What was the retained deficit for Focalpoint Coaching in 2022?
Focalpoint_Coaching Franchise · 2025 FDDAnswer from 2025 FDD Document
To the Board of Directors FocalPoint Coaching, Inc. Henderson, Nevada
Opinion
We have audited the accompanying financial statements of FocalPoint Coaching, Inc. (a Nevada corporation), which comprise the balance sheets as of December 31, 2023 and 2022, and the related statements of income (loss), retained earnings (deficit), and cash flows for the years 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 FocalPoint Coaching, Inc. as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years 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 the Financial Statements section of our report. We are required to be independent of FocalPoint Coaching Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about FocalPoint Coaching Inc.'s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.
Auditor's Responsibilities for the Audit of the Financial Statements
Source: Item 21 — Financial Statements (FDD page 56)
What This Means (2025 FDD)
According to Focalpoint Coaching's 2025 Franchise Disclosure Document, the independent auditor's report includes the financial statements for Focalpoint Coaching, Inc. as of December 31, 2023 and 2022. These statements include the balance sheets, statements of income (loss), retained earnings (deficit), and cash flows for the years then ended. The auditor's opinion states that the financial statements present fairly the financial position of Focalpoint Coaching, Inc. as of December 31, 2023 and 2022.
The financial statements are prepared by Focalpoint Coaching's management in accordance with accounting principles generally accepted in the United States of America. Management is responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement.
The audit was conducted in accordance with auditing standards generally accepted in the United States of America, requiring the auditor to be independent and meet ethical responsibilities. The auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for their audit opinion.