APEX FUN RUN

Item 7 details the entry: $49,500 franchise fee within a $94,000-$143,000 total investment, covering training and initial setup for managing school events. Ongoing fees include 8% royalties, 2% ad fund, up to $150/month tech, and $750/month local marketing. Item 19 shines brightly on revenues—average gross sales hit $916,578, median $773,113 across existing units—remarkable for a service play targeting elementary/middle schools. Yet the disclosed EBITDA margin sits at 0%, signaling high costs or slim profits after expenses, a red flag for cash flow expectations despite the revenue punch.

System health shows stability with 119 franchise locations (up 10% from 108 in 2024), only 3 terminations, and 6 transfers per recent FDD. Corporate owns 12 units. SBA records 26 loans averaging $216,492 but a 23.1% default rate, higher than many peers, hinting at operational or economic pressures in youth fundraising. For investors eyeing scalable, feel-good enrichment, the low startup appeals, but zero margins and loan risks demand scrutiny—strong sales don't guarantee viability without cost controls.