What was the long-term portion of amounts due to Cool Binz as of December 31, 2024?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
r 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 with 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.
March 19, 2025
Consolidated Balance Sheets (dollars in thousands)
| December 31, | 2024 | 2023 | 2022 (as restated) |
|---|---|---|---|
| Assets | |||
| Current Assets Cash Restricted cash Accounts receivable, net Inventory (Note 6) Notes receivable, current portion net of allowance (Note 7) Prepaid expenses and other current assets | $ 1,242 1,310 2,728 8,673 578 454 | $ 3,701 781 2,338 5,683 639 625 | $ 1,372 345 3,074 4,393 1,661 346 |
| Total Current Assets | 14,985 | 13,767 | 11,191 |
| Right-of-Use Assets, Ne |
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, the long-term portion of amounts due from related parties as of December 31, 2024, was $27,182. This figure represents the balance of money owed to Cool Binz by entities or individuals with a close relationship to the company, where the repayment is expected to occur over a period longer than one year.
For a prospective Cool Binz franchisee, understanding the amounts due from related parties can provide insights into the company's financial dealings and relationships. A high balance of amounts due from related parties might suggest a reliance on these relationships for financial stability or operational support. It is important to note that the FDD also lists amounts due from related parties as of December 31, 2023, which was $24,688.
Franchisees should consider this information in the context of Cool Binz's overall financial health and business practices. Investigating the nature of these related-party transactions and the terms of repayment can help a franchisee assess the potential impact on Cool Binz's financial performance and stability. It is advisable to seek clarification from Cool Binz regarding the specifics of these amounts and their potential implications for the franchise system.