RD. | FENTON MI | 48430810-208-0409 | | 417-01 | TBEETZ, INC, 5487 W. U.S. HIGHWAY 10 | LUDINGTON MI | 49431231-843-9111 | | 431-01 | DELIGHT BAGELS LLC 6670 KALAMAZOO AVE. | GRAND RAPIDS MI | 49508616-554-7915 | | 365-01 | BULMER LLC 508 S. LAKE STREET | FOREST LAKE MN | 55025651-464-4997 | | 421-01 | NORTHSTAR UNLIMITED LLC 1710 PAUL BUNYAN DRIVE N.W. | BEMIDJI MN | 56601218-444-7840 |

Exhibit C

BAB Systems, Inc. Statements of Cash Flows Years Ended November 30, 2024, 2023 and 2022

| 406-01 | ON POINT BAKERY, L.L.C. 3341 W. STATE STREET, STE. A | GRAND ISLAND NE | 68803308-389-3720 | |---|---|---|---| | 411-01 | MTBAB, LLC 4471 41ST AVENUE | COLUMBUS NE | 68601531-230-7155 | See accompanying notes

Note 1 - Nature of Operations

BAB Systems, Inc. (the "Company") franchises and licenses Big Apple Bagels® ("BAB"), My Favorite Muffin® ("MFM") and SweetDuet Frozen Yogurt & Gourmet Muffins® ("SD") concepts located in the United States. The franchised units operating as "Big Apple Bagels®," featuring daily baked bagels, flavored cream cheeses, premium coffees, gourmet bagel sandwiches and other related products. The BAB units are primarily concentrated in the Midwest and Western United States. The MFM brand consists of units operating as "My Favorite Muffin Gourmet Muffin Bakery™" ("MFM Bakery"), featuring a large variety of freshly baked muffins and coffees and units operating as "My Favorite Muffin Your All-Day Bakery Café®" ("MFM Cafe") featuring these products as well as a variety of specialty bagel sandwiches and related products. Although the Company doesn't actively market Brewster's stand-alone franchises, Brewster's coffee products are sold in most franchised units.

The Company, an Illinois Corporation, incorporated on December 2, 1992, was capitalized with a cash contribution by BAB, Inc. ("Inc"), a publicly traded Company, and was originally established to franchise "Big Apple Bagels®" stores.

Note 2 - Summary of Significant Accounting Policies

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, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard's main goal is to improve financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets in scope, including trade receivables.

Source: Item 23 — RECEIPTS (FDD pages 87–319)