What was the total amount of Best Brains' other current liabilities as of December 31, 2023?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
tances, but not for the purpose of expressing an opinion on the effectiveness of Best Brains Inc's internal control. Accordingly, no such opinion is expressed.
- Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
- Conclude whether, in our judgment, there are conditions or events considered in the aggregate that raise substantial doubt about Best Brains Inc's ability to continue as a going concern for a reasonable period of time
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Accutax Bizsolutions LLC Certified Public Accountant
Kalispell, Montana
Date: May 7, 2025
BALANCE SHEET December 31, 2024, and 2023
ASSETS
| December 31, 2024 | December 31, 2023 | |
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | $ 219,342 | $ 285,979 |
| Due from related affiliates | 100,000 | 199,679 |
| Accounts Receivable | 2,444,879 | 2,038,407 |
| Advances | 140,891 | 140,891 |
| Inventory | 1,483,909 | 417,347 |
| Loan receivable | 666,477 | 942,746 |
| Other Current Assets | 6,926 | 15,822 |
| Total Current Assets | 5,062,424 | 4,040,872 |
| Fixed Asset | ||
| Building and equipment | 160,000 | 160,000 |
| Furniture and fixture | 121,927 | 119,417 |
| Vehicles | 545,919 | 246,030 |
| Less:Accumulated depreciation | (331,132) | (278,956) |
| Total Fixed Asset | 496,714 | 246,490 |
| Intangible Asset | 96,000 | 96,000 |
| Software development | ||
| Less:Accumulated amortization | (59 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the company's other current liabilities totaled $170,701 as of December 31, 2023. This figure is part of the company's overall financial snapshot, providing a view of its short-term financial obligations.
Breaking down the components of other current liabilities offers further insight. As of December 31, 2023, Best Brains' other current liabilities included credit card liabilities, franchise fees advance, audit fees payable, and payroll liabilities. The total credit card liabilities amounted to $82,455.73. Franchise fees advance were $162,500.00, audit fees payable were $19,050.00, and total payroll liabilities were $12409.52.
Prospective franchisees should understand the nature of these liabilities. Credit card liabilities reflect short-term debts, while franchise fees advance likely represent payments received for future franchise services. Audit fees payable indicate outstanding costs for auditing services, and payroll liabilities cover unpaid wages and related expenses. Monitoring these liabilities is crucial for assessing Best Brains' financial health and stability. A significant increase in these liabilities could signal potential financial strain, while consistent and manageable levels suggest sound financial management.