What were the total current liabilities for Best Brains 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 current liabilities as of December 31, 2022, were $80,489.91. This figure includes credit card liabilities, franchise fees advance, and payroll liabilities.
Specifically, the credit card liabilities totaled $62,489.91, encompassing balances from various credit cards such as BOA4100 ($8,660.91), Chase ($48,735.96), Chase United ($434.79), Credit BCBS ($1,405.36), and Citibank AAdvantage ($3,252.89). Additionally, Best Brains had $18,000.00 in franchise fees advance and no payroll liabilities.
Understanding the composition of these liabilities is crucial for prospective franchisees. Credit card liabilities may reflect day-to-day operational expenses, while franchise fees advance likely represents payments received for future franchise services. Monitoring these liabilities can provide insights into Best Brains' short-term financial obligations and overall financial health.
It's important to note that these figures are based on the financial statements as of December 31, 2022, and may not reflect the current financial position of Best Brains. Prospective franchisees should review the most recent financial statements and consult with a financial advisor to assess the financial viability of the franchise opportunity.