Company: BTBDW
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001477932-25-008407
Chunk: 21

Company: BT Brands, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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-of-use asset of $1,055,000. The present value, discounted at 4.5% of the remaining lease obligation of approximately $790,000, is reflected as a liability in the accompanying financial statements at September 28, 2025. In February 2025 the company entered into a lease assignment with a third party for its former Village Bier Garden location. The lease assignment covered the duration of the lease through July of 2027. In November 2025 we were informed the Assignee had defaulted on lease payments beginning in August. The remaining lease payment totaling approximately $215,000, the future lease payments are reflected as a liability and the remaining right to the asset is reflected in the financial statements as of September 28, 2025.

 17Table of Contents

 In May 2024, with the acquisition of Schnitzel Haus assets, we assumed the remaining 44 months on the restaurant’s lease obligation for approximately $5,400 per month. The Schnitzel Haus lease is accounted for as an operating lease. At its inception, we recorded an operating lease obligation and a right-of-use asset of $182,878. The present value, discounted at 6.5% of the remaining lease obligation of $135,000, is reflected as a liability in the accompanying financial statements at September 28, 2025.  The following is a schedule of the approximate minimum future lease payments on the operating leases as of September 28, 2025:   Total Remainder 2025 $88,820 2026  372,396 2027  306,084 2028  222,507 2029  225,193 2030 and thereafter  558,164 Total future minimum lease payments  1,773,164 Less - interest  (161,539 )  $1,611,625  The total operating lease expenses for the third 13-week period in 2025 and 2024 were approximately $144,000 and $130,000, respectively. During the 2024 and 2025 respective 39-week periods, operating lease expenses totaled approximately $291,000 and $336,000. Cash paid for leases during the 13 weeks ended September 28, 2025, totaled approximately $111,000, and in the 13 weeks ended September 29, 2024, it totaled approximately $113,000.