What year does the provided text refer to regarding C12 Group contracts?
C12_Group Franchise · 2025 FDDAnswer from 2025 FDD Document
of Operations and Members' Capital | 13 |
7550 W IH-10, Suite 504 San Antonio, Texas 78229 Phone: 210-680-0350
Fax: 210-390-0802 www.scc-cpa.com
Independent Auditor's Report
To the Board of Directors of The C12 Group, LLC
Opinion
We have audited the accompanying financial statements of The C12 Group, LLC (a Texas limited liability company) and subsidiary which comprise the consolidated balance sheets as of December 31, 2022 and 2021, and the related consolidated statements of operations and members' capital, and cash flows for the years then ended, and the related notes to the consolidated financial statements.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of The C12 Group, LLC and subsidiary as of December 31, 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.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of The C12 Group, LLC and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Source: Item 22 — CONTRACTS (FDD page 46)
What This Means (2025 FDD)
According to the 2025 C12 Group Franchise Disclosure Document, the provided excerpts contain financial statements audited for the years 2021, 2022, 2023 and 2024. Specifically, the consolidated balance sheets are provided as of December 31, 2022 and 2021. The statements of operations are for the years ended December 31, 2024 and 2023, as well as for the years ended December 31, 2023 and 2022. The statements of changes in members' equity and cash flows are for the years ended December 31, 2024 and 2023.
Additionally, the financial statement audit report refers to the financial statements as of December 31, 2023. The report also mentions that the financial statements for the year ended December 31, 2022, were audited by other auditors, with a report dated March 15, 2023.
Furthermore, the notes to the consolidated financial statements are provided as of December 31, 2022 and 2021. The company was converted to a Texas limited liability company in 2016. Also, effective January 31, 2023, C12 Atlanta, LLC was sold to a third party. Franchise agreements are renewed annually with no additional charges.