For Aw, what is the significance of June 6, 2024, in relation to the issuance of the financial statements?
Aw Franchise · 2025 FDDAnswer from 2025 FDD Document
| Due in 2025 | $ 532 |
|---|---|
| Due in 2026 | 553 |
| Due in 2027 | 574 |
| Due in 2028 | 596 |
| Due in 2029 | 619 |
| Due after 2029 | 26,040 |
| Total Loan Payable SBA | $ 28,914 |
7. SUBSEQUENT EVENTS
The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or nonrecognized subsequent events that would have required further adjustment or disclosure in the financial statements.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 39)
What This Means (2025 FDD)
According to Aw's 2025 Franchise Disclosure Document, June 6, 2024, is the date up to which the company evaluated events that occurred after the balance sheet date (December 31, 2023) but before the financial statements were issued. This evaluation aimed to identify any subsequent events that might require adjustments or disclosures in the financial statements. Aw did not identify any such events requiring adjustment or disclosure.
This date is significant because it marks the cutoff for considering events that could impact the accuracy and completeness of the financial statements for the fiscal year ending December 31, 2023. Essentially, it confirms that all relevant information available up to that point was taken into account in preparing the financial statements. Muhammad Zubairy, CPA PC, also issued their audit report on June 6, 2024.
For a prospective franchisee, this means that the financial statements provided in the FDD reflect all information known to Aw as of June 6, 2024, which could influence the company's financial position and performance. It provides assurance that the financial statements have been vetted for any material subsequent events up to that date.