Company: BTBDW
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001477932-25-008407
Chunk: 22

Company: BT Brands, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 Cash paid for leases was approximately $258,000 and $319,000 for the 2025 and 2024 39-week periods, respectively.  Variable expenses for lease properties were approximately $15,600 in the 13 weeks of 2025 and $9,000 in the 13 weeks of 2024. Variable lease expenses were approximately $41,600 and $39,000 in the 39-week periods in 2025 and 2024, respectively. The Company pays monthly rent of approximately $1,400 under a month-to-month arrangement for corporate and administrative office spaces in  Minnetonka, Minnesota.

 18Table of Contents

NOTE 8 – SHAREHOLDERS’ EQUITY  On November 12, 2021, the Company completed a public offering of Units, each consisting of one share of common stock and one five-year stock purchase warrant exercisable to purchase one common share at $5.50. The Company has the right to redeem the warrants under certain conditions. The net proceeds from the offering were $10,696,575.  On June 6, 2024, we authorized a stock repurchase program, under which we may repurchase up to 625,000 shares, or approximately 10.0%, of our currently issued and outstanding common stock (the “2024 Share Repurchase Program”). We have not established any maximum aggregate price to be paid for shares that we repurchase. As of December 29, 2024, we repurchased 306,394 shares, including 91,394 shares under the 2024 Share Repurchase Program. We may purchase up to an additional 533,606 shares under the 2024 Share Repurchase Program. We are purchasing the shares with available cash. We may purchase shares of our common stock from time to time, in amounts, at prices, and at such times as we deem appropriate, subject to market conditions, legal requirements and other considerations. Our purchases may be executed using open market purchases, unsolicited or solicited privately negotiated transactions, or other transactions. The 2024 Share Repurchase Program does not obligate us to repurchase any specific number of shares and may be suspended, modified, or terminated at any time without prior notice.  Upon announcement of the proposed Merger, we suspended the 2024 Share Repurchase Program. Prior to its suspension, no shares were purchased under the 2024 Share Repurchase Program. Potential Sale and Issuance