What was the total amount of long-term liabilities for Crisp & Green in 2023?
Crisp_Green Franchise · 2024 FDDAnswer from 2024 FDD Document
ntial doubt about Crisp & Green Franchising LLC's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
CliftonLarsonAllen LLP
Milwaukee, Wisconsin April 29, 2024
CRISP & GREEN FRANCHISING LLC BALANCE SHEETS DECEMBER 31, 2023, 2022, AND 2021
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| ASSETS | |||
| CURRENT ASSETS | $ 100 | $ 2,537 | $ 287 |
| Cash | |||
| Accounts Receivable | 519,829 | 2,164,457 | 744,194 |
| Total Current Assets | 519,929 | 2,166,994 | 744,481 |
| OTHER ASSETS Deferred Franchise Costs Due |
Source: Item 23 — RECEIPTS (FDD pages 66–252)
What This Means (2024 FDD)
According to Crisp & Green's 2024 Franchise Disclosure Document, the company's total long-term liabilities in 2023 amounted to $7,412,300. This figure represents the deferred revenue, which is a liability account reflecting payments Crisp & Green has received for services or goods that have not yet been earned or delivered. This deferred revenue is a significant portion of Crisp & Green's total liabilities.
In addition to long-term liabilities, Crisp & Green also had current liabilities, such as accounts payable, which totaled $34,448 in 2023. When combined with the long-term liabilities, the total liabilities for Crisp & Green in 2023 reached $7,446,748. This indicates that the majority of Crisp & Green's financial obligations were related to deferred revenue rather than immediate payments due.
Prospective franchisees should consider the composition and magnitude of these liabilities when assessing the financial health of Crisp & Green. Understanding the nature of deferred revenue and how it impacts the company's overall financial stability is crucial for making an informed investment decision. It is also important to compare these figures with previous years to identify any trends or significant changes in the company's liability structure. Reviewing the auditor's report included in the FDD can provide additional insights into the reliability of these financial statements.