What was the balance with Bank of America for Best Brains as of December 31, 2022?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
| 1 Cash and cash equivalents | As at December 31, 2023 | As at December 31, 2022 |
|---|---|---|
| Balances with Banks Bank of America Chase Bank Itasca Bank & Trust PayPal Bank | 235,640.80 16,982.18 612.17 8,814.52 | 165,528.73 (7,861.37) (3,392.26) |
| Total | 262,049.67 | 154,275.10 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the balance with Bank of America as of December 31, 2022, was $165,528.73. This figure is part of the broader category of 'Cash and cash equivalents' reported in the financial statements. This indicates the amount of readily available funds Best Brains had in its Bank of America account at the close of the 2022 fiscal year.
For a prospective franchisee, this information provides insight into the financial health and liquidity of Best Brains. A higher cash balance generally suggests a stronger financial position, which can be reassuring. However, it's essential to consider this figure in the context of Best Brains' overall financial performance, including its revenues, expenses, and other assets and liabilities. A prospective franchisee should also compare this figure to previous years to identify any trends.
It's also important to note that the FDD includes audited financial statements for the fiscal years ending December 31, 2024, 2023, and 2022. These statements provide a more detailed look at Best Brains' financial performance and position. Reviewing these statements can help a prospective franchisee make a more informed decision about investing in a Best Brains franchise.
In addition to the Bank of America balance, the FDD also lists balances with Chase Bank and Itasca Bank & Trust, as well as PayPal Bank. These figures provide a more complete picture of Best Brains' cash holdings across different financial institutions. A prospective franchisee should consider all of these balances when assessing the company's financial health.