What was the total amount of lease payments for Bor Restoration?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
ugust 1, 2021 through July 31, 2024. For the years ended December 31, 2023, 2022 and 2021, total operating lease cost was $50,296, $50,738, and $0, respectively. As of December 31, 2023 and 2022, the weighted-average remaining lease term for the Company's operating lease was 1.56 and .58 years, respectively.
Cash paid for the operating lease for the year ended December 31, 2023 and 2022, was $48,000. Rent expense for the years ended December 31, 2021 (pre-adoption of the new standards) was $20,000. There were no noncash investing and financing transactions related to leasing other than
| 2024 | $ | 32,340 |
|---|---|---|
| Total lease payments | 32,340 | |
| Less present value discount | (479) | |
| Total lease obligation | $ | 31,861 |
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Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the total lease payments for 2024 were $32,340. After a present value discount of $479, the total lease obligation was $31,861.
Additionally, the FDD provides information on lease payments for previous years. For the years ended December 31, 2023, 2022 and 2021, the total operating lease cost was $50,296, $50,738, and $0, respectively. Cash paid for the operating lease for the years ended December 31, 2023 and 2022, was $48,000. Rent expense for the years ended December 31, 2021 (pre-adoption of the new standards) was $20,000.
Furthermore, the document states that the company's operating lease is a noncancellable lease for office space commencing August 1, 2021, through July 31, 2024. As of December 31, 2023 and 2022, the weighted-average remaining lease term for the company's operating lease was 1.56 and .58 years, respectively. This indicates the lease is nearing its end date as of the FDD's reporting.