What was the total current liabilities for Caring Senior Service in 2022?
Caring_Senior_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
ts December 31, 2024, 2023, and 2022**
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| ASSETS | |||
| Current Assets | |||
| Cash and cash equivalents | $ 519,628 | $ 257,005 | $ 130,008 |
| Acounts receivable: | |||
| Trade | 82,374 | 23,729 | 44,144 |
| Related party | 6,513 | 430 | 37,869 |
| Prepaid expenses | 3,924 | 16,484 | 63,733 |
| Total Current Assets | 612,439 | 297,648 | 275,754 |
| Property and equipment, net of depreciation | - | 5,627 | 15,271 |
| Notes receivable | 51,846 | - | 12,000 |
| TOTAL ASSETS | $ 664,285 | $ 303,275 | $ 303,025 |
| LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | |||
| Current Liabilities | |||
| Accounts payable: | |||
| Trade | $ 220,999 | $ 229,137 | $ 238,542 |
| Related party | 2,858 | 3,232 | 528 |
| Accrued state franchise taxes | 23,126 | 17,941 | 10,738 |
| Advances from related party | 95,535 | 97,126 | 54,538 |
| Current portion of interest payable | 30,900 | - | - |
| Current portion of long-term debt | 6,750 | 16,921 | 10,037 |
| Current portion of note payable from related party | 6,845 | 3,869 | - |
| Deferred franchise fees | 133,181 | 94,937 | 53,970 |
| Total Current Liabilities | 520,194 | 463,163 | 368,353 |
| Non-Current Liabilities | |||
| Interest payable | 6,312 | - | - |
| Long-term debt, net of current portion | 499,258 | 497,222 | 512,946 |
| Note payable from related party | 189,285 | 196,131 | - |
| Total Non-Current Liabilities | 694,855 | 693,353 | 512,946 |
| TOTAL LIABILITIES | 1,215,049 | 1,156,516 | 881,299 |
| Partners' Capital | |||
| Partners' Capital (Deficit) - restated | 32,875 | (386,141) | (211,174) |
| Less: receivables from partner-owned entities | (583,639) | (467,100) | (367,100) |
| Total Partners' Capital (Deficit) | (550,764) | (853,241) | (578,274) |
| TOTAL LIABILITIES AND | $ 664,285 | $ 303,275 | $ 303,025 |
Source: Item 23 — RECEIPTS (FDD pages 53–204)
What This Means (2025 FDD)
According to Caring Senior Service's 2025 Franchise Disclosure Document, the total current liabilities for the company in 2022 were $368,353. Current liabilities represent the sum of Caring Senior Service's financial obligations due within a year, including accounts payable to trade and related parties, accrued state franchise taxes, advances from related parties, the current portion of interest payable, the current portion of long-term debt, the current portion of notes payable from related parties, and deferred franchise fees.
For a prospective franchisee, understanding the current liabilities of Caring Senior Service is crucial for assessing the company's short-term financial health and stability. A high level of current liabilities relative to current assets may indicate potential liquidity issues, which could impact the franchisor's ability to support its franchisees. Conversely, a manageable level of current liabilities suggests that the franchisor is capable of meeting its short-term obligations and is financially stable.
The FDD provides a balance sheet detailing Caring Senior Service's financial position as of December 31, 2024, 2023, and 2022. This includes a breakdown of both current and non-current liabilities, offering a comprehensive view of the company's debt structure. Reviewing these figures over the three-year period can help potential franchisees identify trends and assess the franchisor's financial management practices.
It is important for prospective franchisees to analyze these figures in conjunction with other financial data provided in the FDD, such as revenue, expenses, and cash flow statements, to gain a complete understanding of Caring Senior Service's financial performance and stability. Consulting with a financial advisor is recommended to properly interpret the financial statements and assess the potential risks and rewards of investing in a Caring Senior Service franchise.