According to Cordova's 2025 Franchise Disclosure Document, the opening balance sheet is unaudited. The FDD states that the financial statements included as Exhibit D were prepared without an audit. It explicitly advises prospective franchisees to be aware that no certified public accountant has audited the figures or expressed an opinion on their content or form. Cordova was established on February 6, 2025, and its fiscal year ends on December 31. Because Cordova has not been franchising for three years or more, it does not have three years of audited financial statements.

This means that the financial information presented in the balance sheet has not been independently verified for accuracy or compliance with accounting standards. Franchisees should understand that the numbers presented are based on Cordova's internal records and have not been subjected to external scrutiny.

Given that the balance sheet is unaudited, prospective franchisees should exercise caution and conduct their own due diligence. This may involve consulting with a financial advisor or accountant to review the financial statements and assess the financial health of Cordova. It is a common practice for newer franchisors to have unaudited statements, but franchisees should carefully consider the implications and risks associated with this lack of independent verification.