On which pages of the Annex Brands FDD can I find the Independent Auditors' Report?

According to the 2025 Annex Brands Franchise Disclosure Document, the Independent Auditors' Report can be found on pages 1 through 2, as indicated in Item 21, which covers the company's financial statements. This report is crucial because it provides an unbiased opinion from an external accounting firm (Lavine, Lofgren, Morris & Engelberg, LLP) regarding the fairness and accuracy of Annex Brands's financial statements.

Specifically, the Independent Auditors' Report includes an opinion on the consolidated balance sheets as of September 30, 2024, and 2023, as well as the consolidated statements of income, shareholders' equity, and cash flows for the years ended September 30, 2024, 2023, and 2022. The report asserts that these financial statements present fairly the financial position, results of operations, and cash flows of Annex Brands in accordance with accounting principles generally accepted in the United States of America.

Prospective franchisees should carefully review this report to gain insight into the financial health and stability of Annex Brands. Understanding the auditor's opinion and the scope of their examination can help franchisees assess the reliability of the financial information provided in the FDD. This assessment is a critical part of due diligence before investing in an Annex Brands franchise.