What were the total assets for Mr. Sandless as of December 31, 2023?
Mr_Sandless Franchise · 2025 FDDAnswer from 2025 FDD Document
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The Company periodically receives funds from its members' or related companies. These advances are due on demand and do not bear interest. As of December 31, 2023, and 2022, the amount due to a related party was $0 and $300, respectively.
6. PROPERTY AND EQUIPMENT
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful life of the asset, which is five years. Expenditures for repairs and maintenance are charged to expense as incurred. Property and equip
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 41–42)
What This Means (2025 FDD)
The 2025 Franchise Disclosure Document for Mr. Sandless does not explicitly state the total assets as of December 31, 2023. However, it does provide the book value of property and equipment as of that date.
Specifically, the FDD mentions that the book value of Mr. Sandless's property and equipment, which includes items like office equipment, computer equipment, and automobiles, was valued at $64,898 as of December 31, 2023. This figure represents the depreciated cost of these assets. It's important to note that this value only reflects the property and equipment and not the entirety of the company's assets.
To get a complete picture of Mr. Sandless's financial health, a prospective franchisee should request the full audited financial statements, including the balance sheet, from the franchisor. The balance sheet will provide a detailed breakdown of all assets, liabilities, and equity, offering a more comprehensive understanding of the company's financial position.