What was the restated amount for Net Loss in the 2023 restatement for Ledgers?

According to Ledgers's 2025 Franchise Disclosure Document, the restated net loss for 2023 was ($506,600). This figure reflects adjustments made to the initial financial reporting.

Specifically, during the year ended December 31, 2023, Ledgers identified an error related to a terminated franchise agreement. The company had to restate its financial statements to properly recognize the termination, which involved recording $219,118 in bad debt expense for the year ended December 31, 2023, and removing a $752,118 note receivable and $533,000 in deferred revenue balances as of December 31, 2023.

For a prospective franchisee, this restatement highlights the importance of due diligence and understanding the financial health of Ledgers. While restatements are not uncommon, they can indicate potential issues in the company's accounting practices or financial management. It would be prudent for a potential franchisee to inquire about the reasons for the restatement and the measures Ledgers has taken to prevent similar issues in the future. Understanding the context behind the restatement can provide valuable insights into the financial stability and management practices of the franchise system.