Company: BTBDW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001477932-25-003689
Chunk: 35

Company: BT Brands, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 and with the instructions to Securities and Exchange Commission (“SEC”) requirements for Form 10-Q and Article 10 of Regulation S-X. All intercompany accounts and transactions have been eliminated in consolidation. The financial statements have been prepared on a basis consistent in all material respects with the accounting policies for the fiscal year ending December 29, 2024. In our opinion, all regular and recurring adjustments necessary for a fair presentation of our financial position and results of operation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year. The accompanying Condensed Consolidated Balance Sheet as of March 30, 2025, does not include all the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of December 29, 2024, and the related notes included in our Form 10-K for the fiscal year ending December 29, 2024. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and the differences could be material. The Company BT Brands, Inc. (the “Company”) was incorporated as Hartmax of NY Inc. on January 19, 2016. Effective July 30, 2018, the Company acquired 100% of BTND, LLC. We operate restaurants in the eastern two-thirds of the United States. As of March 30, 2025, including our 40.7% owned Bagger Dave’s business, we operated fifteen restaurants comprising the following:  ·Seven Burger Time fast-food restaurants located in the North Central region of the United States, collectively (“BTND”); ·Bagger Dave’s Burger Tavern, Inc., a 40.7% owned affiliate, operates six Bagger Dave’s restaurants in Michigan, Ohio, and Indiana (“Bagger Dave’s” or “BD”); ·Keegan’s Seafood Grille in Indian Rocks Beach, Florida (“Keegan’s”); ·Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (“PIE”); ·Schnitzel Haus is a German-themed fine dining restaurant and bar in Hobe Sound, Florida“(Schnitzel