When is the Dryject line of credit with Wilmington Savings Fund Society due to expire?
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 Inc. Acquisition Corporation has a $500,000 revolving line of credit with Wilmington Savings Fund Society (WSFS) Bank. The interest rate is set at 2% over the prime rate. As of December 31, 2024, the outstanding balance on this line of credit was $120,141, which was the same as the outstanding balance on December 31, 2023.
Initially, the line of credit operates as a revolving line for the first three years. Starting in August 2026, the outstanding balance will be converted into a term loan, requiring monthly payments covering both principal and interest.
This line of credit is scheduled to expire in 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 the Corporation and used for its expenses.
Prospective franchisees should be aware that while this debt is not directly theirs, it reflects on the overall financial health of Dryject and its affiliates, which could indirectly impact the franchise system.