What was the change in accounts receivable 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, the company had outstanding receivables from its affiliate totaling $14,527 as of December 31, 2024, compared to $0 on December 31, 2023. This represents shared revenue collected on behalf of BIC Franchise System Corporation.
Additionally, Best In Class Education Center had outstanding receivables from its owners amounting to $24,358 as of December 31, 2024, compared to $0 on December 31, 2023. These receivables are for obligations incurred by the owners during the normal course of business.
Furthermore, the company's balance due to Lam's Tutoring Service, Inc. was $12,747 as of December 31, 2024, compared to $0 on December 31, 2023. A member of Best In Class Education Center also has an ownership interest in Lam's Tutoring Service, Inc. These figures indicate a significant increase in receivables and payables between Best In Class Education Center and its related parties from 2023 to 2024.