What was the total amount of Best Brains' other current 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 | |
| ( | 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 total amount of other current liabilities as of December 31, 2022, was $80,489.91. This figure is a subtotal of various credit card liabilities, franchise fees advance, audit fees payable, and payroll liabilities.
Specifically, the credit card liabilities totaled $62,489.91, encompassing balances from BOA4100 ($8,660.91), Chase ($48,735.96), Chase United ($434.79), BCBS ($1,405.36), and Citibank AAdvantage ($3,252.89). Additionally, franchise fees advance accounted for $18,000.00 of the other liabilities.
Prospective franchisees should consider these figures in the context of Best Brains' overall financial health and obligations. Understanding the composition of these liabilities can provide insights into the company's short-term financial obligations and how they manage their credit and other payables. Reviewing these liabilities in comparison to assets can help assess the company's liquidity and ability to meet its short-term obligations.