What were the other current liabilities for Best Brains 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 | ||
| Payroll Liabilities | 12409.52 | 0.00 | |
| Health Insurance (pre-tax) | |||
| Total Payroll liabilities | 12409.52 | 0.00 | |
| 11 | Total | 276,415.25 | 80,489.91 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the company's other current liabilities as of December 31, 2022, consisted of credit card liabilities and other liabilities. The total credit card liabilities amounted to $62,489.91, which was the sum of balances on several credit cards: Credit Card at BOA4100 ($8,660.91), Credit Card at Chase ($48,735.96), Chase United ($434.79), Credit BCBS ($1,405.36), and Citibank AAdvantage ($3,252.89).
In addition to credit card debts, Best Brains also had other liabilities. Franchise fees received in advance totaled $18,000.00. There were no payroll liabilities listed for the year 2022.
Combining these figures, the total other current liabilities for Best Brains as of December 31, 2022, amounted to $80,489.91. This total is the sum of the total credit card liabilities ($62,489.91) and other liabilities, specifically franchise fees advance ($18,000.00). A prospective franchisee should monitor these liabilities to understand the company's short-term financial obligations.