88 results
10-Q/A
2024 Q2
BTBD
BT Brands, Inc.
15 Aug 24
Quarterly report (amended)
11:58am
Our long-term debt is as follows:
June 30, 2024 | December 31, 2023 | |||||||
Three notes payable to a bank dated June 28, 2021, due in monthly installments totaling $22,213, including principal and interest at a fixed rate of 3.45% through June 28, 2031. Beginning in July 2031, the interest rate will be equal to the greater of the "prime rate" plus .75%, or 3.45%. These notes mature on June 28, 2036. The notes are secured by mortgages covering eight BTND operating locations. The notes are guaranteed by BT Brands, Inc., and a shareholder of the Company. | $ | 2,398,804 | $ | 2,489,299 | ||||
Less - unamortized debt issuance costs | (33,499) | (36,199) | ||||||
Current maturities | (164,408) | (183,329) | ||||||
$ | 2,200,897 | $ | 2,269,771 |
10-Q/A
2024 Q2
BTBD
BT Brands, Inc.
15 Aug 24
Quarterly report (amended)
11:58am
For the 13-week periods- | Common Stock | Additional Paid-in | Accumulated | Treasury | ||||||||||||||||||||
Shares | Amount | Capital | (Deficit) | Stock | Total | |||||||||||||||||||
Balances, March 31, 2024 | 6,246,118 | $ | 12,492 | $ | 11,637,235 | $ | (2,495,591) | $ | (357,107) | $ | 8,797,029 | |||||||||||||
Stock-based compensation | - | - | 56,000 | - | - | 56,000 | ||||||||||||||||||
Treasury stock purchase | (50,436) | (100) | - | - | (75,890) | (75,990) | ||||||||||||||||||
Net loss | - | - | - | (69,952) | - | (69,952) | ||||||||||||||||||
Balances, June 30, 2024 | 6,195,682 | $ | 12,392 | $ | 11,693,235 | $ | (2,565,543) | $ | (432,997) | $ | 8,707,087 |
10-Q/A
2024 Q2
BTBD
BT Brands, Inc.
15 Aug 24
Quarterly report (amended)
11:58am
Common Stock | Additional Paid-in | Accumulated | Treasury | |||||||||||||||||||||
Shares | Amount | Capital | (Deficit) | Stock | Total | |||||||||||||||||||
Balances, April 2, 2023 | 6,246,118 | $ | 12,492 | $ | 11,445,135 | $ | (1,304,309) | $ | (356,807) | $ | 9,796,511 | |||||||||||||
Stock-based compensation | - | - | 41,400 | - | - | 41,400 | ||||||||||||||||||
Net loss | - | - | - | (233,734) | - | (233,734) | ||||||||||||||||||
Balances, July 2, 2023 | 6,246,118 | $ | 12,492 | $ | 11,486,535 | $ | (1,538,043) | $ | (356,807) | $ | 9,604,177 | |||||||||||||
See Notes to Condensed Consolidated Condensed Financial Statements |
10-Q/A
2024 Q2
BTBD
BT Brands, Inc.
15 Aug 24
Quarterly report (amended)
11:58am
Property and equipment consisted of the following:
June 30, 2024 | December 31, 2023 | |||||||
Land | $ | 435,239 | $ | 435,239 | ||||
Equipment | 4,747,479 | 3,994,685 | ||||||
Buildings and leasehold improvements | 2,505,040 | 2,463,626 | ||||||
Total property and equipment | 7,687,758 | 6,893,550 | ||||||
Accumulated depreciation | (3,655,737) | (3,387,786) | ||||||
Less - property held for sale | (258,751) | (258,751) | ||||||
Net property and equipment | $ | 3,773,270 | $ | 3,247,013 |
10-Q/A
2024 Q2
BTBD
BT Brands, Inc.
15 Aug 24
Quarterly report (amended)
11:58am
We define restaurant-level EBITDA as operating income before pre-opening costs, including general and administrative costs, depreciation and amortization, and impairment charges. General and administrative expenses are excluded as they are generally not specifically identifiable as restaurant-specific costs. Depreciation, amortization, and impairment charges are excluded because they are not ongoing controllable cash expenses and are not related to the health of ongoing operations.
13 weeks ended, | ||||||||
June 30, 2024 | July 2, 2023 | |||||||
Net sales | $ | 4,110,639 | $ | 3,999,965 | ||||
Reconciliation: | ||||||||
Loss from operations | (188,543) | (79,548) | ||||||
Depreciation and amortization | 171,351 | 192,20 | ||||||
General and administrative expenses | 454,805 | 519,077 | ||||||
Restaurant-level EBITDA | $ | 437,613 | $ | 632,049 | ||||
10.6 | % | 15.8 | % |
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