What was the current portion of notes payable for Camp Margaritaville as of December 31, 2022?
Camp_Margaritaville Franchise · 2025 FDDAnswer from 2025 FDD Document
t procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.
- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Other Information
Management is responsible for the other information. The Other Financial Information on pages 26 and 27 is presented for purposes of additional analysis but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
April 25, 2024
Consolidated Balance Sheets
| December 31 | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Assets | ||||
| Current assets: | ||||
| Cash | $ | 17,701,723 | $ | 7,528,661 |
| Accounts receivable | 17,026,684 | 16,131,311 | ||
| Short-term notes receiv |
Source: Item 23 — RECEIPTS (FDD pages 72–406)
What This Means (2025 FDD)
According to Camp Margaritaville's 2025 Franchise Disclosure Document, the current portion of notes payable as of December 31, 2022, was $1,050,000. This figure represents the amount of the company's notes payable that were due within one year from that date.
For a prospective franchisee, understanding the current portion of notes payable is crucial as it reflects the short-term debt obligations of Camp Margaritaville. This liability is part of the overall financial health assessment. A high current portion of notes payable relative to current assets could indicate potential liquidity issues.
It is important to note that these financial statements are unaudited. The FDD explicitly advises prospective franchisees to be aware that no certified public accountant has audited these figures or expressed an opinion on their content or form. Therefore, franchisees should exercise caution and consider seeking independent financial advice to fully understand the implications of these figures.