As of what date are the audited financial statements for Punch King Fitness for the year 2023?
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, 2023, 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, 2023, 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, 2023. Additionally, the financial statements incorporate the statements of income and retained earnings, and cash flows for the year ending on that same date, December 31, 2023.
This means that the auditor's report provides an opinion on the financial position of Punch King Fitness as it stood at the close of the year on December 31, 2023, and how the company performed financially throughout that year. Prospective franchisees can use this information to understand the financial health and stability of Punch King Fitness.
The auditor, in their report, states that the financial statements present fairly the financial position, results of operations, and cash flows of Punch King Fitness as of and for the year ending December 31, 2023, in accordance with accounting principles generally accepted in the United States of America.