Company: BRID
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001641172-25-013252
Chunk: 9

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 1
Chunk 9
---
2025.

No
material events were identified that require adjustment to the financial statements or additional disclosure.

Basic
loss per share

Basic
loss per share is calculated based on the weighted average number of shares outstanding for all periods presented. No stock
options, warrants, or other potentially dilutive convertible securities were outstanding as of April 18, 2025, or April 19, 2024.

     8 of 27 

Recently
issued accounting pronouncements and regulations

In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (ASC 326), which provides guidance on measurement
of credit losses on financial instruments. This ASU adds a current expected credit loss impairment model to GAAP that is based on expected
losses rather than incurred losses whereby a broader range of reasonable and supportable information is required to be utilized in order
to derive credit loss estimates. The Company adopted this standard on November 4, 2023 which did not have a material or significant impact
on the Company’s Consolidated Financial Statements as it has been our policy to estimate and record credit losses on trade accounts
receivable.

In
November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures. ASU No. 2023-07
enhances disclosures of significant segment expenses by requiring disclosure of significant segment expenses regularly provided to the
chief operating decision maker (CODM), extending certain annual disclosures to interim periods, and permitting more than one measure
of segment profit or loss to be reported under certain conditions. ASU No. 2023-07 is effective for the Company in fiscal years beginning
after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, including
adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the guidance
and its impact to the financial statements.

In
December 2023, the FASB issued ASU No. 2023-09, Income Taxes – Improvements to Income Tax Disclosures. ASU No. 2023-09 is
designed to strengthen the clarity and interpretation of income tax disclosures in order to better assess and understand the impact
of taxes on an entity’s operations including risk and opportunities. ASU No. 2023-