What were the total assets of Bor Restoration in 2022?
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 as |
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the company's total assets in 2022 were $733,851. This figure represents the sum of the company's current and non-current assets for that year. Current assets, which are assets expected to be converted to cash within one year, totaled $621,902 and included cash ($513,933), accounts receivable ($105,281), and prepaid expenses ($2,688). Non-current assets, which are not expected to be converted to cash within one year, totaled $111,949 and included right-of-use assets net of accumulated amortization ($79,703) and other assets ($32,246).
Understanding the composition of Bor Restoration's assets can provide prospective franchisees with insights into the company's financial health and resource allocation. A significant portion of the company's assets in 2022 was held in cash, which could indicate strong liquidity. Accounts receivable represents money owed to the company by its customers, while prepaid expenses are payments made in advance for goods or services. The right-of-use asset likely relates to the company's leased office space, and other assets could include items such as equipment or intangible assets.
It is important to note that these figures are based on Bor Restoration's financial statements and may not reflect the financial performance of individual franchises. Prospective franchisees should carefully review the company's financial statements and consult with a financial advisor to assess the potential risks and rewards of investing in a Bor Restoration franchise. Analyzing these figures in comparison to previous years (2021 and 2020, which are also provided in the table) can reveal trends in asset growth and management, offering a more comprehensive view of the company's financial trajectory.
Overall, the total asset figure provides a snapshot of Bor Restoration's financial position in 2022, but it should be considered in conjunction with other financial data and qualitative factors when evaluating the franchise opportunity.