Where can I find the Statement of Income and Members' Equity for Fly Fitness in the FDD?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
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INDEPENDENT AUDITOR'S REPORT
To the Managing Members and Management Fly Fitness Franchise LLC Lincoln, Nebraska
Opinion
We have audited the accompanying financial statements of Fly Fitness Franchise LLC, a Nebraska limited liability company, which comprise the balance sheet as of December 31, 2023, and the related statements of income and members' equity, and cash flows for the year then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fly Fitness Franchise LLC as of December 31, 2023, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of Financial Statements section of our report. We are required to be independent of Fly Fitness Franchise LLC and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 44)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, Item 21 includes the company's financial statements. Specifically, the independent auditor's report indicates that the financial statements comprise the balance sheet as of December 31, 2023, and the related statements of income and members' equity, and cash flows for the year then ended, along with related notes. This suggests that the Statement of Income and Members' Equity is included within the audited financial statements presented in Item 21.
For the year 2022, the independent auditor's report indicates that the financial statements comprise the balance sheet as of December 31, 2022, and the related statements of income and members' equity, and cash flows for the year then ended, and the related notes to the financial statements. This suggests that the Statement of Income and Members' Equity is included within the audited financial statements presented in Item 21.
Item 21 includes Fly Fitness's financial statements, which are essential for prospective franchisees to review. These statements provide insights into the company's financial health, including its revenues, expenses, and profitability. Reviewing these statements, along with the accompanying notes, can help potential franchisees assess the financial stability of Fly Fitness and make informed decisions about investing in a franchise.