Do the Belocal financial statements include an income statement?

According to Belocal's 2025 Franchise Disclosure Document, the company's financial statements do include statements of operations, which is another term for the income statement. Specifically, the FDD mentions that management fees paid to Belocal's affiliate, N2 Company, are included in management fees in the statements of operations. These fees amounted to $6,624,000 for the year ended June 30, 2025, $6,048,000 for the year ended June 30, 2024, and $4,800,000 for the year ended June 30, 2023.

This indicates that Belocal's financial statements provide an overview of the company's financial performance over a period of time, detailing revenues, expenses, and ultimately, net income or loss. The inclusion of an income statement is a standard practice in financial reporting, allowing potential investors and franchisees to assess the company's profitability and operational efficiency.

Furthermore, the FDD references accounting standards related to income taxes, which implies the existence of an income statement. The document states that Belocal has analyzed tax positions and believes they will be sustained upon examination, and therefore, no reserves or accruals for interest and penalties for uncertain income tax positions were recorded as of June 30, 2025 and 2024. This reinforces the fact that Belocal's financial statements include the necessary components to calculate and report income taxes, which are derived from the income statement.