Does the Bombs Away Franchise Disclosure Document include an opening balance sheet?
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. Our fiscal year end is December 31
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 35)
What This Means (2024 FDD)
According to Bombs Away's 2024 Franchise Disclosure Document, the document includes an opening balance sheet. Specifically, Item 21 states that Exhibit C contains Bombs Away's audited financial statements dated December 31, 2023, and an opening balance sheet dated December 31, 2022.
This is important for prospective franchisees because it provides a snapshot of the company's financial position at the beginning of the period being reported on. The balance sheet includes information on the company's assets, liabilities, and equity, offering insights into its financial health and stability.
Because Bombs Away has not been in business for three years or more, the FDD states that it cannot include all financial statements required by the Franchise Rule of the Federal Trade Commission. However, the inclusion of audited financial statements and an opening balance sheet still provides valuable financial information for potential investors to review.