Company: BRID
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001641172-25-013252
Chunk: 118

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 2
Chunk 118
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2025, the FASB issued ASU No. 2025-01, Income Statement – Reporting Comprehensive Income – Expense
Disaggregation Disclosures – Disaggregation of Income Statement Expenses. ASU No. 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 No. 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 Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Our
management, with the participation and under the supervision of our Principal Executive Officer and Principal 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 Principal Executive Officer and Principal Financial Officer have
concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Report.

Our
management, including our Principal Executive Officer and Principal Financial Officer, does not expect that our disclosure controls and
internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide
only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system
must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.
Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control
issues and