Company: BRID
Filing Date: 2025-08-22
Form Type: 10-Q
Source: 0001493152-25-012266
Chunk: 67

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-08-22
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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interest rate equal to (a) the daily simple secured overnight financing rate plus 2.5% (increased from 2.0% in the July 2025 amended
and restatement), or if unavailable, (b) the prime rate, in each case as determined by the bank. The revolving line of credit
has an unused commitment fee of 0.35%
of the available loan amount, payable on a quarterly basis. We borrowed $2,000
under this line of credit on May 20, 2025, which remained unpaid as of July 11, 2025. Amounts may be repaid and reborrowed during
the term of the note. Accrued interest is payable on the first day of each month and the outstanding principal balance and remaining
interest are due and payable on July 31, 2026.

Equipment
Note Payable

On
December 26, 2018, we entered into a master collateral loan and security agreement with Wells Fargo Bank, N.A. (the “Original Wells
Fargo Loan Agreement”) for up to $15,000 in equipment financing which was amended and expanded as detailed below. We subsequently
entered into additional master collateral loan and security agreements with Wells Fargo, on each of April 18, 2019, December
19, 2019, March 5, 2020, and April 17, 2020 (the Original Wells Fargo Loan Agreement and the subsequent agreements collectively referred
to as the “Wells Fargo Loan Agreements”).

The
following table reflects major components of our revolving credit facility and equipment note payable as of July 11, 2025, and November
1, 2024, respectively.

Schedule
of Line of Credit and Equipment Note Payable   

    July
    11, 2025  
    November
    1, 2024 

    Revolving credit facility 
    $2,000  
    $- 
  
    Equipment note payable: 

    3.68%
    note due 04/16/27 
     2,068  
     2,786 
  
    Total debt 
     4,068  
     2,786 
  
    Less current debt 
     (3,111) 
     (1,084)
  
    Total long-term debt 
    $957  
    $1,702 

Loan
Covenants

The