What was the line of credit advances - net for Bevaris Alliance in 2023?
Bevaris_Alliance Franchise · 2024 FDDAnswer from 2024 FDD Document
,107) | | Deferred franchise development costs - net | $ 52,517 | $ 67,172 |
Amortization expense for 2023 and 2022 were $14,656 and $6,107, respectively.
5. CREDIT CARD PAYABLE:
The Company maintains a credit card with a credit card provider. The aggregate credit limit for this credit card is $20
Source: Item 23 — RECEIPT (FDD pages 22–88)
What This Means (2024 FDD)
According to the 2024 FDD, Bevaris Alliance had line of credit advances net of $1,000 in 2023. This indicates the net change in the company's line of credit during that year.
Specifically, the FDD details that Bevaris Alliance maintains a line of credit of $40,000 with a finance company, accruing interest at an annual rate of 59.9%. During 2023, the company made advances of $2,000 and payments of $1,000, resulting in a net increase of $1,000 to the outstanding balance.
As of December 31, 2023, the outstanding balance on this line of credit was $1,000. This information is crucial for prospective franchisees to understand the financial management and debt obligations of Bevaris Alliance.