What were the total long-term obligations for Aunt Millies Bakeries as of September 30, 2023 and 2022?
Aunt_Millies_Bakeries Franchise · 2025 FDDAnswer from 2025 FDD Document
edit facility from stockholders up to a maximum of approximately $7,700,000. The subordinated revolving credit facility does not have a maturity date and is therefore presented as current on the consolidated balance sheets. The subordinated revolving credit facility bears interest at 5.00% to 6.00%. Borrowings on the subordinated revolving credit facility were $2,740,852 and $2,452,450 as of September 30, 2023 and 2022, respectively.
The table below reflects the Company's long-term debt at September 30, 2023 and 2022:
| $441,475 promissory note, payable in monthly installment of $8,535 beginning November 1, 2022 through September 30, 2027. The interest rate at September 30, 2023 was 6.00%. | s $ | 2023 | ¢ | 2022 |
|---|---|---|---|---|
| $8,000,000 term loan, payable in monthly installments of $95,238 beginning June 1, 2021 through March 31, 2025. The effective interest rate at September 30, 2023 was 5.67%. | P | 363,421 5,333,333 | Φ | 441,475 6,476,190 |
| $318,587 te |
Source: Item 23 — RECEIPT (FDD pages 44–196)
What This Means (2025 FDD)
According to Aunt Millies Bakeries's 2025 Franchise Disclosure Document, the company had long-term obligations of $6,414,044 as of September 30, 2023, and $5,619,746 as of September 30, 2022. These figures represent the amounts due beyond one year for various loans. These loans include a promissory note and term loans with varying interest rates and payment schedules. The promissory note, with an interest rate of 6.00% as of September 30, 2023, is payable in monthly installments of $8,535 until September 30, 2027. One term loan is payable in monthly installments of $95,238 until March 31, 2025, with an effective interest rate of 5.67% as of September 30, 2023. Another term loan is payable in monthly installments of $5,489 until June 1, 2028, with an effective interest rate of 6.94% as of September 30, 2023. A further term loan is payable in monthly installments of $38,605 until February 1, 2028, also with an effective interest rate of 6.94% as of September 30, 2023. The current portion, which is the amount due within one year, is subtracted from the total to arrive at the long-term obligations. For 2023, the current portion was $1,677,001, and for 2022, it was $1,297,919. These obligations are secured by the assets of Perfection Bakeries, Inc.