Does Cinch I.T. provide financial statements for years other than 2021, 2022, and 2023?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
Our audited financial statement for the period ending December 31, 2023, December 31, 2022 and December 31, 2021 is attached as Exhibit B.
We have audited the accompanying financial statements of Cinch Franchise, LLC (an S-Corporation), which comprise the balance sheets as of December 31, 2022 and 2021, and the related statements of operations and member's equity (deficit) and cash flows for the years then ended, and the related notes to the financial statements.
We have audited the accompanying financial statements of Cinch Franchise, LLC (an S-Corporation), which comprise the balance sheets as of December 31, 2021 and 2020, and the related statements of operations and member's deficit and cash flows for the years then ended, and the related notes to the financial statements.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 60)
What This Means (2024 FDD)
According to Cinch I.T.'s 2024 Franchise Disclosure Document, the franchisor includes audited financial statements for the fiscal years ending December 31, 2021, December 31, 2022, and December 31, 2023. The FDD also includes Independent Auditor's Reports that cover financial statements for 2020 and 2021.
Specifically, one report covers the balance sheets as of December 31, 2022 and 2021, along with statements of operations, member's equity (deficit), and cash flows for the years then ended. Another report details the balance sheets as of December 31, 2021 and 2020, including related statements of operations and member's deficit and cash flows for those years.
Thus, while the primary financial statements included are for 2021, 2022 and 2023, the auditor's reports also reference financial statements from 2020. A prospective franchisee can review these statements to understand Cinch I.T.'s financial performance over these periods. Examining multiple years of financial data helps in identifying trends and assessing the overall financial health of the franchisor.