What is the total value of Cornwell Quality Tools' current assets?
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 | (13,435,791) | 91,901,847 | | TOTAL ASSETS | $ 200,656,951 LIABILITIES AND SHAREHOL | $ 25,234,638 DERS' EQUITY | $ (43,982,183) | $ 181,909,406 | | CURRENT LIABILITIES | | | | | | Accounts payable | $ 15,106,368 | $ 626,544 | $ - | $ 15,732,912 | | Accounts payable - Parent | 8,513,823 | 22,032,569 | (30,546,392) | - | | Current maturities of capital lease obligation | - | 1,476 | - | 1,476 | | Current maturities of long-term debt | 488,004 | - | - | 488,004 | | Accrued expenses | 2,680,265 | 224,483 | - | 2,904,748 | | Deferred compensation | 116,950 | - | - | 116,950 | | Accrued taxes | 141,910 | 56,317 | | 198,227 | | Total current liabilities | 27,047,320 | 22,941,389 | (30,546,392) | 19,442,317 | | LONG-TERM LIABILITIES | | | | | | Long-term debt, less current maturities | 2,480,663 | - | - | 2,480,663 | | Note payable - Parent | = | 12,435,791 | (12,435,791) | - | | Deferred compensation, less current portion | 1,255,166 | | | 1,255,166 | | Total long-term liabilities | 3,735,829 | 12,435,791 | (12,435,791) | 3,735,829 | | TOTAL LIABILITIES | 30,783,149 | 35,377,180 | (42,982,183) | 23,178,146 | | CONTINGENCIES | | | | | | SHAREHOLDERS' EQUITY (DEFICIT) | 169,873,802 | (10,142,542) | (1,000,000) | 158,731,260 | | TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 200,656,951 | $ 25,234,638 | $ (43,982,183) | $ 181,909,406 |
CONSOLIDATING STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2022
| | | Cornwell | | | | |
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 current assets are detailed in the provided financial statements. There are actually two different balance sheets provided.
One balance sheet shows that the total current assets for Cornwell Quality Tools is $106,199,706, CQT Kennedy, LLC is $14,354,245, eliminations total ($30,546,392), resulting in a consolidated total current assets of $90,007,559.
Another balance sheet shows that the total current assets for Cornwell Quality Tools is $130,295,518, CQT Kennedy, LLC is $18,174,818, eliminations total ($42,272,311), resulting in a consolidated total current assets of $106,198,025.
Potential franchisees should take note of these figures as they represent the liquid assets Cornwell Quality Tools has available. These assets can be used to cover short-term liabilities and operational expenses. Reviewing these figures over time can indicate the financial health and stability of the company.