What was the amount of Best Brains' audit fees payable 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 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the audit fees payable as of December 31, 2022, were not explicitly listed as a line item. However, under the 'Other Current Liabilities' section, there is a line for 'Audit fees Payable' which shows a value of $19,050.00 as of December 31, 2023. There is no corresponding value listed for December 31, 2022.
It is important to note that while the 2023 amount is provided, the specific amount of audit fees payable for 2022 is not disclosed in this section. This means a prospective franchisee cannot directly determine the audit-related financial obligations Best Brains had at the close of 2022 based on this table.
For a prospective franchisee, this lack of specific information highlights the importance of due diligence. Understanding the historical trends and potential liabilities of Best Brains is crucial for assessing the financial health of the franchise. It would be prudent to request clarification from the franchisor regarding the audit fees payable for December 31, 2022, to gain a clearer picture of the company's financial obligations and how they have evolved over time.