What were the payments on long-term debt for Dryject in 2022?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
s a reduction of the carrying amount of the debt rather than as an asset. Amortization of the debt issuance costs is reported as interest expense in the statement of functional expenses.
Note 4 - (continued)
Long-term debt allocated to the Company at December 31, consists of the following:
| Note payable to the Wilmington Savings Fund | s | 402,675 | $ | 527,327 |
|---|---|---|---|---|
| Society (Bank), due in monthly | ||||
| installments of $13,034, interest at 2.5% | ||||
| above prime, due in August 2026 | ||||
| Note payable to the former members of the LLC, due in monthly installments beginning in September 2018 of $2,629, interest at 5.0%, due in September 2028. | R | 142,700 | A | 179,079 |
| Total Notes Payable | 545,37 |
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, the total long-term debt, less the current portion, was $372,752 as of December 31, 2022. This figure represents the remaining balance of long-term debt obligations after subtracting the portion due within the next year. The debt includes notes payable to Wilmington Savings Fund Society (Bank) with monthly installments of $13,034, and notes payable to former members of the LLC with monthly installments of $2,629.
Specifically, the notes payable to Wilmington Savings Fund Society (Bank) had a balance of $402,675 as of December 31, 2022. These payments are due in monthly installments of $13,034, with interest at 2.5% above the prime rate, and are scheduled to be paid off by August 2026. Additionally, there were notes payable to the former members of the LLC with a balance of $142,700 as of the same date. These payments are due in monthly installments of $2,629, including interest at 5.0%, and are due to be paid off by September 2028.
In summary, Dryject had a total notes payable of $545,375 in 2022. After accounting for unamortized debt issuance costs of $11,075 and subtracting the current portion of $161,548, the total long-term debt, less the current portion, amounted to $372,752. This provides a snapshot of Dryject's debt obligations and payment structure as of the end of 2022.