What page contains the Notes to Consolidated Financial Statements for Golden Krust Caribbean Restaurant?
Golden_Krust_Caribbean_Restaurant Franchise · 2024 FDDAnswer from 2024 FDD Document
) | | EFFECT OF FOREIGN CURRENCY EXCHANGE RATE ON CASH | 9,066 | (5,066) | | NET CHANGE IN CASH AND RESTRICTED CASH | 905,919 | (32,191) | | CASH AND RESTRICTED CASH: | | | | Beginning of year | 451,809 | 484,000 | | | | | | End of year | $ 1,357,728 $ | 451,809 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2022 AND 2021
NOTE 1 - NATURE OF ORGANIZATION AND PRINCIPAL BUSINESS ACTIVITIES:
Golden Krust Franchising, Inc. (the "Company") was incorporated on August 8, 1995 under the laws of the state of New York. The Company is primarily engaged in the sale of franchises to individuals who seek to operate Golden Krust Caribbean Restaurants throughout North America. Additionally, as of December 31, 2022 and 2021, the Company had two Company-owned restaurants operating in North America.
The Company owns 100% of the equity interest in the entities listed in the table below:
| Legal Entity | Operations |
|---|---|
| Golden Krust Caribbean Restaurants, Inc. |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 35)
What This Means (2024 FDD)
According to Golden Krust Caribbean Restaurant's 2024 Franchise Disclosure Document, the Notes to Consolidated Financial Statements can be found on multiple pages. Specifically, one instance is located on a page with a partial image file name of "_page_65_Picture_0.jpeg". Another instance of the Notes is located on a page with a partial image file name of "_page_66_Picture_0.jpeg". Additionally, the notes are also located on a page with a partial image file name of "_page_74_Picture_0.jpeg".
These notes are crucial for understanding the financial health and accounting practices of Golden Krust Caribbean Restaurant. They provide context and details about the figures presented in the financial statements, such as the basis of accounting, principles of consolidation, and how estimates are used. Franchisees should carefully review these notes to gain a comprehensive understanding of the franchisor's financial position.
The notes also cover specific aspects like related party transactions, which can be significant in franchising. For example, the notes discuss transactions between Golden Krust Franchising, Inc. and Golden Krust Caribbean Bakery, Inc., highlighting the amounts of sales and shared expenses between the two entities. Understanding these relationships is important for assessing the franchisor's financial stability and potential conflicts of interest.
Prospective franchisees should pay close attention to these notes and seek clarification from a financial advisor or attorney if they have any questions or concerns. A thorough understanding of the financial statements and related notes is essential for making an informed investment decision.