What is the date of the financial statements referenced in the Crown Gold Exchange FDD?
Crown_Gold_Exchange Franchise · 2024 FDDAnswer from 2024 FDD Document
ACCOUNTANT AUDIT REPORT
To the Management of GOLDMEMBER, LLC
Opinion
We have audited the financial statements of GOLDMEMBER, LLC (the "Company"), which comprise the Balance Sheet as of May 15, 2024, and the related notes for the period then ended. (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at May 15, 2024, and the results of its operations and its cash flows for the period ended May 15, 2024, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit 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.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 38)
What This Means (2024 FDD)
According to the 2024 Crown Gold Exchange FDD, the company includes financial statements with a balance sheet as of May 15, 2024. These financial statements are audited by an independent accountant. The auditor's report expresses an opinion on the fairness of the company's financial position as of that date.
Additionally, the Crown Gold Exchange FDD includes notes to the financial statements, also dated May 15, 2024, providing further details on the company's accounting policies, commitments, and potential risks. Management has evaluated subsequent events through May 31, 2024, and determined that no events occurring after the balance sheet date substantially affect the amounts and disclosures in the financial statements.
However, Crown Gold Exchange states that because they have not been in business for three years or more, they cannot include all financial statements required by the Franchise Rule of the Federal Trade Commission. Instead, Exhibit F contains an unaudited opening balance sheet dated May 1, 2024. The company's fiscal year end is December 31.