Are the Dryer Vent Squad financial statements presented in Item 21 audited or unaudited?
Dryer_Vent_Squad Franchise · 2024 FDDAnswer from 2024 FDD Document
Attached as Exhibit D are our audited financial statements comprised of our 3/20/2024 audited opening balance sheet. Because we have not been established for three years or more, we do not have three years of audited financial statements.
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 financial statements in Item 21 are audited. Specifically, the document includes the Dryer Vent Squad's audited opening balance sheet as of March 20, 2024.
Because Dryer Vent Squad has not been established for three years or more, the FDD does not include three years of audited financial statements. This is a common situation for newer franchises, as they may not have the operational history to provide a full three-year financial record.
Prospective franchisees should consider that the limited financial history may make it more challenging to fully assess the financial stability and performance of the franchise system. It is advisable to carefully review the provided balance sheet and seek professional financial advice to understand the implications for their investment.