Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 856

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 11
Chunk 856
---
 A ROU asset of $2,383 and corresponding liability for warehouse
storage space of $2,450 as of November 1, 2024, was recorded for Racine Partners 4333 LLC for 43rd Street in Chicago, Illinois. This lease
does not provide an implicit rate and we estimated our incremental interest rate to be approximately 3.68%. We used our estimated incremental
borrowing rate and other information available at the lease commencement date in determining the present value of the lease payments. 

We leased warehouse storage
space from Hogshed Ventures, LLC for 40th Street in Chicago, Illinois, during fiscal year 2024. We leased this space under a non-cancellable
operating lease. This lease terminated on June 30, 2024 and was not renewed. There is no further lease liability recorded as of November
1, 2024.

We, as lessor, leased a parking
lot in Anaheim, California with a five-year term effective May 29, 2024, to a tenant. Both current and non-current receivables less executory
costs including broker’s commissions, were recorded in current and non-current liabilities in the amount of $161 and $722, as of
November 1, 2024. Unearned revenue was also recorded in the amount of $167 and $693, respectively, in the consolidated balance sheet as
of November 1, 2024. This lease does not provide an implicit rate, and we estimated our incremental interest rate to be approximately
7.34%. We used our estimated incremental borrowing rate and other information available at the lease commencement date in determining
the present value of the lease payments. Legal ownership does not transfer at the end of the lease. We retain ownership of the parking
lot. There is no net book value of the underlying asset.

The following is a schedule
by years of future minimum lease payments for transportation leases and ROU assets: 

Schedule
of Future Minimum Lease Payments

    Fiscal Year
     
    Financing
Obligations

    2025
     
    $
    1,128

    2026

    1,206

    2027

    748

    2028

    253

    Later Years

    181

    Total minimum lease payments(a)
     
    $
    3,516

    Less: Amount representing executory costs

    40

    Less: Amount representing