What was the total amount of accrued compensation for My Salon Suite in 2023?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
ents**
The tax effect of temporary differences that gave rise to deferred tax assets and liabilities consist of the following as of December 31:
| 2023 | 2022 | |
|---|---|---|
| Deferred | ||
| tax | ||
| assets | ||
| Allowance | $ 259,270 | $ 195,298 |
| for | ||
| credit | ||
| losses | ||
| Accrued | 105,770 | 374,196 |
| compensation | ||
| Share-based | 653,599 | 653,599 |
| compensation | ||
| Accrued | 34,418 | 39,850 |
| professional | ||
| fees | ||
| Deferred | 860,544 | 697,767 |
| revenue | ||
| ASC | 3,309 | 432,842 |
| 842 | ||
| lease | ||
| liability | ||
| ASC | (224,956) | 237,417 |
| 606 | ||
| adjustments | ||
| Total | 1,691,954 | 2,630,969 |
| deferred | ||
| tax | ||
| assets | ||
| Deferred | ||
| tax | ||
| liabilities: | ||
| Intangible | (18,689,307 | (18,646,677) |
| assets | ) | |
| Prepaid | 9,702 | (14,125) |
| expenses | ||
| ASC | (4,487) | (438,823) |
| 842 | ||
| Right | ||
| of Use | ||
| Asset | ||
| Depreciation | (90,514) | (569,303) |
| Tax | (137,714) | - |
| amortization | ||
| of | ||
| Sec.174 |
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 total amount of accrued compensation for the company in 2023 was $105,770. This figure represents the accrued compensation specifically categorized under deferred tax assets.
It is important to note that this figure differs from the 'Employee benefits and compensation' listed elsewhere in the document, which totaled $2,334,499 in 2023. The $105,770 represents accrued compensation within the deferred tax assets, while the $2,334,499 represents overall employee benefits and compensation. These are separate line items on My Salon Suite's financial statements.
Prospective franchisees should understand the distinction between these different compensation-related figures when reviewing My Salon Suite's financial performance. It is advisable to seek clarification from the franchisor regarding the specific components included in each category to gain a comprehensive understanding of the company's compensation structure.