What is the total amount of notes payable for Dryject?
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% |
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, the total notes payable as of December 31, 2023, was $545,375, and as of December 31, 2022, the total was $706,406. These notes payable consist of amounts owed to Wilmington Savings Fund Society (Bank) and to the former members of the LLC. The note payable to Wilmington Savings Fund Society is due in monthly installments of $13,034, with interest at 2.5% above prime, and is due in August 2026. The note payable to the former members of the LLC is due in monthly installments of $2,629, with interest at 5.0%, and is due in September 2028.
For a prospective Dryject franchisee, understanding the company's debt structure is crucial. The notes payable represent financial obligations that Dryject must meet, which can impact its financial stability and ability to support its franchisees. The details of these notes, such as interest rates and due dates, provide insight into the terms of the debt and the potential financial burden on the company.
It is important to note that these figures are as of December 31, 2022 and 2023, and the current outstanding amounts may have changed. Additionally, the presence of related-party transactions, such as the notes payable to former members of the LLC, should be carefully considered, as these can sometimes involve different terms or considerations than transactions with unrelated parties. A prospective franchisee should seek clarification from Dryject regarding the current status of these notes payable and any potential impact on the franchise system.