What was the amount of the operating lease liability, non-current, for Kidokinetics in 2023?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
23, 2022, and 2021
| 2023 | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 76,964 | $ | 32,500 | $ | 40,556 |
| Accounts receivable | 446,951 | 498 | - | |||
| Deferred contract costs, current | 340,727 | 326,228 | - | |||
| Total current assets | 864,642 | 359,226 | 40,556 | |||
| Non-current assets | ||||||
| Leasehold improvements, net | 36,727 | 48,127 | 55,087 | |||
| Intangible assets, net | 25,107 | 50,553 | 43,554 | |||
| Right of use asset | 24,593 | 81,087 | - | |||
| Deferred contract costs, non-current | 1,173,255 | 282,706 | - | |||
| Other non-current assets | 9,600 | 9,600 | 9,600 | |||
| Total non-current assets | 1,269,282 | 472,073 | 108,241 | |||
| Total assets | $ | 2,133,924 | $ | 831,299 | $ | 148,797 |
| Liabilities and Members' Equity (Deficit) | ||||||
| Current liabilities | ||||||
| S | 748,939 | $ | 354,239 | S | 68,939 | |
| Accounts payable | Þ | 138,810 | Ф | 41,609 | $ | 08,939 |
| Accrued expenses Credit card liability | 159,035 | 206,381 | 47,806 | |||
| Loans from member | 34,439 | 31,092 | 29,594 | |||
| Lines of credit | 243,821 , | 31,092 60.041 | 29,394 - | |||
| Note payable, current | 13,158 | 60,941 | - | |||
| Operating lease liability, current | 25,318 | 57,509 | - | |||
| Deferred revenue, current | 506,073 | _ | 595,065 | _ | 146 220 | |
| Total current liabilities Non-current liabilities | 1,869,593 16.042 | _ | 1,346,836 | 146,339 | ||
| Note payable, non-current | 16,842 | 25 210 | - | |||
| Operating lease liability, non-current | 1 044 262 | 25,318 | - | |||
| Deferred revenue, non-current | 1,844,262 | _ | 289,713 | _ | ||
| Total non-current liabilities | 1,861,104 | _ | 315,031 | 146 220 | ||
| Total liabilities | _ | 3,730,697 | _ | 1,661,867 | 146,339 | |
| Members' equity (deficit) | ||||||
| Members' interests | 406,386 | 406,386 | 427,077 | |||
| Retained earnings (accumulated deficit) | (2,003,159) | (1,236,954) | (424,619) | |||
| Total members' equity (deficit) | (1,596,773) | (830,568) | 2,458 | |||
| Total liabilities and members' equity (deficit) | $ | 2,133,924 | $ | 831, |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics' 2024 Franchise Disclosure Document, the operating lease liability, non-current, for the company in 2023 was $1,844,262. This figure reflects the long-term portion of Kidokinetics' financial obligation under its operating lease agreements. It represents the amount due beyond the coming year.
For a prospective Kidokinetics franchisee, understanding the franchisor's lease obligations can provide insight into the company's financial health and stability. A significant non-current operating lease liability could indicate long-term commitments that Kidokinetics has undertaken, potentially affecting its financial flexibility. Reviewing these figures in comparison to previous years, such as 2022 when the operating lease liability, non-current was $289,713, can reveal trends in the company's leasing strategy and overall financial management.
It is important to note that these figures are based on the company's financial statements prepared in accordance with generally accepted accounting principles (GAAP). Franchisees should consult with financial advisors to fully understand the implications of these liabilities and how they might affect the franchisor's ability to support its franchisees. Additionally, understanding the nature of the underlying leases and their terms can provide a more complete picture of the company's financial obligations.