What was the total amount of accrued taxes for Itan in 2023?
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 25, 2024
| 2023 | 2022 | |
|---|---|---|
| ACCETC | ||
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash | $ 349,230 | $ 18,409 |
| Accounts receivable | 96,871 | 101,411 |
| Due from related parties (note 5) | 1,550,230 | 1,399,221 |
| Prepaid expenses | 9,196 | 83,782 |
| Prepaid taxes | 5,150 | 5,087 |
| Deferred tax asset (note 9) | 37,027 | 4,661 |
| belefied tax asset (note 5) | 37,027 | 1,001 |
| 2,042,554 | 1,612,571 | |
| PROPERTY AND EQUIPMENT (note 3) | 88,280 | 657 |
| TOTAL ASSETS | 2,130,834 | 1,613,228 |
| 101/12/105215 | 2,130,031 | |
| LIABILITIES AND STOCKHOLDER'S EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable | 3,765 | 792 |
| Accrued liabilities (note 7) | 47,595 | 31,399 |
| Accrued taxes |
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, the total amount of accrued taxes for 2023 was $60,182. This figure represents the amount of taxes that Itan had incurred but not yet paid as of the end of the 2023 fiscal year. Accrued taxes are a current liability, meaning they are expected to be paid within one year.
For a prospective Itan franchisee, understanding the company's accrued tax liabilities can provide insight into its financial health and tax management practices. It shows the company's short-term obligations and how it manages its tax responsibilities. A significant increase in accrued taxes from one year to the next could indicate changes in profitability, tax planning strategies, or potential tax-related challenges.
It is important to note that accrued taxes are just one component of Itan's overall financial picture. Franchisees should review the complete financial statements and related notes to gain a comprehensive understanding of the company's financial position and performance. Consulting with a financial advisor or accountant is recommended to fully assess the implications of Itan's financial statements for their investment decision.