As of May 31, 2024, what were the total assets of Fly Fitness?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
uring the audit.
RGP Associates Certifical Public Accountants, LLC Omaha, Nebraska February 20, 2024
BALANCE SHEET
| December 31 | 2023 |
|---|---|
| ASSETS | |
| Current assets | |
| Cash and cash equivalents | $ 114,928 |
| Total current assets | $ 114,928 |
| Other assets | |
| Intangible assets, less accumulated amortization of $25,000 (note 2) | $ 100,000 |
| Total other assets | $ 100,000 |
| TOTAL ASSETS | $ 214,928 |
| LIABILITIES AND MEMBERS' EQUITY | |
| Current liabilities | |
| Accounts payable | $ 5,200 |
| Credit cards payable | 7,978 |
| Accrued leased employee cost | 5,699 |
| Total current liabilities | $ 18,877 |
| Long-term liabilities | |
| Deferred |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 44)
What This Means (2024 FDD)
The 2024 Fly Fitness Franchise Disclosure Document does not include the total assets as of May 31, 2024. The balance sheet provided is on a cash basis.
However, the FDD does include the balance sheet as of December 31, 2023. On this date, Fly Fitness's total assets amounted to $214,928. This comprised current assets of $114,928, consisting entirely of cash and cash equivalents, and other assets totaling $100,000, which are intangible assets less accumulated amortization of $25,000.
A prospective franchisee should request the balance sheet as of May 31, 2024, from Fly Fitness to gain a clearer picture of the company's financials at that specific time. Understanding the asset composition and any changes since the end of 2023 is crucial for assessing the financial health and stability of the franchisor.