Until what date were subsequent events evaluated for Focalpoint Coaching's financial statements?
Focalpoint_Coaching Franchise · 2025 FDDAnswer from 2025 FDD Document
Our report on our audits of the basic financial statements of FocalPoint Coaching, Inc. for the years ended December 31, 2024 and 2023 appear on pages 1 and 2. Those audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules of net revenues, cost of revenues, general and administrative expenses on pages 18 through 19 are not a required part of the basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Rich, Wightman & Company, CPAs, LLC
Las Vegas, Nevada
February 26, 2025
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 on the supplementary information states that the audits of the basic financial statements were conducted for the years ended December 31, 2024, and 2023. The report was issued by Rich, Wightman & Company, CPAs, LLC, in Las Vegas, Nevada, on February 26, 2025.
This date is important because it indicates the cutoff for which the auditors considered events that could materially affect the financial statements. Any events occurring after February 26, 2025, would not be reflected in these audited statements. This is a standard practice in auditing to provide a reasonable assurance that the financial statements are fairly stated up to a specific date.
For a prospective Focalpoint Coaching franchisee, this means the financial information provided has been vetted for accuracy up to February 26, 2025. It is crucial to understand this timeframe when evaluating the financial health and stability of Focalpoint Coaching. Any significant changes or events occurring after this date would need to be independently verified to gain a complete understanding of the company's current financial position.