What was the total amount of liabilities for Pearce Bespoke as of December 31, 2022?
Pearce_Bespoke Franchise · 2025 FDDAnswer from 2025 FDD Document
nternal control related matters that we identified during the audit.
Wexford, Pennsylvania
May 24 2024
PEARCE BESPOKE FRANCHISING, LLC BALANCE SHEETS
ASSETS
| As of December 31, | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Current Assets: Cash Accounts receivable Deferred consulting fee | $ | 170,147 22,188 71,458 | $ | 46,811 - 2,500 |
| Total Current Assets | 263,793 | 49,311 | ||
| Deposits | 2,198 | - | ||
| Deferred Consulting Fee | 619,728 | 22,500 | ||
| Right-of-Use Asset - Operating Lease | 43,692 | - | ||
| Total Assets | $ | 929,411 | $ | 71,811 |
| LIABILITIES AND MEMBERS' EQUITY (DEFICIENCY) | ||||
| Current Liabilities: Accounts payable Related party payables Accrued payroll and payroll taxes Deferred franchise fee revenue Operating lease liability - current | $ | 80,525 692 23,621 129,693 22,822 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 39)
What This Means (2025 FDD)
According to Pearce Bespoke's 2025 Franchise Disclosure Document, the company's balance sheet provides a breakdown of liabilities as of December 31, 2022. The total current liabilities for Pearce Bespoke as of December 31, 2022, amounted to $18,030. These liabilities include accounts payable of $7,591, related party payables with no listed value, accrued payroll and payroll taxes of $5,339, deferred franchise fee revenue of $5,100, and operating lease liability with no listed value.
In addition to current liabilities, Pearce Bespoke also had deferred franchise fee revenue listed as a liability, totaling $45,900 as of December 31, 2022.
Therefore, the sum of total current liabilities and deferred franchise fee revenue represents the total liabilities for Pearce Bespoke as of December 31, 2022. The sum of these liabilities is $63,930.
Prospective franchisees should carefully review the balance sheet and related notes in the FDD to understand the nature and extent of Pearce Bespoke's liabilities, as this can provide insights into the company's financial stability and obligations.