What was the total value of Brightstar Care's property and equipment, net, as of December 31, 2023?
Brightstar_Care Franchise · 2025 FDDAnswer from 2025 FDD Document
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Consolidated Balance Sheets
| December 31, 2023 | January 1, 2023 | |
|---|---|---|
| Assets | ||
| Current Assets Cash and cash equivalents Accounts receivable, net of allowances for credit losses of $213,282 and $309,337, respectively | $ 267,218 5,986,114 | $ 16,868 5,170,910 |
| Prepaid expenses | 1,782,560 | 888,291 |
| Inventory | - | 74,793 |
| Other current assets | 435,628 | 724,829 |
| Total Current Assets | 8,471,520 | 6,875,691 |
| Property and Equipment, Net | 8,551,823 | 7,605,214 |
| Other Long-Term Assets Operating lease - right-of-use asset Notes receivable - affiliated companies | 137,232 7,287,629 | 543,187 15,322,517 |
| Total Other Long-Term Assets | 7,424,861 | 15,865,704 |
| Total Assets | $ 24,448,204 | $ 30,346,609 |
| Liabilities and Member's Equity | ||
| Current Liabilities Accounts payable Accrued salaries and payroll tax Operating lease liability Other current liabilities | $ 1,993,783 3,310,197 77,343 3,026,086 | $ 1,891,620 2,695,354 463,557 2,773,898 |
| Total Current Liabilities | 8,407,409 | 7,824,429 |
| Long-Term Liabilities | - | 96,472 |
| Operating lease liability, net of current | ||
| Total Long-Term Liabilities | - | 96,472 |
| Total Liabilities | 8,407,409 | 7,920,901 |
| Commitments and Contingencies | ||
| BrightStar Franchising, LLC Member's Equity | 31,379,828 | 35,998,333 |
| Non-Controlling Interest | (15,339,033) | (13, |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 117)
What This Means (2025 FDD)
According to Brightstar Care's 2025 Franchise Disclosure Document, the net value of property and equipment as of December 31, 2023, was $8,551,823. This figure represents the historical cost of Brightstar Care's property and equipment, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to seven years, or the life of the lease.
Brightstar Care records its property and equipment at historical cost, subtracting accumulated depreciation to reflect the current net value. When property and equipment are sold or retired, their cost and accumulated depreciation are removed from the balance sheets, and any gain or loss on the disposition is recorded in operations. Repair and maintenance costs are expensed as they are incurred.
Brightstar Care assesses its property and equipment for impairment when events or changes suggest that the carrying amount may not be recoverable. An impairment loss is recognized if the estimated undiscounted future cash flows from the asset's use and eventual disposition are less than its carrying amount. The company did not identify any impairment of its property and equipment as of December 31, 2023, indicating that the recorded value is considered recoverable.