What is the fiscal year end for All States M.E.D.?
All_States_M_E_D Franchise · 2024 FDDAnswer from 2024 FDD Document
Financial Statements
December 31, 2023
(With Independent Auditors' Report Thereon)
SMITH, BUZZI & ASSOCIATES, LLC.
CERTIFIED PUBLIC ACCOUNTANTS 9425 SUNSET DRIVE, SUITE 180 MIAMI, FLORIDA 33173 TEL. (305) 598-6701 FAX (305) 598-6716
JULIO M. BUZZI, C.P.A. MEMBERS:
JOSE E. SMITH, C.P.A. AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Members of All States M.E.D. Franchising, LLC.
Report on the Financial Statements
We have audited the financial statements of All States M.E.D. Franchising, LLC., which comprise the balance sheet as of December 31, 2023 and the related statements of operations and members' equity and cash flows for the period from July 11, 2023 ("Commencement of operations") to December 31, 2023 and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position All States M.E.D. Franchising, LLC. as of December 31, 2023, and the results of its operations and its cash flows for the period then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 43–44)
What This Means (2024 FDD)
According to All States M.E.D.'s 2024 Franchise Disclosure Document, the company's financial statements are prepared for the period ending on December 31, 2023. The financial statements include a balance sheet as of December 31, 2023, and statements of operations, member equity, and cash flows for the period from July 11, 2023 (the commencement of operations) to December 31, 2023. Therefore, All States M.E.D.'s fiscal year ends on December 31.
This is a common practice, as many companies align their fiscal year with the calendar year for simplicity in accounting and tax reporting. For a prospective franchisee, this means that All States M.E.D.'s financial performance will be assessed and reported on a yearly basis, concluding on December 31. This information is crucial for understanding the franchisor's financial health and stability.
The financial statements as of December 31, 2023, also include an independent auditor's report, indicating that Smith, Buzzi & Associates, LLC., a certified public accounting firm, has audited the statements. This audit provides an additional level of assurance regarding the accuracy and reliability of the financial information presented. The auditor's opinion states that the financial statements present fairly the financial position of All States M.E.D. as of December 31, 2023, and the results of its operations and cash flows for the period then ended, in accordance with accounting principles generally accepted in the United States of America.