What is the amount of the revolving line of credit that Dryject has with Wilmington Savings Fund Society?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
turity of three months or less to be cash equivalents. For the year ended December 31, the amounts paid for income taxes and interest were as follows:
| Interest | $ | 43,844 | $ | 58,812 | |
|---|---|---|---|---|---|
| Income taxes | $ | - 4 | S | = |
- Note 6 Line of Credit The Company and DryJect Inc. Acquisition Corporation have a $500,000 revolving line of credit with WSFS Bank, with interest at 2% over prime, of which $120,141 was outstanding as of December 31, 2024 and $120,141 was outstanding as of December 31, 2023. The line of credit, for the first three years will be a revolving line of credit. As of August 2026, the outstanding ba
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, Dryject Management, LLC and DryJect Inc. Acquisition Corporation have a $500,000 revolving line of credit with Wilmington Savings Fund Society (WSFS) Bank. The interest rate is 2% over prime. As of December 31, 2024, $120,141 was outstanding, and as of December 31, 2023, $120,141 was outstanding. The line of credit is structured to be a revolving line for the first three years.
Starting in August 2026, the outstanding balance will be converted into a term loan with monthly payments of principal and interest. The expiration date for this line of credit is August 2033. The balance of the line of credit is recorded on the books of DryJect Inc. Acquisition Corporation because the funds are directly deposited into that corporation and used for its expenses.
It's important to note that in August 2016, 100% of the ownership of Dryject was transferred to a new member, financed partly by a note from WSFS Bank for $1,547,800 and a seller-financed note of $300,000. This original debt and associated financing costs are allocated with 75% to Dryject Management, LLC and 25% to DryJect Inc. Acquisition Corporation. This original note is secured by the assets of both companies and guaranteed by the member.