table_specific

What was the interest expense for Kitchen Solvers for the year ended December 31, 2024?

Kitchen_Solvers Franchise · 2025 FDD

Answer from 2025 FDD Document

Balance Sheets
December 31, 2024, 2023, and 2022
Assets 2024 2023 2022
Current assets:
Cash $ 409,936 $ 192,541 $ 60,708
Accounts receivable 63,672 138,673 140,562
Accounts receivable - related party 174,152 - -
Contract assets - Current 138,404 118,404 98,129
Advances receivable - - 74,472
Other receivable - - 3,260
Inventory 28,642 14,106 -
Prepaid expenses 2,277 2,293 -
Total current assets 817,083 466,017 377,131
Property and equipment:
Equipment and fixtures 34,201 34,201 34,201
Technology equipment and software 109,640 109,640 109,640
Machinery and equipment 86,429 73,253 -
Vehicles 6,500 - -
Leasehold improvements 33,841 - -
Totals 270,611 217,094 143,841
Less - Accumulated depreciation ( 156,768) ( 145,888) ( 139,333)
Net property and equipment 113,843 71,206 4,508
Other assets:
Territory held for sale 12,798 12,798 12,798
Contract assets 787,811 746,214 659,193
Right of use asset - Operating leases 13,203 53,324 63,586
Goodwill 366,651 366,651 366,651
Total other assets 1,180,463 1,178,987 1,102,228
TOTAL ASSETS Liabilities and Members' Equity $ 2,111,389 $ 1,716,210 $ 1,483,867
Current liabilities:
Accounts payable $ 53,515 $ 21,944 $ 60,760
Accrued and other liabilities 25,258 7,452 7,452
Note payable - Shareholder 4,378 1,923 18,049
Current portion of long-term note payable 19,940 18,523 -
Deferred revenue 88,310 76,042 -
Contract liabilities - Current 257,082 210,682 193,047
Operating lease liability - Current 13,578 39,479 30,861
Total current liabilities 462,061 376,045 310,169
Long-term liabilities:
Contract liabilities 1,419,466 1,236,455 1,082,638
Long-term note payable - Less current maturities 5,217 25,157 -
Operating lease liability - 13,578 32,725
Total long-term liabilities 1,424,683 1,275,190 1,115,363
Total liabilities 1,886,744 1,651,235 1,425,532
Members' equity 224,645 64,975 58,335
TOTAL LIABILITIES AND MEMBERS' EQUITY $ 2,111,389 $ 1,716,210 $ 1,483,867
Statements of Income and Members’ Equity
Years Ended December 31, 2024, 2023, and 2022 2024 2023 2022
Franchise sales $ 304,040 $ 313,541 $ 270,770
Other franchise fees and rebills 1,480,288 1,216,838 1,319,541
Manufacturing sales 439,679 79,392 -
Total revenue 2,224,007 1,609,771 1,590,311
General and administrative expenses 1,461,463 1,327,622 1,362,454
Cost of goods sold 305,080 73,145 -
Income from operations 457,464 209,004 227,857
Other income (expense):
Interest expense ( 2,602) ( 3,236) -
Other income 9,718 4,872 4,400
Total other income (expense)

Source: Item 23 — Receipts (FDD pages 49–190)

What This Means (2025 FDD)

According to Kitchen Solvers' 2025 Franchise Disclosure Document, the interest expense for the year ended December 31, 2024, was $2,602. This figure reflects the cost Kitchen Solvers incurred for borrowing money during that period.

Interest expense is a common cost for businesses, especially those with loans or other forms of debt financing. For a prospective Kitchen Solvers franchisee, understanding the franchisor's interest expense can provide insight into the company's financial leverage and how it manages its debt obligations. A higher interest expense might indicate a greater reliance on debt, which could impact the company's profitability.

It's also worth noting that Kitchen Solvers' interest expense has fluctuated over the years. In 2023, the interest expense was $3,236. Reviewing these trends can help potential franchisees assess the financial stability and management practices of Kitchen Solvers. This information, combined with other financial metrics, can offer a more comprehensive view of the franchise's financial health.

Disclaimer: This information is extracted from the 2025 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.
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