What was the total equity for Canopy Lawn Care as of September 30, 2021, as previously stated?
Canopy_Lawn_Care Franchise · 2025 FDDAnswer from 2025 FDD Document
ENTS OF MEMBER'S EQUITY FOR THE YEARS ENDING SEPTEMBER 30, 2024, 2023, AND 2022
| Consolidated Member's Equity | Noncontrolling Interest | Total Equity | |
|---|---|---|---|
| Balance, September 30, 2021, as Previously Stated | $ 90,140,596 | $ - | $ 90,140,596 |
| Prior Period Adjustment - Change in Accounting Policy (Note 10) | 26,757 | - | 26, |
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 equity as of September 30, 2021, was previously stated as $90,140,596. This figure represents the consolidated member's equity at that time.
It's important to note that this equity figure was later subject to a prior period adjustment due to a change in accounting policy, as detailed in Note 10 of the financial statements. This adjustment resulted in an increase of $26,757, bringing the restated total equity to $90,167,353 as of the same date.
Understanding the initial equity and the subsequent adjustments can provide prospective franchisees with insights into the financial history and accounting practices of Canopy Lawn Care. Reviewing the notes to the financial statements, particularly Note 10, will offer further clarity on the nature and impact of the accounting policy change.