For what year ended are the audited financial statements of Big Apple Bagels included in Exhibit P?

According to Big Apple Bagels' 2025 Franchise Disclosure Document, Exhibit P contains the company's audited financial statements as of November 30, 2024, November 30, 2023, and for the year ended November 30, 2022. This means prospective franchisees can review the financial performance of Big Apple Bagels for the past three fiscal years.

The inclusion of these audited financial statements is a standard practice in franchising, allowing potential franchisees to assess the financial stability and performance of the franchisor. By examining these statements, a prospective Big Apple Bagels franchisee can gain insights into the company's revenues, expenses, assets, and liabilities. This information can be crucial in making an informed decision about investing in a Big Apple Bagels franchise.

It is important for potential franchisees to carefully review these financial statements and consult with a financial advisor to fully understand the implications of the data presented. Analyzing trends in revenue, profitability, and debt levels can provide a clearer picture of the financial health of Big Apple Bagels and the potential risks and rewards associated with investing in the franchise.