What years are covered by the audited financial statements for Fat Shack?
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.
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.
Source: Item 21 — Financial Statements (FDD pages 52–53)
What This Means (2025 FDD)
According to Fat Shack's 2025 Franchise Disclosure Document, the audited financial statements include a balance sheet as of December 31st for the years 2022, 2023, and 2024. These statements also incorporate the statement of operations, changes in stockholder's equity, and cash flows for the years ending on those dates.
This means a prospective Fat Shack franchisee can review three years of Fat Shack's financial performance to identify trends and assess the company's financial health. Reviewing several years provides a more complete picture than looking at a single year, which could be an anomaly.
The inclusion of an independent auditor's report indicates that a certified public accountant has reviewed Fat Shack's financial statements and believes they are presented fairly in accordance with accounting principles generally accepted in the United States of America. This adds a level of credibility to the financial information presented in the FDD.