What statements of owner's equity were audited for Bor Restoration?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
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INDEPENDENT AUDITORS' REPORT
To Management and the Owner of BOR Franchising, LLC:
Opinion
We have audited the accompanying financial statements of BOR Franchising, LLC (the "Company"), which comprise the balance sheets as of December 31, 2023, 2022 and 2021, and the related statements of operations, owner's equity and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BOR Franchising, LLC as of December 31, 2023, 2022 and 2021, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the statements of owner's equity were audited for the years ending December 31, 2022, 2021, and 2020. The audit report covers the balance sheets as of December 31 for those years, along with related statements of operations, owner's equity, and cash flows.
Specifically, the audit provides an opinion on whether these financial statements present fairly the financial position of BOR Franchising, LLC as of the specified dates, and the results of its operations and cash flows for the years then ended. This opinion is based on accounting principles generally accepted in the United States of America.
For a prospective franchisee, this indicates that Bor Restoration provides audited financial statements for the past three years, offering a degree of financial transparency and assurance. Reviewing these statements can help potential franchisees assess the financial health and stability of the franchisor before making an investment. The audit was conducted according to generally accepted auditing standards, adding credibility to the financial information presented.