What was the amount of professional fees payable for Face Foundrie as of December 31, 2024?
Face_Foundrie Franchise · 2025 FDDAnswer from 2025 FDD Document
| Accrued expenses as of December 31, 2024, 2023 and 2022 consist of the following: | ||||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | ||||
| Reimbursement payable | $ | - | $10,049 | $ | - | |
| Professional fees payable | 23,265 | 21,230 | 5,495 | |||
| Accrued payroll | 16,223 $39,488 | $31,279 | - $63,084 | 57,589 |
Source: Item 23 — RECEIPTS (FDD pages 74–257)
What This Means (2025 FDD)
According to Face Foundrie's 2025 Franchise Disclosure Document, the professional fees payable as of December 31, 2024, were $23,265. This figure represents the amount Face Foundrie owed for professional services rendered but not yet paid as of that date.
Accrued expenses, including professional fees, are a standard accounting practice reflecting short-term liabilities. For a prospective franchisee, this specific figure provides limited insight on its own. However, it is part of a broader picture of Face Foundrie's financial health and management. Reviewing trends in accrued expenses over several years, as presented in the table, can indicate how consistently Face Foundrie manages its financial obligations.
It is important to note that this figure reflects the professional fees payable by the franchisor, Face Foundrie Franchising L.L.C., and not the expenses a franchisee would incur in their own operations. Franchisees should focus on understanding their own potential professional fees, such as those for legal, accounting, or consulting services, which are typically separate from the franchisor's.