Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 330

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 330
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 85,000 Other  8,000   22,000 Change in valuation allowance  616,000   - Income tax expense (benefit) $206,000  $(145,000 ) Accounting Standards require that deferred tax assets and liabilities, along with any related valuation allowance, be classified as a noncurrent item on the balance sheet.  The Company had no accrued interest or penalties relating to income tax obligations and currently has no federal or state examinations in progress, nor has it had any federal or state tax examinations since its inception. The last three years are subject to federal and state tax examinations. With few exceptions, the Company is no longer subject to U.S. Federal and state income tax examinations by tax authorities for years before 2021.

 F-14Table of Contents

NOTE 6 – ACCRUED EXPENSES Accrued expenses consisted of the following at the end of the respective reporting periods:   December 29,2024  December 31,2023 Accrued real estate taxes $46,401  $49,357 Accrued bonus compensation and consulting fees  -   119,139 Accrued payroll  177,275   149,587 Accrued payroll taxes  6,851   11,343 Accrued sales taxes payable  57,706   81,683 Accrued vacation pay  17,663   17,663 Accrued gift card liability  38,425   26,844 Other accrued expenses  27,035   24,673            $371,356  $480,289 

NOTE 7 – SHAREHOLDERS’ EQUITY On November 12, 2021, the Company completed a public offering of Units consisting of one share of common stock and one five-year stock purchase warrant to purchase one common share at $5.50. The Company has the right to redeem the warrants under certain conditions. We issued 2,400,000 common shares in the offering and 2,760,000 stock purchase warrants, which included 360,000 warrants to purchase an aggregate of 360,000 shares of common stock purchase pursuant to a partial exercise of the over-allotment option granted to underwriters for $.01 per warrant, totaling $3,600. The estimated fair value of the warrants at the date of