What was the outstanding balance on Dryject's line of credit as of December 31, 2023?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
ments 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 | $ | 58,812 | $ | 46,681 |
|---|---|---|---|---|
| Income taxes | $ | - | $ |
- Note 6 Line of Credit The Company and DryJect Inc. Acquisition Corporation have a $500,000 revolving line of credit with Wilmington Savings Fund Society (Bank), with interest at 2% over prime, of which $120,141 was outstanding as of December 31, 2023 and $134,525 was outstanding as of December 31, 2022. The line of credit, for the first three years will be a revolving line of credit. As of August 2026, the outstanding
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 $500,000 revolving line of credit with Wilmington Savings Fund Society (Bank). As of December 31, 2023, the outstanding balance on this line of credit was $120,141. The interest rate on the line of credit is 2% over prime.
This 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, requiring monthly payments of principal and interest. The line of credit is scheduled to expire in August 2033.
It is important to note that the line of credit balance is recorded on the books of DryJect Inc. Acquisition Corporation. This is because the funds are directly deposited into the Corporation and used for their expenses. A prospective franchisee should be aware of this financial arrangement between Dryject and DryJect Inc. Acquisition Corporation, as it may have implications for the overall financial health and stability of the franchise system.