Cash flow and the debt roll-off path.
Direct view of the largest cash-flow drags across the Curry Up Now stores and when each one rolls off naturally. Khaki is reported separately on its own page.
Cash Conversion Waterfall
How P1-P7 2026 sales convert into book net income, and what happens to that income once repayment structures and turnaround-store losses are applied.
Two units absorb the profit the rest of the system earns. Fixing or exiting them is worth more than any single debt payoff.
Volume too thin to cover fixed cost; also carries Toast + Parafin.
Smallest sales base in the system; no debt, pure operating drag.
The remaining five units produce $401,702 of net income on P1-P7 2026 sales. Net income excluding the two turnaround stores would be $401,702, a 9.0% margin.
The P&L converts: $5,201,699 of P1-P7 sales produced $335,434 of book net income at a 6.4% margin. Cash does not convert. At the current ~$64.7K/month pace, repayment structures pull roughly $396,182 out over the same 6.4 months, which is more than the entire book profit, leaving about $60,748 of negative free cash before capex. Two levers close the gap and both are already in motion: the debt stack begins rolling off in October 2026, and the $66,268 of turnaround-store losses at Palo Alto and Oakland are addressable operating problems, not structural ones.
Active Obligations What's Left
Remaining balances are the headline. Original capital and fees are shown for context only. San Jose Parafin is completed and shown separately.
▸Show loan-level detail (2 loans)
San Mateo Parafin $31.7K remaining at a 50% daily sweep. Most aggressive active structure.
San Mateo and Palo Alto each carry both Toast and Parafin. Combined SM drag ~$23K/mo; combined PA drag ~$9-10K/mo.
San Jose Parafin already done. Toast remains at San Jose, San Mateo, Palo Alto and UCSD.
Location Rollup Combined Remaining & Monthly Drag
Toast + Parafin combined by location, with expected payoff timing and monthly cash-flow drag.
Repayment Schedule vs Operating Cash
Every active Toast loan and Parafin advance on one timeline: what each pulls out per day, when it ends, and how the blended daily outflow compares with the cash the stores actually generate (P1-P5 2026 net income per operating day).
Bars are the blended daily cash outflow with the facilities still active that month. The dashed line is P1-P5 2026 operating cash generation of $1,208 per day. Pace-based outflow ($63,214/mo) runs above the nominal holdback drag of $61,519/mo because current sales are ahead of the original loan models, which is also why every facility is pacing ahead of its Toast target date.
Seven active facilities pull about $2,077 of cash every single day, roughly 8.3% of system sales, against $1,208 per day of operating cash generation on the P1-P5 2026 base. That is 0.58x coverage, so the gap is funded out of working capital. Palo Alto Parafin ends Nov 3 and San Mateo Parafin Dec 2; San Jose Toast clears Dec 14 and San Mateo Toast Jan 6, 2027. The remaining Toast stack runs into 2027, with the last facility, La Jolla loan 1, clearing Aug 3, 2027.
Cash Flow Improvement Timeline
When relief shows up at current pace and what accelerated payoff would unlock.
- ›San Jose Parafin fully paid off the prior 36% DoorDash sales sweep is gone.
- ›Palo Alto Parafin projects to Nov 3, 2026 at ~$183/day of sweep pace.
- ›San Mateo Parafin projects to Dec 2, 2026 the 50% daily sweep ends.
- ›San Jose Toast projects to Dec 14, 2026, behind its Nov 7 target expect 30-day milestone true-up debits.
- ›San Mateo Toast projects to Jan 6, 2027 about 3 weeks ahead of its Jan 30 target.
- ›Palo Alto Toast projects to Mar 5, 2027 just inside its Mar 16 target.
- ›La Jolla loan 2 (11%) projects to Jun 7, 2027 well behind its Dec 13, 2026 target.
- ›La Jolla loan 1 (8.8%) projects to Aug 3, 2027 behind its Mar 13, 2027 target.
Open Challenges
What the CFO is watching closely over the next two quarters.
Milestone true-up debits
San Jose (75% repaid at 79% of term) remains behind pace. Toast enforces a repayment milestone every 30 days and ACH debits the shortfall direct from the bank account.
La Jolla runs past term
Both UCSD/Gilman loans repay at only ~$180/day combined on soft card volume, so loan 2 lands ~6 months past its Dec 13, 2026 target and loan 1 ~5 months past Mar 13, 2027. Expect a Toast maturity true-up conversation.
Stacked obligations
La Jolla's two Toast loans combine to a 19.8% holdback the same drag as one full-size advance. San Mateo and Palo Alto each carry Parafin + Toast stacks.
Projection sensitivity
Payoff dates use trailing 30-day actual payments. Parafin balances are as of Sep 15, 2026, Toast as of Sep 13, 2026; the two UCSD/Gilman loans are as of Sep 13, 2026 from the full WebBank repayment history. Q4 holiday lift pulls dates in; a soft fall pushes them out by weeks.
Priority Payoff Order
If liquidity becomes available, this is the sequence harshest sweep first.
If liquidity becomes available
- 1San Mateo Parafin50% daily sweep harshest active structure, $12.4K/mo.
- 2San Jose ToastLargest balance and drag; behind pace, so milestone ACH debits hit whether or not you accelerate.
- 3Palo Alto ParafinNearly done (~Nov 3); finish it to free ~$5.6K/mo.
- 4San Mateo ToastAhead of pace; clears naturally Jan 6, 2027.
- 5La Jolla loan 2 (11%)Furthest past term on the stacked pair; clearing it halves the UCSD holdback.
The turnaround is visible. Cash conversion is the gating item.
The turnaround is visible. P7 2026 is closed across all seven units, P1-P6 sales are +1.1% YoY, and P6 printed +6.7%. But cash conversion remains the gating item. Roughly $236K remains across active Toast and Parafin obligations as of Sep 15, 2026, pulling an estimated ~$61.6K/month out of operations today, measured on trailing 30-day actual payments. SF Parafin cleared in early July and San Jose Parafin is already completed, so the remaining drag is Toast plus San Mateo and Palo Alto Parafin. Watch items: San Jose remains behind Toast term pace and both La Jolla loans repay slowly enough to run months past term, so expect 30-day milestone true-up ACH debits. The biggest single problem remains San Mateo, where Toast plus a 50% Parafin sweep are blocking cash conversion the Parafin projects to clear Dec 2, 2026 and the Toast Jan 6, 2027.