What were the total current assets for Lees Famous Recipe in 2023?
Lees_Famous_Recipe Franchise · 2025 FDDAnswer from 2025 FDD Document
tanding | 1,989 | - | | 1,989 | | Additional paid-in capital | 11,998,011 | - | - | 11,998,011 | | Accumulated deficit | (839,693) | - | - | (839,693) | | Member's equity | - | 11,056,425 | (11,056,425) | - | | Total equity | 11,160,307 | 11,056,425 | (11,056,425) | 11,160,307 | | Total Liabilities and Equity | $ 11,171,512 | $ 47,968,705 | $ (11,056,425) | $ 48,083,792 |
ARTEMIS RESTAURANT CORP. LFR CHICKEN, LLC CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2023
| LFR Chicken | Lee's Distribution | Lee's Franchisor | Lee's Franchisor Canada Ltd. | Lee's 4-Wall LLC | LFRC RE Holdings, LLC | Elimination | LFR Chicken, LLC Total | |
|---|---|---|---|---|---|---|---|---|
| Current Assets: | ||||||||
| Cash and cash equivalents | $ 6,364,658 | $ (73,903 | $ 82,561 | $ 329,014 | $ 221,476 | $ - | $ 6,923,806 | |
| Royalties receivable | _ | · · - | 200,654 | 3,083 | _ | · - | (61,912) | 141,825 |
| Proprietary product sales and allowances receivable | 636,789 | 1,328,978 | · - | - | 84,605 | - | · · · | 2,050,372 |
| Other receivables | 36,478 | - | - | - | · - | - | (1,443) | 35,035 |
| Intercompany a |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 69)
What This Means (2025 FDD)
According to Lees Famous Recipe's 2025 Franchise Disclosure Document, the total current assets for LFR Chicken, LLC totaled $10,088,461 in 2023. This figure is derived from the consolidated financial statements, which include the accounts of Artemis, LFR Chicken and its subsidiaries. The document specifies that all significant inter-company balances and transactions have been eliminated during consolidation to provide a clear financial picture.
It's important to note that the consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. This requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities. Therefore, the actual results could differ from these estimates.
For a prospective franchisee, understanding the current assets of Lees Famous Recipe provides insight into the company's short-term financial health and liquidity. Current assets include cash, receivables, inventory, and other assets that are expected to be converted into cash within one year. A healthy level of current assets indicates that Lees Famous Recipe has sufficient resources to meet its short-term obligations and invest in future growth.