What is the significance of April 28, 2023, in relation to Mr. Sandless' financial statements?
Mr_Sandless Franchise · 2025 FDDAnswer from 2025 FDD Document
The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or nonrecognized subsequent events that would have required further adjustment or disclosure in the financial statements. Subsequent events have been reviewed through April 28, 2023, the date at which the financial statements were available to be issued.
THESE FINANCIAL STATEMENTS ARE PREPARED WITHOUT AN AUDIT. PROSPECTIVE FRANCHISEES OR SELLERS OF FRANCHISES SHOULD BE ADVISED THAT NO INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT HAS AUDITED THESE FIGURES OR EXPRESSED AN OPINION WITH REGARD TO THE CONTENT OR FORM.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 41–42)
What This Means (2025 FDD)
According to Mr. Sandless' 2025 Franchise Disclosure Document, April 28, 2023, is the date through which subsequent events related to the company's financial statements were reviewed. This means that Mr. Sandless evaluated events that occurred after the balance sheet date but before the financial statements were issued, up to April 28, 2023, to determine if any adjustments or disclosures were needed.
For a prospective franchisee, this date is important because it indicates the cutoff for considering events that could impact the financial picture presented. Any significant events occurring after this date may not be reflected in the financial statements provided. This is a standard accounting practice to ensure that financial statements are based on the most current and reliable information available at the time of issuance.
It is important to note that the financial statements referenced in the excerpt are prepared without an audit. Prospective franchisees should be aware that no independent certified public accountant has audited these figures or expressed an opinion regarding their content or form. Therefore, it is advisable for potential franchisees to seek professional financial advice and conduct their own due diligence when reviewing Mr. Sandless' financial statements.