What was the outstanding balance on Dryject's line of credit as of December 31, 2022?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
[Item 8: BUSINESS RELATIONSHIP]
- Note 7 Line of Credit The Company and DryJect Inc. Acquisition Corporation have a $300,000 revolving line of credit with WSFS Bank (formerly Bryn Mawr Trust Company), with interest at 2.5% over prime, of which $134,525 was outstanding as of December 31, 2022 and $50,000 was outstanding as of December 31, 2021. The line of credit is due to expire in August 2023. The line of credit balance is reflected on the books of DryJect Inc. Acquisition Corporation since the proceeds are deposited directly into DryJect Inc. Acquisition Corporation and used for their expenses.
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, the company and DryJect Inc. Acquisition Corporation had a $300,000 revolving line of credit with WSFS Bank (formerly Bryn Mawr Trust Company). As of December 31, 2022, the outstanding balance on this line of credit was $134,525. The interest rate on the line of credit was 2.5% over prime.
This line of credit is reflected on the books of DryJect Inc. Acquisition Corporation because the proceeds are deposited directly into that corporation and used for its expenses. The line of credit was set to expire in August 2023.
Prospective franchisees should note that this debt is not directly held by Dryject Management, LLC, but by a related entity, DryJect Inc. Acquisition Corporation. Understanding the financial relationship between these entities is crucial for assessing the overall financial health of the Dryject franchise system. It is also important to note that the line of credit was with WSFS Bank, formerly Bryn Mawr Trust Company, which may indicate a change in banking relationships that could have implications for future financing.