What was the reported amount of notes receivable for Cool Binz as of December 31, 2022?
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, Net | 2,036 | 3,098 | 1,379 |
| Property and Equipment, Net (Note 8) | 1,675 | 2,220 | 1,701 |
| Goodwill (Note 9) | - | 10,519 | 56,056 |
| Intangible Assets, Net (Note 9) | 23,789 | 28,264 | 32,566 |
| Other Assets Notes receivable - net of current portion and allowance (Note 7) Amounts due from related parties (Note 14) Deferred commissions Other noncurrent assets | 793 27,182 649 347 | 1,336 24,688 871 216 | 2,747 23,843 1,155 331 |
| Total Assets | $ 71,456 | $ 84,979 | $ 130,969 |
| Liabilities and Stockholders' Equity Current Liabilities Accounts payable Operating lease obligation, current portion (Note 10) Deferred revenue, current portion Accrued and other current liabilities: Accrued compensation Other accrued liabilities | $ 812 1,087 1,945 580 1,147 | $ 203 1,002 1,305 1,201 2,251 | $ 855 1,145 2,050 1,256 1,678 |
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, the notes receivable, current portion net of allowance, was $1,661 as of December 31, 2022. The notes receivable, net of current portion and allowance, was $2,747 as of December 31, 2022.
In simpler terms, "notes receivable" represents money owed to Cool Binz by its customers or franchisees through formal promissory notes. The "current portion" refers to the amount due within one year, while the "net of allowance" indicates that the figure has been adjusted to account for potential uncollectible amounts.
The distinction between the current and non-current portions of notes receivable is important for assessing Cool Binz's short-term and long-term financial health. The current portion indicates the cash expected to be received within the next year, while the non-current portion reflects amounts due beyond that timeframe. A prospective franchisee should pay attention to these figures to understand the company's lending practices and the creditworthiness of its borrowers.