The total revenue for the period from Januto Febru(predecessor company) and the period from Februto Decem(successor company) was approximately $1.8 million and $15.9 million, respectively, of which approximately $1.5 million and $11.6 million, respectively, was the franchisee royalty fees for Lawn Doctor. The primary source of revenue is the franchisee royalty fee. Lawn Doctor earns revenue from franchisee royalty fees, equipment lease fees, initial franchisee fees, equipment parts sales, vendor rebates, and interest on franchise loans. Lawn Doctor benefits from a scalable business model, which does not require significant capital expenditures or additional fixed costs to support future growth.

There is minimal franchisee concentration with the top ten franchisees accounting for approximately 27% of total royalty revenue for the year ended December 31, 2019. The franchise unit base was previously 545 as of December 31, 2017. The Lawn Doctor franchisee unit base has grown from 452 in 2012 to 587 as of December 31, 2019, with strong average annual openings of approximately 30 units and an average annual closure rate of approximately 2%. Lawn Doctor operates a nationwide network of independently owned franchise units in 39 states as of December 31, 2019. Lawn Doctor's efforts on behalf of its franchisees (which include shared marketing programs and infrastructure, an extensive online presence, and comprehensive training) have attracted a strong core of dedicated franchise owners who, in turn, contribute to the continued growth and success of the Lawn Doctor brand. Lawn Doctor franchisees have an average gross profit margin of 84%, which we believe makes a Lawn Doctor franchise an attractive business model relative to many competing franchises. As of the year ended 2019, the average total investment to become a new Lawn Doctor franchisee is approximately $110,000. Lawn Doctor has a customer retention rate of more than 80% over the past three years, which reflects the high level of quality and customer service that Lawn Doctor has been able to sustain over the years.

We believe this accomplishment ranks Lawn Doctor alongside the top franchise businesses and brands in the world. Lawn Doctor’s franchised business model has consistently been ranked as a Top 500 Franchise Opportunity by Entrepreneur Magazine for 40 years.

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