Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 926

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 926
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 presentation purposes and did not affect the Company’s overall financial position, results of operations, or cash flows. Segment Reporting - Recently Adopted Accounting Guidance:  We follow the guidance of FASB Accounting Standards for reporting and disclosure on operating segments, which require segment disclosures about products and services, geographic areas, and significant customers. We have determined that we did not have separately reportable operating segments. In November 2023, the FASB issued ASU 2023-07: Improvements to Reportable Segment Disclosures. This ASU, which amends Topic 280: Segment Reporting, improves disclosure requirements for reportable segments and enhances disclosures for companies with single reportable segments. The Company has concluded it has a single reportable segment based on the nature of its operations and the regulatory environment under which it operates. The business’s nature and the segment’s accounting policies are the same as described in Note 1 - Business. The Company’s Chief Operating Decision Maker (“CODM”) is its executive team made up of its CEO and Chief Financial Officer. The CODM assesses the reportable segment’s performance and allocates resources for the reportable segment based on the net income and total assets, which are the same amounts in all material respects as those reported on the consolidated statements of operations and consolidated balance sheets. The Company adopted the standard on January 1, 2024. The adoption did not have an impact on the Company’s consolidated financial statements.

NOTE 2 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following at the end of the respective fiscal year:   December 29,2024  December 31,2023 Land $435,239  $435,239 Equipment  4,149,525   3,994,685 Buildings and leasehold improvements  2,915,784   2,463,626 Total property and equipment  7,500,548   6,893,550 Accumulated depreciation  (3,575,663 )  (3,387,786 )Net   3,924,885   3,505,764 Less - property held for sale   (258,751 )  (258,751 )Less - impairment charge  (322,794 )  — Net property and equipment $3,343,340  $3,247,013  Depreciation expenses for 2024 and