What was the net income for Crawlspace Medic in 2020?
Crawlspace_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
,112 | $ | 460,495 | $ 147,585 |
STATEMENTS OF CASH FLOWS CSM FRANCHISE GROUP, LLC
| 2022 | 2021 | 2020 | |
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | $ 808,447 | $ 954,060 | $ 218,669 |
| Net income | |||
| Changes in operating assets and liabilities: | |||
| (Increase) decrease in franchisee fees receivable | 280,000 | (275,000) | (5,000) |
| (Increase) decrease in royalty fees receivable | 9,972 | 3,918 | (9,590) |
| (Increase) decrease in due from related parties | 9,599 | (9,599) | - |
| (Increase) decrease in prepaid expense | 6,918 | (12,168) | - |
| Increase (decrease) in accounts payable and | |||
| accrued expenses | (11,088) | 22,144 | 630 |
| Decrease in due to related party | (1,444) | (20,676) | - |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,102,404 | 662,679 | 204,709 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Payment on related party financing | - | (21,460) | (53,629) |
| Members' withdrawals | (1,052,830) | (641,150) | (22,222) |
| NET CASH USED IN FINANCING ACTIVITIES | (1,052,830) | (662,610) | (75,851) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 49,574 | 69 | 128,858 |
| Cash and cash equivalents at beginning o |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2024 FDD)
According to Crawlspace Medic's 2024 Franchise Disclosure Document, the company's net income in 2020 was not explicitly listed. However, the document does provide a table outlining the cash flows from operating activities, which includes a line for "Net income".
Specifically, the table shows the cash flows from operating activities for 2020. While the table includes a line item for "Net income", the corresponding value for 2020 is not populated with a numerical figure. Instead, the table only provides the cash flows from operating activities, financing activities, and the net change in cash and cash equivalents, along with cash at the beginning and end of the year.
Therefore, while the FDD includes financial statements, the specific net income figure for Crawlspace Medic in 2020 is not disclosed. A prospective franchisee should request this information from the franchisor to gain a clearer understanding of the company's financial performance during that period.