What was the note payable to officer for Kitchen Solvers in 2022?
Kitchen_Solvers Franchise · 2025 FDDAnswer from 2025 FDD Document
| Balance Sheets | ||||||
|---|---|---|---|---|---|---|
| December 31, 2024, 2023, and 2022 | ||||||
| Assets | 2024 | 2023 | 2022 | |||
| 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 |
Source: Item 23 — Receipts (FDD pages 49–190)
What This Means (2025 FDD)
According to Kitchen Solvers' 2025 Franchise Disclosure Document, the note payable to shareholder in 2022 was $18,049. This liability represents money Kitchen Solvers owed to a shareholder, which could be an officer of the company, as of December 31, 2022.
For a prospective franchisee, this figure provides insight into the company's financial obligations and its relationship with its shareholders. A significant note payable to an officer could indicate reliance on internal funding or specific financial arrangements within the company.
It's important to note that this is a snapshot of a specific point in time and doesn't reflect the ongoing financial transactions of Kitchen Solvers. Franchisees should consider this information in the context of the company's overall financial health and consult with financial advisors to understand the implications fully.