What was the amount of Best Brains' Other loan as of December 31, 2022?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
| 3 Other Current Assets | As at December 31, 2023 | As at December 31, 2022 |
|---|---|---|
| Employee Advance Loans to Shareholders State Tax Receivable Others Suta Receivable Undeposited Funds Service contract | 18,891.00 | 19,091.00 |
| 199,678.84 | 193,678.84 | |
| 4,452.00 | 4,452.00 | |
| 4,208.67 | 70.19 | |
| 66.66 | - | |
| 23,929.61 | 3,784.81 | |
| 4,500.00 | 4,500.00 | |
| Total | 255,726.78 | 225,576.84 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the 'Other' loan amount is not explicitly detailed within the provided excerpts of the financial statements. However, under 'Other Current Assets' as of December 31, 2022, there is a listing for 'Loans to Shareholders' amounting to $193,678.84. It is important to note that this is categorized as an asset, not a liability.
Additionally, the document mentions an SBA loan of $150,000 received on May 18, 2020, with a 3.75% interest rate, but this is specifically identified as an SBA loan, not an 'Other' loan. There is also mention of 'Loans & Advances Ford F150' under long term liabilities, but the amount as of December 31, 2022 is not specified.
To fully understand the 'Other' loan obligations of Best Brains as of December 31, 2022, a prospective franchisee should request a complete and detailed balance sheet from the franchisor. This balance sheet should clearly delineate all loan types and their respective outstanding balances. Further clarification should be sought regarding the nature and terms of any loans categorized as 'Other' to assess potential financial obligations and risks.