By what day and time must a 360 Painting franchisee submit their Gross Sales statement?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
he taxes are added to the selling price of Franchisee's goods and services and are in fact paid by Franchisee to the appropriate governmental authorities; or (iii) the value of any coupons duly issued and approved by Franchisor, or any bona fide discounts or customer refunds approved by Franchisor. For purposes of reporting Gross Sales, all revenues must be recorded upon receipt and any approved refunds to customers shall be deducted from revenues when the refund is tendered.
- 4.5 Estimated Gross Sales If Franchisee Does Not Report. If Franchisee fails to submit to Franchisor, by 12:00 p.m. Eastern Time on Tuesday of each week, a statement of Gross Sales for the prior week ending on Saturday (the "Business Week") as required by Section 6.3(i), then Franchisee will be assessed a $100 late charge per statement, per week, or part thereof, until each delinquent statement has been subm
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to the 2025 360 Painting Franchise Disclosure Document, a franchisee must submit their Gross Sales statement by 12:00 p.m. Eastern Time on Tuesday of each week. This statement covers the prior week, which ends on Saturday.
This requirement is part of the franchisee's ongoing reporting obligations to 360 Painting. Failing to submit the Gross Sales statement on time can result in a $100 late charge per statement, per week, or part thereof, until the statement is submitted.
In addition to the late fee, if a franchisee fails to submit the statement of Gross Sales in a timely manner, 360 Painting has the right to estimate the franchisee's Gross Sales for the period in question. This estimate will be based on any information 360 Painting possesses that allows them to approximate the actual Gross Sales. This estimate will then be used to calculate and collect any payments due to 360 Painting.
360 Painting may grant reasonable extensions of time for submitting the Gross Sales statement. It is important for prospective franchisees to understand these reporting requirements and the associated penalties for non-compliance, as they can impact the financial obligations and relationship with the franchisor.