As of what date does the opinion on Bombs Away Franchising LLC's financial position apply?
Bombs_Away Franchise · 2024 FDDAnswer from 2024 FDD Document
We have audited the financial statements of BOMBS AWAY FRANCHISING LLC (the "Company"), which comprise the Balance Sheet as of December 31, 2023, the related Profit & Loss Statement, the related Statement of Cashflows, the related Statement of Shareholders' Equity, and the related notes for the twelve-month period then ended. (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023, and the results of its operations and its cash flows for the twelve-month period ended December 31, 2023 in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 35)
What This Means (2024 FDD)
According to Bombs Away's 2024 Franchise Disclosure Document, the independent accountant's audit report expresses an opinion on the company's financial position as of December 31, 2023. Specifically, the audit covers the balance sheet as of this date, as well as the related profit and loss statement, statement of cash flows, statement of shareholders' equity, and notes for the twelve-month period ending on that date.
This means that the financial statements included in the FDD provide a snapshot of Bombs Away's financial health at the close of 2023. A prospective franchisee can review these statements to understand the company's assets, liabilities, equity, revenues, expenses, and cash flows during the specified period.
It is important to note that these financial statements, and the auditor's opinion, are backward-looking. While they offer insights into Bombs Away's past performance, they are not a guarantee of future financial success. A potential franchisee should consider these statements in conjunction with other information, such as current market conditions and the franchisor's future plans, to make an informed investment decision.