What was the amount of cash and cash equivalents held by Lees Famous Recipe in 2022?
Lees_Famous_Recipe Franchise · 2025 FDDAnswer from 2025 FDD Document
December 31, 2022 | 19,887,331 | 1,989 | 11,998,011 | (839,693) | 11,160,307 | | Net income | - | - | - | 244,996 | 244,996 | | Balance, December 31, 2023 | 19,887,331 | $ 1,989 | $ 11,998,011 | $ (594,697) | $ 11,405,303 |
ARTEMIS RESTAURANT CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS AND PERIOD ENDED DECEMBER 31, 2023, 2022 AND 2021
From the period from May 6, 2021 (inception) to December 31,
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Cash Flows from Operating Activities: | $ 244,996 | $ (433,830) | $ (405,863) |
| Net income (loss) | |||
| Adjustments to reconcile net income (loss) to net |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 69)
What This Means (2025 FDD)
According to Lees Famous Recipe's 2025 Franchise Disclosure Document, the consolidated cash and cash equivalents at the end of 2022 was $9,271,271. This figure represents the total amount of readily available cash and assets that can be quickly converted to cash held by Lees Famous Recipe.
This information is derived from the statement of cash flows, which provides a summary of all cash inflows and outflows during the specified period. The increase in cash and cash equivalents during 2022 was $5,296,291. The beginning cash and cash equivalents for 2022 was $3,974,980.
For a prospective franchisee, this indicates the financial resources Lees Famous Recipe has at its disposal. A healthy cash balance suggests that the company is stable and able to meet its short-term obligations. It also implies that Lees Famous Recipe has the financial flexibility to invest in growth opportunities, support franchisees, and weather economic downturns. Franchisees may want to further investigate how the cash is distributed across different entities and how it is being used to support the franchise system.