What was the outstanding balance on the Dryject line of credit as of December 31, 2022?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
stments with an original maturity 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 | $ | 46,681 | $ | 49,369 |
|---|---|---|---|---|
| Income taxes | $ | S |
- 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
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. 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.
The line of credit balance is reflected on the books of DryJect Inc. Acquisition Corporation because the proceeds are deposited directly into that corporation and used for its expenses. This means that while Dryject Management, LLC has access to the line of credit, the financial responsibility and accounting for it are handled by DryJect Inc. Acquisition Corporation.
The line of credit was set to expire in August 2023. This indicates that Dryject may have needed to refinance or find alternative funding sources after that date. Prospective franchisees should inquire about the current status of the line of credit and any potential impact on the company's financial stability.