Does the FDD include audited financial statements for Punch King Fitness for the year 2024?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
| | Current Liabilities | - | _= | | Net Cash provided by (used in) financing activities | 2,0 | 000 | | Cash Flows from investing activities | | - | | Cash Flows from financing activities | | | | Paid in Capital & capital stock | _ | | | Net cash provided by (used in) financing activities | | | | Net Increase (decrease) in cash | 2,0 | 000 | | Cash – beginning of the year | - | - | | Cash – end of year | $ 2,0 | 000 | | Supplemental disclosure of cash flows information: | | | | Cash payments made for interest | $ | - | | Cash payments made for income tax | $ | _ |
| Independent Auditor's Report | 2-3 |
|---|---|
| Financial Statements: | |
| Balance Sheet | 4 |
| Statement of Income and Retained Earnings | 5 |
| Statement of Cash Flows | 6 |
| Notes to Financial Statements | 7-10 |
17 Beresford Court Williamsville, NY 14221 Tel: (716) 634-7253 Fax: (716) 634-0952 Email: jimdry@wddcpas.com Email: jaydry@wddcpas.com Website: www.wddcpas.com
Independent Auditor's Report
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.
Basis for Opinion
We conducted our audit 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 Punch King Fitness, Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2024 FDD)
According to Punch King Fitness's 2024 Franchise Disclosure Document, audited financial statements for 2024 are not included. However, the document does include an Independent Auditor's Report with audited financial statements for the year ending December 31, 2023. These statements include the balance sheet, statements of income and retained earnings, and cash flows. The auditor's opinion states that the financial statements present fairly the financial position of Punch King Fitness as of December 31, 2023.
Additionally, the 2024 FDD includes a note stating that the franchisor has not been in business for three years or more and, therefore, cannot include all financial statements required. The document also contains a disclaimer that the financial statements included are prepared without an audit.
Prospective franchisees should note that while audited financial statements for 2023 are available, the absence of audited statements for 2024 and the disclaimer regarding unaudited statements should prompt further due diligence. It is advisable to request any available financial updates from Punch King Fitness and to seek professional financial advice before making an investment decision.