As of what date is the Balance Sheet and Income Statement for Carbones Pizzeria included in Exhibit D?

According to Carbones Pizzeria's 2025 Franchise Disclosure Document, Exhibit D includes the Balance Sheet and Income Statement as of and for the 4-month period ended February 28, 2025. The financial statements for this period are unaudited, meaning they have not been reviewed or verified by a Certified Public Accountant.

This is a fairly standard practice in franchising. Franchisors typically include audited financial statements for the past three fiscal years, along with an unaudited balance sheet and income statement for an interim period closer to the FDD issuance date to provide more current financial information. The purpose is to give prospective franchisees a more up-to-date view of the franchisor's financial health.

Because the February 28, 2025 statements are unaudited, prospective Carbones Pizzeria franchisees should be aware that the figures presented have not been independently verified. The FDD explicitly advises that "NO CERTIFIED PUBLIC ACCOUNTANT HAS AUDITED THESE FIGURES OR EXPRESSED HIS/HER OPINION WITH REGARD TO THE CONTENTS AND FORM." Therefore, it is crucial for potential franchisees to carefully review these statements, ask clarifying questions, and possibly seek advice from a financial professional to fully understand the franchisor's financial position.

In addition to the interim statements, Exhibit D also contains audited financial statements for the fiscal years ended October 31, 2024, October 31, 2023, and October 31, 2022, offering a more comprehensive historical view of Carbones Pizzeria's financial performance.