When does the note payable to a bank with an initial principal balance of $30,000 mature for Kidokinetics?
Kidokinetics Franchise · 2024 FDDAnswer from 2024 FDD Document
tes payable: | | | | | 2023 | 2022 | 2021 | | | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|------------------|------|---|--| | Note payable to a bank with an initial principal balance of $30,000. The note accrues interest at a rate of 18% per annum, requires monthly payments of $1,499, and matures in December 2025. | $ 30,
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 59)
What This Means (2024 FDD)
According to Kidokinetics' 2024 Franchise Disclosure Document, a note payable to a bank with an initial principal balance of $30,000 accrues interest at 18% per annum. The terms of the note require monthly payments of $1,499.
This note is scheduled to mature in December 2025. This means Kidokinetics is obligated to continue making these payments until that date, assuming the loan isn't paid off earlier.
Prospective franchisees should be aware of Kidokinetics' existing debt obligations, as these can impact the financial stability of the company. Understanding the terms of these notes, including interest rates and maturity dates, is crucial for assessing the overall financial health of the franchisor.