What was the goodwill amount for Floors To Go as of December 31, 2023?
Floors_To_Go Franchise · 2025 FDDAnswer from 2025 FDD Document
nditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Balance Sheets
| December 31 | |||||
|---|---|---|---|---|---|
| ASSETS | 2024 | 2023 | |||
| Current assets | |||||
| Cash | $ | 973,148 | $ | 812,308 | |
| Accounts receivable, less allowance for credit | |||||
| losses of approximately $33,500 ($27,500 in 2023) | 471,369 | 461,463 | |||
| Prepaid expenses |
Source: Item 23 — RECEIPTS (FDD pages 47–204)
What This Means (2025 FDD)
According to the 2025 Floors To Go Franchise Disclosure Document, the company's goodwill as of December 31, 2023, was $50,000. Goodwill represents the intangible assets of a business, such as brand reputation and customer relationships, that are not separately identifiable. This figure remains consistent from the end of 2023 to the end of 2024.
For a prospective Floors To Go franchisee, understanding the goodwill amount can provide insight into the overall valuation and financial health of the company. While goodwill is an intangible asset, it reflects the perceived value and reputation of the Floors To Go brand. A stable goodwill amount, as seen here, might suggest consistency in the brand's value over time.
It's important to note that goodwill is subject to impairment testing, and its value can change if there are significant events that negatively impact the brand's reputation or market position. However, in this case, the consistent goodwill value suggests a stable brand value for Floors To Go during the period covered by the financial statements.