Baja Fresh

Our automated check found that these summaries may not match the FDD's exact wording. Read the FDD excerpt itself; it is the authoritative text. Core cost, fee, Item 19 and outlet figures are not affected.

• Item 21 · PDF p. 524 · 2026 FDD

  Our summary: Operating cash flow before interest and working capital — 2024

  “MTV Franchising USA, Inc. Consolidated statements of cash flows Years ended November 30, 2025 and 2024 (In thousands of US dollars) Operating activities Net income (loss) and comprehensive income (loss) Items not affecting cash: Depreciation - property, plant and equipment Amortization - intangible assets Interest expense Loss on disposal of property, plant and equipment and intangible assets Impairment charge - property, plant and equipment Impairment charge - operating lease right-of-use assets Impairment charge - intangible assets and goodwill Loss on de-recognition/lease modification of operating lease liabilities Deferred income tax recovery Interest paid Changes in non-cash working capital items Accounts receivable Inventories Prepaid expenses and deposits Loans receivable Other current assets Income taxes Accounts payable Accrued liabilities Promotional funds payable Gift card liability Deferred revenue and deposits Other Net cash provided from operating activities Notes 6 7 19 6&9 5 7&9 5 2025 2024 $ $ 30,677 (12,556) 12,469 13,469 17,523 15,765 54,884 53,768 699 376 3,813 6,150 130 849 1,261 37,452 387 41 (5,021) (9 ,195) 116,822 106,119 (51,376) (53,768) 319 558 2,032 (925) (89) (278) 227 (27) 130 (1,502) (2,775) (303) (8,753) (1,070) 3,128 (1,817) (2,371) (4 ,166) (16,286) 4,546 257 3,735 3,752 713 45,017 51,815 Page 7”

  Note: PDF p.524 text contains 116,822 and 106,119, but the extracted table does not reliably expose the corresponding row label, so the stated subtotal cannot be confirmed.

• Item 21 · PDF p. 524 · 2026 FDD

  Our summary: Operating cash flow before interest and working capital — 2025

  “MTV Franchising USA, Inc. Consolidated statements of cash flows Years ended November 30, 2025 and 2024 (In thousands of US dollars) Operating activities Net income (loss) and comprehensive income (loss) Items not affecting cash: Depreciation - property, plant and equipment Amortization - intangible assets Interest expense Loss on disposal of property, plant and equipment and intangible assets Impairment charge - property, plant and equipment Impairment charge - operating lease right-of-use assets Impairment charge - intangible assets and goodwill Loss on de-recognition/lease modification of operating lease liabilities Deferred income tax recovery Interest paid Changes in non-cash working capital items Accounts receivable Inventories Prepaid expenses and deposits Loans receivable Other current assets Income taxes Accounts payable Accrued liabilities Promotional funds payable Gift card liability Deferred revenue and deposits Other Net cash provided from operating activities Notes 6 7 19 6&9 5 7&9 5 2025 2024 $ $ 30,677 (12,556) 12,469 13,469 17,523 15,765 54,884 53,768 699 376 3,813 6,150 130 849 1,261 37,452 387 41 (5,021) (9 ,195) 116,822 106,119 (51,376) (53,768) 319 558 2,032 (925) (89) (278) 227 (27) 130 (1,502) (2,775) (303) (8,753) (1,070) 3,128 (1,817) (2,371) (4 ,166) (16,286) 4,546 257 3,735 3,752 713 45,017 51,815 Page 7”

  Note: PDF p.524 text contains 116,822 and 106,119, but the extracted table does not reliably expose the corresponding row label, so the stated subtotal cannot be confirmed.

• Item 21 · PDF p. 522 · 2026 FDD

  Our summary: Total current liabilities — 2025

  “MTV Franchising USA, Inc. Consolidated balance sheets As at November 30, 2025 and 2024 (In l11 ousan ds of US dollars) 2025 2024 Notes $ $ Assets Current assets Cash 21,840 12,834 Restricted cash 2 104 250 Accounts receivable 3 28,436 28,755 Inventories 5,244 7,182 Assets held for sale 4, 6 & 7 830 3,116 Current portion of loans receivable 189 384 Receivables from ultimate parent and parent company 12 & 22 233,800 204,389 Prepaid expenses and deposits 7,790 8,039 Other current assets 4,704 4,834 Income taxes receivable 20 6,356 4,402 309,293 274 ,185 Non-current assets Loans receivable 34 66 Contract cost asset 4,643 4,277 Other assets 2,565 2,106 Property, plant and equipment 6 42,751 53 ,675 Operating lease right-of-use assets 5 181,327 190,303 Intangible assets 7 559,967 577,327 Goodwill 8 346,490 346,490 1,447,070 1,448,429 Liabilities Current liabilities Accounts payable 6,939 14,808 Accrued liabilities 30,080 26,837 Gift card liability 10 93,010 109,252 Promotional funds payable 8,152 10,523 Current portion of operating lease liabilities 5 36,983 38 ,340 Current portion of deferred revenue and deposits 11 7,037 8,093 Advances from parent company 12 & 22 2,540 4,417 Short-term loan from parent 13 13,793 198,534 212,270 Page 5”

  Note: PDF p.522 text extraction merges the short-term parent loan row and the current-liabilities total; the cited 198,534 cannot be assigned confidently to the 2025 total from the available page text.