Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 309

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 309
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 opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.

/s/ Boulay PLLP

We have served as the Company’s auditors since 2015.

Minneapolis, Minnesota

March 31, 2025

PCAOB ID: 542

 F-1Table of Contents

PART I FINANCIAL INFORMATION

BT BRANDS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS 

       December 31, 2024  December 31, 2023 ASSETS      CURRENT ASSETS      Cash and cash equivalents $1,951,415  $5,300,446 Marketable securities  2,319,555   1,392,060 Receivables  69,459   28,737 Inventory  272,603   201,333 Prepaid expenses and other current assets  127,621   47,246 Assets held for sale  258,751   258,751 Total current assets  4,999,404   7,228,573          PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET  3,343,340   3,247,013 OPERATING LEASE RIGHT-OF-USE ASSETS  1,724,052   1,789,285 EQUITY INVESTMENT IN UNCONSOLIDATED SUBSIDIARY  304,439   718,806 INVESTMENT IN EQUITY AND NOTES RECEIVABLE FROM RELATED COMPANY  424,000   304,000