What was the accounts payable amount for Ledgers in 2024?
Ledgers Franchise · 2025 FDDAnswer from 2025 FDD Document
doubt about Loyalty Business Services, LLC's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Bernard Robinson & Company, I.S.P.
Raleigh, North Carolina April 28, 2025
${\bf LOYALTY; BUSINESS; SERVICES,; LLC; (FORMERLY; FIDE; HOLDING,; LLC)}$
Balance Sheets
December 31, 2024, 2023 and 2022
| 2 | Assets | ||||||
|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2022 | |||||
| Current Assets: | S | ||||||
| Cash and cash equivalents | $ 424,085 | $ 181,077 | $ 264,411 | ||||
| Royalty receivables | 3,190 | 3,302 | - | ||||
| Notes receivable, current | 40,760 | 229,901 | |||||
| Total Current Assets | 427,275 | 225,139 | 494,312 | ||||
| Non-Current Assets: | |||||||
| Notes receivable, less current portion | = | 634,000 | |||||
| Due from related parties | 630,180 | 1,229,516 | 1,320,815 | ||||
| Deferred tax asset | 715,000 | 611,000 | 513,000 | ||||
| Total Non-Current Assets | 1,345,180 | 1,840,516 | 2,467,815 | ||||
| Total Assets | $ 1,772,455 | $ 2,065,655 | $ 2,962,127 | ||||
| Liabilities and Members' Equity | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ 15,010 | $ 15,010 | $ 125,974 | ||||
| Accrued expenses | 4,755 | 9,975 | 5,152 | ||||
| Due to related parties | 852,180 | 737,180 | 305,000 | ||||
| Deferred revenue - current | 24,000 | 94,000 |
Source: Item 22 — CONTRACTS (FDD page 46)
What This Means (2025 FDD)
According to Ledgers' 2025 Franchise Disclosure Document, the company's accounts payable for 2024 was $15,010. This figure is part of the current liabilities listed in the balance sheet. Current liabilities represent obligations that Ledgers expects to settle within one year.
Accounts payable specifically refers to the short-term debts Ledgers owes to its suppliers or vendors for goods and services received but not yet paid for. This is a common metric used to assess a company's short-term financial health and liquidity. A higher accounts payable balance could indicate that Ledgers is taking longer to pay its suppliers, which might be a strategic decision to manage cash flow or could indicate financial strain.
In addition to the overall accounts payable, the FDD also provides a breakdown of specific accounts payable to related parties. For 2024, these include $7,000 to Hewitt Construction, $519,000 to Zoomin Groomin, and $326,180 to ATAX, LLC. This detailed breakdown gives a prospective franchisee insight into the nature of Ledgers' obligations and relationships with these specific entities. Understanding these relationships can be important for assessing the overall financial stability and operational practices of the franchise system.
Prospective franchisees should consider the accounts payable in the context of Ledgers' overall financial position, including its assets, revenues, and other liabilities. Comparing these figures over the three years presented (2022, 2023, and 2024) can reveal trends and potential areas of concern or strength. It is also advisable to inquire about Ledgers' payment terms with its suppliers and its policies for managing accounts payable to ensure sustainable financial practices.