What date is the audited opening balance sheet for Dryer Vent Squad?
Dryer_Vent_Squad Franchise · 2024 FDDAnswer from 2024 FDD Document
and the Initial | | | Franchise Fee is $35,000. | | | | | | Franchisee’s Operating Territory is comprised of a Double Territory and the Initial | | | Franchise Fee is $70,000. | | | | |
DVS Holdings, Inc.
Note to Balance Sheet
March 20, 2024
Note 1 - Nature of Business and Significant Accounting Policies
DVS Holdings, Inc. (the "Company") is organized in the state of New Jersey. The Company is a wholly owned and was formed November 15, 2023 (date of inception) for the purpose of purchasing and operating certain assets, as discussed in the subsequent events below.
Basis of Presentation
On March 15, 2024, the Company acquired certain assets of Dryer vent Squad Franchising, LLC. The primary reason for the acquisition was to acq
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 50–51)
What This Means (2024 FDD)
According to the 2024 Dryer Vent Squad Franchise Disclosure Document, the note to the balance sheet is dated March 20, 2024. This note provides context for the balance sheet of DVS Holdings, Inc., the parent company of Dryer Vent Squad. The balance sheet offers a snapshot of the company's assets, liabilities, and equity at a specific point in time.
The note indicates that DVS Holdings, Inc. was formed on November 15, 2023, in New Jersey, for the purpose of acquiring and operating certain assets. On March 15, 2024, the company acquired assets from Dryer Vent Squad Franchising, LLC, primarily to gain the rights to market, sell, and support Dryer Vent Squad franchises.
The FDD states that as of the date the balance sheet was available to be issued, the value of the acquired assets and future royalties was determined to be in excess of $1,000,000. This information is relevant for prospective franchisees as it provides insight into the financial standing and recent transactions of the Dryer Vent Squad franchisor.