Company: BRID
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001641172-25-013252
Chunk: 58

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 during fiscal year 2024.
We leased this space under a non-cancelable operating lease. This lease terminated on June 30, 2024 and was not renewed.

We,
as lessor, leased a parking lot in Anaheim, California with a five-year term effective May 29, 2024, to a tenant. Both current and non-current
receivables less executory costs including broker’s commissions were recorded in current and non-current assets in the amount of
$173 and $605, respectively, as of April 18, 2025. Unearned revenue was also recorded in current and non-current liabilities in the amount
of $170 and $635, respectively, in the consolidated balance sheets as of April 18, 2025. This lease does not provide
an implicit rate, and we estimated our incremental interest rate to be approximately 7.34%. We used our estimated incremental borrowing
rate and other information available at the lease commencement date in determining the present value of the lease payments. Legal ownership
does not transfer at the end of the lease. We retain ownership of the parking lot. There is no net book value of the underlying asset.

The
following is a schedule by years of future minimum lease payments for transportation leases and ROU assets:

Schedule
of Future Minimum Lease Payments  

    Fiscal Year
     
    Financial  Obligations 
  
    2025 
    $592 
  
    2026 
     1,206 
  
    2027 
     748 
  
    2028 
     253 
  
    Later Years 
     272 
  
    Total Minimum Lease Payments(a) 
    $3,071 
  
    Less: Amount representing executory costs 
     (45)
  
    Less: Amount representing interest(b) 
     - 
  
    Present value of future minimum lease payments(c) 
    $3,026 

    (a)
    Minimum
    payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index.
  
    (b)
    Amount
    necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the
    inception of the leases.
  
    (c)
    Reflected
    in Part I. Financial Information, Item 1. a., Condensed Consolidated Balance Sheets, as current and noncurrent obligations are finance
    leases of $70 under other current liabilities and $159 under