As of what dates are Mrcool's audited financial statements provided?
Mrcool Franchise · 2025 FDDAnswer from 2025 FDD Document
February 12, 2025
INDEPENDENT AUDITORS' REPORT
To the LLC Members MRCOOL Franchising, LLC Hickory, Kentucky
Opinion
We have reviewed the accompanying financial statements of MRCOOL Franchising, LLC (a Kentucky limited liability company), which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of income, members' equity and cash flows for the years then ended, and the related notes to financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of MRCOOL Franchising, LLC as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended December 31, 2024 and 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. 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 MRCOOL Franchising, LLC 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.
Responsibilities of Management for the Financial Statements
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 54–55)
What This Means (2025 FDD)
According to Mrcool's 2025 Franchise Disclosure Document, the audited financial statements include balance sheets as of December 31, 2024 and 2023, and related statements of income, members' equity, and cash flows for the years then ended. The independent auditors' report is dated February 12, 2025. This information offers a prospective franchisee insight into Mrcool's recent financial performance and position.
Additionally, the 2024 FDD includes audited balance sheets as of December 31, 2023 and 2022, and related statements of income, members' equity, and cash flows for the year ended December 31, 2023. The independent auditor's report for this set of financials is dated February 13, 2024. However, the report includes a disclaimer of opinion on the statements of income, retained earnings, and cash flows for the year ended December 31, 2022, because the auditors were not engaged to audit those specific statements for that year.
The inclusion of these audited financial statements in the FDD is intended to provide transparency to potential franchisees, allowing them to assess the financial health and stability of Mrcool before making a significant investment. Reviewing these statements, along with the accompanying notes and auditors' reports, is a crucial step in the due diligence process for anyone considering purchasing a Mrcool franchise. It is typical for franchisors to provide several years of financial statements, if available, to give a more complete picture of the franchise's financial history.