As of what date is the audited opening balance sheet for Cream?
Cream Franchise · 2025 FDDAnswer from 2025 FDD Document
We have not been in business for 3 years or more, and therefore cannot include all of the financial statements required by the FTC franchise rule. Attached to this Disclosure Document as Exhibit D is our audited opening balance sheet as of May 29, 2025.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 60)
What This Means (2025 FDD)
According to Cream's 2025 Franchise Disclosure Document, the audited opening balance sheet is as of May 29, 2025. Because Cream has not been in business for at least three years, the FDD includes the company's audited opening balance sheet as of this date, as required by the FTC franchise rule.
An audited balance sheet provides a snapshot of Cream's financial position at a specific point in time. It includes information about the company's assets, liabilities, and equity. The audit is conducted by an independent auditor, ensuring that the financial statement is presented fairly and in accordance with accounting principles generally accepted in the United States of America.
Prospective franchisees should review this balance sheet carefully to understand Cream's financial health and stability. It is a standard practice for franchisors to include audited financial statements in their FDDs, allowing potential franchisees to make informed decisions about investing in the franchise.