Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 721

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 721
---
  144,000   49,000 Accrued compensation  -   22,000 Unrealized gain on short-term investments  -   2,000 Total deferred tax assets  1,084,000   572,000 Less: valuation allowance  (616,000 )  - Total deferred tax assets, net  468,000   572,000 Deferred tax liabilities:        Property and equipment tax depreciation difference  (430,000 )  (349,000 )Unrealized loss (gain) on short-term investments  (21,000 )  - Goodwill  (17,000 )  (17,000 )Total deferred tax liabilities  468,000   366,000 Net deferred tax asset $-  $206,000  The following table summarizes the components of the provision for income taxes:   2024   2023 Current income tax expense (benefit) $-  $- Deferred income taxes (benefit)  (410,000 )  (145,000 )Change in valuation allowance  616,000   - Total income tax expense (benefit) $206,000  $(145,000 ) Total income tax expense for the years ended December 29, 2024, and December 31, 2023, differed from the amounts computed by applying the U.S. Federal statutory tax rate of 21% to pre-tax income as follows:    2024  2023 Total (benefit) computed by applying the statutory federal rate $(442,000 ) $(216,000 )State income tax (benefit), net of federal tax benefit  (63,000 )  (36,000 )Equity in loss of unconsolidated subsidiary  87,000   85,000 Other  8,000   22,000 Change in valuation allowance  616,000   - Income tax expense (benefit) $206,000  $(145,000 ) Accounting Standards require that deferred tax assets and liabilities, along with any related valuation allowance, be classified as a noncurrent item on the balance sheet.  The Company had no accrued interest or penalties relating to income tax obligations and currently has no federal or state examinations in progress, nor has it