What was the total amount of accounts payable and accrued expenses for Canopy Lawn Care in 2022?
Canopy_Lawn_Care Franchise · 2025 FDDAnswer from 2025 FDD Document
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 | 154,490,693 | |
| $ 266,646,146 LIABILITIES AND MEMBER'S EQUITY | $ 270,299,654 | $ 166,099,564 | |
| Liabilities | |||
| Accounts payable and accrued expenses | $ 7,890,614 | $ 7,737,340 | $ 3,264,529 |
| Contract liability - deferred revenue on franchise sales | 936,343 | 2,189,795 | 1,619,650 |
| Contract liability - customer deposits | 1,016,629 | 1,518,782 | 780,338 |
| Operating lease liabilities, current portion | 965,045 | 664,894 | - |
| Total Current Liabilities | 10,808,631 | 12,110,811 | 5,664,517 |
| Long-Term Liabilities | |||
| Operating lease liabilities, net of current portion | 4,676,367 | 3,117,530 | - |
| Due to affiliated companies | 6,475,895 | 4,757,068 | - |
| Note payable | 525,000 | 525,000 | - |
| 11,677,262 | 8,399,598 | - | |
| Noncontrolling Interest (Deficit) | (296,513) | (119,883) | - |
| Member's Equity | 244,456,766 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 55)
What This Means (2025 FDD)
According to Canopy Lawn Care's 2025 Franchise Disclosure Document, the total accounts payable and accrued expenses for the company in 2022 was $3,264,529. This figure represents the company's short-term liabilities, including obligations to suppliers and other accrued expenses.
For a prospective Canopy Lawn Care franchisee, understanding the accounts payable and accrued expenses is crucial for assessing the company's financial health and stability. A higher amount of accounts payable and accrued expenses could indicate that the company is managing its short-term obligations effectively, while a lower amount might suggest a more conservative approach to financial management. However, it is important to analyze this figure in conjunction with other financial metrics to gain a comprehensive understanding of the company's financial position.
It's also important to note that the provided financial statements are consolidated, reflecting the financial performance of Outdoor Living Brands (OLB) Holdco, LLC, which includes Canopy Lawn Care and other franchise brands. Therefore, the accounts payable and accrued expenses figure represents the combined obligations of all the brands under OLB Holdco, not just Canopy Lawn Care. A prospective franchisee should consider this when evaluating the financial information and should seek clarification from the franchisor regarding the specific financial performance of Canopy Lawn Care.