Company: BTBDW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001477932-25-003689
Chunk: 44

Company: BT Brands, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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Granted  0   0       0 Exercised  0   0         Cancelled, forfeited, or expired  (5,000)  2.50         Options outstanding at March 30, 2025  334,250  $2.56   4.5  $0 Options exercisable at March 30, 2025  227,407  $2.63   6.5  $0                   Weighted Average  Weighted Average   Aggregate 13-Week period ended March 31, 2024- Numberof Options  ExercisePrice  Remaining Term(In Years)  IntrinsicValue Options outstanding at December 31, 2023  319,500  $2.62   7.8  $0 Granted  0   0       0 Exercised  0   0         Canceled, forfeited, or expired  0   0         Options outstanding at March 31, 2024  319,500  $2.62   7.4  $0 Options exercisable at March 31, 2024  106,802  $3.18   8.0  $0   On February 27, 2023, the Company finalized a Contingent Incentive Share Award with senior executives. The Contingent Incentive Share Awards provides that so long as the Company’s publicly traded warrants are outstanding, senior management of the Company will be deemed to earn an aggregate award of 250,000 shares of common stock as an award upon the Company’s share price reaching $8.50 per share for 20 consecutive trading days, provided, however, participants must be employed by the Company at the time the Incentive Shares are earned.  The estimated expense associated with this award was determined to be $265,000. Assumptions used in the model include a risk-free rate of 4.4% and volatility of 63%. We project that the remainder of $36,000 of stock-based compensation in connection with these awards will be recognized in 2025.

NOTE 7 – LEASES The present value of leases is calculated when the lease is entered into or assumed by us using an incremental borrowing rate at the time. Variable lease expenses are primarily property taxes