What is the date through which Punch King Fitness evaluated events and transactions for financial statement disclosure?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
To the Board of Directors and Shareholders Punch King Fitness, Inc.
Opinion
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 22 — CONTRACTS (FDD pages 56–215)
What This Means (2024 FDD)
The Punch King Fitness 2024 Franchise Disclosure Document includes an Independent Auditor's Report stating that the financial statements comprise the balance sheet as of December 31, 2023. The report also includes related statements of income and retained earnings and cash flows for the year then ended, along with notes to the financial statements. This means the auditor, WDD Wittlin, Dry & Dry, LLP, has audited the financial position of Punch King Fitness up to this date.
The auditor's opinion confirms that the financial statements present fairly the financial position of Punch King Fitness as of December 31, 2023, and its operations and cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America. This provides a level of assurance to potential franchisees regarding the accuracy and reliability of the financial information presented.
Prospective franchisees should understand that the audit was conducted based on auditing standards generally accepted in the United States of America. These standards require the auditor to be independent and to meet ethical responsibilities. The auditor's report provides a basis for potential investors to assess the financial health and stability of Punch King Fitness before making a decision to invest in a franchise.