What is the date of the audited opening balance sheet for Fly To Fit?
Fly_To_Fit Franchise · 2024 FDDAnswer from 2024 FDD Document
We have not been in business for three years or more, and therefore cannot include all financial statements required by the Franchise Rule of the Federal Trade Commission. Exhibit F contains our audited opening balance sheet dated 4/15/2024. Our fiscal year end is December 31.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 44)
What This Means (2024 FDD)
According to Fly To Fit's 2024 Franchise Disclosure Document, the audited opening balance sheet is dated April 15, 2024. Because Fly To Fit has not been in business for at least three years, the FDD does not include all financial statements typically required by the Federal Trade Commission's Franchise Rule. Instead, Exhibit F of the FDD contains the company's audited opening balance sheet as of that date. Fly To Fit's fiscal year ends on December 31.
An audited balance sheet provides a snapshot of Fly To Fit's assets, liabilities, and equity at a specific point in time, offering a level of assurance regarding the company's financial position. The audit was conducted in accordance with auditing standards generally accepted in the United States of America. This audit is intended to provide reasonable assurance that the financial statements are free of material misstatement.
Prospective franchisees should review the balance sheet and related notes carefully to understand Fly To Fit's financial condition. They should also consider the fact that the company has not been in business for three years, which limits the amount of historical financial data available. Consulting with a financial advisor is recommended to fully assess the implications of the financial statements.