Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 837

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 11
Chunk 837
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 Based on management’s
review, no other material subsequent events were identified that require adjustment to the consolidated financial statements or additional
disclosure.

Accounts Receivable

Accounts receivables are recorded
at net realizable value. The value is presented net of allowance for doubtful accounts and promotional incentives. Our accounts receivable
consists mainly of trade receivables from customer sales. We evaluate the collectability of our accounts receivable based on several factors.
The provision for doubtful accounts receivable is based on historical trends and current collectability risk. Our provision for doubtful
accounts was $110 and $248 as of November 1, 2024, and November 3, 2023, respectively.

Concentrations of credit
risk

Our credit risk is diversified
across a broad range of customers and geographic regions. Losses due to credit risk have recently been immaterial. The carrying amount
of cash equivalents, accounts and other receivables, accounts payable and accrued liabilities approximate fair market value due to the
short maturity of these instruments. We maintain cash balances at financial institutions, which may at times exceed the amounts insured
by the Federal Deposit Insurance Corporation. Management does not believe there is significant credit risk associated with these financial
institutions. 

     31 

Sales to Wal-Mart® comprised
27.8% of revenues in fiscal year 2024 and 25.4% of total accounts receivable was due from Wal-Mart® as of November 1, 2024. Sales
to Wal-Mart® comprised 29.1% of revenues in fiscal year 2023 and 26.5% of total accounts receivable was due from Wal-Mart® as
of November 3, 2023. Sales to Dollar General® comprised 14.2% of revenues in fiscal year 2024 and 20.2% of total accounts receivable
was due from Dollar General® as of November 1, 2024. Sales to Dollar General® comprised 16.3% of revenues in fiscal year 2023
and 20.5% of total accounts receivable was due from Dollar General® as of November 3, 2023.

Business segments

The Company and its subsidiaries
operate in two business segments - the processing and distribution of frozen foods products, and the processing and distribution of snack
food products. See Note 7 Segment Information for further information.

Fiscal year

We maintain our accounting
records on a 52-53