What was the other comprehensive loss for City Wide in 2023?
City_Wide Franchise · 2025 FDDAnswer from 2025 FDD Document
| Class A | Class B | Capital | Earnings | Income (Loss) | Total | |
|---|---|---|---|---|---|---|
| Balance January 1, 2022 | $ 2,100 | $ 210,000 | $ 366,366 | $ 15,459,388 | $ (5,506) | $ 1 6,032,348 |
| Net income | - | - | - | 10,941,550 | - | 1 0,941,550 |
| Other comprehensive income | - | - | - | - | 26,999 | 26,999 |
| Distributions | - | - | - | ( 8,431,640) | - | (8,431,640) |
| Balance December 31, 2022 | 2,100 | 210,000 | 366,366 | 17,969,298 | 21,493 | 1 8,569,257 |
| Net income | - | - | - | 14,196,288 | - | 1 4,196,288 |
| Other comprehensive loss | - | - | - | - | (6,653) | (6,653) |
| Distributions | ||||||
| - | - | - | ( 21,712,635) | - | (21,712,635) | |
| Balance December 31, 2023 | ||||||
| 2,100 | 210,000 | 366,366 | 10,452,951 | 14,840 | 1 1,046,257 | |
| Net income | ||||||
| - | - | - | 19,161,078 | - | 1 9,161,078 | |
| Other comprehensive income | ||||||
| - | - | - | - | 39,507 | 39,507 | |
| Distributions | ||||||
| - | - | - | ( 16,582,517) | - | (16,582,517) | |
| Balance December 31, 2024 | $ 2,100 | $ 210,000 2024 | $ 366,366 2023 | $ 13,031,512 2022 | $ 54,347 | $ 1 3,664,325 |
| Operating Activities | ||||||
| Net income | $ 19,161,078 | $ 14,196,288 | $ 10,941,550 | |||
| Items not requiring (providing) cash | ||||||
| Depreciation | 999,912 | 1,063,068 | 1,095,919 | |||
| Bad debt expense | 160,526 | 54,103 | 13,153 | |||
| Noncash operating lease cost | 94,315 | 91,359 | 88,451 | |||
| Loss on abandonment of software subscription | 1,454,554 | - | - | |||
| Effect of foreign currency translation (gain) loss | 39,507 | (6,653) | 26,999 | |||
| Deferred compensation | 455,292 | 614,155 | - | |||
| Changes in | ||||||
| Accounts receivable | (838,659) | (645,018) | (691,842) | |||
| Deferred franchise costs and prepaid expenses | (319,698) | 46,486 | (241,676) | |||
| Inventory | 58,725 | (75) | (8,355) | |||
| Software subscription | (631,500) | (891,054) | - | |||
| Accounts payable | 3,969,091 | 2,603,540 | 3,211,061 | |||
| Accrued expenses | 920,639 | 113,353 | 363,757 | |||
| Operating lease liabilities | (182,963) | (180,007) | (177,099) | |||
| Deferred franchise revenue and other deferred income | 503,293 | 555,702 | 1,223,390 | |||
| Deferred compensation | (340,500) | (144,863) | 119,200 | |||
| Refundable advance | (1,618,485) | 2,041,208 | - | |||
| Net cash provided by operating activities | 23,885,127 | 19,511,592 | 15,964,508 | |||
| Investing Activities | ||||||
| Purchase of property and equipment | (311,516) | - | - | |||
| Increase in cash value of life insurance | (599,375) | (349,479) | (108,180) | |||
| Issuance of notes receivable - franchisees | - | - | (1,070,908) | |||
| Issuance of notes receivable - stockholder | (269,911) | (753,141) | - | |||
| Payments received on notes receivable | 315,490 | 599,904 | 1,707,937 | |||
| Net cash provided by (used in) investing activities | (865,312) | (502,716) | 528,849 | |||
| Financing Activities | ||||||
| Distributions to stockholders | (16,582,517) | (21,339,239) | (8,431,640) | |||
| Net cash used in financing activities | (16,582,517) | (21,339,239) | (8,431,640) | |||
| Increase (Decrease) in Cash and Cash Equivalents | 6,437,298 | (2,330,363) | 8,061,717 | |||
| Cash and Cash Equivalents, Beginning of Year | 17,836,030 | 20,166,393 | 12,104,676 | |||
| Cash and Cash Equivalents, End of Year | $ 24,273,328 | $ 17,836,030 | $ 20,166,393 | |||
| Supplemental Cash Flows Information | ||||||
| Property and equipment, net in accounts payable | $ 60,733 | $ - | $ - | |||
| Software subscription in accounts payable | - | 631,500 | - | |||
| Dividends applied to notes receivable | - | 373,396 | - | |||
| Massachusetts | Top Shelf Building Maintenance, Inc 120 N. Main Street, Suite 203 Attleboro, MA 02703 Phone: 401-217-6761 Matt Sacher msacher@gocitywide.com Bay State Property Services, Inc. 293 Boston Post Road, Suite 340 Marlborough, MA 01752 Phone: 508.281.5000 Fax: 508.281.0505 Bob and Karen Sommers Cell: 508.494.7833 bsommers@gocitywide.com , ksommers@gocitywide.com | |||||
| Michigan | CASEAN, INC. 580 Kirts Blvd, Suite 301 Troy, MI 48084 Phone: 248.712.1400 Fax: 877.310.1757 Dan Flynn dflynn@gocitywide.com | |||||
| Minnesota | Mansfield Top Services, Inc. (100% stock owned by CWF Acq.) 11979 County Road 11, Suite 250 Burnsville, MN 55337 Phone: 952.224.5454 Fax: 952.224.5458 Tyler Olson tolson@gocitywide.com Rob Ellis rellis@gocitywide.com | |||||
| Missouri | M&B Holdings, L.L.C. 1736 Westpark Ctr Dr., Suite 100 Fenton, MO 63026 Phone: 636.717.1140 Fax: 636.717.1142 Howard Berkowitz hberkowitz@gocitywide.com Ken Miner kminer@gocitywide.com | |||||
| Nebraska | Jeredith Brands, LLC 13362 Chandler Road Omaha, NE 68138 Phone: 402.331.1000 Fax: 402.502.8323 Meredith and Jeff Erickson merickson@gocitywide.com ; jerickson@gocitywide.com | |||||
| 2024 | 2023 | 2022 |
Source: Item 23 — RECEIPT (FDD pages 65–271)
What This Means (2025 FDD)
According to City Wide's 2025 Franchise Disclosure Document, the other comprehensive loss for the company in 2023 was $6,653. This figure represents a decrease in value that is not part of the company's net income but is still a component of their overall financial performance.
Other comprehensive income (OCI) or loss includes items like unrealized gains or losses on certain investments, foreign currency translation adjustments, and changes in pension plan liabilities. These items bypass the income statement and go directly to equity, affecting the company's overall financial health without impacting its reported profit for the year.
For a prospective City Wide franchisee, this number provides insight into the broader financial activities of the company beyond its regular operations. While a single year's loss of $6,653 may not be significant, consistent losses in this category could indicate underlying financial pressures or specific accounting treatments that franchisees should be aware of. It would be prudent for potential franchisees to discuss these figures with a financial advisor to understand their implications fully.