Does the Fat Shack FDD include audited financial statements?
Fat_Shack Franchise · 2025 FDDAnswer from 2025 FDD Document
MUHAMMAD ZUBAIRY, CPA PC
Certified Public Accountant 646.327.7013
INDEPENDENT AUDITOR'S REPORT
To the Stockholders of Fat Shack Inc. and Subsidiary
Opinion
We have audited the financial statements of Fat Shack Inc. and Subsidiary, which comprises the balance sheet as of December 31, 2024, 2023 and 2022 and the related statement of operations, and changes in stockholders' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Fat Shack Inc. and Subsidiary as of December 31, 2024, 2023 and 2022 and the results of its operations and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Fat Shack Inc. and Subsidiary, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Fat Shack Inc. and Subsidiary's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Source: Item 21 — Financial Statements (FDD pages 52–53)
What This Means (2025 FDD)
Yes, the 2025 Fat Shack FDD includes audited financial statements. The Independent Auditor's Report states that Muhammad Zubairy, CPA PC, audited the financial statements of Fat Shack Inc. and Subsidiary, which includes the balance sheets as of December 31, 2024, 2023, and 2022, and the related statements of operations, changes in stockholders' equity, and cash flows for the years then ended, and the related notes to the financial statements.
The auditor's opinion is that the financial statements present fairly, in all material respects, the financial position of Fat Shack Inc. and Subsidiary as of December 31, 2024, 2023 and 2022 and the results of its operations and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.
The audit was conducted in accordance with auditing standards generally accepted in the United States of America (GAAS). The auditor's responsibilities include obtaining reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and issuing an auditor's report that includes their opinion. Management is responsible for the preparation and fair presentation of the financial statements and for maintaining internal control relevant to the preparation of financial statements that are free from material misstatement.