BT Brands Files 10-Q/A Amendment for June 30, 2024

Ticker: BTBDW · Form: 10-Q/A · Filed: Aug 15, 2024 · CIK: 1718224

Sentiment: neutral

Topics: sec-filing, 10-q, amendment

Related Tickers: BTBD

TL;DR

**BTBD files 10-Q/A amendment for Q2 2024. All good on filings.**

AI Summary

BT Brands, Inc. filed an amendment (No. 1) to its Form 10-Q for the quarterly period ended June 30, 2024. The filing indicates the company is subject to the reporting requirements of the Securities Exchange Act of 1934 and has submitted its Interactive Data Files electronically. The company's common stock trades under the symbol BTBD on The NASDAQ Stock Market LLC.

Why It Matters

This amendment clarifies the company's reporting status and confirms its compliance with SEC filing requirements, which is important for investor confidence and regulatory adherence.

Risk Assessment

Risk Level: low — This filing is an amendment to a routine quarterly report and does not appear to contain new material adverse information.

Key Players & Entities

FAQ

What type of filing is this amendment?

This is an amendment (No. 1) to a Form 10-Q, a quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For what period does this report apply?

The report is for the quarterly period ended June 30, 2024.

What is the Commission File Number for BT Brands, Inc.?

The Commission File Number for BT Brands, Inc. is 001-41061.

On which exchange is BT Brands, Inc. common stock traded?

BT Brands, Inc. common stock is traded on The NASDAQ Stock Market LLC.

Has BT Brands, Inc. submitted all required reports for the preceding 12 months?

The filing indicates 'Yes' for having filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,508 words · 18 min read · ~15 pages · Grade level 15.2 · Accepted 2024-08-15 11:58:44

Key Financial Figures

Filing Documents

— FINANCIAL INFORMATION

PART I— FINANCIAL INFORMATION. 5 ITEM 1.

FINANCIAL STATEMENTS. (UNAUDITED)

FINANCIAL STATEMENTS. (UNAUDITED) 5 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION. 17 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK. 24 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 24

—OTHER INFORMATION

PART II—OTHER INFORMATION. 25 ITEM 1. LEGAL PROCEEDINGS. 25 ITEM 1A. RISK FACTORS. 25 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 25 ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 25 ITEM 4. MINE SAFETY DISCLOSURES. 25 ITEM 5. OTHER INFORMATION. 25 ITEM 6. EXHIBITS. 26 SIGNATURES. 27 Page 4 of 27 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION BT BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 3,735,309 $ 5,300,446 Marketable securities 1,495,639 1,392,060 Receivables 28,310 28,737 Inventory 300,147 201,333 Prepaid expenses and other current assets 93,018 47,246 Assets held for sale 258,751 258,751 Total current assets 5,911,174 7,228,573 PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET 3,773,270 3,247,013 OPERATING LEASES RIGHT-OF-USE ASSETS 1,854,459 1,789,285 INVESTMENTS 873,024 1,022,806 DEFERRED INCOME TAXES 336,000 206,000 GOODWILL 796,220 671,220 INTANGIBLE ASSETS, NET 442,830 395,113 OTHER ASSETS, NET 43,648 49,202 Total assets $ 14,030,625 $ 14,609,212 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 612,585 $ 555,247 Broker margin loan - 115,899 Current maturities of long-term debt 164,408 183,329 Current operating lease obligations 262,803 215,326 Accrued expenses 452,680 480,289 Total current liabilities 1,492,476 1,550,090 LONG-TERM DEBT, LESS CURRENT PORTION 2,200,897 2,269,771 NONCURRENT OPERATING LEASE OBLIGATIONS 1,630,165 1,600,622 Total liabilities 5,323,538 5,420,483 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Preferred stock, $.001 par value, 2,000,000 shares authorized, no shares outstanding at June 30, 2024 and December 31, 2023 - - Common stock, $.002 par value, 50,000,000 authorized, 6,461,118 issued and 6,195,682 outstanding at June 30, 2024 and 6,246,118 shares outstanding at December 31, 2023 12,392 12,492 Less cost of 265,436 and 215,000 common shares held in Treasury at June 30, 2024 and December 31, 2023, respectively ( 432,997 ) ( 357,107 ) Additional paid-in capital 11,693,235 11,583,235 Accumulated deficit ( 2,565,543 ) ( 2

Business

Business In addition to eight Burger Time restaurants, collectively ("BTND"), we own and operate Keegan's Seafood Grille ("Keegan's"), a dine-in restaurant located in Florida, Pie In The Sky Coffee and Bakery ("PIE"), a casual dining coffee shop bakery located in Woods Hole, Massachusetts, Schnitzel Haus ("Schnitzel"), a German-themed restaurant in Hobe Sound, Florida and the Village Bier Garten ("VBG"), a German-themed restaurant in Cocoa, Florida. Our Burger Time restaurants feature a variety of burgers and other affordable foods, sides, and soft drinks. Keegan's has operated in Indian Rocks Beach, Florida, for more than thirty-five years, offering a variety of traditional fresh seafood items for lunch and dinner. The menu at Keegan's includes beer and wine. PIE features an array of fresh baked goods, freshly made sandwiches, and our locally roasted coffee. Schnitzel is a full-service restaurant and bar featuring a German-themed menu with specialty imported European beers. Our revenues are derived from food and beverages at our restaurants, retail goods such as apparel, private-labeled "Keegan's Hot Sauce," and other souvenir items, which account for an insignificant portion of our income. Page 9 of 27 Table of Contents On June 2, 2022, BT Brands purchased 11,095,085 common shares of Bagger Dave's Burger Tavern, Inc. "Bagger"). At the time of the purchase, our ownership represented 41.2 % ownership of Bagger and currently represents approximately 40% ownership. We acquired the shares from the founder of Bagger Dave's for $ 1,390,000 , or approximately $ 0.114 per share. Following the investment, two representatives of BT Brands were appointed to comprise the Board of Directors of Bagger. The Bagger concept offers burgers, hand-cut fries, locally crafted beers on draft, milkshakes, salads, chili, and pizza. The first Bagger Dave's opened in January 2008 in Berkley, Michigan. There are six Bagger Dave's restaurants, including four in Michigan and single units

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