What was the total value of Bumble Roofing's note payable in 2024?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2024 | 2023 ("As Restated") | |
|---|---|---|
| Long-Term Liabilities | ||
| Note payable | 525,000 | 525,000 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 53)
What This Means (2025 FDD)
According to Bumble Roofing's 2025 Franchise Disclosure Document, the company had a note payable of $525,000 in 2024. This note payable stems from an agreement Canopy entered into with an entity owning a minority interest in Canopy, with the same principal amount of $525,000.
The note bears a fixed interest rate of 10% compounded annually, and the entire unpaid principal and interest are due on June 13, 2033. Bumble Roofing has the option to prepay the note at any time before the maturity date without incurring any penalties.
For a prospective franchisee, this information provides insight into Bumble Roofing's financial obligations and how they manage their debt. Understanding the terms of the note payable, such as the interest rate and maturity date, can help franchisees assess the financial stability and risk profile of the franchisor.