What is the total value of Closet Storage Concepts' stockholders' equity?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
ied Public Accountants
Cmte Nok Brown = Cho IC
Newtown, Pennsylvania April 19, 2023 Newtown, Pennsylvania April 19, 2023
CLOSETS UNLIMITED OF NEW JERSEY, INC. BALANCE SHEET DECEMBER 31, 2022
| ASSETS | |
|---|---|
| CURRENT ASSETS | |
| Cash | $ 674,566 |
| Accounts receivable, net | 177,403 |
| ERTC refundable credits receivable | 622,869 |
| Note receivable | 37,486 |
| Inventory | 46,012 |
| Prepaid expenses and other current assets | 25,865 |
| TOTAL CURRENT ASSETS | 1,584,201 |
| PROPERTY AND EQUIPMENT, NET | 166,232 |
| OPERATING LEASE RIGHT‐OF‐USE ASSETS | 101,778 |
| OTHER ASSETS | |
| Security deposits | 16,569 |
| Intangible assets, net | 166,667 |
| TOTAL ASSETS | $ 2,035,447 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |
| CURRENT LIABILITIES | $ 139,994 |
| Line of credit | |
| Long term debt, current portion | 52,064 |
| Capital lease obligations, current portion | 2,978 |
| Operating lease liabilities, current portion | 51,769 |
| Accounts payable | 67,373 |
| Accrued expenses | 147,208 |
| TOTAL CURRENT LIABILITIES | 461,386 |
| LONG TERM LIABILITIES | |
| Long term debt, net of current portion | 115,266 |
| Capital lease |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts' 2025 Franchise Disclosure Document, the company's total assets amount to $2,035,447 as of the balance sheet provided. The total liabilities add up to $635,445. The document does not explicitly state the total value of the stockholders' equity. To calculate this, one would subtract the total liabilities from the total assets.
Because the stockholders' equity is not explicitly stated, a prospective Closet Storage Concepts franchisee should request a complete balance sheet from the franchisor. This will provide a clear picture of the company's financial position.
Understanding the stockholders' equity is crucial for assessing the financial health and stability of Closet Storage Concepts. It represents the owners' stake in the company and can indicate the company's ability to meet its long-term obligations and fund future growth.