When did the cancelable sublease agreement for Exit that began on June 14, 2023, get cancelled?

According to Exit's 2025 Franchise Disclosure Document, a portion of the lease space was subleased to an unrelated third party under a cancelable lease agreement that began on June 14, 2023, expired on October 14, 2023, and continued monthly until the lease was cancelled in April 2024. This sublease arrangement impacts Exit's financial statements, as the company's lease expense is offset by rental income received from these sublease agreements.

For a prospective Exit franchisee, this information provides insight into how Exit manages its leased spaces and generates additional income through subleasing. Understanding the terms and cancellation dates of these subleases can be important for assessing the financial stability and operational strategies of Exit. The sublease rental income totaled $74,673 for the year ended December 31, 2023, and $51,895 for the year ended December 31, 2024.

It is important to note that Exit engages in multiple sublease agreements with varying terms, including cancelable and noncancelable leases. These agreements can significantly affect the company's overall financial performance by offsetting lease expenses. Franchisees should consider the implications of these sublease arrangements when evaluating Exit's financial health and business model.