What was the net income for Best Brains in 2024?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
IES AND STOCKHOLDERS' EQUITY | 4,336,162 | | Current Liabilities | | | | Account and credit card payable | 4,116,083 | 3,545,720 | | Mortgages, notes, bonds payable within 1 year | 157,834 | 50,129 | | Deferred franchise revenue - Current | 111,920 | 45,025 | | Other current liabilities | 157,392 | 170,701 | | Total Liabilities | 4,543,229 | 3,811,576 | | Non-Current Liabilities | | | | Mortgages, notes, bonds payable in 1 year or more | 300,090 | 94,311 | | Economic injury disaster loan (EIDL) | 150,000 | 150,000 | | Deferred franchise revenue - Non-current | 402,161 | 91,143 | | Total Non-current Liabilities | 852,251 | 335,454 | | Stockholders' Equity | | | | Common stock | 1,000 | 1,000 | | Additional paid in capital | 121,375 | 121,375 | | Retained earnings | 77,883 | 66,758 | | Total Stockholders' Equity | 200,258 | 189,133 | | Total Liabilities And Stockholders' Equity | $ 5,595,738 | $ 4,336,162 | | | | |
STATEMENT OF OPERATIONS Years Ended December 31, 2024, and 2023
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| Revenue | ||
| Franchise fees |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the company's financial statement includes revenue and expense information for the year ending December 31, 2024. Gross income for Best Brains in 2024 was $8,733,534. Expenses totaled to $6,992,736.
Some of the more significant expenses for Best Brains in 2024 include software expenses of $1,107,354, payroll expenses of $1,364,838, tuition fee reimbursement of $1,103,757, and material development charges of $895,686. Other notable expenses were contractor's payments at $842,453, bad debt at $464,041, and advertising and marketing at $441,906.
To calculate the net income for Best Brains in 2024, you would subtract the total expenses ($6,992,736) from the gross income ($8,733,534). This calculation yields a net income of $1,740,798 for Best Brains in 2024. A prospective franchisee can use this information to assess the financial health and profitability of Best Brains.