What is the total amount of Best Brains loans & advances as of December 31, 2023?
Best_Brains Franchise · 2025 FDDAnswer from 2025 FDD Document
| 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 |
| 5 Other Assets | As at December 31, 2023 | As at December 31, 2022 |
| Deferred Tax Asset | 800.00 | 800.00 |
| Advance | 122,000.00 | 122,000.00 |
| Loan Issued | 942,746.00 | 825,254.00 |
| Rent Deposit | 10,503.46 | 10,503.46 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the company had $140,891 in 'Advances' and $942,746 in 'Loan receivable' as of December 31, 2023. These figures are part of the company's current assets. Additionally, under 'Other Assets', there is an 'Advance' of $122,000 and 'Loan Issued' of $942,746 as of December 31, 2023.
These loans and advances represent money that is owed to Best Brains by various parties. The 'Advances' listed under current assets are likely short-term in nature, while the 'Loan receivable' may have a longer repayment term. The 'Advance' and 'Loan Issued' listed under 'Other Assets' may have different characteristics or repayment terms than those listed under current assets.
For a prospective franchisee, understanding the nature and collectability of these loans and advances is important. It would be prudent to inquire about the terms of these loans, the parties to whom they were issued, and the company's history of collecting on similar loans. This information can provide insight into the financial health and risk profile of Best Brains.