What was the total other assets amount for Fast Fix Jewelry And Watch Repairs in 2023?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
e and timing of the audit, significant audit findings, and certain internal control—related matters that we identified during the audit.
Greenville, South Carolina
April 29, 2024
| 2023 2022 | ||
|---|---|---|
| Assets | 1 | |
| Current assets | ||
| Cash and cash equivalents | $ 832,84 | 7 $ 1,102,616 |
| Accounts receivable, net | 475,65 | 481,149 |
| Franchise notes receivable - current portion | 8,58 | 33 22,443 |
| Advances receivable, net - current portion | 170,59 | 169,189 |
| Inventory | 312,16 | 637,792 |
| Income taxes receivable | 17,23 | - |
| Prepaid expenses and other current assets | 55,33 | 85,450 |
| Total current assets | 1,872,40 | 2,498,639 |
| Property and equipment, net | 250,85 | 56 193,314 |
| Other assets | ||
| Franchise notes receivable - long term portion | 35,39 | 99 2,778 |
| Advances receivable, net - long term portion | 597,05 | 51 114,730 |
| Deferred income taxes, net | 290,60 | 9 354,567 |
| Goodwill, net | 2,597,71 | 3,214,993 |
| Trade name | 35,00 | 35,000 |
| Deposits | 41,07 | 70 44,133 |
| Operating lease right-of-use assets | 5,046,15 | 8,948,366 |
| Total other assets | 8,642,99 | 99 12,714,567 |
| Total assets | $ 10,766,26 | $ 15,406,520 |
| Liabilities and Stockholders' Deficit | ||
| Current liabilities | ||
| Accounts payable | $ 252,98 | 32 $ 166,284 |
| Accrued expenses | 656,72 | 881,514 |
| Accrued interest | 72,36 | 77,215 |
| Deferred revenue - current portion | 188,02 | 194,992 |
| Income taxes payable | - 121,615 | |
| Long-term debt - current portion | 840,41 | 1 834,876 |
| Current portion of operating lease obligations | 2,786,83 | 3,884,583 |
| Total current liabilities | 4,797,32 | 6,161,079 |
| Long-term liabilities | ||
| Long-term debt, net of current portion and debt issuance costs | 3,348,26 | 69 4,115,113 |
| Deferred revenue, net of current portion | 551,24 | |
| Security deposits payable | 28,19 | |
| Operating lease liabilities, net of current portion | 2,386,17 | |
| Total long-term liabilities | 6,313,88 | |
| Total liabilities | 11,111,21 | 16,030,521 |
| Stockholders' deficit | ||
| Common stock - par $0.0001; 1,000,000 shares authorized, | ||
| 978,781 shares issued and outstanding | 10 | 00 100 |
| Additional paid-in capital | 906,23 |
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 total other assets in 2023 were approximately $8,642,999.
Other assets include items that are not easily converted to cash within a year, or are not classified as property, equipment, or intangible assets. For Fast Fix Jewelry And Watch Repairs, these assets consist of franchise notes receivable (long-term portion), advances receivable (net - long term portion), deferred income taxes (net), goodwill (net), trade name, deposits, and operating lease right-of-use assets.
A prospective franchisee should understand the composition and valuation of these other assets, as they reflect the long-term financial health and obligations of Fast Fix Jewelry And Watch Repairs. Significant changes in these asset values from year to year could indicate shifts in the company's financial strategy or performance. Reviewing these figures helps potential franchisees assess the financial stability of Fast Fix Jewelry And Watch Repairs.