For Beard Papas, what years are covered by the audited financial statements?
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.
Source: Item 23 — RECEIPTS (FDD pages 58–275)
What This Means (2025 FDD)
According to the 2025 Beard Papas Franchise Disclosure Document, the company's financial statements include data from December 31, 2024, December 31, 2023 and December 31, 2022. Specifically, the document references cash and cash equivalent balances, revenue percentages from major customers, and accounts receivable percentages as of December 31, 2024 and 2023. Additionally, amortization expenses are provided for the years ending December 31, 2023 and 2022.
This information is crucial for prospective Beard Papas franchisees as it provides a glimpse into the company's recent financial performance. By examining these audited statements, potential franchisees can assess the brand's financial health, identify trends in revenue and expenses, and evaluate the company's ability to manage its finances effectively. Understanding these financial aspects can help franchisees make informed decisions about their investment and future business operations.
It's important to note that while the FDD includes financial data for these specific years, franchisees should also consider other factors such as market conditions, competition, and the overall economic climate when evaluating the franchise opportunity. Consulting with a financial advisor and conducting thorough due diligence are essential steps in making a well-informed decision.