Does the Itan FDD include financial statements?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
sued and outstanding as of December 31, 2024 and 2023.
NOTE 12 SUBSEQUENT EVENTS
The Company has evaluated subsequent events through March 11, 2025, the date on which the financial statements were available to be issued. There were no material subsequent events which affected the amounts or disclosures in the financial statements.
| ı | Index | 1 |
|---|---|---|
| 11 | Independent auditor's report | 2 - 3 |
| m | Balance sheets | 4 |
| IV | Statements of earnings | 5 |
| V | Statements of stockholder's equity | 6 |
| VI | Statements of cash flows | 7 |
| VII | Notes to the financial statements | 8 - 15 |
To the Stockholder iTan Franchising, Inc.
INDEPENDENT AUDITOR'S REPORT
Opinion
We have audited the accompanying financial statements of iTan Franchising, Inc., which comprise the balance's heets as of December 31, 2023 and 2022, and the related statements of earnings, stockholder's equity, and cash flows for the years 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 iTan Franchising, Inc. as of December 31, 2023 and 2022, and the results of its activities and its cash flows for the years then ended 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. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of iTan Franchising, Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 43)
What This Means (2025 FDD)
Yes, the 2025 Itan Franchise Disclosure Document includes financial statements. Independent auditor's reports are included in the FDD, which contain opinions on Itan's financial statements.
The financial statements include balance sheets as of December 31, 2024 and 2023, and statements of earnings, stockholder's equity, and cash flows for the years then ended, along with related notes. These statements are audited in accordance with generally accepted auditing standards in the United States of America.
Management is responsible for the preparation and fair presentation of these financial statements, including internal controls. They must evaluate conditions that raise doubt about Itan's ability to continue as a going concern for one year after the statements are issued. The auditor's responsibility is to provide reasonable assurance that the financial statements are free from material misstatement.
Notes to the financial statements also provide additional information. For example, Note 1 indicates that Itan Franchising, Inc. was incorporated on April 9, 2008, and began operations in 2009 as a franchisor of salons. Note 2 outlines the significant accounting policies used in preparing the financial statements, including the basis of accounting, use of estimates, consolidation of variable interest entities, fair value measurements, and cash management.