What was the other comprehensive income (loss) for Golden Krust Caribbean Restaurant in 2021?
Golden_Krust_Caribbean_Restaurant Franchise · 2024 FDDAnswer from 2024 FDD Document
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| Year Ended December 31, 2022 | 2021 | |
|---|---|---|
| REVENUES | ||
| Royalties | $ 3,566,598 $ | 3,041,453 |
| Advertising Charges | 1,503,874 | 982,160 |
| Franchising Fees | 95,050 | 99,592 |
| Total Franchise Revenues | 5,165,522 | 4,123,205 |
| Company owned restaurant sales | 2,896,104 | 2,976,981 |
| Cost of sales | (1,226,078) | (1,226,592) |
| Restaurant Gross Profit | 1,670,026 | 1,750,389 |
| Total Gross Profit | 6,835,548 | 5,873,594 |
| SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES | 5,729,761 | 7,611,396 |
| INCOME (LOSS) FROM OPERATIONS | 1,105,787 | (1,737,802) |
| OTHER INCOME (EXPENSE): | ||
| Interest income | 8,756 | 4,634 |
| Employee retention credit | - | 580,958 |
| Related party loan forgiveness | - | 567,961 |
| Interest expense | (51,235) | (40,408) |
| Other income (expense) | 6,208 | (12,623) |
| Total Other (Expense) Income, net | (36,271) | 1,100,522 |
| INCOME (LOSS) BEFORE PROVISION FOR | ||
| IN |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 35)
What This Means (2024 FDD)
According to Golden Krust Caribbean Restaurant's 2024 Franchise Disclosure Document, the other comprehensive loss for 2021 was $5,066. This figure represents changes in equity of Golden Krust Caribbean Restaurant during that year from sources other than net income or transactions with owners.
Comprehensive income provides a more complete picture of a company's financial performance than net income alone. For a prospective franchisee, understanding comprehensive income can offer insights into the overall financial health and stability of Golden Krust Caribbean Restaurant.
It is important to note that this value is a loss, which means that Golden Krust Caribbean Restaurant experienced a decrease in equity from these other sources. While the amount is relatively small compared to the net loss of $659,030, it still contributes to the overall financial picture of the company during that period.