What was the total amount of the long term note payable for Itan in 2024?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2024 | 2023 | |
|---|---|---|
| LIABILITIES AND STOCKHOLDER'S EQUITY | ||
| LONG TERM LIABILITIES | ||
| Note payable (note 10) | 39,561 | 56,974 |
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, the total amount of the long-term note payable for 2024 was $39,561. This figure represents the outstanding balance of Itan's long-term debt obligations that are not due within the next year. For comparison, the long-term note payable in 2023 was $56,974.
This information is relevant for prospective franchisees as it provides insight into Itan's financial liabilities and debt management. A decrease in long-term note payable from 2023 to 2024 could indicate that Itan has been actively paying down its long-term debt, which may be viewed positively. However, it is essential to consider the context of these figures within the broader financial health of the company.
Prospective franchisees should further investigate the terms and conditions of the note payable, such as interest rates, maturity dates, and any collateral involved. Understanding these details can help franchisees assess the potential financial risks and obligations associated with investing in an Itan franchise. Reviewing the notes to the financial statements, specifically note 10 as referenced in the document, would provide additional details about the note payable.