What is the total amount of the note payable to a financial institution for Amerispec Inspection Services as of 2024?
Amerispec_Inspection_Services Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2024 | 2023 | |
|---|---|---|
| Note payable to a financial institution of $5,250,000, monthly | $ 5,280,232 | $ - |
| interest payments at 12% cash rate and 1.5% paid-in-kind ("PIK"), | ||
| due upon maturity July 1, 2029. | ||
| Note payable of $1,200,000, due in quarterly payments of $42,857, | 1,200,000 | - |
| including interest of 6% per annum, maturing November 2031. | ||
| Note payable of $950,000, due in yearly payments of $475,000, | 950,000 | - |
| maturing October 2026. | ||
| Note payable of $350,000, due in yearly payments of $175,000, | 350,000 | - |
| including interest of 3% per annum, maturing July 2026. | ||
| Total current and long-term notes payable | 7,780,232 | - |
| Current portion | (821,429) | - |
| Unamortized deferred financing costs | (294,385) | - |
| $ 6,664,418 | $ - | |
| Future maturities of notes payable as of December 31, 2024 are as follows: | ||
| 2025 | $ 821,429 | |
| 2026 | 821,429 | |
| 2027 | 171,429 | |
| 2028 | 171,429 | |
| 2029 | 5,451,660 | |
| Thereafter | 342,856 $ 7,780,232 |
Source: Item 23 — Receipts (FDD pages 47–172)
What This Means (2025 FDD)
According to Amerispec Inspection Services's 2025 Franchise Disclosure Document, the company had several notes payable to financial institutions as of December 31, 2024. The first note payable was $5,280,232, with monthly interest payments at a 12% cash rate and 1.5% paid-in-kind, due upon maturity on July 1, 2029. The second note payable was $1,200,000, due in quarterly payments of $42,857, including interest of 6% per annum, maturing in November 2031. The third note payable was $950,000, due in yearly payments of $475,000, maturing in October 2026. The fourth note payable was $350,000, due in yearly payments of $175,000, including interest of 3% per annum, maturing in July 2026. The total of these notes payable to financial institutions as of 2024 is $7,780,232.
It is important to note that the current portion of these notes payable, which amounts to $821,429, is considered a current liability. Additionally, there are unamortized deferred financing costs of $294,385. After accounting for these deductions, the notes payable, net of the current portion and deferred financing fees, is $6,664,418. This figure represents the long-term liability related to these notes.
The future maturities of these notes payable as of December 31, 2024, are detailed as follows: $821,429 in 2025, $821,429 in 2026, $171,429 in 2027, $171,429 in 2028, $5,451,660 in 2029, and $342,856 thereafter, totaling $7,780,232. This breakdown provides a clear timeline for the repayment of these debts, which is crucial for assessing the financial obligations of Amerispec Inspection Services.