What was the total revenue for Fitstop in the year ended December 31, 2023?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
ANCE SHEETS
| Prepaid Expenses | (21,795) | | — | |---|---|---|---| | Other assets | (751) | | — | | Accounts payable and accrued expenses | 1 88,719 | 313 | | | Due to related parties | 8 28,986 | 834,932 | |
FITSTOP USA, INC. STATEMENTS OF OPERATIONS AND MEMBERS' EQUITY
| YEARS ENDED DECEMBER 31 | ||
|---|---|---|
| 2023 | 2022 | |
| Revenues | ||
| Franchise fees | $ 25,833 | $ — |
| Other income | 48,762 | — |
| Total Revenues |
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, the total revenue for the company for the year ended December 31, 2023, was $74,595. This revenue is comprised of $25,833 in franchise fees and $48,762 in other income. In comparison, Fitstop's total revenue for the year ended December 31, 2022, was zero.
It is important to note that Fitstop's general and administrative expenses for 2023 totaled $1,268,250, resulting in a net loss of $1,193,655 for the year. This indicates that the company's expenses significantly exceeded its revenue during this period. In 2022, the general and administrative expenses were $365,606, which resulted in a net loss of the same amount.
Prospective franchisees should consider these financial figures carefully to understand Fitstop's financial performance and stability. While revenue increased from 2022 to 2023, the substantial net loss suggests that Fitstop is still in the early stages of development and may require significant investment to achieve profitability. It would be prudent for potential franchisees to inquire about Fitstop's strategies for increasing revenue and managing expenses to ensure long-term financial viability.