Does the Spray Net FDD contain financial statements for years after 2023?
Spray_Net Franchise · 2025 FDDAnswer from 2025 FDD Document
We have audited the financial statements of Spray-Net, Inc., which comprises the balance sheet as of December 31, 2024, 2023 and 2022 and the related statement of operations, and changes in stockholders' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Spray-Net, Inc. as of December 31, 2024, 2023 and 2022, and the results of its operations and its cash flows for the years then ended, in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 75)
What This Means (2025 FDD)
According to Spray Net's 2025 Franchise Disclosure Document, the company's financial statements include data up to December 31, 2024. The Independent Auditor's Report states that the financial statements comprise the balance sheet as of December 31, 2024, 2023, and 2022, along with related statements of operations, changes in stockholders' equity, and cash flows for those years. This indicates that the FDD includes financial statements for 2024, which is the most recent year presented.
Specifically, the auditor, Muhammad Zubairy, CPA PC, provided an opinion that the financial statements present fairly the financial position of Spray-Net, Inc. as of December 31, 2024, 2023 and 2022. This opinion is based on audits conducted in accordance with auditing standards generally accepted in the United States of America. The inclusion of 2024 data provides prospective franchisees with an updated view of Spray Net's financial health.
Furthermore, the notes to the financial statements also reference figures as of December 31, 2024, 2023 and 2022. For example, the balances due to related parties and due from related parties are provided for these years. Similarly, the deferred tax asset amounts are listed for December 31, 2024, 2023 and 2022. Contract liability and contract assets are also detailed for these years, offering a comprehensive financial overview for potential franchisees.