FDD ITEM 21 · THE FRANCHISOR'S OWN AUDITED STATEMENTS · READ OCTOBER 29, 2026
Franchisor financial health: going-concern opinions, fee dependence and losses
As of October 29, 2026, 9 of the 532 franchisors whose audit opinion we have read in a current FDD carry going-concern language in Item 21 (6 in the auditor's report itself, 1 where the auditor's report points to the parent company's doubt, 1 only in management's notes, 1 only on the state cover page).
Every FDD must include the franchisor's audited financial statements (Item 21). They describe the company selling the franchise, not any franchisee — but a franchisor that can't fund training, support and the brand fund affects every owner in the system. Each row below states what the filing says, with the auditor, the fiscal year and a link to the page.
Going-concern language in Item 21
9 brands · all of themUnder auditing standards (AU-C 570), when an auditor concludes there is substantial doubt about an entity's ability to continue as a going concern for a year, the report says so in a separate paragraph; the opinion itself can still be unmodified. We record where each filing states it — the auditor's report, only management's notes, or only the state cover page — because they are not the same statement.
| Brand | What the filing says | Auditor | Filing | Wrong? |
|---|---|---|---|---|
| Bin Blasters statements: BIN BLASTERS FRANCHISING, LLC | Going-concern paragraph in the auditor's report Naper CPA Group's report on Bin Blasters Franchising, LLC has an Emphasis of Matter paragraph on going concern (p. 62). PDF p. 62 ↗ | Naper CPA Group | 2026 FDD ↗ | Report a correction |
| Goliathtech statements: GoliathTech Inc. | Going-concern paragraph in the auditor's report Raymond Chabot Grant Thornton's report on GoliathTech Inc. has a "Substantial Doubt about the Company’s Ability to Continue as a Going Concern" section (p. 80). A second report in the filing, on the combined group statements, gives a qualified opinion on financial position and also has a substantial-doubt section (p. 52). PDF p. 80 ↗ | Raymond Chabot Grant Thornton LLP | 2026 FDD ↗ | Report a correction |
| GYMGUYZ statements: GYMGUYZ Franchising, LLC | Going-concern paragraph in the auditor's report Metwally CPA PLLC's report on GYMGUYZ Franchising, LLC has a "Substantial Doubt About the Company's Ability to Continue as a Going Concern" section (p. 161). Opinion not modified. PDF p. 161 ↗ | Metwally CPA PLLC | 2026 FDD ↗ | Report a correction |
| INSTANT IMPRINTS statements: No Frill Franchising, Inc. | Going-concern paragraph in the auditor's report Hinzman & Associates' report dated April 15, 2026 on No Frill Franchising, Inc.'s FY2025/FY2024 statements carries a "Going Concern" paragraph (p. 170); its April 11, 2025 report on FY2024/FY2023 (p. 192) says the same factors "raise substantial doubt". Opinion not modified. The state cover page also lists it as a risk (p. 5). PDF p. 170 ↗ | Hinzman & Associates, Certified Public Accountants, A Professional Corporation | 2026 FDD ↗ | Report a correction |
| Perspire Sauna Studio statements: SWEAT EQUITY GROUP, LLC | Substantial doubt disclosed in the notes Management's Note 3 (Liquidity) to Sweat Equity Group, LLC's statements says substantial doubt exists (p. 241). The independent auditors' report (Windes, Inc., pp. 228–229, dated April 13, 2026) gives an unmodified opinion and contains no going-concern paragraph. PDF p. 241 ↗ | Windes, Inc. | 2026 FDD ↗ | Report a correction |
| Qargo Coffee statements: QARGO COFFEE, INC. | Going-concern paragraph in the auditor's report The auditor's report on Qargo Coffee, Inc. has a "Substantial Doubt About Qargo Coffee, Inc.’s Ability to Continue as a Going Concern" section (pp. 132–133). Opinion not modified. PDF p. 132 ↗ | Etiendem CPA | 2026 FDD ↗ | Report a correction |
| Snap Fitness statements: Snap Fitness, Inc. and Subsidiaries | Auditor's report flags the parent's going-concern doubt Deloitte & Touche's report on Snap Fitness, Inc. has an Emphasis of Matter paragraph (p. 77): the parent, Lift Brands, Inc., has stated substantial doubt about its own ability to continue, and its term note is guaranteed by substantially all of Snap Fitness's assets. Opinion not modified. PDF p. 77 ↗ | Deloitte & Touche LLP | 2026 FDD ↗ | Report a correction |
| Tire Pros statements: Asphalt Tire Pros Francorp, LLC | Going-concern risk on the state cover page The FDD's state cover-page risk factor says the auditor's report expresses substantial doubt (p. 4). The independent auditor's report in the filing (HCVT, pp. 199–200, dated April 16, 2026) on Asphalt Tire Pros Francorp, LLC gives an unmodified opinion with an Emphasis of Matter on the predecessor's Chapter 11 sale and fresh-start accounting, and contains no going-concern paragraph. PDF p. 4 ↗ | Holthouse Carlin & Van Trigt LLP (HCVT) | 2026 FDD ↗ | Report a correction |
| UNITED COUNTRY REAL ESTATE | Going-concern paragraph in the auditor's report CBIZ CPAs' report has an "Emphasis of Matter – Substantial Doubt About the Company’s Ability to Continue as a Going Concern" paragraph (p. 110). Opinion not modified. PDF p. 110 ↗ | CBIZ CPAs P.C. | 2026 FDD ↗ | Report a correction |
Qualified opinions (current filings): ENVIRO-MASTER — The auditor's report on Enviro-Master Holdings, LLC and Subsidiaries gives a qualified opinion (p. 195): identifiable intangible assets were not reported separately from goodwill. (p. 195)
Revenue that leans on selling new franchises
23 brands · highest share firstInitial franchise and area-development fees as a share of the franchisor's total revenue in its latest fiscal year. Royalties recur while franchisees trade; initial fees arrive only when new franchises are sold, so a high share means the franchisor's income depends on continued sales. Listed at 20% or more, revenue of at least $500K, both figures read from the statement page.
| Brand | Initial / development fees | Total revenue | Share | Royalty share | Filing | Wrong? |
|---|---|---|---|---|---|---|
| First Day Homecare statements: First Day Franchising, LLC | $619KFY2025 · “Franchise fee income” · p. 55 | $705K | 87.8% | 3.2% | 2026 FDD ↗ | Report a correction |
| The Hot Spot statements: THE HOT SPOT STUDIOS LLC | $587KFY2025 · “Initial franchise fees” · p. 113 | $743K | 79.1% | 15.0% | 2026 FDD ↗ | Report a correction |
| Pink's Window Services statements: Pink's Franchising, LLC | $6.6MFY2025 · “Franchise fees” · p. 136 | $8.7M | 75.5% | 12.9% | 2026 FDD ↗ | Report a correction |
| WE ROCK THE SPECTRUM KID'S GYM FOR ALL KIDS statements: WE ROCK THE SPECTRUM, LLC | $2.1MFY2025 · “Franchise fee revenue” · p. 275 | $3.1M | 67.4% | 31.4% | 2026 FDD ↗ | Report a correction |
| Qargo Coffee statements: QARGO COFFEE, INC. | $930KFY2025 · “Development fee; Franchise fee” · p. 136 | $1.4M | 64.5% | 8.1% | 2026 FDD ↗ | Report a correction |
| New Mom School statements: THE NEW MOM SCHOOL FRANCHISING, LLC | $509KFY2025 · “Initial franchise fees” · p. 126 | $801K | 63.6% | 18.9% | 2026 FDD ↗ | Report a correction |
| Bin Blasters statements: BIN BLASTERS FRANCHISING, LLC | $310KFY2025 · “Franchise Fees” · p. 65 | $562K | 55.1% | 13.9% | 2026 FDD ↗ | Report a correction |
| Junk Shot statements: Accelerated Services Franchise, LLC | $727KFY2025 · “Franchise fee revenue; Other franchise fee revenue” · p. 155 | $1.5M | 49.3% | 42.6% | 2026 FDD ↗ | Report a correction |
| iSmash statements: SMASH FRANCHISING, LLC | $474KFY2025 · “Brand development fees; Franchise Fees” · p. 71 | $964K | 49.1% | 21.3% | 2026 FDD ↗ | Report a correction |
| FULLY PROMOTED statements: FP FRANCHISING, INC. | $5.3MFY2025 · “Franchise Fees” · p. 125 | $10.8M | 48.9% | 40.1% | 2026 FDD ↗ | Report a correction |
| Stand Strong Fencing statements: HPB Fencing LLC | $2.5MFY2025 · “Franchise fees” · p. 265 | $5.2M | 47.3% | 30.6% | 2026 FDD ↗ | Report a correction |
| Frios statements: FRIOS FRANCHISING COMPANY, LLC | $618KFY2025 · “Initial franchise fees” · p. 69 | $1.3M | 46.9% | 48.5% | 2026 FDD ↗ | Report a correction |
| HOUNDS TOWN USA statements: HOUNDS TOWN USA, LLC | $2.5MFY2025 · “Initial franchise fees” · p. 95 | $5.9M | 42.4% | 41.6% | 2026 FDD ↗ | Report a correction |
| CANDY CLOUD statements: CANDY CLOUD FRANCHISING LLC | $293KFY2025 · “Franchise fees” · p. 132 | $753K | 38.9% | 36.1% | 2026 FDD ↗ | Report a correction |
| PaintEZ statements: EMERALDPRO FRANCHISING INC. | $814KFY2025 · “Initial franchise fees” · p. 166 | $2.1M | 38.4% | 23.6% | 2026 FDD ↗ | Report a correction |
| That 1 Painter statements: That 1 Painter Franchising, LLC | $3.4MFY2025 · “Franchise fees” · p. 140 | $9.8M | 35.0% | 38.1% | 2026 FDD ↗ | Report a correction |
| OFFICE EVOLUTION statements: OE Franchising, LLC | $2.3MFY2025 · “Franchise Fees” · p. 88 | $7.7M | 29.5% | 47.8% | 2026 FDD ↗ | Report a correction |
| GLO Tanning statements: Glo Tanning Franchise, LLC | $1.5MFY2025 · “Initial franchise fees” · p. 160 | $5.3M | 29.0% | 47.4% | 2026 FDD ↗ | Report a correction |
| GYMGUYZ statements: GYMGUYZ Franchising, LLC | $951KFY2025 · “Initial franchise fees” · p. 164 | $3.3M | 28.9% | 26.5% | 2026 FDD ↗ | Report a correction |
| SCENTHOUND statements: SCENTHOUND FRANCHISING, LLC | $1.7MFY2025 · “Franchise fees” · p. 248 | $6.1M | 27.1% | 57.3% | 2026 FDD ↗ | Report a correction |
| CRS statements: CRS FRANCHISING, LLC | $605KFY2025 · “Franchise fees” · p. 62 | $2.2M | 27.0% | 35.0% | 2026 FDD ↗ | Report a correction |
| Pop-A-Lock statements: SYSTEMFORWARD AMERICA, LLC | $1.1MFY2025 · “Franchise fees” · p. 153 | $4.3M | 26.5% | 69.8% | 2026 FDD ↗ | Report a correction |
| Town Square statements: TOWN SQUARE FRANCHISING LLC | $225KFY2025 · “Franchise sales fee income…………………………………………………………………” · p. 162 | $862K | 26.1% | 51.3% | 2026 FDD ↗ | Report a correction |
A net loss in every year shown
36 brands · most years, then deepest loss vs revenueFranchisors whose audited statements report a net loss in every fiscal year presented (two or three years), latest-year revenue of at least $250K, every net-income figure matched to the statement page. Young franchisors often lose money while they build support staff; the figures say what happened, not why. Several brands owned by one holding company share one set of statements; the entity is named on each row.
| Brand | Net income (loss) by fiscal year | Latest revenue | Filing | Wrong? |
|---|---|---|---|---|
| iSmash statements: SMASH FRANCHISING, LLC | FY2023: −$166K p. 80FY2024: −$583K p. 71FY2025: −$1.0M p. 71 | $964KFY2025 | 2026 FDD ↗ | Report a correction |
| Angry Chickz statements: Angry Chickz Franchising, LLC | FY2023: −$219K p. 192FY2024: −$436K p. 192FY2025: −$289K p. 192 | $279KFY2025 | 2026 FDD ↗ | Report a correction |
| First Day Homecare statements: First Day Franchising, LLC | FY2023: −$80K p. 55FY2024: −$301K p. 55FY2025: −$677K p. 55 | $705KFY2025 | 2026 FDD ↗ | Report a correction |
| ZOOMIN GROOMIN (AREA REP) statements: ZOOMIN GROOMIN USA LLC | FY2022: −$482K p. 155FY2023: −$1.1M p. 155FY2024: −$1.8M p. 155 | $2.9MFY2024 | 2026 FDD ↗ | Report a correction |
| New Mom School statements: THE NEW MOM SCHOOL FRANCHISING, LLC | FY2023: −$22K p. 154FY2024: −$392K p. 126FY2025: −$451K p. 126 | $801KFY2025 | 2026 FDD ↗ | Report a correction |
| Bin Blasters statements: BIN BLASTERS FRANCHISING, LLC | FY2023: −$67K p. 65FY2024: −$70K p. 65FY2025: −$272K p. 65 | $562KFY2025 | 2026 FDD ↗ | Report a correction |
| D1 SPORTS, D1 SPORTS TRAINING statements: D1 SPORTS FRANCHISE, LLC | FY2023: −$225K p. 204FY2024: −$937K p. 204FY2025: −$5.4M p. 204 | $11.7MFY2025 | 2026 FDD ↗ | Report a correction |
| The Hot Spot statements: THE HOT SPOT STUDIOS LLC | FY2023: −$123K p. 113FY2024: −$307K p. 113FY2025: −$331K p. 113 | $743KFY2025 | 2026 FDD ↗ | Report a correction |
| The Picklr statements: PICKLR FRANCHISE, INC. | FY2023: −$2.1M p. 68FY2024: −$7.3M p. 68FY2025: −$4.4M p. 68 | $10.3MFY2025 | 2026 FDD ↗ | Report a correction |
| ENVIRO-MASTER statements: Enviro-Master Holdings, LLC and Subsidiaries | FY2023: −$11.2M p. 219FY2024: −$12.9M p. 198FY2025: −$11.5M p. 198 | $26.7MFY2025 | 2026 FDD ↗ | Report a correction |
| Poolwerx statements: Poolwerx Franchise Management, LLC | FY2023: −$1.4M p. 214FY2024: −$2.2M p. 194FY2025: −$1.9M p. 194 | $4.6MFY2025 | 2026 FDD ↗ | Report a correction |
| RESTORATION 1 statements: RESTORATION 1 FRANCHISE HOLDING, LLC | FY2023: −$477K p. 200FY2024: −$1.3M p. 178FY2025: −$5.8M p. 178 | $14.2MFY2025 | 2026 FDD ↗ | Report a correction |
| THE MAIDS statements: THE MAIDS INTERNATIONAL, LLC AND SUBSIDIARY | FY2023: −$4.3M p. 85FY2024: −$3.9M p. 85FY2025: −$3.9M p. 64 | $19.7MFY2025 | 2026 FDD ↗ | Report a correction |
| MOTTO MORTGAGE statements: Motto Franchising, LLC | FY2023: −$15.4M p. 195FY2024: −$2.0M p. 195FY2025: −$2.1M p. 195 | $12.6MFY2025 | 2026 FDD ↗ | Report a correction |
| GYMGUYZ statements: GYMGUYZ Franchising, LLC | FY2023: −$907K p. 183FY2024: −$744K p. 164FY2025: −$459K p. 164 | $3.3MFY2025 | 2026 FDD ↗ | Report a correction |
| Stretch Zone statements: STRETCH ZONE FRANCHISING, LLC | FY2023: −$13.7M p. 335FY2024: −$2.7M p. 320FY2025: −$1.7M p. 320 | $13.7MFY2025 | 2026 FDD ↗ | Report a correction |
| DivaDance (Unit) statements: DIVADANCE COMPANY | FY2023: −$173K p. 94FY2024: −$423K p. 94FY2025: −$279K p. 79 | $2.4MFY2025 | 2026 FDD ↗ | Report a correction |
| BLUE MOON ESTATE SALES statements: CFC Holding Company, LLC and Subsidiaries d/b/a Best Life Brands | FY2023: −$7.6M p. 72FY2024: −$3.1M p. 72FY2025: −$4.2M p. 72 | $41.8MFY2025 | 2026 FDD ↗ | Report a correction |
| CAREPATROL statements: CFC Holding Company, LLC and Subsidiaries d/b/a Best Life Brands | FY2023: −$7.6M p. 79FY2024: −$3.1M p. 79FY2025: −$4.2M p. 79 | $41.8MFY2025 | 2026 FDD ↗ | Report a correction |
| Next Day Access statements: CFC Holding Company, LLC and Subsidiaries d/b/a Best Life Brands | FY2023: −$7.6M p. 70FY2024: −$3.1M p. 70FY2025: −$4.2M p. 70 | $41.8MFY2025 | 2026 FDD ↗ | Report a correction |
| HOME HELPERS HOME CARE statements: HOME HELPERS HOLDINGS, INC. AND SUBSIDIARIES | FY2023: −$4.9M p. 71FY2024: −$3.7M p. 71FY2025: −$1.8M p. 71 | $21.1MFY2025 | 2026 FDD ↗ | Report a correction |
| BODYBAR statements: BODYBAR FRANCHISING, LLC | FY2023: −$523K p. 91FY2024: −$7,996 p. 78FY2025: −$543K p. 78 | $7.1MFY2025 | 2026 FDD ↗ | Report a correction |
| CANDY CLOUD statements: CANDY CLOUD FRANCHISING LLC | FY2023: −$202K p. 132FY2024: −$402K p. 132FY2025: −$52K p. 132 | $753KFY2025 | 2026 FDD ↗ | Report a correction |
| CRS statements: CRS FRANCHISING, LLC | FY2023: −$144K p. 76FY2024: −$978K p. 62FY2025: −$103K p. 62 | $2.2MFY2025 | 2026 FDD ↗ | Report a correction |
| PETLAND statements: Petland, Inc. and Subsidiaries | FY2023: −$1.9M p. 92FY2024: −$2.0M p. 92FY2025: −$703K p. 92 | $51.1MFY2025 | 2026 FDD ↗ | Report a correction |
| Town Square statements: TOWN SQUARE FRANCHISING LLC | FY2024: −$709K p. 178FY2025: −$937K p. 162 | $862KFY2025 | 2026 FDD ↗ | Report a correction |
| Qargo Coffee statements: QARGO COFFEE, INC. | FY2024: −$402K p. 136FY2025: −$574K p. 136 | $1.4MFY2025 | 2026 FDD ↗ | Report a correction |
| Renew Medic statements: TCB Services HoldCo, LLC and Subsidiaries | FY2024: −$6.0M p. 127FY2025: −$5.6M p. 127 | $16.0MFY2025 | 2026 FDD ↗ | Report a correction |
| Kitchen Guard statements: EverSmith Brands Holding Company and Subsidiaries | FY2024: −$17.3M p. 61FY2025: −$10.4M p. 61 | $40.5MFY2025 | 2026 FDD ↗ | Report a correction |
| PRISM SPECIALTIES statements: EverSmith Brands Holding Company and Subsidiaries | FY2024: −$17.3M p. 92FY2025: −$10.4M p. 92 | $40.5MFY2025 | 2026 FDD ↗ | Report a correction |
| Hole in the Wall statements: HOLE IN THE WALL FRANCHISING, LLC | FY2024: −$70K p. 140FY2025: −$76K p. 140 | $342KFY2025 | 2026 FDD ↗ | Report a correction |
| Perspire Sauna Studio statements: SWEAT EQUITY GROUP, LLC | FY2024: −$2.0M p. 231FY2025: −$961K p. 231 | $4.8MFY2025 | 2026 FDD ↗ | Report a correction |
| POPUP BAGELS statements: PUB Franchisor LLC | FY2024: −$160K p. 170FY2025: −$87K p. 170 | $623KFY2025 | 2026 FDD ↗ | Report a correction |
| 9ROUND statements: 9Round Franchising, LLC | FY2024: −$526K p. 84FY2025: −$564K p. 84 | $7.8MFY2025 | 2026 FDD ↗ | Report a correction |
| Home Matters Care Giving (Unit) statements: SENIOR HEALTHCARE INVESTMENTS, LLC | FY2024: −$305K p. 140FY2025: −$90K p. 140 | $1.8MFY2025 | 2026 FDD ↗ | Report a correction |
| Bumble Bee Blinds statements: HPB Blinds and Shutters LLC | FY2024: −$742K p. 260FY2025: −$83K p. 260 | $4.9MFY2025 | 2026 FDD ↗ | Report a correction |
Related: earnings claims built from a subset of units · brands with two or more warning signs
Which filing. Each brand is judged on its latest FDD, the same one its profile page shows. Counts and the fee and loss lists use only filings no more than 24 months old (measured from the end of the filing year). The going-concern list shows every brand whose latest FDD carries it, and badges any older filing instead of dropping it.
How the figures were read. Item 21 figures were first extracted by software from each filing. We then re-read the statement pages with a separate rule-based parser and keep a figure only where the two agree, or where the statement page itself prints the amount (statements printed “in thousands” are scaled from the page's own heading). Every going-concern and qualified opinion listed here was then read by hand on the page cited. Statements that are scanned images can't be re-read as text, so their brands don't appear in the fee or loss lists even when the original extraction has figures.
Minimum data. Fee list: initial / area-development fee lines and total revenue for the same fiscal year, both from the statement page, revenue ≥ $500K. A line labelled only “franchise fees” counts as an initial fee only when the same statement shows royalties on a separate line, because some franchisors use “franchise fees” for royalties. Under ASC 606 most franchisors recognize initial fees over the agreement term, so the share understates the cash collected in a strong selling year. Loss list: at least two fiscal years, every net-income figure matched to the page, latest revenue ≥ $250K.
What this is not. These are statements of what each filing discloses, not predictions that any franchisor will fail, and not an audit or review of any statement. The statements describe the franchisor entity named on the row, which is sometimes a holding company or securitization entity rather than the brand itself. If you represent a listed franchisor and a figure is wrong, use the correction link on its row; we review every request. See the methodology.