On which pages of the Fat Shack financial statements can the footnotes be found?
Fat_Shack Franchise · 2025 FDDAnswer from 2025 FDD Document
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.
The Franchisor's audited financial statements for the most recently ended fiscal year are included as Attachment I to the Franchise Disclosure Document.
1. THE COMPANY
Fat Shack America, LLC was a Delaware Limited Liability Company formed on February 20, 2013. Effective March 22, 2019 (the restructure date), Fat Shack America, LLC reorganized as a C corporation under the name Fat Shack Inc. (the Company).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9. RELATED PARTIES
As of December 31, 2024, 2023 and 2022, the balance due from these related parties were $412,871, $673,871 and $603,870, respectively.
10. SUBSEQUENT EVENTS
Subsequent events were evaluated though March 1, 2025 at which time the financial statements were available to be issued.
Source: Item 23 — Receipts (FDD pages 53–223)
What This Means (2025 FDD)
According to Fat Shack's 2025 Franchise Disclosure Document, the independent auditor's report refers to the notes to the financial statements. These notes are related to the balance sheets as of December 31, 2024, 2023, and 2022, and the statements of operations, changes in stockholders' equity, and cash flows for the years then ended.
The financial statements are included as Attachment I to the Franchise Disclosure Document. The notes to the financial statements provide additional details and explanations of the figures presented in the core financial statements. These notes offer insights into the accounting policies Fat Shack follows, potential risks, related party transactions, and subsequent events that could impact the company's financial position.
Specifically, Note 1 discusses the company's formation and operations, noting that Fat Shack America, LLC reorganized as Fat Shack Inc. on March 22, 2019. Note 2 summarizes significant accounting policies, including the basis of accounting, franchise arrangements, principles of consolidation, and concentration of credit risk. Note 9 pertains to related parties, detailing balances due from these parties as of December 31, 2024, 2023, and 2022. Note 10 covers subsequent events, stating that no events requiring adjustment or disclosure were identified through March 1, 2025.