What was the total revenue for Exit in 2022?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
e - related parties | 351,676 | 816,338 | - | | Current portion of deferred revenue | 3,140,717 | 3,636,617 | 3,523,417 | | Total current liabilities | 12,543,040 | 14,310,735 | 12,022,909 | | Long-term liabilities | | | | | Notes payable, net of current | 1,559,052 | 1,889,505 | 2,250,108 | | Deferred income tax liability - Canadian taxes | 414,995 | 312,000 | 215,000 | | Deferred revenue | 3,381,807 | 3,929,136 | 4,854,640 | | Other non-current liabilities | 1,005,000 | - | - | | Total long-term liabilities | 6,360,854 | 6,130,641 | 7,319,748 | | Stockholders' equity | | | | | Common stock, $.07 par value, 100 shares authorized, issued, and outstanding at December 31, 2024 Retained earnings Accumulated other comprehensive loss Equity attributable to controlling interest | 7 8,147,295 (1,979,828) 6,167,474 | 7 8,075,962 (1,817,038) 6,258,931 | 7 9,403,248 (1,824,376) 7,578,879 | | Non-controlling interests | (2,329) | (1,713) | (1,250) | | Total stockholders' equity | 6,165,145 | 6,257,218 | 7,577,629 | | Total liabilities and stockholders' equity | $ 25,069,039 | $ 26,698,594 | $ 26,920,286 |
EXIT REALTY CORP. INTERNATIONAL CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Revenue | $ 15,421,227 | $ 15,991,792 | $ 17,858,393 |
| Operating expenses | |||
| Advertising and promotion | 2,335,585 | 2,858,751 | 2,880,073 |
| Amortization and depreciation | 65,563 | 92,338 | 125,888 |
| Ancillary expenses | 155,129 | 159,378 | 209,692 |
| Credit loss (recovery) expense | 351,755 | 1,304,738 | 382,936 |
| Bank charges | 261,316 | 246,186 | 234,654 |
| Commissions | 68,380 | 198,365 | 111,540 |
| Contract services | 951,910 | 883,805 | 972,546 |
| Fees and dues | 27,450 | 30,231 | 33,494 |
| Information technology | 504,587 | 519,057 | 470,750 |
| Insurance | 158,867 | 146,300 | 97,700 |
| Office and general | 83,168 | 64,051 | 83,463 |
| Postage and delivery | 50,372 | 77,943 | 102,833 |
| Professional fees | 921,810 | 512,417 | 334,687 |
| Rent | 302,011 | 305,396 | 293,000 |
| Repairs and maintenance | - | 2,787 | 8,364 |
| Salaries and benefits | 7,692,843 | 7,205,125 | 7,900,241 |
| Telephone | 18,920 | 25,306 | 26,585 |
| Trade shows an |
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, the company's total revenue in 2022 was $17,858,393. The FDD also provides a breakdown of operating expenses for that year, including advertising and promotion ($2,880,073), amortization and depreciation ($125,888), ancillary expenses ($209,692), credit loss expense ($382,936), bank charges ($234,654), commissions ($111,540), contract services ($972,546), fees and dues ($33,494), information technology ($470,750), insurance ($97,700), office and general expenses ($83,463), postage and delivery ($102,833), professional fees ($334,687), rent ($293,000), repairs and maintenance ($8,364), salaries and benefits ($7,900,241), telephone ($26,585), trade shows and conventions ($2,845,425), training and development ($1,452,332), travel ($136,233), and vehicle expenses ($7,405). There were no miscellaneous expenses listed for 2022. These expenses contributed to a loss from operations of ($851,448).
Additionally, in 2022, Exit experienced other income and expenses, including a gain on the sale of property and equipment ($20,291), an impairment of digital assets ($1,820,185), and interest expenses ($170,816). The total other income and expenses resulted in a loss of ($1,629,078). After accounting for a benefit for income taxes of ($342,266), the consolidated net loss for Exit in 2022 was ($2,138,260).
Prospective franchisees should consider these figures in the context of the overall financial health and trends of Exit. Understanding the revenue streams and expense categories can help in evaluating the potential profitability and sustainability of an Exit franchise. It's also important to note the factors that contributed to the net loss in 2022, such as the impairment of digital assets, to assess whether these were one-time events or ongoing concerns.