What was the total value of Canopy Lawn Care's property and equipment, net, in 2024?
Canopy_Lawn_Care Franchise · 2025 FDDAnswer from 2025 FDD Document
t (Continued)
Property and equipment consists of the following at September 30:
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Leasehold improvements | $ 2,733,134 | $ 2,295,625 | $ 799,907 |
| Furniture and fixtures | 282,614 | 276,558 | 276,558 |
| Office equipment | 190,411 | 38,506 | 20,273 |
| Vehicles and equipment | 1,949,857 | 1,573,129 | 1,104,812 |
| Computer equipment and software | 162,420 | 143,479 | - |
| Construction in progress | 61,617 | - | - |
| 5,380,053 | 4,327,297 | 2,201,550 | |
| Less: accumulated depreciation and | |||
| amortization | (1, |
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 value of property and equipment, net, was $3,998,259 in 2024. This figure represents the depreciated value of assets like leasehold improvements, furniture, fixtures, office equipment, vehicles, equipment, computer equipment, software and construction in progress. These assets are essential for Canopy Lawn Care's operations, reflecting investments in infrastructure and tools necessary to deliver its services.
The value of property and equipment is calculated by subtracting accumulated depreciation and amortization from the original cost of these assets. For 2024, the gross value of these assets totaled $5,380,053, while the accumulated depreciation and amortization amounted to $1,381,794, resulting in the net value of $3,998,259. This net value provides a snapshot of the remaining economic value of Canopy Lawn Care's tangible assets after accounting for wear and tear or obsolescence.
Prospective franchisees should consider the level of investment in property and equipment as it indicates the scale of operations and the resources available to Canopy Lawn Care. A higher net value of property and equipment can suggest a more robust and well-equipped business, but it also implies higher capital expenditure and ongoing maintenance costs. Reviewing these figures over several years, as presented in the table, can reveal trends in capital investment and asset management practices within the company.