Company: BRID
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001493152-25-009592
Chunk: 9

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 24, 2025, through the date that the accompanying Condensed Consolidated Financial
Statements were filed with the Securities and Exchange Commission (the “SEC”) for transactions and other events which
may require adjustments of and/or disclosure in such financial statements.

No
material events were identified that require adjustment to the financial statements or additional disclosure.

Basic
(loss) earnings per share

Basic
(loss) earnings per share are calculated based on the weighted average number of shares outstanding for all periods presented. No stock
options, warrants, or other potentially dilutive convertible securities were outstanding as of January 24, 2025, or January 26, 2024.

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Recently
issued accounting pronouncements and regulations

In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (ASC 326), which provides guidance on measurement
of credit losses on financial instruments. This ASU adds a current expected credit loss impairment model to GAAP that is based on expected
losses rather than incurred losses whereby a broader range of reasonable and supportable information is required to be utilized in order
to derive credit loss estimates. The effective date of the new guidance as amended by ASU No. 2019-10 is fiscal years beginning after
December 15, 2022, including interim periods within those fiscal years. The adoption of ASU No. 2019-10 did not have a material or significant
impact on the Company’s Consolidated Financial Statements as it has been our policy to estimate and record credit losses on trade
accounts receivable.

In
November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures. ASU No.
2023-07 enhances disclosures of significant segment expenses by requiring disclosure of significant segment expenses regularly
provided to the chief operating decision maker (CODM), extending certain annual disclosures to interim periods, and permiting more than
one measure of segment profit or loss to be reported under certain conditions. ASU No. 2023-07 is effective for the Company in
fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early
adoption  is permitted, including adoption in any interim periods for which financial statements have not been
issued. The Company is currently evaluating the guidance and its impact