Until what date did Fly Fitness management evaluate transactions and events occurring subsequent to December 31, 2023?
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 company's management evaluated transactions and events occurring after December 31, 2023, up to February 20, 2024. This date coincides with the date of the independent auditor's report, which is also noted as the date the financial statements were available to be issued.
This evaluation is a standard accounting practice to identify any events that might materially affect the financial statements. The purpose is to ensure that the financial statements provide an accurate and up-to-date view of the company's financial position.
The FDD states that no material transactions or events occurred during this subsequent period that required disclosure or recognition in the financial statements. For a potential franchisee, this indicates that there were no significant, unrecorded financial changes or issues that arose shortly after the close of the fiscal year that could impact the franchisee's investment or the overall financial health of Fly Fitness.