What is the date of the auditor's report for Fly Fitness?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
Management evaluated transactions and events occurring subsequent to December 31, 2023 and through February 20, 2024, the date of the independent auditor's report (the date the financial statements were available to be issued), to determine whether any events should be recognized or disclosed in these statements. There were no material transactions or events in the subsequent period requiring disclosure or recognition in the statements.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 44)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the date of the independent auditor's report is February 20, 2024. This report relates to the financial statements for the year ending December 31, 2023. The auditor's report indicates that management evaluated transactions and events occurring after December 31, 2023, up to this date to determine if any adjustments or disclosures were needed in the financial statements.
This date is important for prospective franchisees because it signifies the cutoff for information included in the audited financial statements. Any significant events occurring after February 20, 2024, would not be reflected in these statements. Therefore, potential franchisees should inquire about any material changes or events that may have occurred since this date to gain a more current understanding of Fly Fitness's financial position.
Furthermore, the FDD includes audited financial statements for the period ending December 31, 2022, and an unaudited balance sheet as of May 31, 2024. This provides a more comprehensive view of Fly Fitness's financial performance over time, but it is crucial to note the distinction between audited and unaudited statements when assessing the company's financial health.