When will Cinch I.T. begin making monthly payments of $508 on the note payable?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
made to the prior year's financial statements in order for them to be comparable with the current year, with no effect on net income or retained earnings.
3. LONG-TERM DEBT
Long-term debt consists of the following at December 31:
2023 2022
Note payable, with interest at 3.75 percent, secured by all assets of the Company, payable in mo
Source: Item 23 — RECEIPTS (FDD pages 60–269)
What This Means (2024 FDD)
According to Cinch I.T.'s 2024 Franchise Disclosure Document, the company has a note payable that requires monthly installments of principal and interest of $508, with an interest rate of 3.75 percent. This note is secured by all assets of the company and is due in February 2052.
The document states that monthly payments were deferred for a period of 30 months. These payments are scheduled to begin in September 2024.
This information is relevant to potential Cinch I.T. franchisees as it provides insight into the company's financial obligations and debt management. Understanding the company's debt structure can help franchisees assess the financial stability of the franchisor.