What were the total long-term 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 total long-term liabilities as of December 31, 2023, amounted to $294,439.99. This figure is composed of two main categories: loans and advances totaling $144,439.99, and mortgages, notes, and bonds payable in one year or more, which account for $150,000.00.
Specifically, the loans and advances include several components such as Ally Auto ($567.52), Auto Finance GMC ($35,879.02), Ford Motor Credit ($3,967.44), Wells Fargo Tesla ($53,896.52), and other loans ($50,129.49). The mortgages, notes, and bonds payable are represented by an Economic Injury Disaster Loan of $150,000.00.
For a prospective Best Brains franchisee, understanding the long-term liabilities of the franchisor can provide insight into the financial stability and debt obligations of the company. It's also worth noting that the long-term liabilities as of December 31, 2022, were $290,568.45, indicating a slight increase in long-term debt for Best Brains year-over-year.