How much interest was paid by Closet Storage Concepts?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
e or more. The profit‐sharing feature is discretionary in nature. Retirement expense for the year ended December 31, 2024 was $22,535.
NOTE 6 LINE OF CREDIT
The Company currently has a line of credit with TD Bank in the amount of $200,000. Interest is payable at varying dates based on the bank's prime rate plus 0.49% (7.99% at December 31, 2024). The line of credit is guaranteed by the Company's sole stockholder and is collateralized by the assets of the Company. As of December 31, 2024, there was no outstanding amount on the line of credit.
NOTE 7 LONG-TERM DEBT OBLIGATIONS
The following is a summary of long-term debt obligations at December 31, 2024:
Note pay
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 59)
What This Means (2025 FDD)
The 2025 Franchise Disclosure Document for Closet Storage Concepts does not explicitly state the total amount of interest paid by the company during the disclosed financial years. However, it does provide some information regarding interest related to specific debt obligations.
Specifically, the FDD mentions a line of credit with TD Bank for $200,000. Interest is payable at varying dates based on the bank's prime rate plus 0.49%, which was 7.99% at the end of each of the years 2022, 2023 and 2024. The amount outstanding on this line of credit was $139,994 as of December 31, 2022 and 2023, but there was no outstanding amount on the line of credit as of December 31, 2024. The FDD also mentions a note payable to Ford Motor Credit, with loan payments of $634 per month at 2.9% interest, maturing in August 2025, and collateralized by a vehicle.
To determine the exact amount of interest paid by Closet Storage Concepts, a prospective franchisee should request the company's complete financial statements. This will provide a clearer picture of the company's debt obligations and associated interest expenses.