Company: BTBDW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001477932-25-006037
Chunk: 21

Company: BT Brands, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 stock for $1.00 per share. On February 12, 2022, we invested $229,000 in NGI Series A1 Preferred shares, which were subsequently converted into 157,456 NGI common shares and 34,697 common stock purchase warrants. The investment in NGI does not have a readily determined market value, and it is carried at the historical cost determined by BT Brands, which it believes is reasonable.  As of June 29, 2025, our total investment in NGI is as follows:   Shares  Warrants  Loans  Total Investment  Bottle Inventory Balance, December 31, 2023  336,496   392,697  $0  $304,000  $0 2024 Activity  0   0   120,000   120,000   0 Balance, December 29, 2024  336,496   392,697   120,000   424,000   0 26 weeks ended June 29, 2025  0    0   572,357   572,357   292,372 Balance, June 29, 2025  336,496   392,697  $692,357  $996,357  $292,372  As of June 29, 2025, assuming exercise of all warrants and options, BT Brands owns less than 5 % of NGI's fully diluted shares. Our COO, Kenneth Brimmer, is a member of NGI’s board and its CFO. Effective April 1, 2025, Gary Copperud resigned from the NGI board of directors.

NOTE 10 – CONTINGENCIES In the course of its business, the Company may be a party to claims and legal or regulatory actions arising from the conduct of its business. We are unaware of any significant asserted or potential claims that could materially impact our financial position. 

NOTE 11 – SUBSEQUENT EVENT – RICHMOND SALE On August 13, 2025, the Company completed the sale of its Richmond property, which had been held for sale, for a gross selling price of $550,000. An estimated gain of $250,000 will be recognized during the third quarter.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF