factual
What was the amount of Best Brains' Other loan as of December 31, 2023?
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 balance of "Other Current Assets" as of December 31, 2023, includes a loan to shareholders amounting to $199,678.84.
This figure is listed under the broader category of "Other Current Assets" in the balance sheet. It is important to note that this loan is classified as a current asset, meaning Best Brains expects to convert it to cash within one year.
A prospective franchisee should investigate the terms and conditions of this loan, including the repayment schedule and any collateral involved. Understanding the nature of related-party transactions is crucial for assessing the financial health and stability of Best Brains.
Disclaimer: This information is extracted from the 2025 Franchise Disclosure Document and is provided for research purposes only.
It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.