What was the total amount of My Salon Suite's deferred revenue in 2024?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
assets and liabilities consist of the following as of December 31:
| 2024 | 2023 | |
|---|---|---|
| Deferred tax assets | ||
| Allowance for credit losses | $ 213,104 | $ 259,270 |
| Accrued compensation | 216,180 | 105,770 |
| Share-based compensation | 585,048 | 653,599 |
| Accrued professional fees | 51,940 | 34,418 |
| Deferred revenue | 1,613,108 | 860,544 |
| ASC 842 lease liability | 140,303 | 3,309 |
| ASC 606 adjustments | (224,956) |
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 company's deferred revenue in 2024 was $1,613,108. This deferred revenue is classified as a deferred tax asset. In 2023, the deferred revenue was $860,544.
Deferred revenue typically represents payments My Salon Suite has received for goods or services that have not yet been fully earned. For a franchisee, this figure indicates the amount of revenue My Salon Suite has already collected for future obligations, such as franchise fees or royalties.
It is important to note that this figure is part of the total deferred tax assets, which amounted to $2,594,727 in 2024, compared to $1,691,954 in 2023. Reviewing these figures can provide insight into the company's financial obligations and how they manage their revenue recognition over time.