What was the balance of the Cool Binz Promissory Note on January 1, 2024?

According to Cool Binz's 2025 Franchise Disclosure Document, the balance of the promissory note on January 1, 2024, was $973. This figure represents the outstanding amount owed at the beginning of the year, before any additions or deductions were applied.

For a prospective Cool Binz franchisee, understanding the promissory note balance is crucial as it reflects a financial obligation to the franchisor. The promissory note typically outlines the terms of repayment, including interest rates and payment schedules. Franchisees should carefully review these terms to ensure they can meet their financial obligations.

The FDD also provides details on additions charged to expense, which amounted to $508 in 2024, and deductions (write-offs) of $603. These figures indicate how the promissory note balance changed throughout the year. The balance at the end of 2024, on December 31, was $878.

It is important for potential franchisees to understand how these balances and changes impact their overall financial relationship with Cool Binz. Reviewing the complete promissory note agreement and understanding the factors that can influence the balance is essential for sound financial planning.