What were the total operating expenses for Bor Restoration in 2020?
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)
Based on the 2024 Franchise Disclosure Document, there is no specific figure for total operating expenses for Bor Restoration in 2020. However, the FDD does include some financial data that could be relevant to understanding the company's expenses.
The provided financial statements include a balance sheet with figures for assets and liabilities as of December 31, 2020. This includes categories such as cash ($185,894), accounts receivable ($45,896), and accounts payable ($5,495). Additionally, the cash flow statement provides the net income for 2020 which was $291,217.
To determine the total operating expenses, a prospective Bor Restoration franchisee should request a complete income statement from the franchisor. This statement would detail revenues, cost of goods sold, and all operating expenses, providing a clear picture of the company's financial performance. Understanding these expenses is crucial for assessing the financial viability of a Bor Restoration franchise.