Are the Belocal financial statements unaudited?
Belocal Franchise · 2025 FDDAnswer from 2025 FDD Document
Attached as Exhibit A are our audited financial statements for the periods July 1, 2022 to June 30, 2023, July 1, 2023 to June 30, 2024, and July 1, 2024 to June 30, 2025. Our fiscal year ends June 30.
To the Stockholders N2 Franchising, Inc. Wilmington, North Carolina
Report on the Financial Statements
Opinion
We have audited the financial statements of N2 Franchising, Inc. (the "Company"), which comprise the balance sheets as of June 30, 2025 and 2024, and the related statements of operations, changes in stockholders' equity and cash flows for the years ended June 30, 2025, 2024 and 2023, and related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of N2 Franchising, Inc. as of June 30, 2025 and 2024 and the results of its operations, changes in stockholders' equity and cash flows for the years ended June 30, 2025, 2024 and 2023 in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 70–71)
What This Means (2025 FDD)
According to Belocal's 2025 Franchise Disclosure Document, the company's financial statements are audited. Item 21 of the FDD explicitly states that the audited financial statements for the periods of July 1, 2022, to June 30, 2023, July 1, 2023, to June 30, 2024, and July 1, 2024, to June 30, 2025, are attached as Exhibit A.
Furthermore, the FDD includes an Independent Auditor's Report from AGLLP, a CPA firm based in Richardson, TX. This report expresses an opinion that the financial statements of N2 Franchising, Inc. (Belocal) are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. The report covers the balance sheets as of June 30, 2025, and 2024, and the related statements of operations, changes in stockholders' equity, and cash flows for the years ended June 30, 2025, 2024, and 2023.
The presence of an independent auditor's report and the explicit mention of 'audited financial statements' in Item 21 indicate that Belocal's financial statements have undergone an audit by an independent accounting firm. This provides a higher level of assurance to potential franchisees regarding the accuracy and reliability of the financial information presented in the FDD.