What was the value of loans and advances 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 |
| · | |||
| 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 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2025 FDD)
According to Best Brains' 2025 Franchise Disclosure Document, the total value of loans and advances as of December 31, 2022, was $140,568.45. This figure is part of the long-term liabilities reported in the financial statements. It's important to note that this amount does not include mortgages, notes, or bonds payable within one year or more, which were listed separately at $150,000.00 for the same period.
For a prospective Best Brains franchisee, understanding the franchisor's liabilities is crucial. The loans and advances, along with other liabilities, provide insight into the financial obligations of Best Brains. This information can help franchisees assess the financial stability and management of the company. Knowing the types of loans and their amounts can also give an indication of how Best Brains finances its operations and growth.
It is also important to note that the FDD includes audited financial statements for the fiscal years ending December 31, 2024, 2023, and 2022. Reviewing these statements in their entirety, including the balance sheets and related notes, will provide a more comprehensive understanding of Best Brains' financial position and performance. Franchisees should pay close attention to trends in liabilities and how they relate to the company's assets and revenue generation.