What was the total owner's equity for Bor Restoration in 2022?
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: | |||
| A |
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the total owner's equity for the company in 2022 was $638,797. This figure represents the net worth of Bor Restoration, calculated by subtracting total liabilities from total assets. It comprises $1,000 in paid-in capital and $637,797 in retained earnings.
For a prospective franchisee, owner's equity indicates the financial stability and overall health of Bor Restoration. A higher owner's equity generally suggests a more stable and well-managed company. It reflects the accumulated profits that have been reinvested in the business over time.
It is important to note that while a substantial owner's equity is a positive sign, franchisees should also consider other financial metrics and factors, such as revenue trends, profitability, and debt levels, to gain a comprehensive understanding of Bor Restoration's financial condition. Reviewing the complete financial statements and consulting with a financial advisor is advisable for making informed investment decisions.