What was the net property and equipment value for Kitchen Solvers in 2023?
Kitchen_Solvers Franchise · 2025 FDDAnswer from 2025 FDD Document
al statements as a whole.
Hancock & Robinson CPAs
La Crosse, Wisconsin
March 7, 2025
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 | $ 2,111,389 | $ 1,716,210 | $ 1,483,867 |
| Liabilities and Members' Equity | |||
| 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 |
Source: Item 21 — Financial Statements (FDD pages 48–49)
What This Means (2025 FDD)
According to Kitchen Solvers' 2025 Franchise Disclosure Document, the net property and equipment value for the company in 2023 was $71,206. This figure represents the total value of Kitchen Solvers' property and equipment after accounting for accumulated depreciation.
Specifically, the total value of Kitchen Solvers' equipment and fixtures, technology equipment and software, machinery and equipment, and vehicles amounted to $217,094 in 2023. After subtracting accumulated depreciation of $145,888, the net property and equipment value was $71,206.
This information is relevant to potential franchisees as it provides insight into the tangible assets owned by Kitchen Solvers and their net value. It can be used to assess the financial health and stability of the company. A higher net property and equipment value generally indicates a stronger asset base, which can be a positive sign for prospective franchisees.