What was the current portion of Exit's long-term debt in 2023?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Notes payable, unsecured, non-interest | $ 90,000 | $ 420,000 | $ - |
| bearing, with varying repayment terms and | |||
| mature in 2028. | |||
| Notes payable, unsecured, with varying | |||
| repayment terms, bearing interest | |||
| between 4.00% and 6.00%, maturing | |||
| between 2027 and 2029. | 1,812,135 | 2,751,011 | 3,768,894 |
| 1,902,135 | 3,171,011 | 3,768,894 | |
| Less: current portion of long-term debt | (343,083) | (1,281,506) | (1,518,786) |
| $ 1,559,052 | $ 1,889,505 | $ 2,250,108 |
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, the current portion of Exit's long-term debt in 2023 was $1,281,506. This figure represents the amount of long-term debt that was due within one year from the balance sheet date.
For a prospective franchisee, this information provides insight into Exit's debt obligations and its ability to manage its finances. A high current portion of long-term debt relative to total debt could indicate that Exit has significant debt payments coming due in the near term, which could strain its cash flow.
It is important to note that this figure is just one data point and should be considered in the context of Exit's overall financial condition, including its revenues, expenses, and other liabilities. A potential franchisee should review Exit's complete financial statements and consult with a financial advisor to assess the company's financial health and stability.