What years are covered by the audited financial statements included in the Punch King Fitness FDD?

| 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 | $ | _ |

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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Punch King Fitness, Inc.'s ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)