When is the Kidokinetics Gross Sales Report due each week?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
dy available to Franchisor under this Agreement.
- 5.7. Gross Sales Reports. Franchisee shall, on the Monday following the close of each reporting week (Saturday through Friday) by no later than 11:00 a.m., furnish Franchisor with a report showing Franchisee's Gross Sales and Sales Collected at or from the Kidokinetics Business and/or made pursuant to the rights granted hereunder during such period (the "Gross Sales Report"), whether or not Franchisee
has had Gross Sales during the period. The Gross Sales Report will be in such form and will contain such information as Franchisor may from time to time prescribe. At Franchisor's discretion, Franchisee will submit the Gross Sales Report by an electronic transfer of data using the management software we require (currently Kidolink), or any other such software that Franchisor may require Franchisee use in the operation of the Kidokinetics Business.
- 5.8. Method of Payment. Franchisee will, together with the submission of the Gross Sales Report, pay to Franchisor each Wednesday, via an electronic funds transfer program ("EFT Program") the Royalty and the Brand Development Fund, as defined and more particularly described in Article 13, then due.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics's 2024 Franchise Disclosure Document, franchisees must submit a Gross Sales Report to the franchisor each week. This report is due on the Monday following the close of each reporting week, which runs from Saturday through Friday. The report must be furnished to Kidokinetics by no later than 11:00 a.m.
The Gross Sales Report must detail the franchisee's Gross Sales and Sales Collected at or from the Kidokinetics Business during the specified period. This applies whether the sales were made directly at the business location or through any rights granted under the franchise agreement. The requirement to submit the Gross Sales Report applies regardless of whether the franchisee had any Gross Sales during the reporting period.
Kidokinetics also specifies that if the Gross Sales Reports are not received as required by the agreement, the franchisee will incur a late fee. This late fee is $25.00 per week for each report not received on time. This fee is in addition to any other remedies available to Kidokinetics under the agreement for failing to submit the Gross Sales Reports as required.