Does this qualifying question mean profitable for the previous year or overall? What if the business had losses but has turned the corner this year?
This is a really good question. I recommend that you contact whomever is asking this question and ask them to provide you a specific time period. Assuming that they say “last year” for example and you were not profitable that year but you are now, I would provide a comparative income statement that shows a columns for the year they are asking for and a column for the current years to show that you are now profitable.
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