Company: BRID
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001493152-25-009592
Chunk: 36

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation
Disclosures – Disaggregation of Income Statement Expenses. ASU 2024-03 seeks to separately disaggregate expenses on inventory,
employee compensation, depreciation and other items included within each income statement line item that contains these expenses. ASU
2024-03 is effective for the Company in fiscal years beginning after December 15, 2026, our fiscal year 2027, and will be applied prospectively.
The Company is currently evaluating the guidance and its impact to the financial statements.

In
January 2025, the FASB issued ASU No. 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation
Disclosures – Disaggregation of Income Statement Expenses. ASU 2025-01 seeks to separately disaggregate expenses on inventory,
employee compensation, depreciation and other items included within each income statement line item that contains these expenses. ASU
2025-01 is effective for the Company in fiscal years beginning after December 15, 2026, our fiscal year 2027, and will be applied prospectively.
The Company is currently evaluating the guidance and its impact to the financial statements.

Off-Balance
Sheet Arrangements

We
are not engaged in any “off-balance sheet arrangements” within the meaning of Item 303(b) of Regulation S-K.

Item
3. Quantitative and Qualitative Disclosures about Market Risk

Not
required for smaller reporting companies.

Item
4. Controls and Procedures

Evaluation
of Disclosure Controls and Procedures

Disclosure
controls and procedures are designed to help ensure that information required to be disclosed by us in our Exchange Act reports is recorded,
processed, summarized and reported within the time periods specified in the SEC’s rules, regulations and forms, and that such information
is collected and communicated to our management, including our Chairman of the Board and Chief Financial Officer, as appropriate to allow
timely decisions regarding required disclosure.

Our
management, with the participation and under the supervision of our Chairman of the Board and Chief Financial Officer, has evaluated
the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered
by this Report. Based on this evaluation, the Chairman of the Board and Chief Financial Officer have concluded that our disclosure controls
and procedures were effective as of the end of