Company: BTBDW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001477932-25-003689
Chunk: 42

Company: BT Brands, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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971   177,275 Accrued payroll taxes  2,251   6,851 Accrued sales taxes payable  76,868   57,706 Accrued vacation pay  15,241   17,663 Accrued gift card liability  32,833   38,425 Other accrued expenses  16,794   27,035   $349,056  $371,356 

NOTE 5 - LONG-TERM DEBT  Our long-term debt is as follows:    March 30,2025  December 29, 2024 Three notes payable to a bank dated June 28, 2021, due in monthly installments totaling $22,213, including principal and interest at a fixed rate of 3.45% through June 28, 2031. Beginning in July 2031, the interest rate will equal the greater of the “prime rate” plus .75%, or 3.45%. These notes mature on June 28, 2036. The notes are secured by mortgages covering eight BTND properties, BT Brands, Inc., and a shareholder of the Company guarantees the notes. $2,260,273  $2,307,143 Less - unamortized debt issuance costs  (29,449 )  (30,799 ) Current maturities   (156,575 )  (185,009 )   $2,074,249  $2,091,335 

NOTE 6 - STOCK-BASED COMPENSATION In 2019, we adopted the BT Brands, Inc. 2019 Incentive Plan (the “Plan”), under which the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units, and other stock and cash awards to eligible participants. As of March 30, 2025, 749,000 shares were available for grant under the 2019 Incentive Plan. In 2024, we issued 15,000 ten-year options to the then-existing outside member of our Board of Directors to purchase shares at $1.61 per share; we also granted 5,000 fully vested options to purchase shares at $1.70 per share to a new member of the Board.  In 2022, we granted 216.000