According to Cordova's 2025 Franchise Disclosure Document, the financial statements included are unaudited. Specifically, the balance sheet provided is explicitly labeled as "Unaudited." This means that the financial information presented has not been reviewed and verified by an independent Certified Public Accountant. Cordova advises prospective franchisees and sellers of franchises that no certified public accountant has audited these figures or expressed an opinion on their content or form.

For a prospective franchisee, this implies a higher degree of risk and the need for greater due diligence. Unaudited financial statements may not provide the same level of assurance as audited statements, which undergo rigorous scrutiny to ensure accuracy and compliance with accounting standards. Therefore, franchisees should approach the financial data with caution and consider seeking independent financial advice to evaluate the viability of the franchise opportunity.

It is common practice for franchisors to include audited financial statements in their FDDs to provide potential franchisees with a higher level of confidence in the financial health of the franchise system. The fact that Cordova's financial statements are unaudited does not necessarily indicate financial instability, but it does highlight the importance of conducting thorough research and possibly consulting with financial professionals before making a decision. Prospective franchisees might want to ask Cordova for more detailed financial information or clarification on specific aspects of the provided statements to gain a better understanding of the company's financial position.