When is the annual financial statement due to Face Foundrie from the Area Developer?

According to Face Foundrie's 2025 Franchise Disclosure Document, the Area Developer must submit a complete annual financial statement to Face Foundrie by April 15th of the year following the end of the Area Developer's fiscal year. This statement must be prepared according to generally accepted accounting principles (GAAP) on a compilation basis.

Face Foundrie may also require that these annual statements be prepared by an independent certified public accountant. In addition to the annual financial statement, the Area Developer is required to provide Face Foundrie with a profit and loss statement reflecting the Area Developer's operations during the preceding calendar month, for each Franchised Facial Bar, no later than the 20th day of each month. These profit and loss statements must also be prepared on an accrual basis and in accordance with GAAP.

These financial reporting requirements ensure that Face Foundrie has a clear and consistent view of the financial health and performance of its Area Developers. This allows Face Foundrie to monitor compliance with the Area Development Agreement and to identify any potential financial issues early on. For a prospective Area Developer, this means being prepared to maintain accurate and up-to-date financial records and to meet the reporting deadlines set by Face Foundrie. Failing to provide these reports could result in the Area Developer being in default of their agreement with Face Foundrie.