What financial statements are included in Exhibit C for Bombs Away?
Bombs_Away Franchise · 2024 FDDAnswer from 2024 FDD Document
We have not been in business for three years or more, and therefore cannot include all financial statements required by the Franchise Rule of the Federal Trade Commission. Exhibit C contains our audited financial statements dated December 31, 2023 and opening balance sheet dated December 31, 2022.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 35)
What This Means (2024 FDD)
According to the 2024 Bombs Away FDD, because the company has not been in business for at least three years, the financial statements required by the Franchise Rule of the Federal Trade Commission are not all included. Exhibit C contains Bombs Away's audited financial statements dated December 31, 2023, and an opening balance sheet dated December 31, 2022.
The audited financial statements for the year ended December 31, 2023, include the balance sheet, profit & loss statement, statement of cashflows, statement of shareholders' equity, and related notes. Additionally, the independent accountant audit report is included with these financial statements.
The balance sheet as of December 31, 2022, is also included with an independent accountant audit report. These financial statements provide a prospective franchisee with insight into the financial health and performance of Bombs Away, although they are limited due to the company's relatively short operating history.