What financial statement does Exhibit F contain 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 23 — RECEIPTS (FDD pages 44–134)
What This Means (2024 FDD)
According to Fly To Fit's 2024 Franchise Disclosure Document, Exhibit F contains the company's audited opening balance sheet dated April 15, 2024. The document also states that Fly To Fit has 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. Fly To Fit's fiscal year end is December 31.
This means that prospective franchisees reviewing the FDD will find an audited balance sheet, which provides a snapshot of the company's assets, liabilities, and equity as of a specific date. However, due to the company's limited operating history, the FDD does not include a full set of historical financial statements like income statements or cash flow statements, which would typically cover a three-year period.
For a potential franchisee, this limited financial disclosure means they will need to conduct extra due diligence to assess the financial stability and performance of Fly To Fit. They should consider requesting additional financial information from Fly To Fit, speaking with existing franchisees about their experiences, and consulting with a financial advisor to evaluate the risks and opportunities associated with investing in this franchise.