What is the date of the audited opening balance sheet for Desi District?
Desi_District Franchise · 2024 FDDAnswer from 2024 FDD Document
| We have not been in business for three years or more, and therefore cannot include | |
|---|---|
| all financial statements required by the Franchise Rule of the Federal Trade Commission. | |
| Exhibit F contains our audited opening balance sheet dated 6/15/2024. Our fiscal year end is | |
| December 31. |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 52)
What This Means (2024 FDD)
According to Desi District's 2024 Franchise Disclosure Document, the audited opening balance sheet is dated June 15, 2024. Because Desi District has not been in business for at least three years, the FDD does not include all financial statements typically required by the Franchise Rule of the Federal Trade Commission. Instead, Exhibit F contains the audited opening balance sheet.
For prospective franchisees, this means the financial history available for review is limited. The balance sheet provides a snapshot of Desi District's assets, liabilities, and equity as of that specific date. It is important to note that this is just one point in time, and the company's financial situation may have changed since then.
Potential franchisees should carefully review the balance sheet and consider seeking professional financial advice to fully understand the financial health of Desi District. They should also ask the franchisor for more current financial information and projections to assess the potential risks and rewards of investing in a Desi District franchise. Understanding the franchisor's financial standing is a crucial part of the due diligence process.