Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 338

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 338
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 not have a readily determinable market value, and it is carried at the historic cost determined by BT Brands, which the Company believes is reasonable relative to recent stock sales by NGI.

 F-17Table of Contents

Bagger Dave’s Burger Tavern Officers of BT Brands, Inc. also serve as officers and directors of Bagger Dave’s Burger Tavern, Inc. BT Brands owns approximately 39.6% of the outstanding shares of Bagger Dave’s. The investment is accounted for on the equity method. BT Brands Officer received no compensation from Bagger Dave’s in 2024 and there were no intercompany related party transactions.

NOTE 12 – MAJOR VENDORS For the year ended December 29, 2024, approximately 30% of our food and paper cost of goods sold is represented by product purchases from one vendor. On December 29, 2024, the amount due to the major vendor totaled $35,686. In fiscal 2023, approximately 30% of our purchases were from the same vendor. In July 2024, we commenced purchasing the majority of BTND food items from a different primary vendor, which also accounted for approximately 21% of 2024 food purchases. The amount due to this new vendor at December 31, 2024 was $257,268. On December 31, 2023, the amount due to the former primary vendor was $272,657.

NOTE 13 – CONTINGENCIES In the course of its business, the Company may be a party to claims and legal or regulatory actions arising from its business. We are not aware of any significant asserted or potential claims which could impact its financial position.

 F-18Table of Contents

Item 9. Changes in and Disagreements with on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

(a) DISCLOSURE CONTROLS AND PROCEDURES

The Company maintains disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in our reports filed pursuant to the Securities Exchange Act of 1934 as amended (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. No matter how well conceived and operated, a control system can provide only reasonable, not absolute, assurance that the objectives