What was the total amount of current liabilities for Bor Restoration in 2021?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
the financial statements.
- 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 21, 2023
Balance Sheets
As Of December 31, 2022, 2021, and 2020
Page -3-
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| ASSETS | |||
| Current Assets: | |||
| Cash | $ 513,933 | $ 204,415 | $ 185,894 |
| Accounts receivable | 105,281 | 71,657 | 45,896 |
| Prepaid expenses | 2,688 | 119,713 | |
| Total Current Assets | 621,902 | 395,785 | 231,790 |
| Non-current Assets: | |||
| Right-of-use asset, net of accumulated | - 0 - 04 | ||
| amortization of $46,569 | 79,703 | 0.010 | |
| Other assets | 32,246 | 18,218 | 8,013 |
| Total Non-current Assets | 111,949 | 18,218 | 8,013 |
| TOTAL ASSETS | $ 733,851 | $ 414,003 | $ 239,803 |
| LIABILITIES AND OWNER'S EQ |
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the total current liabilities for the company in 2021 were $109,362. This figure represents the sum of several short-term financial obligations, including accounts payable, accrued expenses, deferred revenue, and lease liabilities. These liabilities are considered current because they are typically due within one year.
Specifically, the current liabilities consist of accounts payable of $19, accrued expenses of $14,993, deferred revenue of $94,350, and lease liabilities of $0. It is important to note that deferred revenue represents payments received for services or products that have not yet been delivered or rendered.
Understanding the composition and amount of current liabilities is crucial for prospective franchisees as it provides insight into Bor Restoration's short-term financial health and obligations. A high level of current liabilities relative to current assets could indicate potential liquidity issues, while a lower level might suggest a more stable financial position. Therefore, potential franchisees should analyze these figures in conjunction with other financial data to assess the overall financial stability of Bor Restoration.