What was the total amount of Best Brains' credit card liabilities 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 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the total credit card liabilities as of December 31, 2022, was $62,489.91. This figure represents the sum of several individual credit card accounts held by Best Brains at various financial institutions. These include balances on cards with BOA4100, Chase, Chase United, Credit BCBS, and Citibank AAdvantage.
For a prospective franchisee, understanding the franchisor's debt obligations is crucial. High credit card liabilities could indicate potential financial strain on Best Brains, which might affect their ability to support franchisees or invest in the brand's growth. It is important to note that these liabilities are a snapshot in time and can fluctuate.
It would be prudent for potential franchisees to investigate the reasons behind these credit card liabilities. Understanding whether these debts are related to ongoing operational expenses, investments, or other factors can provide a clearer picture of the financial health of Best Brains. Additionally, comparing these figures with previous years and industry benchmarks can offer further insights.