What is the latest year for which financial data is presented for Bor Restoration in this table?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
ments.
- Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.
We are required to communicate to those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
JDS Professional Group
March 26, 2024
Balance Sheets
As Of December 31, 2023, 2022, and 2021
Page -3-
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| ASSETS | |||
| Current Assets: | |||
| Cash | $ 3,134,133 | $ 513,933 | $ 204,415 |
| Accounts receivable | 245,645 | 105,281 | 71,657 |
| Prepaid expenses | 3,029 | 2,688 | 119,713 |
| Total Current Assets | 3,382,807 | 621,902 | 395,785 |
| Non-current Assets: | |||
| Right-of-use asset, net of accumulated | |||
| amortization of $99,445 and $46,569, respectively | 26,827 | 79,703 | |
| Other assets | 55,422 | 32,246 | 18,218 |
| Total Non-current Assets | 82,249 | 111,949 | 18,218 |
| TOTAL ASSETS | $ 3,465,056 | $ 733,851 | $ 414,003 |
| LIABILITIES AND OWNER'S EQUITY | |||
| Current Liabilities: | |||
| Accounts payable | $ 1,696 | $ 485 | $ 19 |
| Accrued expenses | 6,247 | 12,128 | 14,993 |
| Deferred revenue | 138,552 | 94,350 | |
| Lease liability | 31,861 | 50,580 | |
| Total Current Liabilities | 178,356 | 63,193 | 109,362 |
| Non-current Liabilities: | _ | ||
| Lease liability | 31,861 | ||
| Total Liabilities | 178,356 | 95,054 | 109,362 |
| Owner's Equity: |
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the financial data presented in the provided table includes figures up to December 31, 2023. The table provides a summary of the company's assets, liabilities, and owner's equity for the years 2023, 2022, and 2021. This information is crucial for prospective franchisees as it offers a glimpse into the financial health and performance of Bor Restoration over the three-year period.
Specifically, the table details various aspects of Bor Restoration's financial standing, such as cash holdings, accounts receivable, prepaid expenses, and total current assets. It also includes non-current assets like right-of-use assets and other assets. On the liabilities side, the table lists accounts payable, accrued expenses, deferred revenue, and lease liabilities. The data allows potential franchisees to assess the company's liquidity, solvency, and overall financial stability.
For instance, a prospective franchisee can observe the trend in cash holdings, which increased from $204,415 in 2021 to $3,134,133 in 2023. Similarly, the growth in total assets from $414,003 in 2021 to $3,465,056 in 2023 indicates positive financial development. Analyzing these figures helps potential franchisees make informed decisions about the financial viability of investing in a Bor Restoration franchise. The financial data from 2023 provides the most recent snapshot of the company's financial position, making it a key reference point for evaluation.