What was the total amount of Other Current Liabilities for Golden Krust Caribbean Restaurant in 2023?
Golden_Krust_Caribbean_Restaurant Franchise · 2024 FDDAnswer from 2024 FDD Document
| $ 3,557,643 |
GOLDEN KRUST FRANCHISING, INC. CONSOLIDATED BALANCE SHEETS (CONTINUED) DECEMBER 31, 2023 AND 2022
| 2023 | 2022 | |
|---|---|---|
| LIABILITIES AND SHAREHOLDERS' DEFICIT | ||
| CURRENT LIABILITIES | ||
| Accounts Payable | $ 635,580 | $ 880,096 |
| Current Lease Liability - Operating | 79,464 | 113,319 |
| Accrued Expenses | 430,622 | 450,358 |
| Note Payable - Related Party, Current Portion | 538,544 | - |
| Other Current Liabilities | 9,328 | 22,582 |
| Deferred Franchise Fees, Current Portion | 124,000 | 99,675 |
| Total Current Liabilities | 1,817,538 | 1,566,030 |
| LONG-TERM LIABILITIES | ||
| Long-Term Lease Liability - Operating, Less Current Maturities | 356,336 | 510,113 |
| Deferred Franchise Fees, Less Current Portion | 796,513 | 857,346 |
| Amount Owed to Related Parties | 126,770 | 5,725,747 |
| Note Payable - Related Party, Net of Current Portion | 4,558,007 | - |
| Total Long-Term Liabilities | 5,837,626 | 7,093,206 |
| COMMITMENTS AND CONTINGENCIES | ||
| SHAREHOLDERS' DEFICIT | ||
| Common Stock | 170,100 | 170,100 |
| Accumulated Deficit | (5,189,544) |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 35)
What This Means (2024 FDD)
According to Golden Krust Caribbean Restaurant's 2024 Franchise Disclosure Document, the company's Other Current Liabilities totaled $9,328 in 2023. This figure is part of the broader liabilities section of Golden Krust Caribbean Restaurant's balance sheet, which provides a snapshot of the company's financial obligations at a specific point in time.
For a prospective franchisee, understanding the nature and extent of these liabilities is crucial. Current liabilities represent obligations that are due within one year, and 'Other Current Liabilities' can encompass various short-term debts or financial obligations not categorized elsewhere. A lower figure for other current liabilities could indicate better short-term financial health, while a higher amount might suggest potential liquidity challenges.
It's important to note that this figure is just one component of Golden Krust Caribbean Restaurant's overall financial picture. A prospective franchisee should review the entire financial statement, including assets, liabilities, and equity, to gain a comprehensive understanding of the company's financial stability and performance. Consulting with a financial advisor is recommended to fully interpret these financial statements and assess the financial health of Golden Krust Caribbean Restaurant.