For Crawlspace Medic, what specific financial statements are included in the audited financial statements of CSM Franchise Group, LLC?
Crawlspace_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
We have audited the financial statements of CSM Franchise Group, LLC (the "Company"), which comprise the balance sheets as of December 31, 2023, 2022, and 2021, the related statements of operations and changes in member's equity, and cash flows for the years then ended, 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, 2022, and 2021, 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.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2024 FDD)
According to Crawlspace Medic's 2024 Franchise Disclosure Document, the audited financial statements of CSM Franchise Group, LLC include several key components. The report encompasses balance sheets as of December 31, 2023, 2022, and 2021. These balance sheets provide a snapshot of the company's assets, liabilities, and equity at the end of each of those years.
In addition to the balance sheets, the audited financial statements also feature statements of operations and changes in member's equity for the years ending December 31, 2023, 2022, and 2021. The statements of operations, also known as income statements, detail the company's revenues, expenses, and profits over those periods. The statements of changes in member's equity illustrate how the equity of the company's members has evolved during those years.
Finally, the audited financial statements include statements of cash flows for the same three-year period. These statements outline the movement of cash both into and out of the company, categorized by operating, investing, and financing activities. The audited financial statements also include related notes, which provide additional context and explanations of the figures presented in the core financial statements. These notes are crucial for understanding the assumptions, policies, and potential risks underlying the financial data. Crawlspace Medic's fiscal year ends on December 31.