Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 197

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 1C
Chunk 197
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 year 2019. The six-year leases for these trucks would have expired in fiscal year 2025. We returned one long-haul truck
on June 22, 2023, for a loss of $12 and returned remaining two long-haul trucks on July 11, 2024, for a loss of $90, in an effort to reduce
the overall cost of delivering products as we transitioned deliveries to common carriers. All long-haul trucks under this lease agreement
have been returned as of November 1, 2024. The Company leased one box truck for a market value of $27 on April 17, 2023, and that lease
term is two years.

The Company leased one refrigerated truck received
on May 10, 2024, for a net present value of $166. The seven-year lease for this truck will expire in fiscal year 2031. Amortization of
equipment as a finance lease was $44 during the fifty-two weeks ended November 1, 2024.

Equipment Note Payable

The following table reflects major components
of our line of credit and borrowing agreements as of November 1, 2024, and November 3, 2023, respectively.

    November 1, 2024  
    November 3, 2023 

    Revolving credit facility 
    $-  
    $- 
  
    Equipment notes: 

    3.68% note due 04/16/27, out of lockout 04/17/22 
     2,786  
     3,831 
  
    Total debt 
     2,786  
     3,831 
  
    Less current debt 
     (1,084) 
     (1,045)
  
    Total long-term debt 
    $1,702  
    $2,786 

Revolving Credit Facility

On November 30, 2023, we entered into a fifth
amendment to the credit agreement with Wells Fargo Bank, N.A. dated March 1, 2018, as amended, and also executed a revolving line of credit
note pursuant to the amendment. The revolving line of credit note replaces the existing note that expired by its terms on November 30,
2023. 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 to November