Who is the CPA firm that audited Aw's financial statements?

| Statements of Cashflows | 5 | | Notes to Financial Statements | 6 - 7 |

MUHAMMAD ZUBAIRY, CPA PC

Certified Public Accountant 646.327.7013

INDEPENDENT AUDITOR'S REPORT

To the Members of Rayyan Pizza Franchise LLC

Opinion

We have audited the financial statements of Rayyan Pizza Franchise LLC which comprises the balance sheets as of December 31, 2024 and 2023, the related statements of operations, changes in members' 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 Rayyan Pizza Franchise LLC as of December 31, 2024 and 2023, 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.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). 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 Rayyan Pizza Franchise LLC, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. 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 Rayyan Pizza Franchise LLC'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. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users made on the basis of these remarks and the information of this website is published in good faith and for general information purpose only. Franchimp.com does not make any warranties about the completeness, reliability, and

In performing an audit in accordance with GAAS, we:

Exercise professional judgment and maintain professional skepticism throughout the audit.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Rayyan Pizza Franchise LLC's internal control. Accordingly, no such opinion is expressed.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Rayyan Pizza Franchise LLC's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Muhammad Zubairy, CPA PC Westbury, NY April 10, 2025

BALANCE SHEETS RAYYAN PIZZA FRANCHISE LLC

| ASSETS | | | | |-------------------------------------------------|-------------------------|----|--------| | | YEARS ENDED DECEMBER 31 2024 | | 2023 | | Assets | | | | | Cash | $ 8,494 | $ | 4,705 | | Due from franchisee | — | | 7,837 | | Due from related parties | 51,502 | | 51,502 | | Total Assets | $ 59,996 | $ | 64,044 | | | | | | | Current Liabilities | | | | | Loan payable SBA | $ 532 | $ | 513 | | Loan payable WinTrust | 10,073 | | 10,073 | | Contract Liability | 6,875 | | 8,000 | | Total Current Liabilities | 17,480 | | 18,586 | | Long Term Liabilities | | | | | Loan payable SBA, net of current | 28,382 | | 27,341 | | Contract Liability, net of current | 10,625 | | 17,500 | | Members' Equity (Deficit) | 3,509 | | 617 | | Total Liabilities and Members' Equity (Deficit) | $ 59,996 | $ | 64,044 |

STATEMENTS OF OPERATIONS AND MEMBERS' EQUITY (DEFICIT) RAYYAN PIZZA FRANCHISE LLC

STATEMENTS OF CASH FLOWS RAYYAN PIZZA FRANCHISE LLC

| | YEARS ENDING DECEMBER 31 | | | | |-------------------------------------------------|--------------------------|---------------|--|--| | | 2024 | 2023 | | | | Cash Flows from Operating Activities | | | | | | Net Income | $ 158,996 | $ 136,397 | | | | Adjustments to reconcile net income to net cash | | | | | | provided by operating activities: | | | | | | Changes in assets and liabilities | | | | | | Due from franchisee | 7,837 | (6,611) | | | | Accounts payable and accrued expenses | — | (4,834) | | | | Contract Liability | (8,000) 158,833 | (8,250) 116,702 | | | | Cash Flow from Financing Activities | | | | | | Loan from SBA | 1,060 | 1,954 | | | | Cash Flow from Investing Activities | | | | | | Members' (distributions) | (156,104) | (147,512) | | | | Net Increase in Cash | 3,789 | (28,856) | | | | Cash - Beginning of Year | 4,705 | 33,561 | | | | Cash - End of Year | $ 8,494 | $ 4,705 | | |

RAYYAN PIZZA FRANCHISE LLC NOTES TO FINANCIAL STATEMENTS

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1. THE COMPANY

Rayyan Pizza Franchise LLC ("the Company"), is an Illinois Limited Liability Company, formed in December 2012 ("Inception") for the purpose of offering franchise opportunities to entrepreneurs who want to own and operate their own Papa Ray's Restaurant as a franchise.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting-The accompanying financial statements have been prepared on an accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. Under the accrual method, revenues are recognized when earned and expenses are recognized when a liability is incurred, without regard to receipt or disbursement of cash.

Franchise Arrangements-The Company's franchise arrangements generally include a license which provides for payments of initial fees as well as continuing royalties to the Company based upon a percentage of sales. Under this arrangement, franchisees are granted the right to operate a Papa Ray's Restaurant for a specified number of years.

Concentration of Credit Risk-Financial instruments that potentially expose the Company to concentration of credit risk primarily consist of cash and cash equivalents. The balances in the Company's cash accounts did not exceed the Federal Deposit Insurance Company's (FDIC) insurance limit of $250,000. The Company maintains its cash and cash equivalents with accredited financial institutions.

Use of Estimates-The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from those estimates.

Taxes on Income-The Company has elected to be taxed as a limited liability corporation for federal and state income tax purposes. Income and expenses for the Company pass through directly to the members' and is reported on their individual income tax returns.

3. REVENUE RECOGNITION

The Company records revenue in accordance Accounting Standards Board ("FASB") and Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). The transaction price attributable to performance obligations are recognized as the performance obligations are satisfied. The portion of the franchise fee, if any, that is not attributable to a distinct performance obligation are amortized over the life of the related franchise agreements. The company adopted ASC-606 and ASU 2021-02 using the modified retrospective method starting with January 1, 2020.

Source: Item 21 — FINANCIAL STATEMENTS (FDD page 39)