What was the 'Accrued Expenses' amount for Fast Fix Jewelry And Watch Repairs in 2023?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
e to state income taxes, net operating loss carrybacks, and goodwill amortization that is deemed non-deductible for tax reporting purposes.
Note 9. Related-Party Transactions
The Company has a management services agreement with the majority member of the Company. The member serves as an advisor and provides management services to the Company. Management fees were approximately $252,000 and $177,000 for the years ended December 31, 2023 and 2022, respectively. There
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 37)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs's 2025 Franchise Disclosure Document, specific details regarding the total 'Accrued Expenses' for the company in 2023 are not explicitly provided. However, the document does mention 'unpaid management fees' included within accrued expenses.
The FDD states that there were approximately $449,000 of unpaid management fees included in accrued expenses on the consolidated balance sheets as of December 31, 2023. This indicates that at least a portion of the accrued expenses is related to these unpaid management fees.
To gain a comprehensive understanding of Fast Fix Jewelry And Watch Repairs's total accrued expenses, a prospective franchisee should ask the franchisor for a complete breakdown of this line item on the company's balance sheet. This will provide clarity beyond just the unpaid management fees and offer a more accurate view of the company's financial obligations.