What were the deposits 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 recei |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 37)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs' 2025 Franchise Disclosure Document, the deposits for the company in 2024 were $14,886. This figure is part of the changes in operating assets and liabilities within the operating activities section of the financial statement. It reflects the net change in deposit amounts held by Fast Fix Jewelry And Watch Repairs during that year.
For a prospective franchisee, understanding the movement in deposit amounts can provide insights into the company's operational cash flow. An increase in deposits might suggest more money held for future expenses or investments, while a decrease could indicate the use of previously held funds. It's important to note that this figure is part of a larger set of financial activities, and should be considered alongside other changes in assets and liabilities to get a comprehensive view of the company's financial health.
It is also useful to compare this figure with the previous year's deposit amount, which was $3,063 in 2023. The significant increase from 2023 to 2024 could be due to a variety of factors, such as changes in business strategy, increased sales, or different accounting practices. Franchisees should inquire about the reasons behind these changes to better understand the company's financial management and future plans.