What was the 'Other' current liability amount for Fast Fix Jewelry And Watch Repairs in 2024?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
| | (1,251,279) | | (344,949) | | Net income | | | | | | | 357,356 | | 357,356 | | Balance, December 31, 2024 | 978,781 | $ | 100 | $ | 906,230 | $ | (893,923) | $ | 12,407 |
| 2024 | 2023 | |||
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $ | 357,356 | $ | 279,052 |
| Adjustments to reconcile net income to | ||||
| net cash provided by operating activities: | ||||
| Depreciation and amortization | 693,840 | 695,347 | ||
| Amortization of debt issuance costs | 77,040 | 77,040 | ||
| Deferred income taxes | 22,787 | 63,958 | ||
| Provision for credit losses | 46,557 | |||
| Paid-in-Kind (PIK) interest | 43,543 | 44,984 | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | 52,988 | 5,495 | ||
| Franchise and advances receivable, net | 103,004 | - | ||
| Inventory | (28,005) | 325,631 | ||
| Prepaid expenses and other current assets | 33,280 | 30,120 | ||
| Deposits | 14,886 | 3,063 | ||
| Operating right-of-use assets and lease liabilities, net | 13,131 | 38,772 | ||
| Accounts payable | (127,596) | 86,698 | ||
| Accrued expenses and other liabilities | 16,810 | (221,455) | ||
| Income tax receivables and payables, net | 58,034 | (138,850) | ||
| Deferred revenue | (149,311) | (38,193) | ||
| Net cash provided by operating activities | 1 | 1,181,787 | 1,298,219 | |
| Investing activities | ||||
| Issuance of franchise notes and advances receiveable | (230,507) | (620,157) | ||
| Payments received on franchise notes and advances receivable | 225,351 | 71,111 | ||
| Purchases of property and equipment | (10,843) | (135,609) | ||
| Net cash used for investing activities | _ | (15,999) | (684,655) | |
| Financing activities | ||||
| Principal payments on long-term debt |
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, the company's accrued expenses and other liabilities for 2024 amounted to $16,810. This figure reflects the changes in operating assets and liabilities during the specified period. It's important to note that this value is derived from the consolidated statements of operations, which include adjustments to reconcile net income to net cash provided by operating activities.
For a prospective franchisee, understanding this figure is crucial as it provides insight into the company's short-term financial obligations beyond typical accounts payable. Accrued expenses can include items like unpaid wages, taxes, or interest, offering a glimpse into the company's operational efficiency and financial management. Monitoring these liabilities can help franchisees assess the financial health and stability of Fast Fix Jewelry And Watch Repairs.
However, it is important to recognize that this figure is part of a larger financial picture. A thorough analysis would require comparing this value to previous years and industry benchmarks to identify any significant trends or anomalies. Additionally, franchisees should consider how these liabilities might impact the company's ability to invest in growth, support franchisees, or navigate unforeseen economic challenges. Consulting with a financial advisor is recommended to fully understand the implications of this data.