What was the restated amount for Exit's franchise sales and renewals in 2023?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
In 2024, it was discovered that the Company had not correctly accounted for various receivables it had submitted for reimbursement to Exit Realty Corp. International for advertising costs incurred during the year ended December 31, 2023, which resulted in under reported accounts receivable and over reported advertising costs. As a result, the Company has restated the 2023 financial statements to report the correct balances. In addition to this, the following sets forth the previously reported and restated amounts of selected items within the Balance Sheets as of December 31, 2023 and within the Statements of Income (Loss) for the year ended December 31, 2023:
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, the company discovered in 2024 that it had not correctly accounted for various receivables it had submitted for reimbursement to Exit Realty Corp. International for advertising costs incurred during the year ended December 31, 2023. As a result, the company restated the 2023 financial statements to report the correct balances. However, the exact restated amount for franchise sales and renewals in 2023 is not specified in the provided excerpts.