Are the financial statements for Floyds 99 as of December 25, 2022 audited?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
We have audited the financial statements of Floyd's 99 Franchising, LLC (the "Company"), which comprise the balance sheet as of December 29, 2024; December 31, 2023; and December 25, 2022 and the related statements of operations, member's equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 29, 2024; December 31, 2023; and December 25, 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 57)
What This Means (2025 FDD)
According to Floyds 99's 2025 Franchise Disclosure Document, the financial statements for the periods ended December 25, 2022, December 31, 2023, and December 29, 2024, have been audited. An independent auditor's report confirms that the financial statements of Floyd's 99 Franchising, LLC, including the balance sheet as of December 25, 2022, have been audited. The auditor's opinion states that the financial statements present fairly the financial position of the company as of that date, in all material respects, 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 believes that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion. Management is responsible for the preparation and fair presentation of the financial statements, including the design, implementation, and maintenance of internal control relevant to the preparation of financial statements that are free from material misstatement.
This indicates that a prospective franchisee can have confidence that the financial information provided for those specific dates has been reviewed by an independent and qualified auditor. This is a standard practice in franchising to provide transparency and assurance regarding the franchisor's financial health. Floyds 99 also includes unaudited financial statements for the period ended April 27, 2025, with a disclaimer that these figures have not been audited by a certified public accountant.