DOC POPCORN

Item 7 lays out the financial entry: initial investment spans $175,000-$413,550 for PopKiosks or PopShops, including a $15,000 franchise fee. Ongoing Item 6 fees hit 6% royalty plus 1% ad fund, tacked with $65 monthly tech and up to $79 POS charges—potentially 7-8% total bleed on sales. No Item 19 means no disclosed average revenues or profits, forcing reliance on anecdotes or math from similar snack carts; at modest mall traffic, breakeven might demand $400K-$600K annual sales to cover costs and yield 15-20% margins, but without data, that's guesswork. Parent J&J Snack Foods Corp. adds credibility, yet franchisees foot the buildout in high-rent spots.

System health signals caution: 79 locations as of 2025 FDD, up just 4% from 77 in 2023 to 80 in 2024, with only 1 transfer and scant growth since 2009 launch. SBA data underscores peril—8 loans averaging $118,875 carry a 50% default rate, far above industry norms, hinting at cash flow squeezes from slow traffic or fee drag. For impulse-snack investors eyeing mobile/catering upsell, this combo screams validate local viability hard; modest scale and loan woes suggest it's no popcorn rocket, better suited to experienced operators tolerant of financing risks than wide-eyed newcomers.