As of what date are the audited financial statements of Big Apple Bagels included in Exhibit P?

According to Big Apple Bagels' 2025 Franchise Disclosure Document, the audited financial statements of BAB Systems, Inc. are included in Exhibit P as of November 30, 2024, November 30, 2023, and for the year ended November 30, 2022. This means that the exhibit contains a detailed financial snapshot of the company's performance over the past three fiscal years. The company's fiscal year ends on November 30th.

For a prospective franchisee, these financial statements are crucial for evaluating the financial health and stability of Big Apple Bagels. Reviewing these statements can provide insights into the company's revenues, expenses, assets, and liabilities. This information can help potential franchisees assess the risk and potential return on investment associated with opening a Big Apple Bagels franchise.

It is important for potential franchisees to carefully examine these audited financial statements and consult with a financial advisor to fully understand their implications. Understanding the franchisor's financial performance is a key step in the due diligence process before investing in a franchise.