What was the total value of Cornwell Quality Tools' assets in 2022?
Cornwell_Quality_Tools Franchise · 2025 FDDAnswer from 2025 FDD Document
$ 26,136,071 | $ (52,277,990) | $ 205,281,913 |
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2021
| Cornwell Quality Tools Company | CQT Kennedy, LLC | Eliminations | Consolidated | |
|---|---|---|---|---|
| ASSETS | ||||
| CURRENT ASSETS | ||||
| Cash and cash equivalents | $ 24,468,881 | $ 3,574 | $ - | $ 24,472,455 |
| Accounts receivable, trade - Net | 8,665,002 | 456,704 | · - | 9,121,706 |
| Accounts receivable - Subsidiary | 22,032,569 | 8,513,823 | (30,546,392) | - |
| Notes receivable - Net | 2,609,030 | - | - | 2,609,030 |
| Finance receivables - Net | 19,007,487 | - | - | 19,007,487 |
| Inventories - Net | 27,812,344 | 5,345,831 | 33,158,175 | |
| Prepaid expenses and other assets | 1,310,393 | 34,313 | - | 1,344,706 |
| Refundable income taxes | 294,000 | MA. | - | 294,000 |
| Total current assets | 106,199,706 | 14,354,245 | (30,546,392) | 90,007,559 |
| NONCURRENT ASSETS | ||||
| Notes receivable, net of current portion | 9,718,752 | _ | _ | 9,718,752 |
| Finance receivables, net of current portion | 59,693,453 | = | _ | 59,693,453 |
| Note receivable - Subsidiary | 12,435,791 | - | (12,435,791) | , -,···- |
| Investment - Subsidiary | 1,000,000 | - | (1,000,000) | ~ |
| Investments, designated | 158,562 | - | - | 158,562 |
| Property, plant and equipment - Net | 7,386,687 | 6,850,610 | - | 14,237,297 |
| Goodwill - Net | - | 4,029,783 | - | 4,029,783 |
| Deferred income tax asset | 4,064,000 | 4,064,000 | ||
| Total noncurrent assets | 94,457,245 | 10,880,393 | (13,435,79 |
Source: Item 23 — RECEIPT (FDD pages 101–373)
What This Means (2025 FDD)
According to Cornwell Quality Tools' 2025 Franchise Disclosure Document, the consolidated total assets for Cornwell Quality Tools Company as of December 31, 2022, were $181,909,406. This figure represents the sum of all current and noncurrent assets held by Cornwell Quality Tools and its subsidiary, CQT Kennedy, LLC, after eliminations for intercompany transactions.
Specifically, the balance sheet details various asset categories, including cash and cash equivalents, accounts receivable, notes receivable, finance receivables, inventories, prepaid expenses, refundable income taxes, property, plant, and equipment, goodwill, and deferred income tax assets. These assets are crucial for the company's operations as a manufacturer and distributor of hand-held tools, toolboxes, diagnostic equipment, and related products.
For a prospective franchisee, understanding the asset base of Cornwell Quality Tools is important for assessing the financial health and stability of the franchisor. A strong asset base can indicate the company's ability to support its franchisees and invest in future growth. However, it is also important to consider the liabilities and equity alongside the assets to get a complete picture of the company's financial position. Reviewing these figures in relation to previous years and industry benchmarks can provide further insights into the company's performance and potential risks.