Company: BTBDW
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001477932-25-008407
Chunk: 10

Company: BT Brands, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 filings on Form 8-K at SEC.GOV.

 10Table of Contents

 Fiscal Year Periods BT Brand’s fiscal year is 52 or 53 weeks, ending on the Sunday closest to December 31. Most years consist of four 13-week accounting periods comprising a 52-week year. Fiscal 2024 was 52 weeks ending December 29, 2024, and Fiscal 2025 is 52 weeks ending December 28, 2025. References in this report to periods are to the 13 and 39-week fiscal periods. Cash and Cash Equivalents Cash and cash equivalents may include money market mutual funds and United States Treasury Bills with original maturities at the time of purchase of three months or less. Our bank deposits often exceed the amount insured by the Federal Deposit Insurance Corporation. Additionally, we maintain cash deposits in brokerage accounts, including money market funds, exceeding the insured amount. We do not believe there is a significant risk related to cash. Investments  Our equity investment in an unconsolidated subsidiary of $0 and $304,439 is our investment in Bagger Dave’s as of September 28, 2025, and December 29, 2024, respectively, and is determined under the “Equity Method” of accounting.  Investment in notes receivable from a related company is $744,858. This amount includes a $359,211 senior secured promissory note and other loans to NGI. The secured promissory note $359,211 was repaid in October, 2025. During the third quarter the company recorded an impairment charges of 304,000 to fully reserve for its investment in NGI. See Note 9 for additional information regarding NGI. Bagger Dave’s common stock is traded on the OTC Pink Sheets market and files quarterly and annual financial reports with OTC Markets, Inc. under the Alternative Reporting Standard. As of September 28, 2025, and December 29, 2024, our equity investment in Bagger Dave’s Burger Tavern, Inc. was $0 and $304,439, respectively. This investment is accounted for under the equity method of accounting. Our carrying value was reduced to zero during fiscal 2025 as our cumulative share of Bagger Dave’s net losses exceeded our recorded investment. The listing with OTC Markets does not require financial information to be audited. For the 39 weeks ending September 28,