For Punch King Fitness, on what page of the provided financial statements can I find the Balance Sheet?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
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.
Source: Item 22 — CONTRACTS (FDD pages 56–215)
What This Means (2024 FDD)
According to Punch King Fitness's 2024 Franchise Disclosure Document, the balance sheet as of December 31, 2023, can be found within the audited financial statements. The Independent Auditor's Report states that they have audited the financial statements of Punch King Fitness, Inc., which include the balance sheet. The image of this report is located on page 158 of the FDD.
Similarly, the balance sheet as of December 31, 2022, is included in another Independent Auditor's Report. The image of this report is located on page 169 of the FDD.
It is important to note that the FDD also contains a disclaimer that the franchisor has not been in business for three years or more and, therefore, cannot include all financial statements required. Additionally, it states that these financial statements are prepared without an audit, although the document also includes Independent Auditor's Reports. Prospective franchisees should carefully review these statements and consult with a financial advisor to fully understand the financial position of Punch King Fitness.