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Notes Receivable
3 Months Ended
Dec. 31, 2024
Notes Receivable [Abstract]  
Notes receivable

Note 5.     Notes receivable  

 

The Company is the holder of a promissory note in connection with the termination of an agreement in connection with the Company’s management services, and lease negotiations on behalf of a former franchisee, related to real estate previously subleased to a third party by the former franchisee. The former subtenant to that sublease, who is now the owner of the real estate, is the maker of the note. The three-year note carries an interest rate of 8.00% and amortizes over 25 years and 3-year initial maturity, with the full remaining principal balance due at maturity on October 16, 2027. As of December 31, 2024, the outstanding balance on the note was $145,000, with the $2,000 current maturities portion included in receivables. We have recognized $140,000 of income related to the agreement termination which has been classified as Other Income in the fiscal quarter ended December 31, 2024.