When does Anago's line of credit agreement with the bank mature?
Anago Franchise · 2025 FDDAnswer from 2025 FDD Document
le assets, net consist of a trademark with a cost of $184,000 and the related accumulated amortization as of December 31, 2024, 2023, and 2022 of $154,356, $142,089, and $129,822, respectively. During the years ended December 31, 2024, 2023, and 2022 amortization expense totaled $12,267, $12,267, and $12,267, respect
Source: Item 23 — RECEIPTS (FDD pages 62–298)
What This Means (2025 FDD)
According to Anago's 2025 Franchise Disclosure Document, Anago Cleaning Systems, Inc. has a line of credit agreement with a bank that has borrowing limits up to $200,000. The interest rate on this line of credit is 6.25%. This line of credit is secured by a majority of Anago's assets.
As of December 31, 2024, 2023, and 2022, the balance on this line of credit was $-0-. This indicates that Anago had not drawn upon this line of credit during those years.
The line of credit agreement matures in June 2025. This means Anago may need to renegotiate the terms of the agreement, seek a new line of credit, or find other financing options at that time.