Company: BRID
Filing Date: 2025-08-22
Form Type: 10-Q
Source: 0001493152-25-012266
Chunk: 42

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-08-22
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 Change in lease and right-of-use
    obligations 
    $(810) 
    $226 
  
    Proceeds from bank borrowings 
     2,000  
     - 
  
    Repayment of notes payable
    - equipment 
     (718) 
     (688)
  
    Net cash provided by (used in) financing
    activities 
    $472  
    $(462)

Our
stock repurchase program was approved by our Board of Directors in November 1999 and was expanded in June 2005. Under the stock repurchase
program, we are authorized, at the discretion of management and our Board of Directors, to purchase up to an aggregate of 2,000,000 shares
of our common stock on the open market. As of July 11, 2025, 120,113 shares remained authorized for repurchase under the program.

Revolving
Credit Facility

On
July 23, 2025, we entered into the an amended and restated credit agreement with Wells Fargo. This agreement amends, restates and
supersedes our existing credit agreement with Wells Fargo that was set to expire by its terms on November 30, 2025. Under the terms
of this amendment and the revolving line of credit note, we may borrow up to $7,500 from time to time up until July 31, 2026, at an
interest rate equal to (a) the daily simple secured overnight financing rate plus 2.5%, or if unavailable, (b) the prime rate, in
each case as determined by the bank. The revolving line of credit has an unused commitment fee of 0.35% of the available loan
amount, payable on a quarterly basis. We borrowed $2,000 under this line of credit on May 20, 2025, which remained unpaid as of July
11, 2025. Amounts may be repaid and reborrowed during the term of the note. Accrued interest is payable on the first day of each
month and the outstanding principal balance and remaining interest are due and payable on July 31, 2026. See Note 1 - Summary of
Significant Accounting Policies - Subsequent Events for further details.

Equipment
Notes Payable

On
December 26, 2018, we entered into a master collateral loan and security agreement with Wells Fargo Bank, N.A. (the “Original Wells
Fargo Loan