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

Company: BT Brands, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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764  $371,356 

NOTE 5 - LONG-TERM DEBT  Our long-term debt is as follows:    September 28,2025  December 29, 2024 Three notes payable to a bank dated June 28, 2021, due in monthly installments totaling $22,213, including principal and interest at a fixed rate of 3.45% through June 28, 2031. Beginning in July 2031, the interest rate will equal the greater of the “prime rate” plus .75%, or 3.45%. These notes mature on June 28, 2036. The notes are secured by mortgages covering seven owned properties, BT Brands and an officer of the Company, both of whom guarantee payment of the notes. $2,161,779  $2,307,143 Less - unamortized debt issuance costs  (28,099 )  (30,799 )Current maturities   (203,651 )  (185,009 )  $1,930,029  $2,091,335  Scheduled maturities of long-term debt, excluding amortization of debt issuance costs, are as follows at December 29, 2024: Fiscal year ending-- Remainder 2025 $39,644 1/3/27  191,531 12/31/27  198,207 12/30/28  205,270 12/29/29  212,507 Thereafter  1,314,620   $2,161,779 

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NOTE 6 - STOCK-BASED COMPENSATION In 2019, we adopted the BT Brands, Inc. 2019 Incentive Plan (the “Plan”), under which the Company may grant an aggregate of 1,000,000 stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units, and other stock and cash awards to eligible participants. As of September 28, 2025, 619,000 shares were available for grant under the 2019 Incentive Plan. During July 2025, the Board approved a grant of 62,500 stock options with an exercise price of $1.50 per share. This grant included 22,500 fully vested