Franopolis

    Elements Massage®

    Franchise research report · reviewed 2026 disclosure data

    Reviewed sources
    Franchising since
    2006
    Source: franchise.org
    Headquarters
    Denver, CO United States
    Source: franchise.org

    Elements Massage franchise specializes in therapeutic massage services, operating studios that focus on personalized wellness treatments and relaxation therapy.

    Save Territory check Compare Website

    Headline figures

    Elements Massage® quick facts

    Is Elements Massage® a franchise?
    Yes. Elements Massage® offers franchises through a Franchise Disclosure Document. At the end of 2024, it reported 239 franchised and 1 company-owned outlets (2025 FDD, Item 20, PDF p. 67).
    How much does it cost to open an Elements Massage® franchise?
    The Elements Massage® Franchise Disclosure Document reports separate estimated initial investments by format: $524,989–$711,523 for value engineering total estimated initial investment: $524,989–$711,523 (2026 FDD, Item 7, PDF p. 27); $567,239–$711,523 for traditional total estimated initial investment: $567,239–$1,097,853 (2026 FDD, Item 7, PDF p. 27); $515,789–$729,603 for total estimated initial investment: $515789–$729603 (2025 FDD, Item 7, PDF p. 26). These formats are not combined. Each is the franchisor's disclosed estimate, not a quote. Details
    What is the Elements Massage® initial franchise fee?
    The disclosed initial franchise fee for a standard single unit is $15,000 (2026 FDD, Item 5, PDF p. 15). Other fee options (for example multi-unit or conversion) are listed separately in the report. Details
    What ongoing fees does Elements Massage® charge?
    The disclosed ongoing royalty is 2% (2026 FDD, Item 6, PDF p. 16). The brand or advertising fund contribution is 2% (2026 FDD, Item 6, PDF p. 16). Other recurring fees are listed in Item 6. Details
    Does Elements Massage® disclose financial performance (Item 19)?
    Yes. The Elements Massage® FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 66). Figures apply only to the locations and period each one covers. Details
    How many Elements Massage® locations are there?
    The FDD reports 240 outlets at the end of 2024 (2025 FDD, Item 20, PDF p. 67). Existing locations do not indicate territory availability. Details
    Is Elements Massage® a good franchise to buy?
    Franopolis does not rate or recommend franchises. From the reviewed FDD: Item 19 includes financial performance figures; check which locations and period they cover; Item 20 lists outlet openings, closures and transfers; Item 6 includes a brand or advertising fund contribution on top of royalty; Item 20 also lists current and former franchisees you can contact. Review the full FDD with a franchise attorney and accountant before deciding.

    From reviewed FDD figures only. Not a recommendation or projection.

    What the disclosures show

    1. 1The 2026 FDD (Item 7) estimates opening costs separately by format: $524,989 – $711,523 (Value Engineering Total Estimated Initial Investment: $524,989–$711,523); $567,239 – $711,523 (Traditional Total Estimated Initial Investment: $567,239–$1,097,853); several initial fee options apply.
    2. 2Item 19 covers 14 separate groups: other measures for 77 Franchise locations; other measures for 231 Franchise locations; other measures for 234 Franchise locations; other measures for 10 Franchise locations; other measures for 77 Franchise locations; other measures for 10 Franchise locations; other measures for 217 Franchise locations; other measures for 234 Franchise locations; other measures for 231 Franchise locations; other measures for 77 Franchise locations; other measures for 10 Franchise locations; other measures for 217 Franchise locations; other measures for 10 Franchise locations; other measures for 77 Franchise locations. They are not combined.
    3. 3Outlets declined by 5 in 2024, to 240 (System-wide; Table 1, as labeled in the FDD, Item 20).

    From reviewed FDD figures only. Not a recommendation or projection.

    Compare outlet trendsPut Item 20 counts side by side with up to 3 other brands.

    Elements Massage® head-to-head

    Closest peers in the same subcategory, side by side from reviewed FDD figures. Not a ranking or recommendation.

    Elements Massage®VSMEMassage Env
    Compare head-to-head
    Elements Massage®VSHOTWORX
    Compare head-to-head
    Elements Massage®VSStretch Lab
    Compare head-to-head
    Elements Massage®VSStretch Zone
    Compare head-to-head

    Costs · Items 5–7

    What does it cost to open?

    Estimated opening costs and the fees payable to the franchisor.

    Startup Investment — Item 7

    Range across 2 single-unit formats

    2026 FDD · Item 7

    Formats disclosed in Item 7 (2)

    Each format has its own total. The total depends on the format you choose.

    • Value Engineering Total Estimated Initial Investment: $524,989–$711,523PDF p. 27$524,989 – $711,523
    • Traditional Total Estimated Initial Investment: $567,239–$1,097,853PDF p. 27$567,239 – $711,523

    Standard single-unit franchise fee

    2026 FDD · Item 5 · PDF p. 15
    Discounted and multi-unit options are separate; see all fees.

    Ongoing Fees — Item 6

    Selected recurring charges; payment bases and conditions remain attached to each fee.

    Royalty 6% of Gross Receipts 5 th day of each month See Note 1 Brand Marketing Fund — 2%Main ongoing fee

    83 reported fees, each with its payment basis, are listed below; they haven't been sorted into recurring, initial and occasional groups yet.

    Financial Performance — Item 19

    What results are disclosed—and for which locations?

    14 separate populations, shown apart. Revenue is not owner income.

    77 locations

    Other measures · 77 locations

    Who is counted
    U.S. franchised studios; Bottom 3rd
    Period
    2025 Average Gross Revenue
    Excluded
    Table 1 includes studios open January 1, 2025 and operating throughout 2025, and excludes data for 6 studios that closed in 2025.
    Method
    Franchise reported monthly; unaudited/unverified; gross receipts includes sales/memberships/giftcards/insurance, excludes taxes/refunds(nonchargebacks)/tips; conversion newclients signingup.

    These groups are never combined.

    Outlet Changes — Item 20

    How has the outlet count changed?

    System-wide; Table 1, as labeled in the FDD · counts as of Fiscal year 2024 of each year.

    2026 FDD · Item 20 · PDF p. 67

    Net −6 outlets, 2022–2024

    0246202224520232402024−1−5

    Year-end counts reported in Item 20. The scale starts at zero, so the line looks nearly flat; the labels between the dots show each year's change. Openings and closures for 2024 haven't been pulled from the Item 20 tables yet, so no turnover or churn is shown.

    Questions to investigate

    Prompts based on what this brand's reviewed disclosures do and don't show — not conclusions. Join free as a member to save questions to your research.

    For the franchisor

    • Which line items in the 2026 Item 7 estimate ($524,989 – $711,523) vary most by market, and why?

    • Which initial fee option would apply to my situation, and what conditions or discounts affect it?

    • Which locations are included in the Item 19 figures, and which were excluded?

    • Reported units decreased from 245 to 240 in 2024. What drove the change?

    • Is a territory available in my area, and how is it defined in my agreement?

    For current and former owners

    • How did your actual startup costs and timeline compare with the Item 7 estimate?

    • How many hours a week do you work in the business, and in what role?

    • How do your results compare with the Item 19 figures, and what explains the difference?

    • What support from the franchisor has been most and least useful?

    For your advisors

    • Ask a franchise attorney to review the territory, renewal, transfer and termination terms.

    • Ask an accountant to build a cash-flow plan using your own assumptions, not the franchisor's.

    Sources & vintage history

    Every displayed fact is retained with its disclosure vintage, item, page, and reviewed status. Prior vintages remain on file rather than being overwritten.

    Citations (2026 FDD)

    1. [1]Standard initial franchise fee — Item 5 · PDF p. 15
    2. [2]Item 19 — Locations counted not stated in the reviewed record — U.S. franchised studios; Bottom 3rd · PDF p. 66
    3. [3]Item 19 — Locations counted not stated in the reviewed record — U.S. franchised studios; All Studios Open Greater than One Year prior to 2025 · PDF p. 66
    4. [4]Item 19 — Locations counted not stated in the reviewed record — All Studios table category within the same-studio comparison; franchised studio… · PDF p. 66
    5. [5]Item 19 — Locations counted not stated in the reviewed record — U.S. franchised studios; Top 10 · PDF p. 66
    6. [6]Item 19 — Locations counted not stated in the reviewed record — U.S. franchised studios; Top 3rd · PDF p. 66
    7. [7]Item 19 — Locations counted not stated in the reviewed record — U.S. franchised studios; Bottom 10 · PDF p. 66
    8. [8]Item 19 — Locations counted not stated in the reviewed record — U.S. franchised studios; All Studios Open Greater than Three Years prior to 2025 · PDF p. 66
    9. [9]Item 19 — Locations counted not stated in the reviewed record — U.S. franchised studios; All Studios · PDF p. 66
    10. [10]Item 19 — Locations counted not stated in the reviewed record — All Studios Open Greater than One Year prior to 2025 table category within the… · PDF p. 66
    11. [11]Item 19 — Locations counted not stated in the reviewed record — Top 3rd category within the same-studio comparison; franchised Studios open at… · PDF p. 66
    12. [12]Item 19 — Locations counted not stated in the reviewed record — Bottom 10 category within the same-studio comparison; franchised Studios open a… · PDF p. 66
    13. [13]Item 19 — Locations counted not stated in the reviewed record — All Studios Open Greater than Three Years prior to 2025 table category within t… · PDF p. 66
    14. [14]Item 19 — Locations counted not stated in the reviewed record — Top 10 category within the same-studio comparison; franchised Studios open at l… · PDF p. 66
    15. [15]Item 19 — Locations counted not stated in the reviewed record — Bottom 3rd category within the same-studio comparison; franchised Studios open… · PDF p. 66
    16. [16]Outlet counts — Item 20, Table 1 · PDF p. 67

    "PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD

    Territory & operations

    244 addresses in Franopolis's imported location list. Coverage may differ from Item 20 outlet counts.

    These are contract disclosures, not confirmation that any territory is currently available.

    Legal & agreement

    Franchisor financial statements

    Fiscal yearMeasureReported value
    2025liabilities and members' equity current liabilities accounts payable$597,417
    2025accounts receivable - net$2,187,593
    2025total liabilities$25,824,296
    2025intangible assets - net$2,455,046
    2025other noncurrent liabilities deferred revenues - franchise related, less current portion$2,142,773
    2025deferred revenues - franchise related$450,363
    2025franchise fees$606,754
    2025total members' equity$28,590,018
    2025depreciation and amortization$2,185,516
    2025technology and other revenues$1,741,288
    2025non-operating expenses$2,362,194
    2025non-operating expenses foreign exchange-$377

    These figures describe the franchisor company, not individual franchise locations.

    What changed from 2025 to 2026

    • Franchise fee: $499 → $75,000
    • System size: 245 → 240 units

    SBA-backed loans to franchisees

    Loading…

    Source: U.S. Small Business Administration 7(a) & 504 FOIA data. Loan volume is not a measure of franchisee success.

    Related research

    Brands in the same subcategory first, then the wider industry, ordered by shared business format, overlapping investment range, Item 20 outlet count and search interest. This is not a ranking or recommendation.

    MEMassage EnvHOTWORXStretch LabStretch ZoneRestore Hyper WellnessOsteoStrong

    Head-to-head comparisons

    Elements Massage® vs Massage EnvElements Massage® vs HOTWORXElements Massage® vs Stretch LabElements Massage® vs Stretch ZoneElements Massage® vs Restore Hyper WellnessElements Massage® vs OsteoStrong
    Compare reviewed facts

    At a glance

    Business history

    Not reviewed

    Owner participation

    Not reviewed

    Territory language

    Litigation disclosure

    Not reviewed

    Bankruptcy disclosure

    Not reviewed

    Agreement term

    Not reviewed

    Reader notes on wording

    Our automated check found that these summaries may not match the FDD's exact wording. Read the FDD excerpt itself; it is the authoritative text. Core cost, fee, Item 19 and outlet figures are not affected.

    • Item 12 · PDF p. 49 · 2025 FDD

      Our summary: Territory definition: Search Territory is non-exclusive and agreed before signing; Protected Area is typically a circle with the Studio at its center and a 1.5-mile radius.

      “The Search Territory will be agreed upon by you and us before your execution of the Franchise Agreement ... we will typically define [the Protected Area] as a circle with the Studio at its center and a radius of 1.5 miles”

      Note: Supplied quote could not be confirmed on the cited PDF page excerpt.

    • Item 12 · PDF p. 49 · 2025 FDD

      Our summary: Exclusive territory: No. You will not receive an exclusive territory; if compliant, the franchisor will not own, operate, or authorize a Studio in the Protected Area.

      “You will not receive an exclusive territory. ... if you remain in compliance with the Franchise Agreement we will not own or operate, or authorize any person or entity to own or operate, Studios in the “Protected Area””

      Note: Supplied quote could not be confirmed on the cited PDF page excerpt.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Cash: $1831035

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Current portion of long-term debt: $24797785

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Accumulated other comprehensive loss: $-68701

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Members' equity: $21818199

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 252 · 2025 FDD

      Our summary: 2022 statement of operations — Management fees: $5862320

      “Royalties 13,429,452 $ 12,891,100 $ 12,257,581 $ Franchise fees 800,965 690,326 529,197 Marketing revenues 8,436,149 8,176,919 7,033,561 Technology and other revenues 1,779,030 1,602,453 1,194,286 Company-owned studio revenues 930,697 946,348 1,313,876 Total revenues 25,376,293 24,307,146 22,328,501 Franchise-related costs 2,037,117 1,747,746 1,361,111 Payroll 791,202 917,950 1,194,855 Marketing, advertising and promotion 8,318,048 8,221,175 7,217,263 General and administrative 1,277,946 912,906 1,008,772 Rent and occupancy 86,518 79,343 157,809 Depreciation and amortization 2,419,830 2,468,065 2,826,882 Management fees 7,045,701 6,700,743 5,862,320 Other charges (income) 28,768 (33,987) 28,523 Total operating expenses 22,005,130 21,013,941 19,657,535 Operating income 3,371,163 3,293,205 2,670,966 Foreign exchange (gain) loss (1,935) 1,261 16,524 Gain on closure of company-owned studio - - (539,071) Interest expense 3,124,642 3,153,627 2,028,557 Non-operating expenses 3,122,707 3,154,888 1,506,010 CONSOLIDATED NET INCOME 248,456 138,317 1,164,956 Other comprehensive (loss) income - foreign currency (38,205) 8,412 (5,383) COMPREHENSIVE INCOME 210,251 $ 146,729 $ 1,159,573 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 252 · 2025 FDD

      Our summary: 2024 statement of operations — Non-operating expenses: $3122707

      “Royalties 13,429,452 $ 12,891,100 $ 12,257,581 $ Franchise fees 800,965 690,326 529,197 Marketing revenues 8,436,149 8,176,919 7,033,561 Technology and other revenues 1,779,030 1,602,453 1,194,286 Company-owned studio revenues 930,697 946,348 1,313,876 Total revenues 25,376,293 24,307,146 22,328,501 Franchise-related costs 2,037,117 1,747,746 1,361,111 Payroll 791,202 917,950 1,194,855 Marketing, advertising and promotion 8,318,048 8,221,175 7,217,263 General and administrative 1,277,946 912,906 1,008,772 Rent and occupancy 86,518 79,343 157,809 Depreciation and amortization 2,419,830 2,468,065 2,826,882 Management fees 7,045,701 6,700,743 5,862,320 Other charges (income) 28,768 (33,987) 28,523 Total operating expenses 22,005,130 21,013,941 19,657,535 Operating income 3,371,163 3,293,205 2,670,966 Foreign exchange (gain) loss (1,935) 1,261 16,524 Gain on closure of company-owned studio - - (539,071) Interest expense 3,124,642 3,153,627 2,028,557 Non-operating expenses 3,122,707 3,154,888 1,506,010 CONSOLIDATED NET INCOME 248,456 138,317 1,164,956 Other comprehensive (loss) income - foreign currency (38,205) 8,412 (5,383) COMPREHENSIVE INCOME 210,251 $ 146,729 $ 1,159,573 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 252 · 2025 FDD

      Our summary: 2022 statement of operations — Interest expense: $2028557

      “Royalties 13,429,452 $ 12,891,100 $ 12,257,581 $ Franchise fees 800,965 690,326 529,197 Marketing revenues 8,436,149 8,176,919 7,033,561 Technology and other revenues 1,779,030 1,602,453 1,194,286 Company-owned studio revenues 930,697 946,348 1,313,876 Total revenues 25,376,293 24,307,146 22,328,501 Franchise-related costs 2,037,117 1,747,746 1,361,111 Payroll 791,202 917,950 1,194,855 Marketing, advertising and promotion 8,318,048 8,221,175 7,217,263 General and administrative 1,277,946 912,906 1,008,772 Rent and occupancy 86,518 79,343 157,809 Depreciation and amortization 2,419,830 2,468,065 2,826,882 Management fees 7,045,701 6,700,743 5,862,320 Other charges (income) 28,768 (33,987) 28,523 Total operating expenses 22,005,130 21,013,941 19,657,535 Operating income 3,371,163 3,293,205 2,670,966 Foreign exchange (gain) loss (1,935) 1,261 16,524 Gain on closure of company-owned studio - - (539,071) Interest expense 3,124,642 3,153,627 2,028,557 Non-operating expenses 3,122,707 3,154,888 1,506,010 CONSOLIDATED NET INCOME 248,456 138,317 1,164,956 Other comprehensive (loss) income - foreign currency (38,205) 8,412 (5,383) COMPREHENSIVE INCOME 210,251 $ 146,729 $ 1,159,573 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 254 · 2025 FDD

      Our summary: 2022 statement of cash flows — Net cash used in operating activities: $5412718

      “Consolidated net income 248,456 $ 138,317 $ 1,164,956 $ Depreciation and amortization 2,419,830 2,468,065 2,826,882 Provision for bad debt 100,143 29,730 100,143 Gift card breakage (62,050) (215,898) (315,875) Loss on disposal of assets - - 310,929 Amortization of debt issuance costs 91,416 125,816 108,020 Accounts receivable (126,189) (311,343) 8,944 Prepaid and other 3,454 (9,500) (25,325) Deferred franchise costs (28,974) (14,630) (6,568) Accounts payable 649,342 72,073 (2,111) Accrued expenses 304,942 49,073 432,276 Deferred revenues (91,223) 50,368 427,298 Net change in operating lease asset and liability 1,549 (7,634) (3,208) Accrued marketing expenses (249,096) (108,150) 386,357 Net cash used in operating activities 3,261,600 2,266,287 5,412,718 Purchases of property and equipment - 65,379 22,500 Net cash provided by investing activities - 65,379 22,500 Amounts advanced to affiliates (3,984,735) (4,154,241) (5,941,873) Net cash used in financing activities (3,984,735) (4,154,241) (5,941,873) Effect of exchange rate changes on cash (32,235) 6,759 (13,343) NET DECREASE IN CASH (755,370) (1,815,816) (519,998) Cash - beginning of year 1,831,035 3,646,851 4,166,849 Cash - end of year 1,075,665 $ 1,831,035 $ 3,646,851 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Deferred revenues - company-owned studios: $353100

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Intangible assets - net: $3370653

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 252 · 2025 FDD

      Our summary: 2022 statement of operations — Other charges (income): $28523

      “Royalties 13,429,452 $ 12,891,100 $ 12,257,581 $ Franchise fees 800,965 690,326 529,197 Marketing revenues 8,436,149 8,176,919 7,033,561 Technology and other revenues 1,779,030 1,602,453 1,194,286 Company-owned studio revenues 930,697 946,348 1,313,876 Total revenues 25,376,293 24,307,146 22,328,501 Franchise-related costs 2,037,117 1,747,746 1,361,111 Payroll 791,202 917,950 1,194,855 Marketing, advertising and promotion 8,318,048 8,221,175 7,217,263 General and administrative 1,277,946 912,906 1,008,772 Rent and occupancy 86,518 79,343 157,809 Depreciation and amortization 2,419,830 2,468,065 2,826,882 Management fees 7,045,701 6,700,743 5,862,320 Other charges (income) 28,768 (33,987) 28,523 Total operating expenses 22,005,130 21,013,941 19,657,535 Operating income 3,371,163 3,293,205 2,670,966 Foreign exchange (gain) loss (1,935) 1,261 16,524 Gain on closure of company-owned studio - - (539,071) Interest expense 3,124,642 3,153,627 2,028,557 Non-operating expenses 3,122,707 3,154,888 1,506,010 CONSOLIDATED NET INCOME 248,456 138,317 1,164,956 Other comprehensive (loss) income - foreign currency (38,205) 8,412 (5,383) COMPREHENSIVE INCOME 210,251 $ 146,729 $ 1,159,573 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 252 · 2025 FDD

      Our summary: 2023 statement of operations — Other charges (income): $-33987

      “Royalties 13,429,452 $ 12,891,100 $ 12,257,581 $ Franchise fees 800,965 690,326 529,197 Marketing revenues 8,436,149 8,176,919 7,033,561 Technology and other revenues 1,779,030 1,602,453 1,194,286 Company-owned studio revenues 930,697 946,348 1,313,876 Total revenues 25,376,293 24,307,146 22,328,501 Franchise-related costs 2,037,117 1,747,746 1,361,111 Payroll 791,202 917,950 1,194,855 Marketing, advertising and promotion 8,318,048 8,221,175 7,217,263 General and administrative 1,277,946 912,906 1,008,772 Rent and occupancy 86,518 79,343 157,809 Depreciation and amortization 2,419,830 2,468,065 2,826,882 Management fees 7,045,701 6,700,743 5,862,320 Other charges (income) 28,768 (33,987) 28,523 Total operating expenses 22,005,130 21,013,941 19,657,535 Operating income 3,371,163 3,293,205 2,670,966 Foreign exchange (gain) loss (1,935) 1,261 16,524 Gain on closure of company-owned studio - - (539,071) Interest expense 3,124,642 3,153,627 2,028,557 Non-operating expenses 3,122,707 3,154,888 1,506,010 CONSOLIDATED NET INCOME 248,456 138,317 1,164,956 Other comprehensive (loss) income - foreign currency (38,205) 8,412 (5,383) COMPREHENSIVE INCOME 210,251 $ 146,729 $ 1,159,573 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 252 · 2025 FDD

      Our summary: 2024 statement of operations — Technology and other revenues: $1779030

      “Royalties 13,429,452 $ 12,891,100 $ 12,257,581 $ Franchise fees 800,965 690,326 529,197 Marketing revenues 8,436,149 8,176,919 7,033,561 Technology and other revenues 1,779,030 1,602,453 1,194,286 Company-owned studio revenues 930,697 946,348 1,313,876 Total revenues 25,376,293 24,307,146 22,328,501 Franchise-related costs 2,037,117 1,747,746 1,361,111 Payroll 791,202 917,950 1,194,855 Marketing, advertising and promotion 8,318,048 8,221,175 7,217,263 General and administrative 1,277,946 912,906 1,008,772 Rent and occupancy 86,518 79,343 157,809 Depreciation and amortization 2,419,830 2,468,065 2,826,882 Management fees 7,045,701 6,700,743 5,862,320 Other charges (income) 28,768 (33,987) 28,523 Total operating expenses 22,005,130 21,013,941 19,657,535 Operating income 3,371,163 3,293,205 2,670,966 Foreign exchange (gain) loss (1,935) 1,261 16,524 Gain on closure of company-owned studio - - (539,071) Interest expense 3,124,642 3,153,627 2,028,557 Non-operating expenses 3,122,707 3,154,888 1,506,010 CONSOLIDATED NET INCOME 248,456 138,317 1,164,956 Other comprehensive (loss) income - foreign currency (38,205) 8,412 (5,383) COMPREHENSIVE INCOME 210,251 $ 146,729 $ 1,159,573 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Cash: $1075665

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Deferred franchise costs: $147586

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Accounts receivable - net: $2319482

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Accounts receivable - net: $2293436

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Due from affiliate: $39090459

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Prepaid and other: $136336

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Prepaid and other: $132882

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Total current assets: $42770169

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Total current assets: $37124022

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Property and equipment - net: $33600

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Goodwill - net: $8661554

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Goodwill - net: $7418332

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Operating lease assets - net: $25367

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Deferred franchise costs, less current portion: $556909

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Operating lease assets - net: $25721

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Accounts payable: $757334

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Total assets: $54200262

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Accounts payable: $107992

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Accrued expenses: $345197

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Accrued expenses: $588087

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Accrued marketing expenses: $399772

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Deferred revenues - franchise related: $460213

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Current portion of operating lease liabilities: $31795

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Deferred revenues - franchise related: $451145

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Total current liabilities: $26733979

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Total current liabilities: $2882216

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Deferred revenues - franchise related, less current portion: $2321198

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Deferred revenues - franchise related, less current portion: $2433000

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Total liabilities: $26594221

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Total liabilities: $29166979

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Total liabilities and members' equity: $54200262

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2024 balance sheet — Total members' equity: $27606041

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Accumulated other comprehensive loss: $-30496

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 251 · 2025 FDD

      Our summary: 2023 balance sheet — Total liabilities and members' equity: $50954682

      “Cash 1,075,665 $ 1,831,035 $ Accounts receivable - net 2,319,482 2,293,436 Deferred franchise costs 151,681 147,586 Due from affiliate 39,090,459 32,715,629 Prepaid and other 132,882 136,336 Total current assets 42,770,169 37,124,022 Property and equipment - net 33,600 84,847 Goodwill - net 7,418,332 8,661,554 Intangible assets - net 3,370,653 4,501,983 Operating lease assets - net 25,721 25,367 Deferred franchise costs, less current portion 581,787 556,909 Total assets 54,200,262 $ 50,954,682 $ LIABILITIES AND MEMBERS' EQUITY Current liabilities Accounts payable 757,334 $ 107,992 $ Accrued expenses 588,087 345,197 Accrued marketing expenses 399,772 648,868 Current portion of long-term debt 280,404 24,797,785 Deferred revenues - company-owned studios 364,611 353,100 Deferred revenues - franchise related 460,213 451,145 Current portion of operating lease liabilities 31,795 29,892 Total current liabilities 2,882,216 26,733,979 Long-term debt - net 21,390,807 - Deferred revenues - franchise related, less current portion 2,321,198 2,433,000 Total liabilities 26,594,221 29,166,979 Members' equity 27,674,742 21,818,199 Accumulated other comprehensive loss (68,701) (30,496) Total members' equity 27,606,041 21,787,703 Total liabilities and members' equity 54,200,262 $ 50,954,682 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    • Item 21 · PDF p. 252 · 2025 FDD

      Our summary: 2022 statement of operations — Royalties: $12257581

      “Royalties 13,429,452 $ 12,891,100 $ 12,257,581 $ Franchise fees 800,965 690,326 529,197 Marketing revenues 8,436,149 8,176,919 7,033,561 Technology and other revenues 1,779,030 1,602,453 1,194,286 Company-owned studio revenues 930,697 946,348 1,313,876 Total revenues 25,376,293 24,307,146 22,328,501 Franchise-related costs 2,037,117 1,747,746 1,361,111 Payroll 791,202 917,950 1,194,855 Marketing, advertising and promotion 8,318,048 8,221,175 7,217,263 General and administrative 1,277,946 912,906 1,008,772 Rent and occupancy 86,518 79,343 157,809 Depreciation and amortization 2,419,830 2,468,065 2,826,882 Management fees 7,045,701 6,700,743 5,862,320 Other charges (income) 28,768 (33,987) 28,523 Total operating expenses 22,005,130 21,013,941 19,657,535 Operating income 3,371,163 3,293,205 2,670,966 Foreign exchange (gain) loss (1,935) 1,261 16,524 Gain on closure of company-owned studio - - (539,071) Interest expense 3,124,642 3,153,627 2,028,557 Non-operating expenses 3,122,707 3,154,888 1,506,010 CONSOLIDATED NET INCOME 248,456 138,317 1,164,956 Other comprehensive (loss) income - foreign currency (38,205) 8,412 (5,383) COMPREHENSIVE INCOME 210,251 $ 146,729 $ 1,159,573 $”

      Note: The cited page excerpt does not contain the supplied quote verbatim; unable to settle from this page citation.

    Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.

    Compare Elements Massage® with…

    VS