What were the total Itan operating expenses for auto in 2023?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2023 | 2022 | |
|---|---|---|
| ACCETC | ||
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash | $ 349,230 | $ 18,409 |
| Accounts receivable | 96,871 | 101,411 |
| Due from related parties (note 5) | 1,550,230 | 1,399,221 |
| Prepaid expenses | 9,196 | 83,782 |
| Prepaid taxes | 5,150 | 5,087 |
| Deferred tax asset (note 9) | 37,027 | 4,661 |
| belefied tax asset (note 5) | 37,027 | 1,001 |
| 2,042,554 | 1,612,571 | |
| PROPERTY AND EQUIPMENT (note 3) | 88,280 | 657 |
| TOTAL ASSETS | 2,130,834 | 1,613,228 |
| 101/12/105215 | 2,130,031 | |
| LIABILITIES AND STOCKHOLDER'S EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable | 3,765 | 792 |
| Accrued liabilities (note 7) | 47,595 | 31,399 |
| Accrued taxes | 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 1 |
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, the total operating expenses for auto in 2023 were $8,000. This figure represents the expenses Itan incurred related to automobiles.
For a prospective franchisee, understanding these operating expenses is crucial for financial planning. The 'auto' expense category likely includes costs such as vehicle maintenance, fuel, and insurance for any company-owned or leased vehicles used in the business operations. This is a relatively small expense compared to other operating expenses such as payroll costs and insurance.
It's important to note that these figures reflect Itan's expenses and may not directly translate to a franchisee's experience. A franchisee's auto expenses could vary based on factors like location, the number of vehicles used, and local fuel costs. Therefore, a prospective franchisee should consider these figures as a benchmark and conduct their own due diligence to estimate their potential auto-related expenses.
Prospective franchisees should inquire with Itan about the specific items included in the 'auto' expense category and how these expenses are expected to change as the franchise grows. Additionally, speaking with existing franchisees can provide valuable insights into the actual costs they incur for auto-related expenses, offering a more realistic expectation for new franchisees.