What is the total amount of Best Brains loans & advances 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 |
| · | |||
| Į. | As at | As at | |
| ong term liabilities | December 31, | December 31, | |
| 2023 | 2022 | ||
| ı | oans & Advances Ford F150 | - | |
| Ally Auto | 567.52 | 4,923.80 | |
| Auto Finance GMC | 35,879.02 | 45,950.84 | |
| Ford Motor Credit | 3,967.44 | 9,564.32 | |
| Wells Fargo Tesla | 53,896.52 | - | |
| Other loan | 50,129.49 | 80,129.49 | |
| Total loans & advances | 144,439.99 | 140,568.45 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the total amount for loans and advances as of December 31, 2022, was $140,568.45. This figure represents the aggregate value of various loans, including those related to vehicles such as Ford F150, GMC, Ford Motor Credit, and potentially others.
This information is relevant for prospective Best Brains franchisees as it provides insight into the company's debt obligations and financial management. Understanding the nature and extent of these liabilities can help franchisees assess the financial stability of Best Brains. It's important to note that these loans and advances are distinct from mortgages, notes, and bonds payable, which are categorized separately in the financial statements.
For a potential Best Brains franchisee, this data point highlights the importance of reviewing the complete financial statements and understanding the context of each liability. While $140,568.45 in loans and advances may seem significant, it is crucial to consider the overall financial health of the company, including its assets, revenues, and other liabilities. Further investigation into the terms and conditions of these loans would provide a more comprehensive understanding of their impact on Best Brains' financial performance.