Company: BRID
Filing Date: 2025-08-22
Form Type: 10-Q
Source: 0001493152-25-012266
Chunk: 89

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-08-22
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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 simple secured overnight financing rate plus 2.5%, 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. See Note 1 - Summary of
Significant Accounting Policies - Subsequent Events for further details.

Equipment
Notes 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 Bank, N.A. 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.

    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
Wells Fargo Loan Agreements and the amended and restated credit agreement contain various covenants that