What was the net income for All Team in 2023?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
13,036 | $ 3,492,701 |
ALL TEAM FRANCHISE CORPORATION STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
| 2024 | 2023 | |
|---|---|---|
| OPERATING REVENUES | ||
| Royalty and license fees - franchise | $ 312,310 | $ 423,870 |
| Funding and processing fees - franchise | 430,716 | 606,672 |
| Total Operating Revenues | 743,026 | 1,030,542 |
| OPERATING EXPENSES | ||
| Advertising - franchise | 2,771 | 446 |
| Accounting services | 15,810 | 20,281 |
| Auto expense | 19,608 | 30,168 |
| Bank and credit card fees | 363 | 668 |
| Charitable contributions | 769 | 1,122 |
| Computer/ IT | 85,059 | 63,258 |
| Dues and subscriptions | 6,455 | 7,317 |
| Professional services | 163,699 | 189,877 |
| Insurance | 29,741 | 28,025 |
| Funding fees | 75,430 | 98,019 |
| Wages, salaries and payroll benefits | 743,717 | 813,640 |
| Rent | 72,893 | 66,751 |
| Office supplies and expense | 8,469 | 15,351 |
| Postage and delivery | 1,812 | 713 |
| Equipment lease | 17,074 | 15,708 |
| Telephone and utilities | 11,691 | 12,609 |
| Licenses, permits and taxes | 1,405 | 242 |
| Miscellaneous | - | 1,850 |
| Travel and entertainment | 15,130 | 22,408 |
| Total Operating Expenses | 1,271,896 | 1,388,453 |
| LOSS FROM OPERATIONS | (528,870) | (357,911) |
| OTHER INCOME (EXPENSES) | ||
| Provision for credit losses | (6,000) | (6,000) |
| Interest income | 98,262 | 53,501 |
| Employee retention credits | - | 49,780 |
| Miscellaneous income |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 33)
What This Means (2025 FDD)
According to All Team's 2025 Franchise Disclosure Document, the company's net income for the year 2023 was $201,944. This figure represents the profit All Team retained after deducting all operating expenses, other expenses, and accounting for other income items like interest and employee retention credits.
Specifically, the FDD provides a breakdown of how this net income was derived. All Team's total operating revenues in 2023 amounted to $1,030,542, which came from royalty and license fees from franchises ($423,870) and funding/processing fees from franchises ($606,672). However, the company also incurred significant operating expenses totaling $1,388,453, resulting in a loss from operations of ($357,911). This loss was offset by other income items totaling $559,855, which included items such as interest income and employee retention credits, ultimately leading to the reported net income of $201,944.
Prospective franchisees should note that while All Team reported a net income in 2023, this was heavily influenced by other income sources that offset operational losses. Understanding the sustainability and predictability of these other income sources is crucial for assessing the overall financial health and stability of All Team. It would be prudent for potential franchisees to inquire about the nature and consistency of these income streams during their due diligence process.