Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 599

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 599
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 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 2023 were $652,967 and $539,675, respectively.

 F-11Table of Contents

NOTE 3 – INTANGIBLE ASSETS At year-end 2024 and 2023, based on the value of acquired assets, intangible assets comprise the following: December 29, 2024- Estimated Useful Life(Years)  OriginalCost  AccumulateAmortization  NetCarryingValue Covenants not to compete  3  $198,000  $(103,135 ) $94,865 Tradenames  15   393,000   (70,988 )  322,012 Impairment charge              (49,078 )      $591,000  $(174,123 ) $367,799   December 31, 2023- EstimatedUseful Life(Years)  OriginalCost  AccumulatedAmortization  NetCarryingValue Covenants not to compete  3  $98,000  $(51,028 ) $46,972 Tradenames  15   393,000   (44,859 )  348,141