What was the total amount of Checkersrallys' obligations under premium financing arrangements with short-term maturities as of January 1, 2024?
Checkersrallys Franchise · 2025 FDDAnswer from 2025 FDD Document
ugh January 1, 2024 (Successor) and from January 3, 2023, through June 16, 2023 (Predecessor), respectively.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
NOTE 10 - DEBT
Debt consisted of the following as of December 30, 2024 (Successor) and January 1, 2024 (Successor):
| | Successor | | | | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 91)
What This Means (2025 FDD)
According to Checkersrallys' 2025 Franchise Disclosure Document, the company's obligations under premium financing arrangements with short-term maturities was $1,028 as of January 1, 2024.
Premium financing arrangements are typically used to fund insurance premiums, allowing businesses to spread the cost over a shorter period. For a Checkersrallys franchisee, this indicates the amount of short-term debt the company had specifically for financing insurance premiums.
It's important to note that this is just one component of Checkersrallys' overall debt and financing obligations. Franchisees should consider this figure in the context of the company's total liabilities and assets to assess its financial health. Reviewing the complete financial statements is essential for understanding the full scope of Checkersrallys' financial position.