When does the 7.25% note payable to State Bank mature for Kitchen Solvers?
Kitchen_Solvers Franchise · 2025 FDDAnswer from 2025 FDD Document
itution in the amount of $100,000. Outstanding advances on this line of credit totaled $0 at December 31, 2024, 2023 and 2022.
Note 6 Long-Term Notes Payable
Long-term notes payable consists of the following:
| 2024 | 2023 | 2022 | |||
|---|---|---|---|---|---|
| 7.25% note payable to State Bank, secured | $ 25,157 | $ 43,680 | $ | - | |
| by equipment, payable at $1,760 including |
Source: Item 21 — Financial Statements (FDD pages 48–49)
What This Means (2025 FDD)
According to Kitchen Solvers' 2025 Franchise Disclosure Document, the 7.25% note payable to State Bank, which is secured by equipment, matures in 2026. The note requires monthly payments of $1,760, which includes interest.
As of December 31, 2024, the outstanding balance on this note was $25,157, a decrease from $43,680 at the end of 2023. The long-term portion of the note payable, reflecting amounts due beyond the next year, was $5,217 at the end of 2024, compared to $25,157 the previous year. The current maturities, representing the portion of the debt due within one year, were ($19,940) and ($18,523) for 2024 and 2023, respectively.
For a prospective Kitchen Solvers franchisee, this information provides insight into the company's debt obligations and repayment schedule. Understanding the terms and maturity date of this note can help in assessing the financial stability and cash flow management of Kitchen Solvers.