What was the 'Retained Earnings' amount for Fast Fix Jewelry And Watch Repairs in 2024?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
51,225 | 190,237 | | | 305,728 | 313,232 | | Deferred tax liabilities: | | | | Property and equipment | (37,906) | (22,623) | | Net deferred tax asset | $ 267,822 | $ 290,609 | Notes to Consolidated Financial Statements For the years ended December 31, 2024 and 2023
Note 7. Income Taxes, Continued
If, based on the weight of available evidence, it is more likely than not that all deferred tax assets will not be realized, a valuation allowance must be recorded. No valuation allowance was considered necessary as of December 31, 2024 and 2023.
The Company's actual income tax provision reflect differences from the expected amount primarily due to state income taxes, net operating loss carrybacks, and goodwill amortization that is deemed non-deductible for tax reporting purposes.
Note 8. Related-Party Transactions
The Company has a management services agreement with DK-JRE, LLC., a related party. The related party serves as an advisor and provides management services to the Company. Management fees were approximately $265,000 and $252,000 for the years ended December 31, 2024 and 2023, respectively. There w
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 37)
What This Means (2025 FDD)
I am unable to provide the specific 'Retained Earnings' amount for Fast Fix Jewelry And Watch Repairs in 2024, as this information is not present within the provided excerpts from the 2025 Franchise Disclosure Document. While the document includes financial statements and notes, it does not explicitly state the retained earnings figure for that year.
However, the FDD excerpts do include financial data such as management fees paid to related parties ($265,000 in 2024 and $252,000 in 2023), unpaid management fees included in accrued expenses ($515,000 as of December 31, 2024, and $449,000 as of December 31, 2023) and goodwill amortization expense ($617,300 during each of the years 2024 through 2027 and $128,500 in 2028). This information is found within the notes to the consolidated financial statements, specifically Note 8 and elsewhere.
A prospective Fast Fix Jewelry And Watch Repairs franchisee should directly request the 'Retained Earnings' figure for 2024 from the franchisor. Additionally, it would be prudent to ask for a complete set of audited financial statements to fully assess the financial health and performance of the company. Understanding the trend in retained earnings over several years can provide valuable insights into the company's profitability and stability.