What were the total liabilities for Best Brains as of December 31, 2023?
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 | |
| ı | Mortgages ,notes , bonds payable in 1 year or more Economic Injury Disaster Loan | 150,000.00 | 150,000.00 |
| · · · · · · · · · · · · · · · · · · · | |||
| ٦ | Total Mortgages ,notes , bonds payable in 1 year or more | 150,000.00 | 150,000.00 |
| J | Total | 294,439.99 | 290,568.45 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the company's liabilities are broken down into several categories. As of December 31, 2023, Best Brains had total other current liabilities of $276,415.25. This figure includes credit card liabilities totaling $82,455.73, franchise fees advance of $162,500.00, audit fees payable of $19,050.00, and total payroll liabilities of $12409.52.
Best Brains also had long-term liabilities totaling $294,439.99 as of December 31, 2023. This amount includes loans and advances of $144,439.99, comprising various auto loans and other loans. Additionally, it includes mortgages, notes, and bonds payable within one year or more, specifically an Economic Injury Disaster Loan of $150,000.00.
Prospective franchisees should carefully review the liabilities section of Best Brains' financial statements to understand the company's debt obligations and how these obligations might impact the franchisor's ability to support its franchisees. Understanding the nature and terms of these liabilities is crucial for assessing the financial stability of Best Brains.