What is the specific name of the credit card liability at BOA for Best Brains?
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 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the specific name for the credit card liability at Bank of America (BOA) is "Credit Card at BOA4100." As of December 31, 2023, this liability amounted to $1,277.11, while on December 31, 2022, it was $8,660.91.
This indicates that Best Brains has a credit card account with Bank of America, and the balance outstanding on that card is tracked as a liability on the company's balance sheet. The fluctuation in the balance between 2022 and 2023 suggests changes in the usage and repayment of this credit card.
A prospective franchisee should be aware of how Best Brains manages its credit card liabilities, as it can provide insights into the company's overall financial management and spending habits. Understanding these liabilities can help a franchisee assess the financial stability and practices of the franchisor.