Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 339

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 3
Chunk 339
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 for tax positions of prior years 
     18  
     16 

    Balance at end of year 
    $349  
    $331 

We recognize any future accrued interest and penalties
related to unrecognized tax benefits in income tax expense. As of November 1, 2024, we had approximately $61 in accrued interest and penalties
which is included as a component of the $349 unrecognized tax benefit noted above.

Our federal income tax returns are open to audit
under the statute of limitations for the fiscal year ended October 29, 2021, through November 3, 2023.

We are subject to income tax in California and
various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal
years ended October 30, 2020, through November 3, 2023.

We do not anticipate a significant change to the
total amount of unrecognized tax benefits within the next 12 months.

NOTE 5 - Line of Credit and Borrowing Agreements:

The following table reflects major components
of our revolving credit facility and borrowing agreements as of November 1, 2024, and November 3, 2023, respectively.

Schedule
of Line of Credit and Borrowing agreements 

    November 1, 2024  
    November 3, 2023 

    Revolving credit facility 
    $-  
    $- 
  
    Equipment notes: 

    3.68% note due 04/16/27, out of lockout 04/17/22 
     2,786  
     3,831 
  
    Total debt 
     2,786  
     3,831 
  
    Less current debt 
     (1,084) 
     (1,045)
  
    Total long-term debt 
    $1,702  
    $2,786 

Revolving Credit Facility

On November 30, 2023, we entered into a fifth
amendment to the credit agreement with Wells Fargo Bank, N.A. dated March 1, 2018, as amended, and also executed a revolving line of credit
note pursuant to the amendment. The revolving line of credit note replaces the existing note that expired by its terms on November 30,
2023. Under the terms of this amendment and the revolving line of credit note, we may borrow up to $7