What was the note receivable amount for Body Brain Center on December 31, 2023?
Body_Brain_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
and research and development expenses. This change is intended to address investor requests for more granular expense information. The amendments are effective for public business entities for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. While the Company is not classified as a public business entity, this update is included for reference.
The Company will continue to monitor developments related to this ASU and assess any potential implications for its financial statements and related disclosures.
NOTE B - NOTE RECEIVABLE
Promissory Note Agreement
On June 9, 2024 ("Effective Date"), Body & Brain Yoga and Health Centers, Inc., an Arizona corporation (the "Borrower") promises to pay to the order of the Company (the "Lender"), the sum of $230,000 with interest thereon at 5.47% per year. Borrower shall make a monthly payment in the amount of $1,048.42 for interest. The unpaid principal shall be payable in full on or before June 9, 2025 (the "Due Date").
On September 21, 2024 ("Effective Date"), Body & Brain Yoga and Health Centers, Inc., an Arizona corporation (the "Borrower") promises to pay to the order of the Company (the "Lender"), the sum of $150,000 with interest thereon at 4.73% per year. Borrower shall make a monthly payment in the amount of $591.25 for interest. The unpaid principal shall be payable in full on or before September 21, 2025 (the "Due Date).
On November 8, 2024, the Company received
Source: Item 23 — RECEIPT (FDD pages 43–178)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, Body Brain Center had a note receivable from Body & Brain Yoga and Health Centers, Inc. As of June 9, 2024, Body & Brain Yoga and Health Centers, Inc. promised to pay Body Brain Center $230,000 with interest at 5.47% per year, with monthly interest payments of $1,048.42 and the principal due by June 9, 2025. Additionally, as of September 21, 2024, Body & Brain Yoga and Health Centers, Inc. promised to pay Body Brain Center $150,000 with interest at 4.73% per year, with monthly interest payments of $591.25 and the principal due by September 21, 2025.
On November 8, 2024, Body Brain Center received a $100,000 payment towards the $380,000 total note receivable. Following this payment, the two existing notes were consolidated into a new note agreement of $280,000 on November 9, 2024. The new agreement stipulated that Body & Brain Yoga and Health Centers, Inc. would repay Body Brain Center the $280,000 principal with interest at 4.36% per year, requiring monthly interest payments of $1,017.33, with the principal due by November 9, 2025.
While the document details the note receivable agreements and transactions occurring in 2024, it does not explicitly state the exact note receivable amount as of December 31, 2023. To determine the note receivable amount on December 31, 2023, a prospective franchisee should request this specific information from Body Brain Center.