Up to what date does Chem Dry's consolidated financial statements and related disclosures include evaluation of events?
Chem_Dry Franchise · 2024 FDDAnswer from 2024 FDD Document
er 31, 2022 - As restated | 5 | 114,238 | 1,452 | 115,695 | | Cumulative effect of change in accounting | - | - | (1,035) | (1,035) | | principle (Note 4) | | | | | | Consolidated net loss | - | - | (44,277) | (44,277) | | Balance - December 31, 2023 | $ 5 | $ 114,238 | $ (43,860) | $ 70,383 |
Consolidated Statement of Cash Flows
Years Ended December 31, 2023, 2022, and 2021
| Years Ending | | Amount | |---|---|---| | 2024 | $ | 4,377 |
December 31, 2023, 2022, and 2021 (000s omitted)
Note 1 - Nature of Business
BFG Holdco, Inc., with its wholly owned subsidiaries, Chem-Dry, Inc. (Chem-Dry); NHance, Inc. (N-Hance); Delta Disaster Services, LLC d/b/a Delta Restoration Services (DRS); Delta Development Group, LLC (DDG); and Delta Asset Management, LLC (DAM) (together with DRS and DDG, Delta) (collectively, the "Company"), is a wholly owned subsidiary of Belfor USA Group, Inc. BFG Holdco, Inc. was formerly known as HRI Holdings, Inc. until February 13, 2023, when its name was changed to BFG Holdco, Inc. Chem-Dry, Inc. was formerly known as Harris Research, Inc. until February 13, 2023, when its name was changed to Chem-Dry, Inc.
On December 31, 2019, all the outstanding shares of NHance, Inc. were contributed to BFG Holdco, Inc.
Source: Item 23 — Receipts (FDD pages 68–264)
What This Means (2024 FDD)
According to Chem-Dry's 2024 Franchise Disclosure Document, the consolidated financial statements include data up to December 31, 2023, 2022, and 2021. The financial overview encompasses Chem-Dry, Inc., along with its subsidiaries such as NHance, Inc., Delta Disaster Services, LLC, Delta Development Group, LLC, and Delta Asset Management, LLC.
The document specifies that management is required to assess conditions or events that could raise concerns about the company's ability to continue as a going concern within one year after the consolidated financial statements are issued or available to be issued. This evaluation is a standard accounting practice, ensuring transparency and providing stakeholders with a clear understanding of the company's financial health.
Prospective franchisees should note that these financial statements and related disclosures are a crucial part of their due diligence. Understanding the company's recent financial performance and its assessment of future viability can help franchisees make informed decisions about investing in a Chem-Dry franchise. Reviewing these dates and understanding the context of the financial data is essential for assessing the franchise's stability and potential risks.