What was the amount of Best Brains' Credit Card at Chase liability 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 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the Credit Card at Chase liability was $48,735.96 as of December 31, 2022. This figure represents the amount Best Brains owed on its Chase credit card at the close of the 2022 fiscal year.
This liability is part of Best Brains' overall financial obligations, which include various credit card liabilities, franchise fee advances, and other accrued expenses. For prospective franchisees, understanding these liabilities is crucial as it provides insight into the company's financial health and its ability to meet its short-term obligations. The FDD also lists other credit card liabilities, such as Credit Card at BOA4100, Chase United, Credit BCBS, and Citibank AAdvantage, which totaled $62,489.91 as of December 31, 2022.
Reviewing the trend of these liabilities over time, as presented in the financial statements, can help potential franchisees assess the stability and management of Best Brains' finances. It's important to note that these figures are based on audited financial statements, providing a degree of assurance regarding their accuracy. Franchisees should consider these liabilities in conjunction with Best Brains' assets and revenue to gain a comprehensive understanding of the company's financial position.