Cover
Cover - shares | 3 Months Ended | |
Jan. 26, 2024 | Mar. 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 26, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --11-01 | |
Entity File Number | 000-02396 | |
Entity Registrant Name | BRIDGFORD FOODS CORPORATION | |
Entity Central Index Key | 0000014177 | |
Entity Tax Identification Number | 95-1778176 | |
Entity Incorporation, State or Country Code | CA | |
Entity Address, Address Line One | 1707 S. Good-Latimer Expressway | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75226 | |
City Area Code | (214) | |
Local Phone Number | 428-1535 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | BRID | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,076,832 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 26, 2024 | Nov. 03, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 12,648 | $ 15,708 |
Accounts receivable, less allowance for doubtful accounts of $233 and $248, respectively, and promotional allowances of $2,983 and $2,093, respectively | 30,038 | 28,593 |
Inventories, net | 39,275 | 40,573 |
Refundable income taxes | 1,666 | 2,168 |
Prepaid expenses and other current assets | 2,388 | 435 |
Total current assets | 86,015 | 87,477 |
Property, plant and equipment, net of accumulated depreciation and amortization of $72,300 and $73,397, respectively | 67,802 | 67,487 |
Other non-current assets | 12,938 | 12,034 |
Total assets | 166,755 | 166,998 |
Current liabilities: | ||
Accounts payable | 8,603 | 7,201 |
Accrued payroll, advertising, and other expenses | 5,294 | 6,404 |
Income taxes payable | 256 | 256 |
Current notes payable - equipment | 1,052 | 1,045 |
Current right-of-use leases payable | 1,032 | 1,120 |
Other current liabilities | 2,031 | 1,955 |
Total current liabilities | 18,268 | 17,981 |
Long-term notes payable - equipment | 2,608 | 2,786 |
Deferred income taxes, net | 8,342 | 8,342 |
Long-term right-of-use leases payable | 2,222 | 2,450 |
Executive retirement, pension plans and other | 4,545 | 5,904 |
Total long-term liabilities | 17,717 | 19,482 |
Total liabilities | 35,985 | 37,463 |
Contingencies and commitments (Note 3) | ||
Shareholders’ equity: | ||
Preferred stock, without par value; authorized – 1,000,000 shares; issued and outstanding – none | ||
Common stock, $1.00 par value; authorized – 20,000,000 shares; issued and outstanding – 9,076,832 and 9,076,832 shares, respectively | 9,134 | 9,134 |
Capital in excess of par value | 8,298 | 8,298 |
Retained earnings | 124,027 | 122,792 |
Accumulated other comprehensive loss | (10,689) | (10,689) |
Total shareholders’ equity | 130,770 | 129,535 |
Total liabilities and shareholders’ equity | $ 166,755 | $ 166,998 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 26, 2024 | Nov. 03, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 233 | $ 248 |
Accounts receivable, allowance for promotional allowances | 2,983 | 2,093 |
Property, plant and equipment, accumulated depreciation | $ 72,300 | $ 73,397 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 9,076,832 | 9,076,832 |
Common stock, shares outstanding | 9,076,832 | 9,076,832 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 26, 2024 | Jan. 20, 2023 | |
Income Statement [Abstract] | ||
Net sales | $ 54,842 | $ 61,622 |
Cost of products sold | 38,804 | 44,556 |
Gross margin | 16,038 | 17,066 |
Selling, general and administrative expenses | 15,027 | 15,794 |
Gain on sale of property, plant, and equipment | (72) | |
Operating income | 1,011 | 1,344 |
Other income (expense) | ||
Interest expense | (171) | (125) |
Cash surrender value gain | 905 | 111 |
Total other income (expense) | 734 | (14) |
Income before taxes | 1,745 | 1,330 |
Provision for income taxes | 510 | 398 |
Net income | $ 1,235 | $ 932 |
Basic earnings per share | $ 0.14 | $ 0.10 |
Shares used to compute basic earnings per share | 9,076,832 | 9,076,832 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Oct. 28, 2022 | $ 9,134 | $ 8,298 | $ 119,318 | $ (10,425) | $ 126,325 |
Balance, shares at Oct. 28, 2022 | 9,076 | ||||
Net income | 932 | 932 | |||
Balance at Jan. 20, 2023 | $ 9,134 | 8,298 | 120,250 | (10,425) | 127,257 |
Balance, shares at Jan. 20, 2023 | 9,076 | ||||
Balance at Nov. 03, 2023 | $ 9,134 | 8,298 | 122,792 | (10,689) | 129,535 |
Balance, shares at Nov. 03, 2023 | 9,076 | ||||
Net income | 1,235 | 1,235 | |||
Balance at Jan. 26, 2024 | $ 9,134 | $ 8,298 | $ 124,027 | $ (10,689) | $ 130,770 |
Balance, shares at Jan. 26, 2024 | 9,076 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 26, 2024 | Jan. 20, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 1,235 | $ 932 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 1,545 | 1,448 |
(Recoveries on) provision for losses on accounts receivable | (7) | 187 |
Increase in promotional allowances | 891 | 751 |
Gain on sale of property, plant, and equipment | (72) | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (2,329) | 923 |
Inventories, net | 1,298 | 1,713 |
Prepaid expenses and other current assets | (1,953) | (1,091) |
Refundable income taxes | 502 | (166) |
Other non-current assets | (903) | (111) |
Accounts payable | 1,402 | (4,563) |
Accrued payroll, advertising, and other expenses | (1,109) | (610) |
Other current liabilities | 75 | (1,376) |
Executive retirement, pension plans and other | (1,350) | (592) |
Net cash used in operating activities | (703) | (2,627) |
Cash flows from investing activities: | ||
Proceeds from sale of property, plant, and equipment | 72 | |
Additions to property, plant, and equipment | (1,860) | (259) |
Net cash used in investing activities | (1,860) | (187) |
Cash flows from financing activities: | ||
Payment of right-of-use lease obligations | (327) | (279) |
Repayments of bank borrowings | (170) | (248) |
Net cash used in financing activities | (497) | (527) |
Net decrease in cash and cash equivalents and restricted cash | (3,060) | (3,341) |
Cash and cash equivalents and restricted cash at beginning of period | 15,708 | 16,333 |
Cash and cash equivalents at end of period | 12,648 | 12,992 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 8 | 567 |
Cash paid for interest | $ 171 | $ 125 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jan. 26, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies The unaudited Condensed Consolidated Financial Statements of Bridgford Foods Corporation (the “Company”, “we”, “our”, “us”) for the twelve weeks ended January 26, 2024 and January 20, 2023 have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X, and include all adjustments considered necessary by management for a fair presentation of the interim periods. This Report should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended November 3, 2023 (the “Annual Report”). Due to seasonality and other factors, interim results are not necessarily indicative of the results for the full year. Recent accounting pronouncements, if any, and their effect on the Company are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Report. The November 3, 2023, balance sheet amounts within these interim Condensed Consolidated Financial Statements were derived from the audited fiscal year 2023 consolidated financial statements included in the Company’s Annual Report. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported revenues and expenses during the reporting periods. Some of the estimates made by management include the allowance for doubtful accounts, promotional and returns allowances, inventory reserves, the estimated useful lives of property, plant and equipment, and the valuation allowance for the Company’s deferred tax assets. Management determines the amounts to record based on historical experience and various other assumptions that we view as reasonable under the circumstances and consider all relevant available information. Actual results could materially differ from these estimates. Amounts estimated related to liabilities for self-insured workers’ compensation, employee healthcare and pension benefits are especially subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which vary from our current estimates. Market conditions and the volatility in stock markets may cause significant changes in the measurement of our pension fund liabilities and the performance of our life insurance policies in future periods. Financial instruments that subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued payroll, and notes payable. The carrying amount of these instruments approximate fair market value due to their short-term maturity or market interest rates. The Company has accounts with nationally recognized financial institutions in excess of the Federal Deposit Insurance Corporation insurance coverage limit. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk with regard to its cash and cash equivalents. The Company grants payment terms to a significant number of customers that are diversified over a wide geographic area. The Company monitors the payment histories of its customers and maintains an allowance for doubtful accounts which is reviewed for adequacy on a quarterly basis. The Company does not require collateral from its customers. Comprehensive income or loss Comprehensive income or loss consists of net income and additional minimum pension liability adjustments. There were no differences between net income and comprehensive income during each of the twelve weeks ended January 26, 2024 and January 20, 2023. Customer Concentration > 20% of AR or >10% of Sales The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Schedule of Customer Concentration Walmart Dollar General Sales AR Sales AR January 26, 2024 28.4 % 24.7 % 15.5 % 19.1 % January 20, 2023 30.8 % 35.2 % 13.0 % 24.0 % Revenue recognition Revenues are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts with Customers The Company recognizes revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon product shipment, pickup or delivery to a customer based on terms of the sale. Contracts with customers are typically short-term in nature with completion of a single performance obligation. Product is sold to foodservice, retail, institutional and other distribution channels. Shipping and handling that occurs after the customer has obtained control of the product is recorded as a fulfillment cost rather than an additional performance obligation. Costs paid to third party brokers to obtain contracts are recognized as part of selling expenses. Other sundry items in context of the contract are also recognized as selling expense. Any taxes collected on behalf of the government are excluded from net revenue. We record revenue at the transaction price which is measured as the amount of consideration we anticipate receiving in exchange for providing products to our customers. Revenue is recognized as the net amount estimated to be received after deducting estimated or known amounts including variable consideration for discounts, trade allowances, consumer incentives, coupons, volume-based incentives, cooperative advertising, product returns and other such programs. Promotional allowances, including customer incentive and trade promotion activities, are recorded as a reduction to sales based on amounts estimated being due to customers, based primarily on historical utilization and redemption rates. Estimates are reviewed regularly until incentives or product returns are realized and the result of any such adjustments are known. Promotional allowances deducted from sales for the twelve weeks ended January 26, 2024, and January 20, 2023, were $ 4,179 3,864 Leases Leases are recognized in accordance with ASC 842 Leases (“ASC 842”) which requires a lessee to recognize assets and liabilities with lease terms of more than twelve months ROU lease assets are recorded within property, plant and equipment, net of accumulated depreciation and amortization. The Company leases warehouse space from time to time that is recorded as ROU lease assets and corresponding lease liabilities. The Company’s leases of long-haul trucks used in its Frozen Food Products segment qualify as finance leases. Finance lease liabilities are recorded under other liabilities. The condensed consolidated balance sheets reflect both the current and long-term obligations. Subsequent events Management has evaluated events subsequent to January 26, 2024, through the date that the accompanying Condensed Consolidated Financial Statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustments of and/or disclosure in such financial statements. No material events were identified that require adjustment to the financial statements or additional disclosure. Basic earnings per share Basic earnings per share are calculated based on the weighted average number of shares outstanding for all periods presented. No stock options, warrants, or other potentially dilutive convertible securities were outstanding as of January 26, 2024, or January 20, 2023. Recently issued accounting pronouncements and regulations In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (ASC 326), which provides guidance on measurement of credit losses on financial instruments. This ASU adds a current expected credit loss impairment model to GAAP that is based on expected losses rather than incurred losses whereby a broader range of reasonable and supportable information is required to be utilized in order to derive credit loss estimates. The effective date of the new guidance as amended by ASU No. 2019-10 is fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company analyzed the impact of adopting this standard and does not expect the adoption to have a material impact on its Consolidated Financial Statements as it has been our policy to estimate and record credit losses on trade accounts receivable. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures. The amendments enhance disclosures of significant segment expenses by requiring to disclose significant segment expenses regularly provided to the chief operating decision maker (CODM), extend certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the guidance and its impact to the financial statements. |
Inventories, net
Inventories, net | 3 Months Ended |
Jan. 26, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Note 2 – Inventories, net Inventories are comprised of the following at the respective period ends: Schedule of Inventories January 26, 2024 November 3, 2023 Meat, ingredients, and supplies $ 11,861 $ 12,244 Work in progress 2,347 1,507 Finished goods 25,067 26,822 Inventories, net $ 39,275 $ 40,573 Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. Inventories include the cost of raw materials, labor, and manufacturing overhead. We regularly review inventory quantities on hand and write down any estimated excess, obsolete inventories, or impaired balances to net realizable value. An inventory reserve is created when potentially slow-moving or obsolete inventories are identified in order to reflect the appropriate inventory value. Changes in economic conditions, production requirements, and lower than expected customer demand could result in additional obsolete or slow-moving inventory that cannot be sold or must be sold at reduced prices and could result in additional reserve provisions. We maintain a net realizable reserve of $ 111 513 |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Jan. 26, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 3 – Contingencies and Commitments The Company generally leases warehouses throughout the United States through month-to-month rental agreements. In the case of month-to-month lease or rental agreements with terms of 12 months or less, the Company made an accounting policy election to not recognize lease assets and liabilities and record them on a straight-line basis over the lease term. For further information regarding our lease accounting policy, please refer to Note 1 – Summary of Significant Accounting Policies — Leases. The Company leased three long-haul trucks received during fiscal year 2019. The six-year leases for these trucks expire in fiscal year 2025. 12 11 27 The Company performed a detailed analysis and determined that the only indications of a long-term lease in addition to transportation leases for long-haul trucks were the warehouse leases with Hogshed Ventures, LLC and Racine Partners 4333 LLC. The Company’s five 3,056 3,117 rd 3.68 An ROU asset and corresponding liability for warehouse storage space was recorded for $ 137 We lease this space under a non-cancelable operating lease. This lease does not have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further, this lease does not contain contingent rent provisions. June 30, 2024 The lease with Hogshed Ventures, LLC does not provide an implicit rate and we estimated our incremental interest rate to be approximately 5.49 The following is a schedule by years of future minimum lease payments for transportation leases and ROU assets: Schedule of Future Minimum Lease Payments Fiscal Year Financial 2024 $ 901 2025 937 2026 996 2027 518 Later Years - Total Minimum Lease Payments(a) (a) $ 3,352 Less: Amount representing executory costs (17 ) Less: Amount representing interest(b) (b) (1 ) Present value of future minimum lease payments(c) (c) $ 3,334 (a) Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index. (b) Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the inception of the leases. (c) Reflected in Part I. Financial Information, Item 1. a., Condensed Consolidated Balance Sheets, as current and noncurrent obligations are finance leases of $ 63 17 1,032 2,222 We purchase large quantities of pork, beef, and flour. These ingredients are generally available from a number of different suppliers although the availability of these ingredients is subject to seasonal variation. We build ingredient inventories to take advantage of downward trends in seasonal prices or anticipated supply limitations. We purchase bulk flour under short-term fixed price contracts at current market prices. The contracts are usually effective for and settle within three months or less at a fixed price and quantity. We monitor and manage our ingredient costs to help negate volatile daily swings in market prices when possible. We do not participate in the commodity futures market or hedging to limit commodity exposure. The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations. |
Segment Information
Segment Information | 3 Months Ended |
Jan. 26, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Note 4 – Segment Information The Company has two We evaluate each segment’s performance based on revenues and operating income. Selling, general and administrative (“SG&A”) expenses include corporate accounting, information systems, human resource management and marketing, which are managed at the corporate level. These activities are allocated to each operating segment based on revenues and/or actual usage. Assets managed at the corporate level are not attributable to each operating segment and thus have been included as “other” in the accompanying segment information. The following segment information is presented for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Schedule of Segment Reporting Information, by Segment Frozen Food Products Snack Food Products Other Totals Segment Information Twelve weeks Ended January 26, 2024 Frozen Food Products Snack Food Products Other Totals Sales $ 14,399 $ 40,443 $ - $ 54,842 Cost of products sold 10,286 28,518 - 38,804 Gross margin 4,113 11,925 - 16,038 SG&A 3,441 11,586 - 15,027 Gain on sale of property, plant, and equipment - - - - Operating income 672 339 - 1,011 Total assets $ 16,120 $ 121,223 $ 29,412 $ 166,755 Additions to PP&E $ 822 $ 1,038 $ - $ 1,860 Twelve weeks Ended January 20, 2023 Frozen Food Products Snack Food Products Other Totals Sales $ 14,399 $ 47,223 $ - $ 61,622 Cost of products sold 10,744 33,812 - 44,556 Gross margin 3,655 13,411 - 17,066 SG&A 3,644 12,150 - 15,794 Gain on sale of property, plant, and equipment - (72 ) - (72 ) Operating income 11 1,333 - 1,344 Total assets $ 15,447 $ 126,719 $ 27,445 $ 169,611 Additions to PP&E $ 45 $ 214 $ - $ 259 The following information further disaggregates our sales to customers by major distribution channel and customer type for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Twelve weeks Ended January 26, 2024 Schedule of Disaggregates Our Sales to Customers Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 27,986 $ - $ 27,986 Direct customer warehouse 12,457 - 12,457 Total Snack Food Products 40,443 - 40,443 Distributors 2,684 11,715 14,399 Total Frozen Food Products 2,684 11,715 14,399 Totals $ 43,127 $ 11,715 $ 54,842 Twelve weeks Ended January 20, 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 34,046 $ - $ 34,046 Direct customer warehouse 13,177 - 13,177 Total Snack Food Products 47,223 - 47,223 Distributors 3,207 11,192 14,399 Total Frozen Food Products 3,207 11,192 14,399 Totals $ 50,430 $ 11,192 $ 61,622 (a) Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers. (b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military. |
Income Taxes
Income Taxes | 3 Months Ended |
Jan. 26, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 – Income Taxes On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before January 1, 2021. 9,919 21,687 358 On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “Tax Act”). Among other significant changes, the Tax Act reduced the corporate federal income tax rate from 35% to 21%. The carryback of NOLs from tax years 2018 and 2019 under the CARES Act to pre-Tax Act years has generated an income tax benefit of $ 3,091 358 The Company’s effective tax rate was 29.2 29.9 510 As of January 26, 2024, the Company did not have any valuation allowance against its federal net deferred tax assets. Management reevaluated the need for a valuation allowance at the end of 2022 and determined that some of its California NOL may not be utilized. Therefore, a valuation allowance of $ 99 0 5,000 Our federal income tax returns are open to audit under the statute of limitations for the fiscal years 2020 through 2022. We are subject to income tax in Texas and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal years 2019 through 2022. |
Equipment Notes Payable and Fin
Equipment Notes Payable and Financial Arrangements | 3 Months Ended |
Jan. 26, 2024 | |
Debt Disclosure [Abstract] | |
Equipment Notes Payable and Financial Arrangements | Note 6 – Equipment Notes Payable and Financial Arrangements 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 $ 7,500 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. 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 Bridge Loan On August 30, 2021, we entered into a loan commitment note for a bridge loan of up to $ 25,000 18,653 18,653 The following table reflects major components of our revolving credit facility and borrowing agreements as of January 26, 2024, and November 3, 2023, respectively. Schedule of Line of Credit and Borrowing Agreements January 26, 2024 November 3, 2023 Revolving credit facility $ - $ - Equipment notes: 3.68 04/16/27 04/17/22 3,660 3,831 Total debt 3,660 3,831 Less current debt (1,052 ) (1,045 ) Total long-term debt $ 2,608 $ 2,786 Loan Covenants The Wells Fargo Loan Agreements and the credit agreement contain various affirmative and negative covenants that limit the use of funds and define other provisions of the loans. Material financial covenants are listed below, and the capitalized terms are defined in the applicable agreements: ● Total Liabilities divided by Tangible Net Worth not greater than 2.0 to 1.0 at each fiscal quarter end, ● Quick Ratio not less than 1.25 to 1.0 at each fiscal quarter end, ● Fixed Charge Coverage Ratio not less than 1.25 to 1.0 at each fiscal quarter end. As of January 26, 2024 and November 3, 2023, the Company was in compliance with all covenants under the Wells Fargo Loan Agreements and the credit agreement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jan. 26, 2024 | |
Accounting Policies [Abstract] | |
Comprehensive income or loss | Comprehensive income or loss Comprehensive income or loss consists of net income and additional minimum pension liability adjustments. There were no differences between net income and comprehensive income during each of the twelve weeks ended January 26, 2024 and January 20, 2023. |
Customer Concentration > 20% of AR or >10% of Sales | Customer Concentration > 20% of AR or >10% of Sales The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Schedule of Customer Concentration Walmart Dollar General Sales AR Sales AR January 26, 2024 28.4 % 24.7 % 15.5 % 19.1 % January 20, 2023 30.8 % 35.2 % 13.0 % 24.0 % |
Revenue recognition | Revenue recognition Revenues are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts with Customers The Company recognizes revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon product shipment, pickup or delivery to a customer based on terms of the sale. Contracts with customers are typically short-term in nature with completion of a single performance obligation. Product is sold to foodservice, retail, institutional and other distribution channels. Shipping and handling that occurs after the customer has obtained control of the product is recorded as a fulfillment cost rather than an additional performance obligation. Costs paid to third party brokers to obtain contracts are recognized as part of selling expenses. Other sundry items in context of the contract are also recognized as selling expense. Any taxes collected on behalf of the government are excluded from net revenue. We record revenue at the transaction price which is measured as the amount of consideration we anticipate receiving in exchange for providing products to our customers. Revenue is recognized as the net amount estimated to be received after deducting estimated or known amounts including variable consideration for discounts, trade allowances, consumer incentives, coupons, volume-based incentives, cooperative advertising, product returns and other such programs. Promotional allowances, including customer incentive and trade promotion activities, are recorded as a reduction to sales based on amounts estimated being due to customers, based primarily on historical utilization and redemption rates. Estimates are reviewed regularly until incentives or product returns are realized and the result of any such adjustments are known. Promotional allowances deducted from sales for the twelve weeks ended January 26, 2024, and January 20, 2023, were $ 4,179 3,864 |
Leases | Leases Leases are recognized in accordance with ASC 842 Leases (“ASC 842”) which requires a lessee to recognize assets and liabilities with lease terms of more than twelve months ROU lease assets are recorded within property, plant and equipment, net of accumulated depreciation and amortization. The Company leases warehouse space from time to time that is recorded as ROU lease assets and corresponding lease liabilities. The Company’s leases of long-haul trucks used in its Frozen Food Products segment qualify as finance leases. Finance lease liabilities are recorded under other liabilities. The condensed consolidated balance sheets reflect both the current and long-term obligations. |
Subsequent events | Subsequent events Management has evaluated events subsequent to January 26, 2024, through the date that the accompanying Condensed Consolidated Financial Statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustments of and/or disclosure in such financial statements. No material events were identified that require adjustment to the financial statements or additional disclosure. |
Basic earnings per share | Basic earnings per share Basic earnings per share are calculated based on the weighted average number of shares outstanding for all periods presented. No stock options, warrants, or other potentially dilutive convertible securities were outstanding as of January 26, 2024, or January 20, 2023. |
Recently issued accounting pronouncements and regulations | Recently issued accounting pronouncements and regulations In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (ASC 326), which provides guidance on measurement of credit losses on financial instruments. This ASU adds a current expected credit loss impairment model to GAAP that is based on expected losses rather than incurred losses whereby a broader range of reasonable and supportable information is required to be utilized in order to derive credit loss estimates. The effective date of the new guidance as amended by ASU No. 2019-10 is fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company analyzed the impact of adopting this standard and does not expect the adoption to have a material impact on its Consolidated Financial Statements as it has been our policy to estimate and record credit losses on trade accounts receivable. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures. The amendments enhance disclosures of significant segment expenses by requiring to disclose significant segment expenses regularly provided to the chief operating decision maker (CODM), extend certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the guidance and its impact to the financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Jan. 26, 2024 | |
Accounting Policies [Abstract] | |
Schedule of Customer Concentration | The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Schedule of Customer Concentration Walmart Dollar General Sales AR Sales AR January 26, 2024 28.4 % 24.7 % 15.5 % 19.1 % January 20, 2023 30.8 % 35.2 % 13.0 % 24.0 % |
Inventories, net (Tables)
Inventories, net (Tables) | 3 Months Ended |
Jan. 26, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following at the respective period ends: Schedule of Inventories January 26, 2024 November 3, 2023 Meat, ingredients, and supplies $ 11,861 $ 12,244 Work in progress 2,347 1,507 Finished goods 25,067 26,822 Inventories, net $ 39,275 $ 40,573 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 3 Months Ended |
Jan. 26, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The following is a schedule by years of future minimum lease payments for transportation leases and ROU assets: Schedule of Future Minimum Lease Payments Fiscal Year Financial 2024 $ 901 2025 937 2026 996 2027 518 Later Years - Total Minimum Lease Payments(a) (a) $ 3,352 Less: Amount representing executory costs (17 ) Less: Amount representing interest(b) (b) (1 ) Present value of future minimum lease payments(c) (c) $ 3,334 (a) Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index. (b) Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the inception of the leases. (c) Reflected in Part I. Financial Information, Item 1. a., Condensed Consolidated Balance Sheets, as current and noncurrent obligations are finance leases of $ 63 17 1,032 2,222 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Jan. 26, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following segment information is presented for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Schedule of Segment Reporting Information, by Segment Frozen Food Products Snack Food Products Other Totals Segment Information Twelve weeks Ended January 26, 2024 Frozen Food Products Snack Food Products Other Totals Sales $ 14,399 $ 40,443 $ - $ 54,842 Cost of products sold 10,286 28,518 - 38,804 Gross margin 4,113 11,925 - 16,038 SG&A 3,441 11,586 - 15,027 Gain on sale of property, plant, and equipment - - - - Operating income 672 339 - 1,011 Total assets $ 16,120 $ 121,223 $ 29,412 $ 166,755 Additions to PP&E $ 822 $ 1,038 $ - $ 1,860 Twelve weeks Ended January 20, 2023 Frozen Food Products Snack Food Products Other Totals Sales $ 14,399 $ 47,223 $ - $ 61,622 Cost of products sold 10,744 33,812 - 44,556 Gross margin 3,655 13,411 - 17,066 SG&A 3,644 12,150 - 15,794 Gain on sale of property, plant, and equipment - (72 ) - (72 ) Operating income 11 1,333 - 1,344 Total assets $ 15,447 $ 126,719 $ 27,445 $ 169,611 Additions to PP&E $ 45 $ 214 $ - $ 259 |
Schedule of Disaggregates Our Sales to Customers | The following information further disaggregates our sales to customers by major distribution channel and customer type for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Twelve weeks Ended January 26, 2024 Schedule of Disaggregates Our Sales to Customers Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 27,986 $ - $ 27,986 Direct customer warehouse 12,457 - 12,457 Total Snack Food Products 40,443 - 40,443 Distributors 2,684 11,715 14,399 Total Frozen Food Products 2,684 11,715 14,399 Totals $ 43,127 $ 11,715 $ 54,842 Twelve weeks Ended January 20, 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 34,046 $ - $ 34,046 Direct customer warehouse 13,177 - 13,177 Total Snack Food Products 47,223 - 47,223 Distributors 3,207 11,192 14,399 Total Frozen Food Products 3,207 11,192 14,399 Totals $ 50,430 $ 11,192 $ 61,622 (a) Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers. (b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military. |
Equipment Notes Payable and F_2
Equipment Notes Payable and Financial Arrangements (Tables) | 3 Months Ended |
Jan. 26, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit and Borrowing Agreements | The following table reflects major components of our revolving credit facility and borrowing agreements as of January 26, 2024, and November 3, 2023, respectively. Schedule of Line of Credit and Borrowing Agreements January 26, 2024 November 3, 2023 Revolving credit facility $ - $ - Equipment notes: 3.68 04/16/27 04/17/22 3,660 3,831 Total debt 3,660 3,831 Less current debt (1,052 ) (1,045 ) Total long-term debt $ 2,608 $ 2,786 |
Schedule of Customer Concentrat
Schedule of Customer Concentration (Details) - Customer Concentration Risk [Member] | 3 Months Ended | |
Jan. 26, 2024 | Jan. 20, 2023 | |
Revenue Benchmark [Member] | Wal Mart [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 28.40% | 30.80% |
Revenue Benchmark [Member] | Dollar General [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 15.50% | 13% |
Accounts Receivable [Member] | Wal Mart [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 24.70% | 35.20% |
Accounts Receivable [Member] | Dollar General [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 19.10% | 24% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 26, 2024 | Jan. 20, 2023 | |
Accounting Policies [Abstract] | ||
Promotional allowances | $ 4,179 | $ 3,864 |
Lease term | 12 months |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) $ in Thousands | Jan. 26, 2024 | Nov. 03, 2023 |
Inventory Disclosure [Abstract] | ||
Meat, ingredients, and supplies | $ 11,861 | $ 12,244 |
Work in progress | 2,347 | 1,507 |
Finished goods | 25,067 | 26,822 |
Inventories, net | $ 39,275 | $ 40,573 |
Inventories, net (Details Narra
Inventories, net (Details Narrative) - USD ($) $ in Thousands | Jan. 26, 2024 | Nov. 03, 2023 |
Inventory Disclosure [Abstract] | ||
Inventory valuation reserves | $ 111 | $ 513 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Jan. 26, 2024 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 901 | |
2025 | 937 | |
2026 | 996 | |
2027 | 518 | |
Later Years | ||
Total Minimum Lease Payments(a) | 3,352 | [1] |
Less: Amount representing executory costs | (17) | |
Less: Amount representing interest(b) | (1) | [2] |
Present value of future minimum lease payments(c) | $ 3,334 | [3] |
[1]Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index.[2]Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the inception of the leases.[3]Reflected in Part I. Financial Information, Item 1. a., Condensed Consolidated Balance Sheets, as current and noncurrent obligations are finance leases of $ 63 17 1,032 2,222 |
Schedule of Future Minimum Le_2
Schedule of Future Minimum Lease Payments (Details) (Parenthetical) $ in Thousands | Jan. 26, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Finance leases, current | $ 63 |
Finance leases, non current | 17 |
Finance lease right-of-use asset, current | 1,032 |
Finance lease right-of-use asset, non-current | $ 2,222 |
Contingencies and Commitments_2
Contingencies and Commitments (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 22, 2023 | Apr. 17, 2023 | Jan. 26, 2024 | |
Property, Plant and Equipment [Line Items] | |||
Lease term, description | The Company leased three long-haul trucks received during fiscal year 2019. The six-year leases for these trucks expire in fiscal year 2025. | ||
Loss on return | $ 12 | ||
Amortization of equipment | $ 11 | ||
Lease market value | $ 27 | ||
Lease term | 12 months | ||
Racine Partiners [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease term | 5 years | ||
Lease right of use asset | $ 3,056 | ||
Lease liability | $ 3,117 | ||
Incremental interest rate year one | 3.68% | ||
Hogshed Ventures, LLC. [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Lease right of use asset | $ 137 | ||
Incremental interest rate year one | 5.49% | ||
Lease term, description | We lease this space under a non-cancelable operating lease. This lease does not have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further, this lease does not contain contingent rent provisions. | ||
Lease expiration date | Jun. 30, 2024 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 26, 2024 | Jan. 20, 2023 | Nov. 03, 2023 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 54,842 | $ 61,622 | |
Cost of products sold | 38,804 | 44,556 | |
Gross margin | 16,038 | 17,066 | |
SG&A | 15,027 | 15,794 | |
Gain on sale of property, plant, and equipment | (72) | ||
Operating income | 1,011 | 1,344 | |
Total assets | 166,755 | 169,611 | $ 166,998 |
Additions to PP&E | 1,860 | 259 | |
Frozen Food Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 14,399 | 14,399 | |
Cost of products sold | 10,286 | 10,744 | |
Gross margin | 4,113 | 3,655 | |
SG&A | 3,441 | 3,644 | |
Gain on sale of property, plant, and equipment | |||
Operating income | 672 | 11 | |
Total assets | 16,120 | 15,447 | |
Additions to PP&E | 822 | 45 | |
Snack Food Products [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | 40,443 | 47,223 | |
Cost of products sold | 28,518 | 33,812 | |
Gross margin | 11,925 | 13,411 | |
SG&A | 11,586 | 12,150 | |
Gain on sale of property, plant, and equipment | (72) | ||
Operating income | 339 | 1,333 | |
Total assets | 121,223 | 126,719 | |
Additions to PP&E | 1,038 | 214 | |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | |||
Cost of products sold | |||
Gross margin | |||
SG&A | |||
Gain on sale of property, plant, and equipment | |||
Operating income | |||
Total assets | 29,412 | 27,445 | |
Additions to PP&E |
Schedule of Disaggregates Our S
Schedule of Disaggregates Our Sales to Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 26, 2024 | Jan. 20, 2023 | ||
Revenue from External Customer [Line Items] | |||
Direct store delivery | $ 27,986 | $ 34,046 | |
Direct customer warehouse | 12,457 | 13,177 | |
Total Snack Food Products | 40,443 | 47,223 | |
Distributors | 14,399 | 14,399 | |
Total Frozen Food Products | 14,399 | 14,399 | |
Total Net Sales | 54,842 | 61,622 | |
Retail [Member] | |||
Revenue from External Customer [Line Items] | |||
Direct store delivery | [1] | 27,986 | 34,046 |
Direct customer warehouse | [1] | 12,457 | 13,177 |
Total Snack Food Products | [1] | 40,443 | 47,223 |
Distributors | [1] | 2,684 | 3,207 |
Total Frozen Food Products | [1] | 2,684 | 3,207 |
Total Net Sales | [1] | 43,127 | 50,430 |
Foodservice [Member] | |||
Revenue from External Customer [Line Items] | |||
Direct store delivery | [2] | ||
Direct customer warehouse | [2] | ||
Total Snack Food Products | [2] | ||
Distributors | [2] | 11,715 | 11,192 |
Total Frozen Food Products | [2] | 11,715 | 11,192 |
Total Net Sales | [2] | $ 11,715 | $ 11,192 |
[1]Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.[2]Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military. |
Segment Information (Details Na
Segment Information (Details Narrative) | 3 Months Ended |
Jan. 26, 2024 Segment | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 2 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 27, 2020 | Jan. 26, 2024 | Jan. 20, 2023 | |
Operating Loss Carryforwards [Line Items] | |||
Income Tax Examination, Description | On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “Tax Act”). Among other significant changes, the Tax Act reduced the corporate federal income tax rate from 35% to 21%. The carryback of NOLs from tax years 2018 and 2019 under the CARES Act to pre-Tax Act years has generated an income tax benefit of $3,091 due to the difference in income tax rates. The release of research and development credits has generated an income tax benefit of $358. These income tax benefits have been recorded in the income tax provision for fiscal year 2020. | ||
Income tax benefit | $ 510 | $ 398 | |
Research and development credits | $ 358 | ||
Effective tax rate percentage | 29.20% | 29.90% | |
Nondeductible tax expense | $ 510 | ||
Valuation allowance | 99 | ||
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 0 | ||
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 5,000 | ||
Research and Development Expense [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 358 | ||
Tax Year 2014 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 9,919 | ||
Tax Year 2015 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 9,919 | ||
Tax Year 2019 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 21,687 | ||
CARES Act [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income Tax Examination, Description | On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before January 1, 2021. | ||
Income tax benefit | $ 3,091 |
Schedule of Line of Credit and
Schedule of Line of Credit and Borrowing Agreements (Details) - USD ($) $ in Thousands | Jan. 26, 2024 | Nov. 03, 2023 |
Debt Disclosure [Abstract] | ||
Revolving credit facility | ||
3.68% note due 04/16/27, out of lockout 04/17/22 | 3,660 | 3,831 |
Total debt | 3,660 | 3,831 |
Less current debt | (1,052) | (1,045) |
Total long-term debt | $ 2,608 | $ 2,786 |
Schedule of Line of Credit an_2
Schedule of Line of Credit and Borrowing Agreements (Details) (Parenthetical) | 3 Months Ended | 12 Months Ended |
Jan. 26, 2024 | Nov. 03, 2023 | |
Debt Disclosure [Abstract] | ||
Interest rate | 3.68% | 3.68% |
Maturity date, end | Apr. 16, 2027 | Apr. 16, 2027 |
Maturity date, start | Apr. 17, 2022 | Apr. 17, 2022 |
Equipment Notes Payable and F_3
Equipment Notes Payable and Financial Arrangements (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jun. 02, 2022 | Aug. 30, 2021 | Jan. 26, 2024 | Nov. 03, 2023 | Dec. 26, 2018 | |
Debt Instrument [Line Items] | |||||
Secured debt | $ 3,660 | $ 3,831 | |||
Prepayment of loan | $ 18,653 | ||||
Bridge Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Bridge loan | $ 25,000 | ||||
CRG Purchase Agreement [Member] | Land [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain on sale of land | $ 18,653 | ||||
Wells Fargo Bank NA [Member] | Master Collateral Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt | $ 15,000 | ||||
Wells Fargo Bank NA [Member] | November 3, 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility maximum borrowing capacity | $ 7,500 | ||||
Line of credit facility interest rate description | 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. |