What financial statements are included in the Gold Star Chili, Inc. Consolidated Statements of Income and Comprehensive Income?
Gold_Star Franchise · 2025 FDDAnswer from 2025 FDD Document
We have audited the accompanying consolidated financial statements of Gold Star Chili, Inc. (an 'S' Corporation), its subsidiary, TCWW, LLC, and its consolidated entity, GSC Properties, LLC, which comprise the consolidated balance sheets as of December 31, 2024, 2023 and 2022 and the related consolidated statements of income and comprehensive income, stockholders' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.
Source: Item 23 — Receipts (FDD pages 53–163)
What This Means (2025 FDD)
According to Gold Star's 2025 Franchise Disclosure Document, the audited financial statements include consolidated balance sheets, statements of income and comprehensive income, statements of stockholders' equity, and statements of cash flows. These statements provide a comprehensive view of Gold Star's financial performance and position. The financial statements cover the years 2022, 2023, and 2024.
The consolidated balance sheets show the company's assets, liabilities, and equity at a specific point in time for the years 2022, 2023, and 2024. The consolidated statements of income and comprehensive income present the revenues, expenses, and profits of Gold Star over a period of time for the same years. The consolidated statements of stockholders' equity detail changes in the equity accounts of Gold Star for the years 2022, 2023, and 2024. The consolidated statements of cash flows illustrate the movement of cash both into and out of Gold Star for the same period.
An independent auditor has audited these financial statements, expressing an opinion that they fairly present the financial position, results of operations, and cash flows of Gold Star in accordance with accounting principles generally accepted in the United States of America. The auditor's report also mentions that the 2022 financial statements were restated due to the correction of material misstatements. Prospective franchisees should carefully review these restatements and discuss them with Gold Star to understand the reasons for the restatement and their potential impact.