What is the date of the most recent financial statement included for Fitstop?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
----|--------| | Balance Sheet | Page 3 | | Statements of Operations and Members' Equity | Page 4 | | Statement of Cash Flows | Page 5 | | Footnotes | Page 6 |
MUHAMMAD ZUBAIRY, CPA PC
Certified Public Accountant 646.327.7013
INDEPENDENT AUDITOR'S REPORT
To the members Fitstop USA, INC.
Opinion
We have audited the financial statements of Fitstop USA, INC. which comprise the balance sheet as of December 31, 2023 and 2022, and the related statement of operations and changes in members' equity, and cash flow 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 Fitstop USA, INC. as at December 31, 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 auditsin accordance with auditing standards generally accepted in the United StatesofAmerica (GAAS). Ourresponsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. Weare required to be independent of Fitstop USA, INC. and to meet our other ethical responsibilities, in accordance with the relevant ethical requirementsrelating to our audits. We believe thatthe 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 controlrelevant to the preparationand 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 Fitstop USA, INC.'s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 49)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, the financial statements include a balance sheet as of December 31, 2023, and the related statements of operations, changes in members' equity, and cash flow for the years then ended. The auditor's report indicates that these financial statements present fairly the financial position of Fitstop USA, INC. as of December 31, 2023, and 2022.
In addition, the notes to the financial statements were evaluated through May 23, 2024, which is the date the financial statements were available to be issued. This means that the auditor considered events occurring after the balance sheet date (December 31, 2023) up to May 23, 2024, to determine if any adjustments or disclosures were needed in the financial statements.
For a prospective franchisee, this indicates that the FDD includes audited financial statements for Fitstop up to December 31, 2023, with a subsequent events evaluation extending to May 23, 2024. This information is crucial for assessing the financial health and stability of Fitstop as a franchise opportunity.