What was the general and administrative expense for L M within Lees Famous Recipe?
Lees_Famous_Recipe Franchise · 2025 FDDAnswer from 2025 FDD Document
Before Income Taxes | (291,4: | 53) | 3,058,094 | | 1,888,349 | | 42,571 | | 2,284,639 | | (326,572) | | (6,960,138) | | (304,510) | | Income Tax Benefit | | | | | - | | | | (141) | _ | | | | | (141) | | Net Income (Loss) | $ (291,4 | 53) $ | 3,058,094 | $ | 1,888,349 | $ | 42,571 | $ | 2,284,498 | $ | (326,572) | $ | (6,960,138) | $ | (304,651) |
ARTEMIS RESTAURANT CORP. CONSOLIDATING STATEMENT OF OPERATIONS LFR CHICKEN, LLC FROM MAY 6, 2021 (INCEPTION) TO DECEMBER 31, 2021
| Revenue: | LFR Chicken | Lee's Distribution | Lee's Franchisor | Lee's 4-Wall LLC | Elimination | LFR Chicken, LLC Total |
|---|---|---|---|---|---|---|
| Proprietary product revenue | $ 307,210 | $ 6,070,247 | $ - | $ - | $ - | $ 6,377,457 |
| Royalties | - | - | 540,737 | - | - | 540,737 |
| Franchise, license, and development fees | - | - | 7,500 | - | - | 7,500 |
| Sales by company-operated restaurants | - | - | - | 1,508,102 | - | 1,508,102 |
| Total revenue | 307,210 | 6,070,247 | 548,237 | 1,508,102 | - | 8,433,796 |
| Cost of Sales: | ||||||
| Proprietary products | 4,368 | 4,518,874 | - | - | - | 4,523,242 |
| Company-operated restaurant expenses - | ||||||
| Food and paper | - | - | - | 554,031 | - | 554,031 |
| Payroll | - | - | - | 425,501 | - | 425,501 |
| Occupancy and other operating expenses | - | - | - | 77,049 | - | 77,049 |
| Total cost of sales | 4,368 | 4,518,874 | - | 1,056,581 | - | 5,579,823 |
| Gross profit | 302,842 | 1,551,373 | 548,237 | 451,521 | - | 2,853,973 |
| General and Administrative Expenses | 2,326,438 | 1,129 | 15,826 | 455,174 | - | 2,798,567 |
| Operating income (loss) | (2,023,596) | 1,550,244 | 532,411 | (3,653) | - | 55,406 |
| Other Income (Expenses): | ||||||
| Administrative service income | 102,890 | - | - | - | - | 102,890 |
| Earnings in subsidiaries | 2,088,387 | - | - | - | (2,088,387) | - |
| Miscellaneous income | 31,972 | - | 253 | 9,132 | - | 41,357 |
| Interest expense | (313,577) | - | - | - | - | (313,577) |
| Total other income (expenses), net | 1,909,672 | - | 253 | 9,132 | (2,088,387) | (169,330) |
| Income (Loss) Before Income Taxes | (113,924) | 1,550,244 | 532,664 | 5,479 | (2,088,387) | (113,924) |
| Income Tax Benefit | - | - | - | - | - | - |
| Net Income (Loss) | $ (113,924) | $ 1,550,244 | $ 532,664 | $ 5,479 | $ (2,088,387) | $ (113,924) |
ARTEMIS RESTAURANT CORP. CONSOLIDATING STATEMENT OF OPERATIONS LEE'S 4-WALL, LLC YEAR ENDED DECEMBER 31, 2023
| | LFRC Ocala | LFRC Lima | LFRC Springfield | LFRC Mt. Sterling | LFRC Ft.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 69)
What This Means (2025 FDD)
According to the 2025 Lees Famous Recipe FDD, the provided financial statements include multiple entities and their associated general and administrative expenses. However, there is no entity named "L M" listed in the provided excerpts. The financial data is broken down by entity, including LFR Chicken, Lee's Distribution, Lee's Franchisor, Lee's 4-Wall LLC, LFRC Ocala, and LFRC Lima. For example, LFR Chicken's general and administrative expenses were $2,326,438, while Lee's Distribution had general and administrative expenses of $1,129. Lee's Franchisor had general and administrative expenses of $15,826, and Lee's 4-Wall LLC had $455,174 in general and administrative expenses.
Additionally, LFRC Ocala had general and administrative expenses of $84,988, and LFRC Lima had $370,186. These figures represent the costs associated with managing and supporting the operations of each specific entity within the Lees Famous Recipe system. The financial statements are consolidated, meaning that inter-company balances and transactions have been eliminated to provide a clear picture of the overall financial performance.
A prospective franchisee should note that these general and administrative expenses are specific to the listed entities and may not directly reflect the expenses a franchisee would incur in operating their own Lees Famous Recipe franchise. It is important for potential franchisees to carefully review the financial statements and understand the different entities within the franchise system to fully assess the financial implications of investing in a Lees Famous Recipe franchise. To get information about "L M", the prospective franchisee should ask the franchisor directly.