What was the total value of Chem Dry's total assets in 2022?
Chem_Dry Franchise · 2024 FDDAnswer from 2024 FDD Document
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 audits, significant audit findings, and certain internal control-related matters that we identified during the audits.
March 22, 2024
Consolidated Balance Sheet
December 31, 2023, 2022, and 2021
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| (As Restated) | |||
| Assets | |||
| Current Assets | |||
| Cash | $ 3,701 | $ 1,372 | $ 3,467 |
| Restricted cash | 781 | 345 | 372 |
| Accounts receivable - Net | 2,338 | 3,074 | 6,331 |
| Inventory (Note 6) | 5,683 | 4,393 | 2,871 |
| Notes receivable - Current portion net of | 639 | 1,661 | 3,567 |
| allowance (Note 7) | |||
| Prepaid |
Source: Item 23 — Receipts (FDD pages 68–264)
What This Means (2024 FDD)
According to Chem Dry's 2024 Franchise Disclosure Document, the company's total assets in 2022 were not explicitly listed. However, the document does provide a breakdown of various asset categories as of December 31, 2022. These include current assets such as cash ($1,372,000), restricted cash ($345,000), accounts receivable ($3,074,000), inventory ($4,393,000), notes receivable ($1,661,000), and prepaid expenses and other current assets ($346,000). Additionally, the company held right-of-use assets ($1,379,000), property and equipment ($1,701,000), goodwill ($56,056,000), intangible assets ($32,566,000), notes receivable ($2,747,000), amounts due from related parties ($1,073,000), and other assets ($1,038,000). All values are listed in thousands.
To calculate the total assets for 2022, a prospective Chem Dry franchisee would need to sum all of these individual asset categories. This calculation provides a comprehensive view of what constitutes the company's asset base, which is essential for understanding its financial health and stability. Understanding the composition of these assets can also give franchisees insight into where Chem Dry's value lies, whether in tangible assets like property and equipment or intangible assets like goodwill and brand recognition.
It is important to note that the goodwill was restated for 2022. Reviewing the notes associated with each asset category, such as 'Note 6' for Inventory and 'Note 9' for Goodwill and Intangible Assets, may provide further details on how these values are determined and any factors that could influence them. This level of detail is crucial for a franchisee to assess the long-term value and potential risks associated with investing in a Chem Dry franchise.