According to the 2025 Southern Steer FDD, the Notes to the Financial Statements can be found within Exhibit B, which contains the financial statements. Specifically, the FDD includes financial statements as of September 30, 2024. Additionally, there are references to notes for the financial statements as of September 30, 2022, which are also included. These notes are integral to understanding the financial position and operational results of Southern Steer.

The notes to the financial statements provide additional details and explanations regarding the figures presented in the balance sheets, income statements, and cash flow statements. For instance, the notes cover topics such as the organization and nature of business operations, significant accounting policies, revenue recognition methods, and income tax treatments. They also address related party transactions, concentrations of credit risk, lines of credit, preferred stock issuances, and subsequent events.

Prospective franchisees should carefully review these notes to gain a comprehensive understanding of Southern Steer's financial health and accounting practices. Understanding these details can help franchisees assess the financial stability and operational performance of the franchisor, which is crucial for making an informed investment decision. The notes, along with the independent auditor's report, provide transparency and validation of the financial data presented in the FDD.