Are there any notes or qualifications associated with the Dryject Management, LLC balance sheets presented?
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.
- Note 9 Subseque
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, there are several notes and qualifications associated with the company's balance sheets. These notes provide additional information and context to the financial statements, offering a more comprehensive understanding of Dryject's financial position.
Specifically, Note 6 discusses a $500,000 revolving line of credit that Dryject Management, LLC, and DryJect Inc. Acquisition Corporation have with WSFS Bank. The interest rate is 2% over prime. As of December 31, 2024 and 2023, $120,141 was outstanding. The line of credit is structured to revolve for the first three years, after which the outstanding balance will be converted into monthly payments starting in August 2026 and is due to expire in August 2033. It is important to note that 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 their expenses.
Note 7 outlines transactions with related parties, revealing that Dryject incurred management fees of $745,000 in 2024 and $710,000 in 2023 to DryJect Inc. Acquisition Corporation, with which it shares a common owner. At the end of 2024, Dryject had an account payable of $24,541 and $95,314 in 2023 to DryJect Inc. Acquisition Corporation. Note 8 indicates that certain amounts in the prior year's financial statements have been reclassified for comparative purposes to align with the current year's presentation. Finally, Note 9 states that subsequent events were evaluated through March 24, 2025, and no events requiring recognition or disclosure were identified by management.