As of what date are the outlet numbers presented in Item 20 for Bft?
Bft Franchise · 2025 FDDAnswer from 2025 FDD Document
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- The numbers are as of December 31 of each year in each of the tables provided in Item 20.
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- As disclosed in XFI's most recent Form 10-K filed March 14, 2025, with the U.S. Securities and Exchange Commission, XFI deems a Studio no longer operating if (a) the company has reason to believe, after reasonable inquiry, that the Studio is permanently closed with no plans for re-opening or relocation, or (b) it has no sales for nine consecutive months or more, whichever comes first. Thus, the total number of open Studios provided above may not equal the number of open Studios cited in XFI's publicly-filed documents.
Source: Item 20 — OUTLETS AND FRANCHISEE INFORMATION (FDD pages 75–79)
What This Means (2025 FDD)
According to Bft's 2025 Franchise Disclosure Document, the outlet numbers presented in Item 20 are as of December 31st of each year for the years provided in the tables. This means that the data regarding the number of franchise locations, transfers, openings, and closures are all calculated as of the end of each respective year (2022, 2023, and 2024).
For a prospective franchisee, this is important for understanding the growth and changes in the Bft franchise system over the past three years. Reviewing the tables in Item 20, a franchisee can see the number of outlets at the start and end of each year, as well as the number of outlets opened, closed, or transferred. This information can help a potential franchisee assess the stability and growth trajectory of the franchise.
It is important to note that Bft also discloses in its most recent Form 10-K, filed March 14, 2025, how it determines when a studio is no longer operating. A studio is considered no longer operating if the company believes it is permanently closed or if it has no sales for nine consecutive months or more. This may cause a discrepancy between the number of open studios reported in the FDD and those cited in Bft's publicly filed documents. Therefore, a prospective franchisee should consider these factors when evaluating the data presented.