What were the total travel expenses for Fitstop in November 2022?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
subsequent events that would have required further adjustment or disclosure in the financial statements. Subsequent events have been evaluated through. May 23, 2024, which is the date the financial statements were available to be issued.
| PROFIT & LOSS | Nov 2022 | 2022/2023 (YTD) |
|---|---|---|
| Cost of Sales | ||
| Purchase of Apparel/Accessories/Supps | $0 | $326 |
| Gross Profit | $0 | ($326) |
| Expenses | ||
| Flights and Accommodation | $6,872 | $33,292 |
| Travel Expenses | $6,348 | $15,556 |
| Advertising | $0 | $750 |
| Bank Fees & Charges | $91 | $110 |
| Automobile Expense | $2,000 | $2,000 |
| Employee - Salaries and Wage | $16,667 | $38,718 |
| Management Fees | $35,328 | $184,245 |
| Legal Expenses | $0 | $10,000 |
| Consulting Fees | $22,120 | $118,930 |
| IT Software and expenses | $363 | $749 |
| Office Expenses | $1,397 | $2,18 |
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, the total travel expenses for November 2022 were $6,348. This figure is part of the profit and loss statement provided in the FDD. It is important to note that this is just one month's expenses and may not be representative of other months or future performance.
In addition to travel expenses, Fitstop also incurred $6,872 in flights and accommodation expenses during November 2022. These two categories, travel expenses and flights/accommodation, represent significant components of the company's overall expenses for that month. The FDD also lists other expenses such as advertising, bank fees, automobile expenses, and employee salaries, providing a comprehensive view of the company's financial performance during that period.
Prospective franchisees should consider these expenses when evaluating the financial viability of a Fitstop franchise. Understanding the franchisor's historical expenses can help franchisees better estimate their own potential costs and profitability. It's also important to compare these figures with industry benchmarks and to conduct thorough due diligence to assess the reasonableness of these expenses.