When does the fiscal year end for Best In Class Education Center?
Best_In_Class_Education_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
aturities of three months or less 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 Company had outstanding receivables from its affiliate amounting to $14,527 and $0, respectively, representing shared revenue collected on behalf of BIC Franchise
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 47)
What This Means (2025 FDD)
According to the 2025 FDD, Best In Class Education Center's fiscal year ends on December 31. This is relevant for franchisees as it marks the end of the accounting period for the company.
The FDD specifies that as of December 31, 2024, and 2023, BiC Franchise System Corporation had outstanding receivables from its affiliate amounting to $14,527 and $0, respectively. These receivables represent shared revenue collected on behalf of BiC Franchise System Corporation. Additionally, as of the same dates, the company had outstanding receivables from its owners amounting to $24,358 and $0, respectively, representing amounts due from the owners for obligations incurred during the normal course of business.
The document also mentions transactions with Lam's Tutoring Service, Inc., where a member of BiC Franchise System Corporation has an ownership interest. As of December 31, 2024, and 2023, the entity had a balance due to Lam's Tutoring Service, Inc. of $12,747 and $0, respectively. These figures are part of the summary of transactions with related parties for the year ended December 31, 2024, and the period from February 10, 2023, to December 31, 2023.