Company: BTBDW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001477932-25-006037
Chunk: 14

Company: BT Brands, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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4 was $265,029 and $267,943, respectively. For the 13-week periods in 2025 and 2024, the depreciation expense was $136,770 and $133,951, respectively.

NOTE 4 - ACCRUED EXPENSES  Accrued expenses consisted of the following at:    June 29, 2025  December 29, 2024 Accrued real estate taxes $23,173  $46,401 Accrued payroll  215,177   177,275 Accrued payroll taxes  2,304   6,851 Accrued sales taxes payable  88,460   57,706 Accrued vacation pay  2,423   17,663 Accrued gift card liability  28,729   38,425 Other accrued expenses  16,768   27,035   $377,034  $371,356 

NOTE 5 - LONG-TERM DEBT  Our long-term debt is as follows:    June 29,2025  December 29, 2024 Three notes payable to a bank dated June 28, 2021, due in monthly installments totaling $22,213, including principal and interest at a fixed rate of 3.45% through June 28, 2031. Beginning in July 2031, the interest rate will equal the greater of the “prime rate” plus .75%, or 3.45%. These notes mature on June 28, 2036. The notes are secured by mortgages covering seven owned properties, BT Brands and an officer of the Company, both of whom guarantee payment of the notes. $2,213,218  $2,307,143 Less - unamortized debt issuance costs  (29,449)  (30,799)Current maturities   (191,435)  (185,009)  $1,992,334  $2,091,335 

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NOTE 6 - STOCK-BASED COMPENSATION In 2019, we adopted the BT Brands, Inc. 2019 Incentive Plan (the “Plan”), under which the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares,