What was the other long-term liabilities amount for My Salon Suite in 2023?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
| Total assets | $ 475,872,065 | $ 458,127,793 | Consolidated Balance Sheets (continued)
| As of December 31, | 2023 | 2022 |
|---|---|---|
| Liabilities | ||
| and | ||
| Member's | ||
| Equity | ||
| Current liabilities Accounts payable Accrued liabilities Deferred revenue Current portion of lease liabilities Income tax payable | $ 1,155,458 12,803,617 2,949,793 5,783,768 4,855,752 | $ 994,642 7,779,892 3,619,688 3,841,036 1,817,613 |
| Total | 27,548,388 | 18,052,871 |
| current | ||
| liabilities | ||
| Deferred revenue - less current portion Other long-term liabilities Lease liabilities – less current portion Deferred tax liabilities | 9,030,378 262,500 54,252,528 17,220,366 | 9,831,490 - 40,413,908 17,037,959 |
| Total | 108,314,160 | 85,336,228 |
| liabilities | ||
| Commitments | ||
| and | ||
| Contingencies | ||
| (Note | ||
| 8) | ||
| Member's equity Common stock, $1.00 par value Authorized shares - 100,000, issued and outstanding shares - 1,000 Additional paid-in capital Retained earnings | 1,000 297,598,135 69,958,770 | 1,000 315,400,882 57,389,683 |
| Total | 367,557,905 | 372,791,565 |
| member's | ||
| equity | ||
| Total | $ 4 |
Source: Item 6 — Other Intangibles and Goodwill (FDD pages 274–314)
What This Means (2025 FDD)
According to My Salon Suite's 2025 Franchise Disclosure Document, the other long-term liabilities for the year 2023 were $262,500. This figure is part of the liabilities listed on the consolidated balance sheet. It is important to note that this is distinct from other liability categories such as current liabilities, deferred revenue, and lease liabilities.
For a prospective franchisee, understanding the breakdown of liabilities is crucial for assessing the financial health and stability of My Salon Suite. Other long-term liabilities can include obligations not due within the next year, such as deferred compensation arrangements or long-term financing agreements. Knowing the specific nature of these liabilities would provide a clearer picture of the company's financial commitments.
Franchisees should investigate what these other long-term liabilities consist of to fully understand the obligations of My Salon Suite. This information, combined with other financial data, will help potential franchisees make informed decisions about investing in a My Salon Suite franchise.