As of what date are the consolidated financial statements for Carbones Pizzeria?
Carbones_Pizzeria Franchise · 2025 FDDAnswer from 2025 FDD Document
Additionally, the Company owned and operated one corporate location, Carbone's Pizzeria, during the year ended October 31, 2024.
2. Summary of Significant Accounting Policies
Fiscal Year
The Company's fiscal year is October 31.
Basis of Accounting and Consolidated Financial Statement Presentation
The Consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP").
Principles of Consolidation
The consolidated financial statements include M & T Pizza Incorporated (M&T), a Minnesota corporation, and its wholly-owned subsidiaries, Carbone & Sons, Inc. (C&S), a Minnesota corporation, and Carbone Pizza, Inc. (CPI), a Minnesota corporation. All material intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements as well as related disclosures. On an ongoing basis, the Company evaluates its estimates and assumptions based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.
Concentrations
The Company holds cash and cash equivalents at times may exceed federal insurance limits; however, the Company does not anticipate any losses related to this balance.
M & T PIZZA INCORPORATED AND SUBSIDIARIES Notes to Consolidated Financial Statements For the Year Ended October 31, 2024
Source: Item 22 — CONTRACTS (FDD page 30)
What This Means (2025 FDD)
According to the 2025 Carbones Pizzeria Franchise Disclosure Document, the consolidated financial statements are for the year ended October 31, 2024. This means that the financial performance and position of M & T Pizza Incorporated and its subsidiaries, including Carbone & Sons, Inc. and Carbone Pizza, Inc., are reflected in these statements up to this date.
For a prospective franchisee, this date is important because it indicates the most recent financial information available for review. Analyzing these statements provides insights into the financial health and performance of Carbones Pizzeria, which can help in assessing the potential risks and rewards of investing in a franchise.
It is essential for potential franchisees to carefully review these financial statements and related notes, possibly with the assistance of a financial advisor, to understand the revenues, expenses, assets, and liabilities of Carbones Pizzeria. Understanding the fiscal year-end date helps in comparing financial data across different periods and evaluating trends in the company's performance.