Does the Beard Papas FDD include financial statements for 2024?
Beard_Papas Franchise · 2025 FDDAnswer from 2025 FDD Document
t the financial statements were available to be issued. Management has determined that there are no subsequent events required to be recorded or disclosed.
3. Concentrations of Risks
Credit Risk
Financial instruments which potentially subject the Company to concentration of credit risk are primarily cash and cash equivalents, and accounts receivable. The Company places its cash and cash equivalents in accounts with three financial institutions that are participating members of the U.S. Federal Deposit Insurance Corporation ("FDIC"). During the years ended December 31, 2024 and 2023, the Company's cash and cash equivalent balances exceeded the FDIC limit from time to time. The Company's cash and cash equivalents balances as of December 31, 2024, with FDIC member institutions exceeded the total amounts insured by FDIC's general deposit insurance rules by approximately $1,119,000. The Company's cash and cash equivalents balances as of December 31, 2023 exceeded the total amounts insured by FDIC's general deposit insurance rules by approximately $945,000.
Major Customers
One major customer accounted for appropriately 26% and 28% of total revenue for the years ended December 31, 2024 and 2023, respectively. This customer accounted for 23% and 38% of accounts receivable as of December 31, 2024 and 2023, respectively. The Company routinely monitors and assesses the financial strength of its customers.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 57)
What This Means (2025 FDD)
According to the 2025 Beard Papas Franchise Disclosure Document, the company's financial statements include data up to December 31, 2024. Specifically, the document references cash and cash equivalent balances as of December 31, 2024, exceeding FDIC insurance limits by approximately $1,119,000. It also mentions that one major customer accounted for approximately 26% of total revenue for the year ended December 31, 2024, and 23% of accounts receivable as of the same date.
These figures indicate that the Beard Papas FDD contains financial information for the year 2024, offering prospective franchisees insight into the company's recent financial performance and risk concentrations. The document also provides comparative figures for 2023, allowing for a year-over-year analysis.
Furthermore, the FDD notes that as of December 31, 2024, Beard Papas had 42 franchised stores and one direct-operated store in the United States, compared to 40 franchised stores as of December 31, 2023. This information helps potential franchisees understand the growth and scale of the Beard Papas franchise system.