What was the amount of cash and cash equivalents Fly Fitness had at the end of 2022?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
t we identified during the audit.
& Associates Certificel Public Accountants, LLC
Omaha, Nebraska March 21, 2023
BALANCE SHEET
| December 31 | 2022 |
|---|---|
| ASSETS | |
| Current assets | |
| Cash and cash equivalents | $ 203,544 |
| Total current assets | $ 203,544 |
| Other assets | |
| Intangible assets, less accumulated amortization of $15,200 (note 2) | $ 112,500 |
| Total other assets | $ 112,500 |
| TOTAL ASSETS | $ 316,044 |
| LIABILITIES AND MEMBERS' EQUITY | |
| Current liabilities | |
| Credit cards payable | $ 125 |
| Accrued payroll | 3,294 |
| Total current liabilities | $ 3,419 |
| Total liabilities | $ 3,419 |
| Members' equity | 312,625 |
| TOTAL LIABILITIES AND MEMBERS' EQUITY |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 44)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the company's cash and cash equivalents at the end of 2022 totaled $203,544. This figure represents the amount of readily available funds Fly Fitness had on hand at that time. This is an important metric for prospective franchisees to consider, as it provides insight into the financial stability and liquidity of the franchisor.
In addition to cash and cash equivalents, Fly Fitness had other assets, including intangible assets, less accumulated amortization, valued at $112,500. This brings the company's total assets to $316,044. On the liabilities side, Fly Fitness reported current liabilities of $3,419, consisting of credit card payables of $125 and accrued payroll of $3,294. Total liabilities also amounted to $3,419, with members' equity at $312,625.
For a potential franchisee, understanding the franchisor's financial position is crucial. The cash and cash equivalents figure indicates Fly Fitness's ability to meet its short-term obligations and invest in future growth. Reviewing the balance sheet in its entirety helps assess the overall financial health and stability of Fly Fitness, which can inform a franchisee's decision-making process.