On what pages of the financial statements can I find the Balance Sheet for Punch King Fitness?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
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Note 5 Franchise Agreement
The terms of the Company's franchise agreement will be as follows:
- A. The Company will grant the right to use the Company name, trademark and system in the franchisee's franchise development business.
- B. The franchisee is obligated to pay a non-refundable initial franchise fee.
- C. The franchisee is obligated to pay a monthly royalty fee. Certain other fees are also outlined in the agreement.
Note 6 Commitments and Contingencies
The Company does not carry general liability insurance, nor is it self-insured.
See Independent Auditor's Report. -10-
| 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, 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.
Source: Item 22 — CONTRACTS (FDD pages 56–215)
What This Means (2024 FDD)
According to Punch King Fitness's 2024 Franchise Disclosure Document, the independent auditor's report states that the financial statements include the balance sheet as of December 31, 2023. This information can be found on the page exhibiting the Independent Auditor's Report.
Additionally, the financial statements also comprise the balance sheet as of December 31, 2022. This information can be found on the page exhibiting the Independent Auditor's Report.
It is important to note that the franchisor has not been in business for three years or more and, therefore, cannot include all financial statements required. Prospective franchisees should be aware that the financial statements are prepared without an audit, and no certified public accountant has audited these figures or expressed an opinion regarding their content or form.