What was the total value of Canopy Lawn Care's intangibles, net, in 2023, as restated?
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 | |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 55)
What This Means (2025 FDD)
According to Canopy Lawn Care's 2025 Franchise Disclosure Document, the value of intangibles, net, was $246,073,099 in 2023, as restated. Intangible assets typically include items like goodwill, trademarks, and franchise agreements. These assets are not physical but contribute to the overall value of the business.
For a prospective Canopy Lawn Care franchisee, understanding the value and amortization of intangible assets is crucial. Amortization reflects the expense recognized each year as the value of these assets decreases over time. Note 10 provides further details on the company's accounting policy changes.
The FDD also mentions that Canopy Lawn Care acquired a controlling interest in another company during 2023. This acquisition likely impacted the value of intangible assets. Reviewing the notes to the financial statements will provide additional context on how these acquisitions and accounting policies affect the company's financial position.