What was the accumulated deficit for Best In Class Education Center in 2024?
Best_In_Class_Education_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
to be cash equivalents. As of December 31, 2024 and 2023, the Company had approximately $4,056 and $58,720 respectively in cash in its bank accounts.
4. ACCOUNTS RECEIVABLE
As of December 31, 2024 and 2023 accounts receivable consisted of the following:
| Royalty receivable | $ | 15,521 | $ 13,219 |
|---|---|---|---|
| Initial franchise fees receivable | 30,000 | ||
| Transfer fee receivable | 26,000 | 5,000 | |
| Other franchise-related fees receivable | 10,594 | - | |
| Brand fund income receivable | 2,629 | ||
| Total Accounts Receivable | $ | 84,744 | $ 18,219 |
5. RELATED PARTY TRANSACTIONS
BIC Franchise System Corporation and Best in Class Education, LLC are affiliated entities under common ownership. As of December 31, 2024, and 2023, the Compan
Source: Item 23 — RECEIPT (FDD pages 47–204)
What This Means (2025 FDD)
According to Best In Class Education Center's 2025 Franchise Disclosure Document, as of December 31, 2024, BiC Franchise System Corporation had outstanding receivables from its affiliate amounting to $14,527. These receivables represent shared revenue collected on behalf of BiC Franchise System Corporation. Additionally, the company had outstanding receivables from its owners amounting to $24,358 as of the same date, representing amounts due from the owners for obligations incurred during the normal course of business. The company also had a balance due to Lam's Tutoring Service, Inc. of $12,747 as of December 31, 2024.
These figures provide a snapshot of the financial interactions between Best In Class Education Center and its related parties, including affiliates, owners, and other companies with overlapping ownership. It is important to note that these are receivables and payables, indicating money owed to or by the company, and not necessarily reflective of the company's overall profitability or accumulated deficit.
Prospective franchisees should carefully review the complete financial statements and related disclosures in the FDD to understand the full financial health and performance of Best In Class Education Center. Understanding these related-party transactions is crucial for assessing the financial stability and potential risks associated with investing in a Best In Class Education Center franchise.