Does the Bang Cookies FDD include a statement of retained earnings?
Bang_Cookies Franchise · 2024 FDDAnswer from 2024 FDD Document
ash Flows**
Period From January 19, 2023 to December 31, 2023
| By: Signature | Signature | |---|---| | Name and Title | Name (please print) | | | | | Signature | | | Name (please print) | |
Bang Cookies Franchise, LLC December 31, 2023 Notes To Financial Statements
1. COMPANY AND NATURE OF OPERATIONS
Bang Cookies Franchise, LLC (the "Company") is a limited liability company that was formed on January 19, 2023 under the laws of the State of New Jersey for the purpose of offering franchise opportunities to entrepreneurs who want to own and operate their own business. The Company offers the qualified individuals the right to operate a business that offers a cookie shop that makes and sells giant, soft-baked, organic cookies and natural cookies, baked goods and, other products and services under "Bang Cookie" mark. The Company offers individual unit Shop franchises and area development franchises for the development of multiple Shops within a designated territory. The Company's parent is Bang Cookies Corporation, a Delaware corporation established on August 10, 2017. This company has not in the past and does not now offer franchises in any lines of business.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This summary of significant accounting policies is presented to assist the reader in understanding and evaluating the Company's financial statements. The financial statements and notes are representations of the Company's management, which is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles an
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 55–56)
What This Means (2024 FDD)
Based on the 2024 Bang Cookies Franchise Disclosure Document, while a full statement of retained earnings is not explicitly present, the document does include financial statements and related notes. Specifically, Item 23 contains the company's financial statements and notes, prepared by Bang Cookies Franchise, LLC, including a summary of significant accounting policies. These policies conform to generally accepted accounting principles. The notes also address the company's structure as a limited liability company and its treatment for income tax purposes.
Although a specific statement of retained earnings isn't identified, the provided financial statements are prepared in conformity with generally accepted accounting principles (GAAP). This suggests that standard financial reporting elements, which would typically include retained earnings information, are likely integrated within the broader financial statements. The auditor's responsibilities, as detailed in the FDD, include evaluating the overall presentation of the financial statements, which implies a comprehensive review of financial reporting components.
Prospective franchisees should carefully review the entirety of Item 23 and consult with a financial advisor to fully understand Bang Cookies' financial position. While the FDD may not isolate a statement of retained earnings, the included financial statements should provide sufficient data to assess the company's financial health and stability. It would be prudent for potential franchisees to request clarification from Bang Cookies regarding any specific questions about retained earnings or other aspects of their financial performance.