Company: BTBDW
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001477932-25-008407
Chunk: 26

Company: BT Brands, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 has been corrected to reflect an operating lease liability and right to use asset of approximately $225,000. This correction increased the previously reported operating lease right of use assets from $1,383,235 to $1,608,235. This correction increased current operating lease obligations from $186,607 to $286,544 and noncurrent operating lease obligations from $1,250,342 to $1,447,960. The correction did not have a material impact on total assets, total liabilities, shareholders’ equity, or net income for any previously reported period.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of the financial condition, results of operations, liquidity, and capital resources of BT Brands, Inc. and its wholly-owned subsidiaries (together, “BT Brands” “we,” “our,” or the “Company”) should be read in conjunction with the Company’s condensed consolidated financial statements and accompanying notes included under Part I, Item 1 of this Quarterly Report on Form 10-Q, as well as with the audited consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2024.

Introduction

As of September 28, 2025, including our partially owned Bagger Dave’s business, we own and operate the following sixteen restaurants:

 ·Six Burger Time fast-food restaurants (“BTND”); ·Keegan’s Seafood Grille in Indian Rocks Beach, Florida (“Keegan’s”); ·Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (“PIE”); ·Schnitzel Haus in Stuart, Florida (“Schnitzel”); ·Unconsolidated affiliate, Bagger Dave’s Burger Tavern, Inc., 40.7% owned, operates six Bagger Dave’s restaurants in Michigan, Ohio, and Indiana (“BD”).

Burger Time opened its first restaurant in Fargo, North Dakota, in 1987. Burger Time restaurants offer grilled hamburgers and other affordable menu items, including chicken sandwiches, pulled pork sandwiches, sides, and soft drinks. Burger Time’s operating principles include (i) offering bigger burgers and more value for the money; (ii) offering a limited menu to permit attention to quality and speed of preparation; (iii) providing fast service by way of single and double