Company: BRID
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001493152-25-009592
Chunk: 17

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 open to audit under the statute of limitations for the fiscal years 2021 through 2023. We are subject
to income tax in Texas and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute
of limitations for the fiscal years 2020 through 2023.

Note
6 – Equipment Notes Payable and Financial Arrangements:

Revolving
Credit Facility

On
November 30, 2024, we entered into a sixth amendment to the credit agreement with Wells Fargo Bank, N.A. dated March 1, 2018, as amended,
and also executed a revolving line of credit note pursuant to the amendment. The revolving line of credit note replaces the existing
note that expired by its terms on November 30, 2024. Under the terms of this amendment and the revolving line of credit note, we may
borrow up to $7,500 from time to time up to November 30, 2025, at an interest rate equal to (a) the daily simple secured overnight financing
rate plus 2.0%, or if unavailable, (b) the prime rate, in each case as determined by the bank. The line of credit has an unused commitment
fee of 0.35% of the available loan amount, payable on a quarterly basis. 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 November 30, 2025.

Equipment
Note 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 January 24, 2025, and November
1, 2024, respectively.

Schedule
of Line of