Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 400

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 400
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 of impairment allowances  144,000   49,000 Accrued compensation  -   22,000 Unrealized gain on short-term investments  -   2,000 Total deferred tax assets  1,084,000   572,000 Less: valuation allowance  (616,000 )  - Total deferred tax assets, net  468,000   572,000 Deferred tax liabilities:        Property and equipment tax depreciation difference  (430,000 )  (349,000 )Unrealized loss (gain) on short-term investments  (21,000 )  - Goodwill  (17,000 )  (17,000 )Total deferred tax liabilities  468,000   366,000 Net deferred tax asset $-  $206,000  The following table summarizes the components of the provision for income taxes:   2024   2023 Current income tax expense (benefit) $-  $- Deferred income taxes (benefit)  (410,000 )  (145,000 )Change in valuation allowance  616,000   - Total income tax expense (benefit) $206,000  $(145,000 ) Total income tax expense for the years ended December 29, 2024, and December 31, 2023, differed from the amounts computed by applying the U.S. Federal statutory tax rate of 21% to pre-tax income as follows:    2024  2023 Total (benefit) computed by applying the statutory federal rate $(442,000 ) $(216,000 )State income tax (benefit), net of federal tax benefit  (63,000 )  (36,000 )Equity in loss of unconsolidated subsidiary  87,000   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,