What was the value of Amerispec Inspection Services' line of credit in 2024?
Amerispec_Inspection_Services Franchise · 2025 FDDAnswer from 2025 FDD Document
nd timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Birmingham, Alabama April 30, 2025
TCB Services HoldCo, LLC and Subsidiaries Consolidated Balance Sheets December 31, 2024 and 2023
| 2024 | 2023 As Restated | |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash | $ 1,736,027 | $ 1,861,862 |
| Accounts receivable, net | 1,744,530 | 1,617,560 |
| Other receivables | 485,856 | - |
| Prepaid expenses and other current assets | 337,782 | 190,172 |
| Total Current Assets | 4,304,195 | 3,669,594 |
| Property and equipment, net | 1,105,077 | 42,500 |
| Right-of-use asset - operating | 1,556,153 | - |
| Goodwill, net | 13,591,343 | 10,258,260 |
| Intangible assets, net | 11,920,040 | 13,034,791 |
| Deferred tax assets | 94,570 | - |
| Notes receivable | 149,239 | 268,724 |
| Total Assets | $ 32,720,617 | $ 27,273,869 |
| LIABILITIES AND MEMBERS' EQUITY | ||
| Current Liabilities | ||
| Accounts payable | $ 1,188,298 | $ 732,638 |
| Accrued expenses and other payables | 736,452 | 458,698 |
| Deferred revenue | 484,468 | - |
| Current portion of notes payable | 821,429 | - |
| Line of credit | 500,000 | - |
| Current portion of operating lease liabilities | 493,454 | - |
| Total Current Liabilities | 4,224,101 | 1,191,336 |
| Noncurrent Liabilities | ||
| Notes payable, net of current porti |
Source: Item 23 — Receipts (FDD pages 47–172)
What This Means (2025 FDD)
According to Amerispec Inspection Services' 2025 Franchise Disclosure Document, the company had a line of credit valued at $500,000 in 2024. This line of credit is a revolving one, meaning the company can borrow, repay, and reborrow funds up to the $500,000 limit.
The FDD also states that this line of credit expires in June 2025. It is secured by substantially all of Amerispec Inspection Services' assets, meaning that if the company defaults on the line of credit, the lender has a claim on the company's assets. The interest rate on the line of credit varies with the bank's prime rate, which was 7.38% at December 31, 2024, and is payable monthly.
For a prospective franchisee, this information provides insight into Amerispec Inspection Services' financial structure and obligations. Knowing the company has a line of credit and the terms associated with it can help a franchisee assess the financial stability of the franchisor. It's also worth noting that the line of credit is collateralized by the company's assets, which could indirectly affect franchisees if the company were to face financial difficulties.