Company: BTBDW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001477932-25-003689
Chunk: 41

Company: BT Brands, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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-   -   (49,078)     $591,000  $(174,123) $367,799   On January 2, 2025, the Company closed its Village Bier Garten location. In connection with the closure, the Company recognized the impairment of Village Bier Garten assets in 2024. In the first quarter of 2025, the remaining carrying value of intangible assets associated with the location were charged to the impairment reserve. The total amortization of intangible assets, including the covenants not to compete, will approximate $62,600 in 2025, $56,300 in 2026, $36,800 in 2027, and $23,000 per year through 2036 and approximately $5,600 in 2037. The total amortization expense for the first quarter of 2025 was $19,625 and $26,142 for the thirteen weeks ending March 31, 2024.

NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment consisted of the following:    March 30,2025    December 29, 2024 Land $435,239  $435,239 Equipment  3,992,671   4,149,525 Buildings and leasehold improvements  2,569,942   2,915,784 Total property and equipment  6,997,852   7,500,548 Accumulated depreciation  (3,457,775 ) (3,575,663 ) Net  3,540,077   3,924,885 Less – property held for sale  (258,751 )  (258,751 )Less – impairment charge  -   (322,794)Net property and equipment $3,281,326  $3,343,340  Depreciation expense for the 13-week periods in 2025 and 2024 was $136,770 and $133,975, respectively.

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NOTE 4 - ACCRUED EXPENSES  Accrued expenses consisted of the following at:    March 30, 2025  December 29, 2024 Accrued real estate taxes $33,098  $46,401 Accrued payroll  171,