What was the outstanding balance of the 7.25% note payable to State Bank for Kitchen Solvers as of 2023?

According to Kitchen Solvers' 2025 Franchise Disclosure Document, the outstanding balance of the 7.25% note payable to State Bank, secured by equipment, was $43,680 as of 2023. This note is payable at $1,760 per month including interest and matures in 2026. The total notes payable for Kitchen Solvers in 2023 was $43,680. After deducting current maturities of $18,523, the long-term portion of the note payable was $25,157.

This information is relevant to a prospective Kitchen Solvers franchisee because it provides insight into the company's debt obligations and financial health. Understanding the terms of the note payable, such as the interest rate, payment amount, and maturity date, can help a franchisee assess the company's financial stability and ability to meet its obligations.

The presence of a note payable indicates that Kitchen Solvers has borrowed money to finance its operations or investments. While debt is a common part of business finance, it's important to evaluate the level of debt and the company's ability to manage it. A high level of debt could indicate financial risk, while a manageable level of debt could be a sign of strategic financial planning. Franchisees should consider this information in conjunction with other financial data to form a comprehensive view of Kitchen Solvers' financial position.

Prospective franchisees should also inquire about the purpose of the loan, the assets securing the loan, and any potential impact on the company's operations or profitability. This information, combined with a review of the company's financial statements and other disclosures, can help franchisees make an informed decision about investing in a Kitchen Solvers franchise.