Does the Best Brains financial statement for December 31, 2023, include an income statement?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
We have audited the accompanying financial statements of Best Brains Inc (an Illinois corporation), which comprise the balance sheets as of December 31, 2023 and the related statements of income, retained earnings, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Best Brains Inc as of December 31, 2023 and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the financial statements for the year ending December 31, 2023, include a statement of income. Independent auditor's reports from both Anil Malhotra & Co. LTD and Accutax Bizsolutions LLC confirm that the audited financial statements comprise balance sheets as of December 31, 2023, and include related statements of income.
Specifically, the auditor's report from Anil Malhotra & Co. LTD states that the audit includes "the related statements of income, retained earnings, and cash flows for the years then ended, and the related notes to the financial statements." Similarly, Accutax Bizsolutions LLC mentions that the financial statements include "the related statements of operations, statement of stockholders' equity, and cash flows for the year then ended, and the related notes to the financial statements."
These statements indicate that a prospective Best Brains franchisee can review the income statement (or statement of operations) for the year ending December 31, 2023, to understand the company's revenues, expenses, and profitability during that period. This information is crucial for assessing the financial health and performance of Best Brains.