What was the total value of prepaid expenses for Crawlspace Medic in 2022?
Crawlspace_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
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AUDITED FINANCIAL STATEMENTS
BALANCE SHEETS CSM FRANCHISE GROUP, LLC
| 2022 | December 31, 2021 | 2020 | |
|---|---|---|---|
| ASSETS | |||
| Current Assets | |||
| Cash and cash equivalents | $ 222,873 | $ 173,299 | $ 173,230 |
| Franchisee fees receivable | - | 280,000 | 5,000 |
| Royalty fees receivable | - | 9,972 | 13,890 |
| Due from related p |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2024 FDD)
According to Crawlspace Medic's 2024 Franchise Disclosure Document, the company's prepaid expenses totaled $5,250 in 2022. This figure is part of the company's assets listed in the financial statements. Prepaid expenses are costs that Crawlspace Medic has paid in advance for goods or services that will be received in the future.
For a prospective franchisee, understanding the franchisor's prepaid expenses can offer insights into their financial management and obligations. It reflects how Crawlspace Medic handles its financial commitments and manages its resources. This information, combined with other financial data, helps potential franchisees assess the financial health and stability of the franchisor.
It's important to note that prepaid expenses are just one component of the overall financial picture. Franchisees should review the complete financial statements, including assets, liabilities, and equity, to gain a comprehensive understanding of Crawlspace Medic's financial standing. Consulting with a financial advisor is recommended to interpret these statements in the context of the franchise opportunity.