What were the total assets for Ledgers in 2023?
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 total assets in 2023 were $2,065,655. This figure represents the sum of Ledgers' current and non-current assets at the end of the 2023 fiscal year. These assets are detailed in the balance sheet provided in the FDD.
Specifically, the current assets include cash and cash equivalents, royalty receivables, and notes receivable, totaling $225,139. Non-current assets, which are not expected to be converted to cash within one year, include notes receivable, due from related parties, and deferred tax assets, totaling $1,840,516. The sum of these current and non-current assets constitutes the total assets figure reported by Ledgers.
Prospective franchisees should note that the total asset value reflects the company's financial position at a specific point in time and can fluctuate due to various factors, including revenue, expenses, and investments. Reviewing the trend of total assets over several years, as presented in the FDD, can provide a more comprehensive understanding of the company's financial stability and growth. Additionally, understanding the composition of these assets can offer insights into the company's operational efficiency and financial management practices.
It is important for potential franchisees to consult with a financial advisor to interpret these financial statements in the context of their investment decision. Understanding the assets and liabilities of Ledgers can help franchisees assess the financial health and stability of the franchisor, which is a critical factor in evaluating the overall franchise opportunity.