What years are covered by the audited financial statements of Crave Cookies Franchising, LLC?
Crave_Cookies Franchise · 2025 FDDAnswer from 2025 FDD Document
Independent Auditor's Report
Members and Management Crave Cookies Franchising, LLC Riverton, Utah
Opinion
We have audited the financial statements of Crave Cookies Franchising, LLC (the Company), which comprise the balance sheets as of December 31, 2023 and 2022, and the related statements of operations, members' deficit, and cash flows for the years ended December 31, 2023 and 2022, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended 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 the Company 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
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these financial statements are available to be issued.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 47)
What This Means (2025 FDD)
According to Crave Cookies' 2025 Franchise Disclosure Document, the audited financial statements include reports for multiple years. Specifically, there are balance sheets as of December 31, 2022 and 2021, along with related statements of operations, members' deficit, and cash flows for the year ended December 31, 2022, and the period from February 15, 2021 (inception) to December 31, 2021. Additionally, the financial statements comprise balance sheets as of December 31, 2023 and 2022, and related statements for the years ended December 31, 2023 and 2022. Finally, there is a balance sheet as of December 31, 2024, and related statements for the year then ended.
In practical terms, this means a prospective Crave Cookies franchisee can review Crave Cookies' financial performance over the 2021-2024 period. This allows for an understanding of the company's financial trends, including its assets, liabilities, equity, revenues, and cash flows, over several years. Reviewing multiple years of financial statements is a standard practice in franchise evaluation, as it provides a more comprehensive view of the franchisor's financial health and stability than a single year alone.
The audit reports included in the Crave Cookies FDD are prepared by independent auditors, attesting to the fairness of the presentation of Crave Cookies' financial position and results of operations in accordance with accounting principles generally accepted in the United States of America. This independent audit adds credibility to the financial statements, giving potential franchisees greater confidence in the accuracy and reliability of the financial information. Prospective franchisees should carefully examine these audited financial statements and related notes to assess the financial viability of the Crave Cookies franchise opportunity.