What was the amount of long-term notes receivable for Camp Margaritaville as of December 31, 2023?
Camp_Margaritaville Franchise · 2025 FDDAnswer from 2025 FDD Document
guidance. Effective for fiscal years beginning after December 15, 2022, earlier application is permitted. The Company adopted the standard in 2023 using a modifiedretrospective approach. There was no material impact on the Company's Consolidated Financial Statements
Source: Item 23 — RECEIPTS (FDD pages 72–406)
What This Means (2025 FDD)
According to Camp Margaritaville's 2025 Franchise Disclosure Document, the long-term notes receivable as of December 31, 2023, was $0.
The notes receivable stem from a promissory note executed on April 19, 2021, with a Caribbean restaurant license partner related to uncollected royalties. The note was later amended in November 2022 to include additional uncollected royalties and new payment terms. The balance of this receivable is reflected in both short-term and long-term note receivables on the company's consolidated financial statements.
The FDD provides a table that breaks down the short-term and long-term notes receivable. For the year ended December 31, 2023, the long-term note receivable is reported as $ –.