What was the amount of accrued liabilities for Cinch I.T. in 2020?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
e substantial doubt about Cinch Franchise, LLC's ability to continue as a going concern for a reasonable period of time.
| CINCH FRANCE | HISE, LLC | |||
|---|---|---|---|---|
| BALANCE S | ||||
| DECEMBER 31, 20 | 22 AND 2021 | |||
| $15-50-50MS(7M-4-5 | 40.000 | |||
| ASSET | S | 2022 | 2021 | |
| CURRENT ASSETS | - | |||
| Cash | S | 189.038 | S | 101,234 |
| Receivables: | ||||
| Trade | 54,720 | 112,709 | ||
| Employee Retention Credit | 7 | 32.487 | ||
| Prepaid expenses | 14.494 | 14,697 | ||
| TOTAL CURRENT ASSETS | S _ | 258,252 | S | 261.127 |
| LIABILITIES AND MEMBER | R'S EQUITY (DEFIC | Tr) | ||
| CURRENT LIABILITIES | 21194 | 16 | 43.594 | |
| Payables - trade | S- | 5,155 | 5 | 26,973 |
| Accrued liabilities | 16,534 | 19,451 | ||
| Current portion of deferred revenue | 55,500 | 102,200 | ||
| Due to related parties | 150 | 42,550 | - | 112,866 |
| TOTAL CURRENT LIABILITIES | 100 | 119,739 | 261,490 | |
| LONG-TERM LIABILITIES | A30 |
Source: Item 23 — RECEIPTS (FDD pages 60–269)
What This Means (2024 FDD)
Based on the 2024 Franchise Disclosure Document, the balance sheets for Cinch I.T. include data for 2021 and 2022. Accrued liabilities for 2021 were $19,451 and for 2022 were $16,534.
The balance sheet provides a snapshot of Cinch I.T.'s financial obligations, including accrued liabilities, which represent expenses that have been incurred but not yet paid. Monitoring these liabilities can help a franchisee understand the company's short-term financial health and its ability to meet its immediate obligations.
While the document provides figures for 2021 and 2022, it does not include the amount of accrued liabilities for 2020. To get a more complete picture of the company's financial history, a prospective franchisee should request additional financial statements from Cinch I.T. that include data for 2020. This will allow for a more thorough analysis of trends and potential financial risks.