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.
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 $61.4K remaining at a 50% daily sweep. Most aggressive active structure.
San Mateo and Palo Alto each carry both Toast and Parafin. Combined SM drag ~$22K/mo; combined PA drag ~$9–10K/mo.
SF Valencia Parafin nearly clear ($3.2K, early July). San Jose Parafin already done Toast remains.
Location Rollup Combined Remaining & Monthly Drag
Toast + Parafin combined by location, with expected payoff timing and monthly cash-flow drag.
Completed Already Improved
Obligations already paid off. The relief is embedded in current cash flow.
Cash Flow Improvement Timeline
When relief shows up at current pace and what accelerated payoff would unlock.
- ›San Jose Parafin is fully paid off the prior 36% DoorDash sales sweep is gone.
- ›SF / Valencia Parafin clears with only $3.2K remaining.
- ›San Jose Toast likely clears around December 2026.
- ›Palo Alto Parafin likely clears November – December 2026.
- ›First UCSD Toast loan may clear around December 2026.
- ›San Mateo Parafin paces toward natural payoff (50% daily sweep ends).
- ›San Mateo remains the highest-priority accelerated payoff target.
- ›Palo Alto Toast and remaining UCSD Toast obligations roll off at current pace.
- ›San Mateo Toast is the last major active Toast drag.
Open Challenges
What the CFO is watching closely over the next two quarters.
Cash conversion
Profitable stores aren't fully converting profit to cash because of daily and %-of-sales repayments.
Stacked obligations
San Mateo and Palo Alto each carry both Parafin and Toast P&L looks better than cash position.
Marketplace economics
DoorDash drives sales growth, but fees and promos reduce cash capture.
Pacing risk
Payoff dates are estimates based on current sales pace softness extends every timeline.
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.
- 2Palo Alto ParafinManageable balance; weak store needs cash room.
- 3San Jose ToastLargest single Toast balance; major monthly holdback.
- 4San Mateo ToastLarge balance, stacked with Parafin.
- 5UCSD ToastProfitable store should convert more profit into cash.
The turnaround is visible. Cash conversion is the gating item.
The business is improving operationally P1–P6 sales +1.1%, P6 +6.7% but cash conversion is constrained by Toast card holdbacks and Parafin daily sweeps. Roughly $391K remains across active Toast and Parafin obligations, with an estimated ~$89K/month of cash being pulled today dropping to ~$66K/month once SF Parafin clears in early July - before the business fully benefits from improving sales. The largest immediate relief comes from SF Parafin rolling off in July and San Jose Parafin already being completed. The biggest remaining problem is San Mateo, where Toast plus a 50% Parafin sweep are blocking cash conversion.