As of what date are the audited financial statements for Punch King Fitness for the year 2022?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
We have audited the accompanying financial statements of Punch King Fitness Inc., which comprise the balance sheet as of December 31, 2022, and the related statements of income and retained earnings and cash flows for the year 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 Punch King Fitness, Inc. as of December 31, 2022, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2024 FDD)
According to Punch King Fitness's 2024 Franchise Disclosure Document, the audited financial statements include a balance sheet as of December 31, 2022. These statements also incorporate the statements of income and retained earnings, and cash flows for the year ending on that date, along with related notes.
The independent auditor's report indicates that the financial statements present fairly the financial position of Punch King Fitness, Inc. as of December 31, 2022. This includes the results of its operations and cash flows for the year then ended, adhering to accounting principles generally accepted in the United States of America.
Prospective franchisees should note that these audited financial statements provide a snapshot of the company's financial health as of the end of 2022. Reviewing these statements, along with more recent financial data, is crucial for understanding the financial stability and performance of Punch King Fitness.