Does Crepe De Licious have any contract assets as of December 31, 2024, 2023 and 2022?

According to Crepe De Licious's 2025 Franchise Disclosure Document, the company reports that it did not have any contract assets as of December 31, 2024, 2023, and 2022. Contract liabilities, on the other hand, include deposits received for initial franchise fees. Crepe De Licious anticipates that substantially all contract liabilities will be satisfied within the subsequent year.

For a prospective franchisee, this means that Crepe De Licious does not carry forward any assets related to its contracts (such as franchise agreements) on its balance sheet for these years. The presence of contract liabilities indicates that Crepe De Licious holds deposits for initial franchise fees, which are expected to be fulfilled in the near term, likely through the opening of new franchise locations or the provision of services related to those fees.

This information is important for assessing the financial health and accounting practices of Crepe De Licious. The absence of contract assets could be due to the company's revenue recognition policies or the nature of its franchise agreements. The presence and expected fulfillment of contract liabilities provide insight into the company's near-term obligations and revenue projections.