What date did Fly Fitness's management complete their evaluation of transactions and events occurring subsequent to December 31, 2022?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
Management evaluated transactions and events occurring subsequent to December 31, 2022 and through March 21, 2023, 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, management evaluated transactions and events occurring after December 31, 2022, through March 21, 2023. This evaluation was conducted to determine if any events needed to be recognized or disclosed in the financial statements. The document states that the date of the independent auditor's report, which is when the financial statements were available to be issued, was also March 21, 2023. The evaluation found no material transactions or events requiring disclosure or recognition.
This subsequent event evaluation is a standard accounting practice. It ensures that the financial statements reflect the most up-to-date information available before they are released. For a potential Fly Fitness franchisee, this indicates that the financial statements have been reviewed for any significant changes or events that could impact the company's financial position.
The fact that no material transactions or events were found requiring disclosure suggests stability during that period. However, franchisees should always conduct their own due diligence and seek professional advice to fully understand the financial health of Fly Fitness.