What was the amount of Best Brains' Ally Auto loan as of December 31, 2022?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
| 6 ( | Other Current Liabilities | As at December 31, 2023 | As at December 31, 2022 |
|---|---|---|---|
| ( | Credit Card Liabilities | ||
| Credit Card at BOA4100 | 1,277.11 | 8,660.91 | |
| Credit Card at Chase | 36,525.47 | 48,735.96 | |
| Chase United | 29,956.61 | 434.79 | |
| Credit BCBS | 3,726.42 | 1,405.36 | |
| Citibank AAdvantage | 10,970.12 | 3,252.89 | |
| Total credit card Liabilities | 82,455.73 | 62,489.91 | |
| ( | Other Liabilities | ||
| Franchise fees advance | 162,500.00 | 18,000.00 | |
| Audit fees Payable | 19,050.00 | ||
| Payroll Liabilities | 12409.52 | 0.00 | |
| Health Insurance (pre-tax) | |||
| Total Payroll liabilities | 12409.52 | 0.00 | |
| 11 | Total | 276,415.25 | 80,489.91 |
| · | |||
| Į. | As at | As at | |
| ong term liabilities | December 31, | December 31, | |
| 2023 | 2022 | ||
| ı | oans & Advances Ford F150 | - | |
| Ally Auto | 567.52 | 4,923.80 | |
| Auto Finance GMC | 35,879.02 | 45,950.84 | |
| Ford Motor Credit | 3,967.44 | 9,564.32 | |
| Wells Fargo Tesla | 53,896.52 | - | |
| Other loan | 50,129.49 | 80,129.49 | |
| Total loans & advances | 144,439.99 | 140,568.45 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the Ally Auto loan balance as of December 31, 2022, was $4,923.80. This figure is part of the long-term liabilities reported in the financial statements.
This information is relevant for prospective franchisees as it provides insight into the company's debt obligations. Reviewing the liabilities can help potential franchisees assess the financial health and stability of Best Brains. Understanding the types and amounts of loans Best Brains carries can inform a franchisee's decision-making process.
It's important to note that this is just one aspect of the overall financial picture. A comprehensive review of the financial statements, including assets, liabilities, and equity, is necessary to gain a complete understanding of Best Brains' financial condition. Consulting with a financial advisor is recommended to interpret these statements in the context of a franchise investment.