What were the salaries and wages expenses for Cinch I.T. in 2020?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
| 2021 | Restated 2020 | ||||
|---|---|---|---|---|---|
| REVENUE | |||||
| Franchise sales | 5 | 39,625 | S | 16,000 | |
| Advertising | 83,241 | 65,298 | |||
| Annual conference | 26,600 | ||||
| Royalties | 257,946 | 207.393 | |||
| Training | 142,500 | 45,000 | |||
| TOTAL REVENUE | - | 523,312 | 1 | 360,291 | |
| OPERATING EXPENSES | |||||
| Salaries and wages | 156,687 | 255.057 | |||
| Franchise acquisition and development | 38,809 | 27,165 | |||
| Insurance | 12,418 | 28,202 | |||
| Management fee | 75,000 | ||||
| Marketing | 113,640 | 112,112 | |||
| Misoellancous | 10,106 | 6,262 | |||
| Office | 1,086 | 1.730 | |||
| Professional fees and outside services | 20,493 | 18,141 | |||
| Rent | 3,000 | ||||
| Software | 18,327 | 23.915 | |||
| Taxes | |||||
| Other | 456 | - | |||
| Payroll | 12,947 | 24,224 | |||
| Travel and entertainment | 3,208 | 2.292 | |||
| TOTAL OPERATING EXPENSES | 466,177 | 499,100 | |||
| INCOME (LOSS) FROM OPERATIONS | 57,135 | (138,809) | |||
| OTHER EXPENSE - Interest | _ | -6 | 243 | ||
| NET INCOME (LOSS) BEFORE EXTRAORDINARY INCOME | 5 | 57,135 | s | (139,052) |
Source: Item 23 — RECEIPTS (FDD pages 60–269)
What This Means (2024 FDD)
According to Cinch I.T.'s 2024 Franchise Disclosure Document, the company's salaries and wages expenses for the year 2020 were $255,057. This figure represents the total amount Cinch I.T. spent on employee compensation during that year.
Understanding the historical salary and wage expenses can be valuable for prospective franchisees. It provides insight into the operational costs of the franchisor, which can indirectly influence the support and resources available to franchisees. While franchisees do not directly pay these expenses, the financial health of the franchisor, as reflected in these figures, can impact the overall franchise system.
It's important to note that this figure is a restated value, suggesting that there may have been adjustments made to the initial reporting. Franchisees should consider this number in conjunction with other financial data in the FDD to assess the financial stability and operational efficiency of Cinch I.T.