As of what date are the outlet numbers reported in Item 20 for Carbones Pizzeria?

According to Carbones Pizzeria's 2025 Franchise Disclosure Document, the outlet information presented in Item 20 is current as of October 31 of the applicable year. This date is used as the cutoff for compiling the data related to outlet status and changes within the Carbones Pizzeria franchise system.

This means that prospective franchisees reviewing the outlet tables in Item 20 should understand that the data reflects the status of the franchise network up to October 31 of the years presented (2022, 2023, and 2024). Any changes occurring after this date, such as new openings, closures, or transfers, would not be reflected in these tables. For example, Table No. 3 shows that Carbones Pizzeria had 32 franchised locations at the end of 2024.

Therefore, it is crucial for potential franchisees to inquire about any updates or changes that may have occurred since October 31, 2024, to gain a more current understanding of the Carbones Pizzeria franchise system's performance and composition. This information will help them make a more informed decision about investing in a Carbones Pizzeria franchise.