What were the professional fees for Ledgers in 2024?
Ledgers Franchise · 2025 FDDAnswer from 2025 FDD Document
venue | 83,000 | 53,989 | 711,614 | | | | | | Total Non-Current Liabilities | 83,000 | 53,989 | 711,614 | | | | | | Total Liabilities | 978,945 | 910,154 | 1,257,740 | | | | | | Members' Equity: | | | | | | | | | Members' equity | 793,510 | 1,155,501 | 1,704,387 | | | | | | Total Members' Equity | 793,510 | 1,155,501 | 1,704,387 | | | | | | Total Liabilities and Members' Equity | $ 1,772,455 | $ 2,065,655 | $ 2,962,127 | | | | |
LOYALTY BUSINESS SERVICES, LLC (FORMERLY FIDE HOLDING, LLC) Statements of Operations
For the Years Ended December 31, 2024, 2023, and 2022
| 20 | 24 | - | 2023 | 2022 | ||
|---|---|---|---|---|---|---|
| Revenue: | ||||||
| Initial franchise fees | $ . | 30,336 | $ | 113,362 | $ | 114,383 |
| Royalty fees | í | 36,056 | 37,528 | 49,019 | ||
| Commission income | = | = | 21,000 | |||
| Other | 26,479 | - | 41,740 | 176,466 | ||
| Total revenue | 92,871 | 192,630 | 360,868 | |||
| Operating expenses: | ||||||
| Salaries, wages, taxes and benefits | 1 | 74,839 | 449,440 | 425,683 | ||
| Advertising and promotions | 2,750 | 9,910 | 19,784 | |||
| Corporate overhead expense | 1' | 75,805 | 109,334 | 58,370 | ||
| Franchise recruitment | 9 | 95,587 | 50,925 | 128,533 | ||
| Technology expense | 9,756 | 40,525 | 248,337 | |||
| Management fees | - | 15,000 | - | |||
| Professional fees | : | 84,627 | 13,327 | 61,406 | ||
| Bad debt expense | í | 35,657 | 294,324 | - | ||
| Other general and administrative e |
Source: Item 22 — CONTRACTS (FDD page 46)
What This Means (2025 FDD)
According to Ledgers' 2025 Franchise Disclosure Document, the professional fees for the company in 2024 were $84,627. This figure is part of the operating expenses. The FDD also provides figures for professional fees in 2023 and 2022, which were $13,327 and $61,406, respectively.
Professional fees can include expenses for services such as attorneys, accountants, and consultants. These fees are part of the costs Ledgers incurs to operate the franchise system. Reviewing these expenses over the three-year period can give a potential franchisee insight into how these costs fluctuate.
Understanding the professional fees is important for prospective franchisees as it helps them assess the overall financial health and operational costs of Ledgers. Significant changes in these fees from year to year could indicate changes in the business or increased reliance on outside expertise. Therefore, it is essential to consider these figures when evaluating the potential profitability and stability of a Ledgers franchise.