Does the provided text specify what the numbers for 2024 and 2023 represent for Dryject?
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 balance shall be termed out in monthly payments of principal and interest and is due to expire in August 2033. The line of credit balance is reflected on the books of DryJect Inc. Acquisition Corporation since the proceeds are deposited directly into the Corporation and used for their expenses.
- Note 7 Transactions with Related Parties For the year ended December 31, the Company incurred management fees of $745,000 in 2024 and $710,000 in 2023 to DryJect Inc. Acquisition Corporation. At December 31, the Company had an account payable of $24,541 in 2024 and $95,314 in 2023 to DryJect Inc. Acquisition Corporation. The Company and DryJect Inc. Acquisition Corporation have a common owner.
- Note 8 Reclassifications Certain amounts in the prior year financial statements have been reclassified for comparative purposes to conform with the presentation in the current year financial statements.
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to the 2025 FDD, the provided excerpts specify what the numbers for 2024 and 2023 represent for Dryject in several financial contexts. Specifically, the document includes financial statements for the years ended December 31, 2024 and 2023, which include balance sheets, statements of income and member's capital, and cash flow statements. These statements provide a comprehensive overview of Dryject's financial performance and position during those years. The financial data is audited by Roger K. Stein, CPA LLC, and their independent auditor's report is included.
For example, the excerpts detail transactions with related parties, noting that Dryject incurred management fees of $745,000 in 2024 and $710,000 in 2023 paid to DryJect Inc. Acquisition Corporation. Additionally, Dryject had an account payable of $24,541 in 2024 and $95,314 in 2023 to the same corporation. These figures represent specific financial activities and obligations of Dryject during those years. The excerpts also mention a line of credit, with the outstanding balance specified for December 31, 2024 ($120,141) and December 31, 2023 ($120,141).
These details are crucial for a prospective franchisee as they offer insight into Dryject's financial health, its dealings with related entities, and its debt obligations. Understanding these financial aspects can help a franchisee assess the stability and potential profitability of the Dryject franchise. Furthermore, the inclusion of audited financial statements adds a layer of credibility and transparency, which is important for making an informed investment decision.