What was the previously stated net income for Bumble Roofing in 2023 before the restatement?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
s of this change in accounting policy for the years ending September 30, 2023 and 2022.
| 2023 | ||||||
|---|---|---|---|---|---|---|
| Previously Stated | C |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 53)
What This Means (2025 FDD)
According to Bumble Roofing's 2025 Franchise Disclosure Document, the previously stated net income for 2023 was $7,827,835 before a restatement that changed the net income by $2,212,928. The restated net income for 2023 was $10,040,763.
Understanding the reasons behind financial restatements is crucial for prospective franchisees. Restatements can occur due to changes in accounting policies, errors, or other factors that impact the accuracy of financial reporting. In this case, the net income saw a significant change, which could influence a franchisee's assessment of the company's financial health and profitability.
Potential franchisees should investigate the reasons for the restatement and understand how it might affect future financial performance. Consulting with a financial advisor to review these figures and the implications of the restatement is advisable before making any investment decisions regarding a Bumble Roofing franchise.