What was the net income for Gokhale Method as of December 31, 2023?
Gokhale_Method Franchise · 2024 FDDAnswer from 2024 FDD Document
We have audited the accompanying financial statements of Gokhale Method Institute, Inc. ("GMI" or the "Company"), which comprise the balance sheet as of December 31, 2023, and the related statements of income, changes in stockholder's equity, and cash flows for the year 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 Gokhale Method Institute, Inc. as of December 31, 2023, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 22 — CONTRACTS (FDD page 34)
What This Means (2024 FDD)
Based on the 2024 Franchise Disclosure Document, the net income for Gokhale Method Institute, Inc. as of December 31, 2023, is not explicitly stated. While the document includes an Independent Auditor's Report that mentions audited financial statements including statements of income, the specific net income figure is not disclosed in the provided excerpts. The auditor's report confirms that the financial statements present fairly the financial position and results of operations for Gokhale Method Institute, Inc. as of that date.
Although the exact net income is not provided, the FDD does include some financial details. For example, it mentions that Gokhale Method Enterprise, Inc. incurred a management fee of $56,200 in 2023. Additionally, the company's advertising expenses for the year ended December 31, 2023, totaled $3,943. These figures offer some insight into the company's financial activities, but they do not provide a complete picture of its profitability.
A prospective franchisee should request a full copy of Gokhale Method's financial statements, including the income statement, to determine the net income for the stated period. Understanding the net income is crucial for assessing the financial health and profitability of Gokhale Method, which will help franchisees make informed decisions.