What is the current portion of Closet Storage Concepts' long-term debt?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
t | | | $1,754 | | | per | | | month | | | at | | | 5.5% | | | interest | | | and | | | matures | | | July | | | 2028. | | | The | | | loan | | | is | | | collateralized | | | by | | | equipment. | |
The following is a summary of scheduled principal payments for the long‐term debt obligations as of December 31, 2022:
Total long term obligations 167,330 Less: current portion 52,064 Noncurrent portion 115,266 $
| 2023 | $ 52,064 |
|---|---|
| 2024 | 42,686 |
| 2025 | 22,098 |
| 202 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts' 2025 Franchise Disclosure Document, the current portion of long-term debt obligations is detailed in the financial statements. Specifically, the excerpt provides information on the summary of scheduled principal payments for long-term debt obligations as of December 31, 2022. The total long-term obligations were $167,330, with a current portion of $52,064 and a noncurrent portion of $115,266.
Additionally, the excerpt includes information on long-term debt obligations as of December 31, 2023. The total long-term obligations were $137,798, with a current portion of $46,955 and a remaining $90,843.
Furthermore, the excerpt includes information on long-term debt obligations as of December 31, 2024. The total long-term obligations were $90,843, with a current portion of $26,739 and a remaining $64,104.
This information is crucial for prospective franchisees as it provides insight into the debt structure and obligations of Closet Storage Concepts. Understanding the current and noncurrent portions of the debt can help franchisees assess the financial stability and future obligations of the company.