What were the Itan office expenses in 2023?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
| 60,182 | 15,473 | | Contract liabilities (note 8) | 115,000 | - | | Deferred tax liability (note 9) | 39,617 | 45,047 | | Note payable - current portion (note 10) | 15,038 | - | | | 281,197 | 92,711 | | LONG TERM LANGUETES | | | | LONG TERM LIABILITIES | FC 074 | | | Note payable (note 10) | 56,974 | | | TOTAL LIABILITIES | 338,171 | 92,711 | | STOCKHOLDER'S EQUITY | | | | Common stock (note 11) | 50,000 | 50,000 | | Additional paid in capital | 38,000 | 38,000 | | Accumulated earnings | 1,704,663 | 1,432,517 | | | 1,792,663 | 1,520,517 | | TOTAL MARKITISS AND STOCKHOLDS PICTORY | | 4 640 065 | | TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ 2,130,834 | $ 1,613,228 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| SALES | _ | 1 | ||
| Royalties | $ | 746,395 | $ | 685,019 |
| Membership and te |
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, the company's office expenses in 2023 were $14,371. This figure represents the costs associated with maintaining Itan's office, which could include rent, utilities, office supplies, and other related expenditures.
It is important to note that Itan leases office space from Evolv Brands, Inc., an entity under common control of Itan's owner. The lease commenced on November 1, 2018, and continues as a month-to-month tenancy. The monthly payments are reviewed periodically and may be adjusted. The lease requires monthly payments of approximately $3,133 for rent and common area maintenance.
Prospective franchisees should consider these related-party transactions and lease arrangements when evaluating the financial performance of Itan. Understanding the details of these relationships and the terms of the lease agreement is crucial for assessing the overall financial health and stability of the franchise system. Franchisees should inquire about the potential for changes in lease terms and their impact on operating expenses.