What was the members' equity for Kitchen Solvers as of December 31, 2024?
Kitchen_Solvers Franchise · 2025 FDDAnswer 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 |
Source: Item 23 — Receipts (FDD pages 49–190)
What This Means (2025 FDD)
According to Kitchen Solvers' 2025 Franchise Disclosure Document, the balance sheets show the company's assets, liabilities, and members' equity as of December 31, 2024, 2023, and 2022. However, the excerpt only provides details on the assets and liabilities.
The provided balance sheet data includes a breakdown of assets such as current assets, property and equipment, and other assets. Current assets for 2024 include cash of $409,936, accounts receivable of $63,672, accounts receivable from a related party of $174,152, contract assets of $138,404, inventory of $28,642, and prepaid expenses of $2,277, totaling $817,083. Property and equipment, net of accumulated depreciation, amounted to $113,843. Other assets, including territory held for sale, contract assets, right of use asset - operating leases, and goodwill, totaled $1,180,463. The total assets for Kitchen Solvers as of December 31, 2024, were $2,111,389.
The balance sheet also lists current liabilities, including accounts payable, which amounted to $53,515 as of December 31, 2024. The document does not explicitly state the total liabilities or the members' equity for Kitchen Solvers as of December 31, 2024. A prospective franchisee would need to review the complete financial statements in the FDD or request this information from Kitchen Solvers to fully understand the company's financial position.