For Bonchon Franchise, LLC, which pages of the FDD contain the notes to the financial statements?

According to Bonchon's 2025 Franchise Disclosure Document, the financial statements are included as Exhibit C. The independent auditor's report refers to the notes to the financial statements of Bonchon Franchise, LLC. These notes are related to the balance sheets as of December 31, 2024 and 2023, and the statements of income, changes in member's equity, and cash flows for each of the years in the three-year period ended December 31, 2024.

The FDD includes the Bonchon Franchise, LLC financial statements for the years ended December 31, 2024, 2023 and 2022. Note 1 in the financial statements discusses the organization and summary of significant accounting policies, including the nature of Bonchon's operations as a wholly-owned subsidiary of Bonchon U.S.A., Inc., which is itself a subsidiary of Bonchon International Inc., a Korean corporation.

This section further describes that Bonchon was formed on June 10, 2011, as a limited liability company in New York State and is the franchisor of Bonchon restaurants in the United States, specializing in Korean-style fried chicken and related menu items. The notes also cover the use of estimates in preparing the financial statements and how revenue is recognized from franchise fees, royalties, advertising fund revenue, transfer fees, renewal fees, and other fees.