What were the contract assets for Crave Cookies at the beginning of 2023?
Crave_Cookies Franchise · 2025 FDDAnswer from 2025 FDD Document
ut the Company's contract assets and liabilities from contracts with customers as of December 31, 2023 and 2022:
| 2023 | 2022 | |
|---|---|---|
| Accounts receivable, beginning of year | $ 17,607 | $ - |
| Accounts receivable, end of year | $ 99,999 | $ 17,607 |
| Contract assets, beginning of year | $ 2 | $ 44,595 |
| Contract assets, end of year | $ | $ |
| Contract liabili |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 47)
What This Means (2025 FDD)
According to Crave Cookies' 2025 Franchise Disclosure Document, the contract assets at the beginning of 2023 were $2.
Contract assets generally represent a company's right to receive consideration for goods or services that have been transferred to a customer when that right is conditional on something other than the passage of time. For a Crave Cookies franchisee, understanding the nature and management of contract assets is crucial for accurate financial reporting and business planning.
The FDD also lists the contract assets at the beginning of 2022 as $44,595. It is important to note that the end of year contract assets for both 2022 and 2023 are not listed in the table.