What was the total cost of property and equipment for Goldfish Swim School in 2021?
Goldfish_Swim_School Franchise · 2025 FDDAnswer from 2025 FDD Document
ties and interest on unpaid employment taxes.
Subsequent Events
The consolidated financial statements and related disclosures include evaluation of events up through and including March 1, 2024, which is the date the consolidated financial statements were available to be issued.
Note 3 - Paycheck Protection Program Loans
During the year ended December 31, 2021, Goldfish Swim School Franchising, LLC received a Paycheck Protection Program loan in the amount of $693,815. The PPP was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and is administered by the Small Business Administration (SBA). Under the terms of this program, the loan may be fully or partially forgiven if the loan proceeds are spent on qualifying expenses and if staffing level and salary maintenance requirements are met. The Company may use the funds on qualifying expenses over a covered period up to 24 weeks.
The PPP loan was completely forgiven as of December 31, 2021. Accordingly
Source: Item 22 — CONTRACTS (FDD pages 76–77)
What This Means (2025 FDD)
Based on the 2025 Goldfish Swim School Franchise Disclosure Document, the financial statements include notes on property and equipment. However, the excerpt does not provide the total cost of property and equipment for Goldfish Swim School in 2021. The excerpt only mentions that property and equipment are summarized in the notes to the consolidated financial statements.
To get the total cost of property and equipment for 2021, a prospective franchisee should carefully review the full financial statements and specifically look for the section that summarizes property and equipment.
It would be prudent to ask Goldfish Swim School's franchisor for a detailed breakdown of these costs and to understand what types of assets are included under this category. This information is essential for assessing the capital expenditure requirements and overall financial health of the company.