What was the amount of member distributions for Hyper Kidz in 2020?
Hyper_Kidz Franchise · 2024 FDDAnswer from 2024 FDD Document
INCOME (EXPENSE) | (2,993) | 5,220 | 6,000 | | | NET INCOME | $ 52,292 | $ 46,173 | $ 110,241 | |
STATEMENTS OF CHANGES IN MEMBERS' EQUITY (DEFICIT) BOOMERANG FRANCHISE, LLC FOR THE YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
| BALANCE, DECEMBER 31, 2019 | $ | (24,490) | $ | (15,010) | $ | (39,500) |
|---|---|---|---|---|---|---|
| Member distributions | (100,386) | (100,386) | ||||
| Net income | 110,241 | 110,241 | ||||
| BALANCE, DECEMBER 31, 2020 | (14,635) | (15,010) | (29,645) | |||
| Member contributions | 1,800 | 1,800 | ||||
| Advances to affiliates, net | (163,377) | (163,377) | ||||
| Net income | 46,173 | 46,173 | ||||
| BALANCE, DECEMBER 31, 2021 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 52)
What This Means (2024 FDD)
According to Hyper Kidz's 2024 Franchise Disclosure Document, member distributions in 2020 were not specifically listed. However, the balance sheet provides data regarding member distributions in 2019 and 2021. In 2019, member distributions totaled $100,386, while in 2021, they amounted to $30,000.
It is important to note that the balance sheet includes additional financial activities such as member contributions, advances to affiliates, and net income for the years 2019, 2020, 2021 and 2022. These figures provide a broader context of the company's financial performance during those years. For example, in 2020, member contributions were $1,800, advances to affiliates were a net negative of $163,377, and net income was $46,173.
For a prospective Hyper Kidz franchisee, understanding these financial details is crucial for assessing the financial health and stability of the company. While the specific member distributions for 2020 are not detailed, the available data offers insights into the overall financial management and performance of Hyper Kidz. It would be prudent for potential franchisees to request further clarification on the specifics of member distributions for 2020 to gain a complete financial picture.