Do the Crave financial statements include notes?
Crave Franchise · 2025 FDDAnswer from 2025 FDD Document
Report of Independent Auditors
To the Member of Crave Franchising, LLC
Opinion
We have audited the accompanying financial statements of Crave Franchising, LLC, (the Company), a Wyoming limited liability company, which comprise Balance sheet as of December 31, 2024, 2023, and 2022, and the related statement of operations and member's equity and cash flows for the year ended December 31, 2024, and the related notes to the financial statements.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 62)
What This Means (2025 FDD)
According to Crave's 2025 Franchise Disclosure Document, the company's financial statements do include notes. These notes are integral to understanding Crave's financial position, as they offer additional details and explanations regarding the figures presented in the balance sheets, income statements, and cash flow statements.
The notes to the financial statements for Crave as of December 31, 2024, cover various aspects of the company's operations and accounting practices. These include the organization's structure, significant accounting policies, and how estimates are used in preparing the financial statements. The notes also address how Crave handles cash and cash equivalents, accounts receivable, and other financial elements.
Specifically, the notes discuss how Crave recognizes revenue, including initial franchise fees and royalties. They also detail how the company treats advertising expenses and related party transactions, such as notes receivable from parties with common ownership. Furthermore, the notes address income taxes, commitments, contingencies, and any significant events that occurred after the balance sheet date but before the financial statements were issued, up to March 24, 2025.