When did the note payable to a bank with an initial principal balance of $76,050 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. | $ 30,000 | $ | $ | _ | | | Note payable to a bank with an initial principal balance of $76,050. The note accrued interest at a rate of 33% per annum, required weekly payments of $1,725, and matured in October 2023. | 30,000 | 60
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 $76,050 matured in October 2023. The note accrued interest at a rate of 33% per annum and required weekly payments of $1,725.
This information is relevant to potential franchisees as it provides insight into Kidokinetics' debt obligations and financial management. Understanding the terms and maturity dates of the company's notes payable can help franchisees assess the financial stability and risk associated with investing in the franchise.
The fact that this note matured in October 2023 suggests that Kidokinetics successfully paid off this debt. Reviewing the company's balance sheets and cash flow statements will further reveal how Kidokinetics manages its finances and liabilities.