Company: BRID
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001641172-25-013252
Chunk: 65

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 8
Chunk 65
---
 Facility

On
November 30, 2024, we entered into a sixth 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 replaced the
then-existing note that expired by its terms on November 30, 2024. Under the terms of this amendment and the revolving line of
credit note, we may borrow up to $7,500
from time to time up to November
30, 2025, at an
interest rate equal to (a) the daily simple secured overnight financing rate plus 2.0%, or if unavailable, (b) the prime rate, in
each case as determined by the bank. The 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 November 30, 2025. See Note 1 - Summary of Significant Accounting Policies - Subsequent Events for further details.

Equipment
Note Payable

On
December 26, 2018, we entered into a master collateral loan and security agreement with Wells Fargo Bank, N.A. (the “Original Wells
Fargo Loan Agreement”) for up to $15,000 in equipment financing which was amended and expanded as detailed below. We subsequently
entered into additional master collateral loan and security agreements with Wells Fargo Bank, N.A. on each of April 18, 2019, December
19, 2019, March 5, 2020, and April 17, 2020 (the Original Wells Fargo Loan Agreement and the subsequent agreements collectively referred
to as the “Wells Fargo Loan Agreements”).

The
following table reflects major components of our revolving credit facility and equipment note payable as of April 18, 2025, and November
1, 2024, respectively.

Schedule
of Line of Credit and Equipment Note Payable  

    April 18, 2025  
    November 1, 2024 

    Revolving credit facility 
    $-  
    $- 
  
    Equipment note payable: 

    3.68%
note due