What were the total assets 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 the 2025 Floors To Go Franchise Disclosure Document, the company's total assets as of December 31, 2022, were $2,116,380. This figure is comprised of current assets totaling $2,066,380, which includes cash of $1,679,740, accounts receivable (less allowance for credit losses of $19,131) of $383,451, and prepaid expenses of $3,189. Additionally, the total assets include goodwill valued at $50,000.
Understanding the asset composition of Floors To Go can be valuable for prospective franchisees. A significant portion of the assets is held in cash, which indicates strong liquidity. Accounts receivable represents money owed to Floors To Go, while prepaid expenses are payments made in advance for goods or services. Goodwill, an intangible asset, reflects the value of the Floors To Go brand and reputation.
It's important to note that these figures are based on audited financial statements, providing a degree of assurance regarding their accuracy. Franchisees should review these figures in the context of the company's liabilities and equity to gain a comprehensive understanding of its financial health. Analyzing trends in asset values over time can also provide insights into the company's growth and stability.
Prospective franchisees should consult with a financial advisor to fully understand the implications of these financial figures and how they relate to the overall franchise opportunity. Understanding the financial health of the franchisor is a critical part of the due diligence process.