Company: BRID
Filing Date: 2025-08-22
Form Type: 10-Q
Source: 0001493152-25-012266
Chunk: 9

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-08-22
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 Six Capital LLC for equipment financing for five years collateralized by $4,300
in production and packaging equipment. We expect to finalize the agreement in the fourth quarter of fiscal year 2025 and use the proceeds to pay off existing
borrowing of $2,000 on the line of credit with Wells Fargo.

On
July 23, 2025, we entered into an amended and restated credit agreement dated November 30, 2024, with Wells Fargo Bank, N.A.
(“Wells Fargo”) This agreement restates and supersedes our existing credit agreement with Wells Fargo that was set to
expire by its terms on November 30, 2025. Under the terms of this amended and restated credit agreement and the revolving line of
credit note, we may borrow up to $7,500 from
time to time up until July
31, 2026, at an interest rate equal to (a)
the daily simple secured overnight financing rate plus 2.5%, or if unavailable, (b) the prime rate, in each case as determined by
the bank. The revolving line of credit has an unused commitment fee of 0.35% of the available loan amount, payable on a quarterly
basis. Amounts may be repaid and reborrowed
during the term of the note. Accrued interest is payable on the first day of each month and the outstanding principal balance and
remaining interest are due and payable on July 31, 2026. See Note 6, Equipment Notes Payable and Financial Arrangements--Revolving
Credit Facility for further details.

No
other material events subsequent to July 11, 2025, were identified that require adjustment to the financial statements or additional
disclosure.

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Basic
loss per share

Basic
loss per share is calculated based on the weighted average number of shares outstanding for all periods presented. No stock options,
warrants, or other potentially dilutive convertible securities were outstanding as of July 11, 2025, or July 12, 2024.

Recently
issued accounting pronouncements and regulations

In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (ASC 326), which provides guidance on measurement
of credit losses on financial instruments. This ASU adds a current expected credit loss impairment model to GAAP that is based on expected
losses rather than