What is the total amount of notes payable for Dryject in 2024?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
ssuance costs as 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 income and member's capital.
Long-term debt allocated to the Company at December 31, consists of the following:
| 2024 | 99 | 2023 | ||
|---|---|---|---|---|
| Note payable to WSFS Bank, due in monthly installments of $13,034, interest at 2.5% above prime, due in August 2026 | $ | 265,230 | $ | 402,675 |
| 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 | 114,320 | 142,700 | ||
| Total Notes Payable | 379,550 |
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 for the company in 2024 was $379,550. This amount is comprised of two notes: one payable to WSFS Bank with monthly installments of $13,034 and an interest rate of 2.5% above prime, and another payable to the former members of the LLC with monthly installments of $2,629 and an interest rate of 5.0%.
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. A significant portion of the debt is tied to a note payable to WSFS Bank, indicating reliance on external financing. The interest rate being 2.5% above prime means that Dryject's interest expenses could fluctuate with changes in the prime rate, affecting profitability.
The note payable to former members of the LLC suggests a legacy obligation related to the company's past ownership structure. While the monthly payments are smaller compared to the WSFS Bank note, it still represents a fixed financial commitment. The fact that these notes are due in August 2026 and September 2028 respectively, indicates that Dryject has long-term debt obligations that need to be managed effectively.
Overall, the total notes payable of $379,550 in 2024 reflects Dryject's debt obligations arising from financing and past ownership transitions. Prospective franchisees should consider these liabilities when assessing the financial health and stability of the company, as they can impact Dryject's ability to invest in franchisee support, marketing, and other essential areas.