What was the total amount of Boulder Designs' notes payable in 2024?
Boulder_Designs Franchise · 2025 FDDAnswer from 2025 FDD Document
Notes payable at December 31, 2024 and 2023 includes three notes payable on demand with an aggregate balance of $248,000 and $255,000, respectively. One note bears interest at a rate of 4% and the other two notes do not have a stated interest rate.
Included in notes payable at December 31, 2024 and 2023 is $90,000 due to an officer of the Company. The note does not have a stated interest rate.
Source: Item 23 — RECEIPT (FDD pages 50–217)
What This Means (2025 FDD)
According to Boulder Designs' 2025 Franchise Disclosure Document, the company's notes payable totaled $248,000 as of December 31, 2024. The FDD also notes that in 2024, Boulder Designs had three notes payable on demand.
The notes payable consist of three notes payable on demand. One note bears interest at a rate of 4%, while the other two notes do not have a stated interest rate. This information is crucial for prospective franchisees to understand the company's debt obligations and how they are structured.
Understanding the terms of these notes, such as interest rates and due dates, is essential for assessing the financial health of Boulder Designs. Additionally, $90,000 of the notes payable is due to an officer of the company, which could indicate a close relationship between the company and its management.