What were the professional fees payable for Face Foundrie as of December 31, 2023?
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, 2023, were $21,230. This figure represents the amount Face Foundrie owed for professional services rendered but not yet paid as of that date. These fees are part of Face Foundrie's accrued expenses, which also include reimbursement payable and accrued payroll.
Accrued expenses are a common liability on a company's balance sheet, reflecting obligations for services, goods, or other benefits received for which invoices haven't been fully processed or paid. For a prospective franchisee, understanding these accrued expenses can provide insight into the company's short-term financial obligations and its management of payables. It's important to note that this figure represents only a snapshot in time and can fluctuate based on the timing of invoices and payments.
When evaluating a franchise opportunity, reviewing the franchisor's balance sheets and understanding the nature of accrued expenses can be a valuable part of due diligence. It allows potential franchisees to assess the franchisor's financial health and stability, which can impact the level of support and resources available to franchisees. Consulting with a financial advisor to interpret these figures in the context of the overall financial picture is advisable.