What was the total assets amount for Floors To Go as of December 31, 2022?
Floors_To_Go Franchise · 2025 FDDAnswer from 2025 FDD Document
dgment, there are conditions 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 | |||
| Current | 2023 | 2022 | |
| assets | |||
| Cash | $ 812,308 | $ 1,679,740 | |
| Accounts | |||
| receivable, | |||
| less | |||
| allowance | |||
| for | |||
| credit | |||
| losses | 461,463 | 383,451 | |
| of | |||
| $27,615 | |||
| ($19,131 | |||
| in | |||
| 2022) | |||
| Prepaid | 3,189 | 3,189 | |
| expenses | |||
| Total | 1,276,960 | 2,066,380 | |
| current | |||
| assets | |||
| Goodwill | 50,000 | 50,000 | |
| Total | $ 1,326,960 | $ 2,116,380 | |
| assets | |||
| LIABILITIES | |||
| AND | |||
| MEMBER'S | |||
| EQUITY | |||
| Liabilities | |||
| Accounts | $ |
Source: Item 23 — RECEIPTS (FDD pages 47–204)
What This Means (2025 FDD)
According to Floors To Go's 2025 Franchise Disclosure Document, the company's total assets as of December 31, 2022, were $2,116,380. This figure represents the sum of Floors To Go's current assets, which totaled $2,066,380, and goodwill, valued at $50,000. Current assets include cash, accounts receivable (less allowance for credit losses), and prepaid expenses.
Understanding a franchisor's asset value can provide insight into its financial stability and ability to support its franchisees. A higher asset value can indicate a stronger financial foundation, which may translate to better resources for training, marketing, and ongoing support.
However, it is important for a prospective Floors To Go franchisee to also consider the company's liabilities and equity. As of the same date, Floors To Go had total liabilities of $856,940 and member's equity of $1,259,440. Analyzing the relationship between assets, liabilities, and equity can provide a more comprehensive view of the company's financial health.
Prospective franchisees should consult with a financial advisor to fully understand the implications of Floors To Go's financial statements. Reviewing the trends in assets, liabilities, and equity over multiple years, as presented in the FDD, can also offer valuable insights into the company's financial performance and stability.