Are there any disclaimers related to the Goldfish Swim School financial statements?

According to the 2025 Goldfish Swim School Franchise Disclosure Document, the Independent Auditor's Report for the financial statements ending December 31, 2022, 2021, and 2020 includes an Emphasis of Matter. This emphasis relates to the company's adoption of Accounting Standards Codification (ASC) 842, Leases, using the modified retrospective adoption method. However, the report explicitly states that the auditor's opinion is not modified with respect to this matter.

This means that while the auditors highlighted the adoption of the new lease accounting standard, it did not affect their overall opinion on the fairness and accuracy of the financial statements. The auditors, Plante & Moran, PLLC, believe that the financial statements present fairly, in all material respects, the financial position of Goldfish Swim School as of the specified dates and the results of its operations and cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.

For a prospective franchisee, this suggests that Goldfish Swim School has made necessary adjustments to comply with updated accounting standards, specifically regarding leases. While the adoption of ASC 842 is noted, it does not indicate any adverse findings or concerns about the company's financial reporting. Franchisees may want to understand how these lease accounting changes could affect their own financial reporting and obligations, particularly if they plan to lease their Goldfish Swim School facility.