What were the total liabilities for Face Foundrie as of December 31, 2023?
Face_Foundrie Franchise · 2025 FDDAnswer from 2025 FDD Document
Restrictions on Use
The use of this report is restricted to inclusion within the Company's Franchise Disclosure Document (FDD) and is not intended to be, and should not be, used or relied upon by anyone for any other use.
St. George, Utah April 16, 2025
BALANCE SHEETS
As of December 31, 2024, 2023 and 2022
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | $ 3,480,620 | $ 1,969,123 | $ 1,611,868 |
| Accounts receivable, net | 424,770 | 96,311 | 101,020 |
| Prepaid expenses | 8,530 | 17,976 | - |
| Related party note receivable | 750,000 | 750,000 | 130,986 |
| Deferred contract costs | - | 30,000 | 34,000 |
| Other current assets | - | 29,383 | 73,451 |
| Total current assets | 4,663,920 | 2,892,793 | 1,951,325 |
| Non-current assets | |||
| Operating lease right-of-use asset | 331,322 | 366,840 | 400,209 |
| Equipment, net | 8,039 | 5,030 | 6,577 |
| Intangible assets, net | 41,404 | 53,872 | 42,340 |
| Total non-current assets | 380,765 | 425,742 | 449,126 |
| Total assets | $ 5,044,685 | $ 3,318,535 | $ 2,400,451 |
| Liabilities and Member's Deficit | |||
| Current liabilities | |||
| Accounts payable | $ 42,622 | $ 20,074 | $ - |
| Accrued expenses | 39,488 | 31,279 | 63,084 |
| Credit card payable | 19,368 | 22,075 | 9,497 |
| Gift card liability | 2,434,596 | 1,468,430 | 712,736 |
| Operating lease liability, current | 58,952 | 32,486 | 29,204 |
| Deferred revenue, current | 819,881 | 447,000 | 131,147 |
| Total current liabilities | 3,414,907 | 2,021,344 | 945,668 |
| Non-current liabilities | |||
| Operating lease liability, non-current | 284,843 | 343,795 | 376,281 |
| Deferred revenue, non-current | 1,72 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 73)
What This Means (2025 FDD)
According to Face Foundrie's 2025 Franchise Disclosure Document, the company's total liabilities as of December 31, 2023, were $4,151,843. This figure represents the sum of Face Foundrie's current and non-current liabilities at that time. Current liabilities, which are obligations due within one year, totaled $2,021,344, while non-current liabilities, those due beyond one year, amounted to $2,130,499.
Breaking down the current liabilities, Face Foundrie had accounts payable of $20,074, accrued expenses of $31,279, credit card payable of $22,075, a gift card liability of $1,468,430, current operating lease liability of $32,486, and deferred revenue of $447,000. The non-current liabilities consisted of an operating lease liability of $343,795 and deferred revenue of $1,786,704.
For a prospective Face Foundrie franchisee, understanding the company's liabilities is crucial as it provides insight into the financial obligations Face Foundrie has. A high level of liabilities could indicate financial strain, which might affect the franchisor's ability to support its franchisees. Conversely, manageable liabilities suggest a stable financial foundation. Reviewing these figures in comparison to Face Foundrie's assets and revenue trends can offer a more comprehensive view of the company's financial health.
It is important for potential franchisees to analyze these figures in the context of Face Foundrie's overall financial statements, including the balance sheets, income statements, and cash flow statements, to gain a thorough understanding of the company's financial position. Consulting with a financial advisor is recommended to interpret these statements and assess the financial risks and opportunities associated with investing in a Face Foundrie franchise.