Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 896

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 896
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 1989  650   29,580  BTND, LLC BTND, LLC Waite Park, Minnesota 1989  700   17,575  BTND, LLC BTND, LLC Bismarck, North Dakota 1989  600   30,750  BTND, LLC BTND, LLC Sioux Falls, South Dakota 1991  650   17,688  BTND, LLC BTND, LLC Minot, North Dakota 1992  800   33,600  BTND, LLC BTND, LLC Ham Lake, Minnesota (3) Closed  1,664   31,723  BTND  LLC  (1) (3) Richmond, Indiana (2) held for sale  1,062   23,086  BTND IN, LLC (4) (5) (2) 

(1)Closed January 19, 2025(2)The Richmond, Indiana, location closed in December 2018, and the property is being held for sale.(3)The Ham Lake location closed in January 2025 and alternatives for the property are currently being considered.

Until January 2025, we leased executive offices, consisting of approximately 1,000 square feet, located at 405 West Main Street, West Fargo, North Dakota, under a one-year rental agreement at the cost of $550 per month. In addition, effective January 2, 2022, we agreed to reimburse Brimmer Company, LLC, an affiliate of the Company, for the monthly rent of $1,300 on approximately 1100 square feet in Minnetonka, Minnesota, at 10501 Wayzata Blvd Ave S, Suite 102, where administrative activities are performed. Our office space is adequate for its intended purposes and our near-term expansion plans.

On June 28, 2021, we refinanced our BTND mortgage debt to mortgages bearing interest at 3.45%. As of December 29, 2024, we had $2,276,344 in contractual obligations relating to mortgages on the real property on which our Burger Time restaurants are situated. Our monthly required payment is approximately $22,000. We are also obligated under operating lease agreements to future payments totaling approximately $1,772,000, requiring monthly rental payments of approximately $25