Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 477

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 477
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ortized debt issuance costs  (30,799)  (36,199 )Current maturities  (185,009)  (183,329 )Long-term debt, less current portion $2,091,335  $2,269,771  Scheduled maturities of long-term debt, excluding amortization of debt issuance costs, are as follows at December 29, 2024: Fiscal year ending-- 12/28/25 $185,009 1/3/27  191,531 12/31/27  198,207 12/30/28  205,270 12/29/29  212,507 Thereafter  1,314,620   $2,307,143 

NOTE 10 – ACQUISITION On May 13, 2024, our 1519BT, LLC subsidiary completed the purchase of certain assets from LC Food Concepts. The acquired assets comprised a business operating as a high-end German-themed restaurant with approximately 175 seats located in Hobe Sound, Florida, doing business as “Schnitzel Haus. The aggregate purchase price was $943,000, including $850,000 paid at closing as payment for certain assets, separate payments of $65,000 for inventory on hand at closing, and $28,000 for the purchase of a utility vehicle and other items used in the business. With the acquisition, we assumed the seller’s remaining lease obligation of $5,400 monthly for 44 months. Aside from the lease obligation, no liabilities of the seller were assumed in the purchase of assets. A summary of the assets acquired is approximately as follows: Property, including leasehold improvements and equipment $625,000 Intangible covenant not to compete  100,000 Inventory  65,000 Vehicle and other  28,000 Operating lease right-of-use asset  182,878 Total identifiable assets acquired  1,000,878 Operating lease liability  (182,878 )Net identifiable assets acquired  818,000 Goodwill  125,000 Purchase price $943,000 

NOTE 11 – RELATED PARTY TRANSACTIONS Next Gen Ice Officers of BT Brands, Inc. also serve as officers and directors of NGI Corporation. Our total investment in equity and loans to NGI Corporation (“NGI”) is $