What amount of services were recognized over time by Bor Restoration in 2020?

According to Bor Restoration's 2024 Franchise Disclosure Document, the amount of services recognized over time for the year ended December 31, 2020, was $182,000. The document also notes that no services were recognized at a point in time during that year. This figure is part of the company's financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America.

For a prospective Bor Restoration franchisee, this information provides insight into how the company recognizes revenue. Recognizing revenue 'over time' typically means that Bor Restoration accounts for revenue as the services are performed, rather than at a single point of sale. This is common in service-based businesses like Bor Restoration, where projects can span days, weeks, or even months.

Understanding the revenue recognition method and the historical amounts recognized over time can help a franchisee assess the financial stability and performance trends of Bor Restoration. It's important to consider these figures in conjunction with other financial data and disclosures in the FDD to get a comprehensive view of the franchise's financial health. A potential franchisee should also inquire about the factors that influenced the amount of services recognized over time in 2020, such as the number of active franchise locations, the types of projects undertaken, and any significant events that may have affected revenue recognition.