What was the total amount of Card My Yard's current assets in 2023?
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 total current assets in 2023 were $8,781,085. This figure represents the sum of all assets that Card My Yard expects to convert to cash within one year, including cash, restricted cash, accounts receivable, other current receivables, the current portion of contract assets, and prepaid and other current assets.
Understanding the composition and value of current assets is crucial for prospective franchisees. It provides insight into the company's short-term financial health and its ability to meet its immediate obligations. A healthy level of current assets indicates that Card My Yard is managing its working capital effectively, which can translate to better support and stability for its franchisees.
It's also important to note the specific types of assets included in this total. For example, a significant portion of accounts receivable could indicate potential challenges in collecting payments from customers, while a large amount of prepaid assets might suggest substantial upfront investments in future services or resources. Reviewing these details can give a franchisee a more nuanced understanding of Card My Yard's financial position.