Is there a balance sheet included for Fitstop besides the opening day balance sheet?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
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.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 49)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, there are balance sheets included for periods other than just the opening day. Specifically, the Independent Auditor's Report indicates that the financial statements audited by Muhammad Zubairy, CPA PC, include balance sheets as of December 31, 2023, and 2022. This suggests that Fitstop provides historical balance sheets covering at least the two most recent fiscal years.
In addition to the balance sheets, the audited financial statements also comprise 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. This comprehensive financial reporting provides insight into Fitstop's financial position and performance over time.
The inclusion of these balance sheets and related financial statements, along with an independent auditor's report, aims to provide prospective franchisees with a more transparent view of Fitstop's financial health and historical performance. This allows potential franchisees to assess the financial stability and track record of Fitstop before making an investment decision.