specific asset categories, the absence of a summary figure for 'other assets' necessitates further inquiry. It is important to note that the company sold C12 Atlanta in January 2023, which impacts the financial statements for that year.
To gain a comprehensive understanding of C12 Group's financial position, a potential franchisee should ask the franchisor for a detailed breakdown of all asset categories, including 'other assets,' as of December 31, 2023. This information will help in evaluating the overall financial stability and performance of the company. Furthermore, understanding the nature of these assets and their potential impact on the franchisor's operations is essential for making an informed investment decision.