What was the total amount of City Wide's accrued expenses as of December 31, 2024?
City_Wide Franchise · 2025 FDDAnswer from 2025 FDD Document
| City Wide Franchise Company, Inc. | City Wide Franchise of Canada, Inc. | City Wide Franchise International, Inc. | Eliminating Entries | 2024 Consolidated | |
|---|---|---|---|---|---|
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | |||||
| Current Liabilities | |||||
| Accounts payable | $ 16,107,270 | $ 930,438 | $ 386,397 | $ (1,067,650) | $ 16,356,455 |
| Accrued expenses | 1,525,659 | - | 8,167 | - | 1,533,826 |
| Current portion of operating lease liabilities | 188,516 | - | - | - | 188,516 |
| Deferred franchise revenue, current | 705,734 | 35,190 | - | - | 740,924 |
| Other deferred income | 715,920 | - | - | - | 715,920 |
| Total current liabilities | 19,243,099 | 965,628 | 394,564 | (1,067,650) | 19,535,641 |
| Long-term Liabilities | 976,357 | - | - | - | 976,357 |
| Operating lease liabilities, less current portion | |||||
| Deferred franchise revenue, net of current portion | 3,471,058 | 245,475 | - | - | 3,716,533 |
| Deferred compensation | 895,020 | - | - | - | 895,020 |
| Accrued expenses, long-term | 276,776 | - | - | - | 276,776 |
| Refundable advance | 422,723 | - | - | - | 422,723 |
| Total long-term liabilities | 6,041,934 | 245,475 | - | - | 6,287,409 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 65)
What This Means (2025 FDD)
According to City Wide's 2025 Franchise Disclosure Document, the company's consolidated balance sheet for December 31, 2024, lists accrued expenses. These are separated into current and long-term liabilities. The current accrued expenses totaled $1,525,659 for City Wide Franchise Company, Inc. and $8,167 for City Wide Franchise International, Inc.
The document indicates that the total current accrued expenses for the consolidated entities amounted to $1,533,826. Additionally, City Wide had long-term accrued expenses of $276,776.
Therefore, the total accrued expenses, combining both current and long-term liabilities, for City Wide as of December 31, 2024, was $1,810,602. This information is crucial for prospective franchisees to understand the financial obligations of City Wide.