What was the total amount of Card My Yard's accrued expenses in 2024?
Card_My_Yard Franchise · 2025 FDDAnswer from 2025 FDD Document
cial 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 auditfindings, and certain internal controlrelatedmatters that we identified during the audit.
April 23, 2025
| 2024 | 2023 | |||
|---|---|---|---|---|
| Assets | ||||
| Current assets: | ||||
| Cash | $ | 3,690,691 | $ 1,455,349 | |
| Restricted cash | - | 840,143 | ||
| Accounts receivable, net of an allowance for credit losses | ||||
| of $74,296 and $105,953, respectively | 6,102,611 | 3,565,178 | ||
| Other | 820,000 | - | ||
| current | ||||
| receivable | ||||
| Current | 1,797,429 | 1,382,859 | ||
| portion | ||||
| of | ||||
| contract | ||||
| assets | ||||
| Prepaid and other current assets | 1,803,912 | 1,537,556 | ||
| Total current assets | 14,214,643 | 8,781,085 | ||
| Goodwill, net | 52,556,496 | 66,184,756 | ||
| Intangible assets, net | 45,678,810 | 50,358,496 | ||
| Contract assets, net of current portion | 13,317,603 | 10,981,453 | ||
| Operating lease right-of-use assets | 1,603,081 | 1,272,436 | ||
| Other assets | 2,206,748 | 828,551 | ||
| Total assets | $ 129,577,381 | $ 138,406,777 | ||
| Liabilities and Members' Equity | ||||
| Current liabilities: | ||||
| Accounts payable | $ 1,515,669 | $ 713,523 | ||
| Accrued expenses | 2,383,578 | 2,656,030 | ||
| Current | 3,227,336 | 2,517,756 | ||
| portion | ||||
| of | ||||
| contract | ||||
| liabilities | ||||
| Current portion of operating lease liabilities | 360,394 | 256,163 | ||
| Revolving credit facility | 1,100,000 | - | ||
| Current portion of long-term debt, net of debt issuance costs | 206,519 | 851,000 | ||
| Total current liabilities | 8,793,496 | 6,994,472 | ||
| Contract | 20,994,540 | 17,393,479 | ||
| liabilities, |
Source: Item 23 — RECEIPTS (FDD pages 84–259)
What This Means (2025 FDD)
According to Card My Yard's 2025 Franchise Disclosure Document, the company's accrued expenses totaled $2,383,578 in 2024. This figure reflects the company's short-term liabilities, representing expenses that have been incurred but not yet paid as of the end of the fiscal year.
Accrued expenses are a common item on a company's balance sheet and can include various obligations such as salaries, rent, utilities, and other operational costs. For a prospective franchisee, understanding the franchisor's accrued expenses can provide insights into the company's financial management and its ability to meet its short-term obligations. It's also useful to compare these figures year-over-year to identify any significant changes or trends.
In 2023, Card My Yard's accrued expenses were $2,656,030. The decrease in accrued expenses from 2023 to 2024 could indicate changes in payment schedules, expense management, or other financial strategies. A potential franchisee might want to inquire about the reasons for this change to gain a better understanding of the company's financial health and operational practices.