On what pages of the Jersey Mikes financial statements can I find the Notes to Consolidated Financial Statements?

According to Jersey Mike's 2025 Franchise Disclosure Document, the Notes to Consolidated Financial Statements can be found on multiple pages within Item 22, which contains the franchise's financial statements. Specifically, the document includes "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023, AND FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022" and references to these notes are made throughout the financial statements.

Prospective franchisees should review these notes carefully as they provide additional context and details about the figures presented in the balance sheets, income statements, and cash flow statements. The notes explain Jersey Mike's accounting policies, significant transactions, debt obligations, and other factors that could impact the company's financial performance. Understanding these notes is crucial for a franchisee to assess the financial health and stability of the franchisor.

Given that the notes are spread across several pages, it would be prudent for a potential Jersey Mike's franchisee to carefully read through Item 22 in its entirety. This will ensure a comprehensive understanding of the financial information and any associated risks or opportunities. It is also advisable to consult with a financial advisor or accountant to help interpret the financial statements and notes in the context of the franchise investment.