Does the Beard Papas FDD include financial statements for 2023?
Beard_Papas Franchise · 2025 FDDAnswer from 2025 FDD Document
| Estimate Life | 2023 | 2022 | ||
|---|---|---|---|---|
| Intangible assets: | ||||
| Website and software | 5-7 years | $ | 16,919 | $ 16,919 |
| Trademark | 7-10 years | 30,026 | 30,026 | |
| Total intangible assets | 46,945 | 46,945 | ||
| Less: accumulated amortization | (45,643) | (41,467) | ||
| Intangible assets, net | $ | 1,302 | $ 5,478 |
Amortization expense for the years ended December 31, 2023 and 2022 were approximately $4,000 and $6,000, respectively.
(A Wholly-Owned Subsidia
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 57)
What This Means (2025 FDD)
According to Beard Papas's 2025 Franchise Disclosure Document, the document includes financial information for the year 2023. Specifically, the FDD mentions that amortization expense for the years ended December 31, 2023, was approximately $4,000.
Additionally, the document notes that during the years ended December 31, 2024 and 2023, Beard Papas's cash and cash equivalent balances exceeded the FDIC limit from time to time. As of December 31, 2023, these balances exceeded the insured amounts by approximately $945,000.
Furthermore, one major customer accounted for approximately 28% of Beard Papas's total revenue for the year ended December 31, 2023, and 38% of accounts receivable as of the same date. The company also entered into an office lease agreement in 2023, recognizing an operating lease right-of-use asset and corresponding operating lease liability of approximately $541,000.