For Best Brains, what is the total of '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 aggregate amount Best Brains owed to various credit card companies at that specific point in time. These liabilities are categorized by the specific credit card accounts, including those at BOA4100, Chase, Chase United, Credit BCBS, and Citibank AAdvantage.
For a prospective franchisee, understanding the franchisor's liabilities can provide insight into the financial health and stability of Best Brains. A high level of credit card debt could indicate potential financial strain, while a lower amount might suggest more prudent financial management. Reviewing these figures in comparison to previous years and alongside other liabilities and assets can offer a more comprehensive view.
It's important to note that credit card liabilities are just one component of the overall financial picture. Franchisees should also consider other factors such as accounts payable, loans, and revenue to assess the overall financial stability of Best Brains. Consulting with a financial advisor to analyze these financial statements is advisable for any potential franchisee.