What was the total amount of term loans for 360 Painting as of December 31, 2022?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
ssets consisted of the following as of December 31, 2023 and 2022:
| 2023 | 2022 | |
|---|---|---|
| Prepaid commissions | $ 7,062,651 | $ 5,458,508 |
| Notes receivable | 34,628 | 74,460 |
| Total other long-term assets | $ 7,097,279 | $ 5,532,968 |
8. Long-term Debt
Long-term debt consisted of the following as of December 31, 2023
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to 360 Painting's 2025 Franchise Disclosure Document, the total amount of term loans as of December 31, 2022, was $6,370,000. This figure is part of the consolidated financial statements of Premium Service Brands, LLC and Subsidiaries, which includes 360 Painting.
This information is relevant for prospective franchisees as it provides insight into the financial obligations of 360 Painting's parent company. Understanding the debt structure can help franchisees assess the financial stability and risk associated with investing in a 360 Painting franchise. High levels of debt could indicate potential financial strain, while lower debt might suggest a more stable financial foundation.
It is important to note that this figure represents the term loans for the entire Premium Service Brands, LLC and Subsidiaries, not just 360 Painting. A prospective franchisee should consider this information in the context of the overall financial health of the parent company, as detailed in the complete financial statements. Further due diligence, including consulting with a financial advisor, is recommended to fully understand the implications of these loans.