What is the difference between the accounts payable liabilities of iTan in 2023 and 2024?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
f significant accounting estimates made by management, as well as evaluate the overall presentation of financial statements.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate that raise substantial doubt about iTan Franchising, Inc.'s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
CONSIDINE & CONSIDINE An accountancy corporation
Considine of Considine
March 11, 2025
| 2024 | 2023 | |
|---|---|---|
| ASSETS | ||
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash | $ 12,947 | $ 349,230 |
| Accounts receivable | 126,374 | 96,871 |
| Due from related parties (note 5) | 1,700,000 | 1,550,230 |
| Prepaid expenses | 13,426 | 9,196 |
| Prepaid taxes | 137,975 | - |
| Deferred tax asset (note 9) | 40,619 | 37,027 |
| 2,031,341 | 2,042,554 | |
| PROPERTY AND EQUIPMENT (note 3) | 70,353 | 88,280 |
| The Entry Alb Equilibria (note 3) | ||
| TOTAL ASSETS | 2,101,694 | 2,130,834 |
| LIABILITIES AND STOCKHOLDER'S EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts paya |
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, the accounts payable for 2024 were $16,029, while in 2023, they were $3,765. This indicates an increase in accounts payable of $12,264 from 2023 to 2024. Accounts payable represent short-term liabilities that Itan owes to its suppliers or vendors.
An increase in accounts payable could suggest that Itan is taking longer to pay its bills or that its purchasing volume has increased. It could also reflect changes in payment terms negotiated with suppliers. For a prospective franchisee, this information provides insight into Itan's short-term financial obligations and how the company manages its vendor relationships.
It is important to note that accounts payable is just one aspect of Itan's overall financial health. A prospective franchisee should review the entire financial statement, including assets, other liabilities, and equity, to gain a comprehensive understanding of Itan's financial position. Additionally, comparing these figures to previous years and industry benchmarks can provide valuable context.