Under which exhibit number are the Chop5 Salad Kitchen financial statements located?
Chop5_Salad_Kitchen Franchise · 2024 FDDAnswer from 2024 FDD Document
Independent Auditor's Report
To the Member CHOP5 Franchise LLC Louisville, Kentucky
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying balance sheets of CHOP5 Franchise LLC as of December 31, 2023, and 2022 and the related statements of operations, member equity and cash flows for the years ended December 31, 2023, 2022, and 2021, and the notes to financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of CHOP5 Franchise LLC as of December 31, 2023, and 2022 and the results of their operations and their cash flows for the years ended December 31, 2023, 2022, and 2021 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 (GAAS). 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 CHOP5 Franchise 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
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 50)
What This Means (2024 FDD)
According to Chop5 Salad Kitchen's 2024 Franchise Disclosure Document, the audited financial statements are not explicitly listed under a specific exhibit number within the provided excerpts. However, Item 23 includes the financial statements and an Independent Auditor's Report. This report covers the balance sheets as of December 31, 2023, and 2022, along with statements of operations, member equity, and cash flows for the years ending December 31, 2023, 2022, and 2021.
Prospective franchisees should note that while the financial statements are included, the FDD excerpts do not specify an exhibit letter designation for them. This means that the financial information is presented directly within Item 23 rather than as a separate exhibit.
For clarity, it is recommended that prospective Chop5 Salad Kitchen franchisees carefully review Item 23 in its entirety within the FDD to understand the franchisor's financial condition. Additionally, they may want to confirm with the franchisor whether the financial statements are also formally listed as an exhibit elsewhere in the full FDD document.