What was the outstanding amount, including accrued interest, of the $150,000 note receivable from the related party at the end of 2024 for Hydrodog?
Hydrodog Franchise · 2025 FDDAnswer from 2025 FDD Document
| State | Name | Address | Telephone | Year Left System | |
|---|---|---|---|---|---|
| Arizona | Road Dawg, LLC | Unknown | Unknown | 2024 | |
| Louisiana | Scott McInnis | Unknown | Unknown | 2024 | |
| Texas | Marcus Gray | 4310 Brownstone Dr., Beaumont, TX 77706 | 352-484-6984 | 2024 | #### Notes Receivable: |
On January 31, 2023, the Company entered into a $150,000 secured note receivable with a related party bearing interest at 6.5% per annum. Interest only payments began on March 1, 2023, and are due on the first day of each month thereafter, until February 1, 2025, at which time the remaining principal balance, together with any accrued but unpaid interest became due. The note is secured by certain real estate of the related party. The note receivable has not been repaid as of the date of these audited financial stat
Source: Item 23 — RECEIPTS (FDD pages 43–166)
What This Means (2025 FDD)
According to Hydrodog's 2025 Franchise Disclosure Document, the outstanding amount of a note receivable from a related party, including accrued interest, was $168,688 as of December 31, 2024. The original note was for $150,000, bearing interest at 6.5% per annum.
Interest-only payments on the note began on March 1, 2023, and were due on the first day of each month until February 1, 2025. At that point, the remaining principal balance, along with any accrued but unpaid interest, was due. The note is secured by certain real estate held by the related party.
It's important to note that as of the date of the audited financial statements included in the FDD, the note receivable had not been repaid. This detail provides insight into the financial transactions and relationships of Hydrodog, which is valuable information for a prospective franchisee.