What was the cash and cash equivalents balance at the end of 2023 for 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)
According to Fly Fitness's 2024 Franchise Disclosure Document, the cash and cash equivalents balance at the end of 2023 was $114,928. This figure represents the amount of readily available funds Fly Fitness had at its disposal on December 31, 2023.
This information is crucial for prospective franchisees as it provides insight into the financial health and liquidity of Fly Fitness. A healthy cash balance suggests that Fly Fitness is capable of meeting its short-term obligations and investing in future growth. It also indicates the company's ability to support its franchisees.
Furthermore, the FDD also includes the cash and cash equivalents at the beginning of the year, which was $203,544. The net decrease in cash and cash equivalents during 2023 was ($88,616). This decrease could be due to various factors, such as operating expenses, investments, or debt repayments. A prospective franchisee should investigate the reasons for this decrease to fully understand the company's financial performance and stability.