What years' balance sheets are included in the Ifly financial statements?
Ifly Franchise · 2024 FDDAnswer from 2024 FDD Document
of iFLY Franchising, LLC
Opinion
We have audited the financial statements of iFLY Franchising, LLC (the "Company"), which comprise the balance sheets as of December 31, 2023 and December 25, 2022, and the related statements of income, changes in member's equity and cash flows for each of the three fiscal years in the period ended December 31, 2023, and the related notes to the financial statements (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and December 25, 2022, and the results of its operations and its cash flows for each of the three fiscal years in the period ended December 31, 2023 in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.
Source: Item 23 — Receipts (FDD pages 57–174)
What This Means (2024 FDD)
According to Ifly's 2024 Franchise Disclosure Document, the company's financial statements include balance sheets as of December 31, 2023, and December 25, 2022. These balance sheets provide a snapshot of Ifly's financial position at the end of those respective fiscal years. The financial statements also include related statements of income, changes in member's equity, and cash flows for each of the three fiscal years in the period ended December 31, 2023.
These audited financial statements are crucial for prospective franchisees as they offer insights into Ifly's financial stability and performance. A potential franchisee can review Ifly's assets, liabilities, and equity to assess its financial health. The inclusion of balance sheets for two years allows for a comparison of Ifly's financial position over time, revealing trends and potential areas of concern or improvement.
The independent auditor's report by Deloitte & Touche LLP, included in the FDD, expresses an opinion that the financial statements present fairly Ifly's financial position and results of operations in accordance with accounting principles generally accepted in the United States of America. However, the report also includes an emphasis of matter, noting that the financial statements were prepared from separate records and may not be indicative of the conditions if Ifly operated as an unaffiliated company of iFLY Holdings, LLC. This is an important consideration for prospective franchisees, as it suggests that Ifly's financial performance may be influenced by its relationship with its parent company.
Overall, the balance sheets and related financial statements provide valuable information for potential Ifly franchisees to evaluate the financial viability of the franchise opportunity. However, it is important to consider the auditor's emphasis of matter and to conduct thorough due diligence to understand the potential impact of Ifly's relationship with its parent company on its financial performance.