As of what date does the Balance Sheet in the Desi District FDD represent the company's financial position?

According to Desi District's 2024 Franchise Disclosure Document, the Balance Sheet represents the company's financial position as of June 15, 2024. This date is significant because it provides a snapshot of the company's assets, liabilities, and equity at a specific point in time. The independent accountant's audit report confirms that the financial statements present fairly the financial position of Desi District as of this date, in accordance with accounting principles generally accepted in the United States of America.

For a prospective franchisee, this means the financial health and stability of Desi District should be evaluated based on the figures presented in the balance sheet as of June 15, 2024. It is important to note that the company's fiscal year end is December 31, so this balance sheet represents an interim financial position. The auditor's report, dated June 16, 2024, indicates that they have audited the balance sheet and issued an opinion on it.

Furthermore, the FDD mentions that management has evaluated subsequent events through June 16, 2024, and determined that none of the events occurring after the balance sheet date substantially affect the amounts and disclosures in the financial statements. This provides additional assurance that the financial picture presented by the balance sheet is still relevant as of the date the financial statements were available to be issued. Desi District had not been in business for three years or more and therefore could only include the opening balance sheet in Exhibit F.