$BTBD
Bt Brands Inc

2022 Form 10-K Financial Statement

#000147793222001454 Filed on March 17, 2022

View on sec.gov

Income Statement

Concept 2022 2021 Q1 2021
Revenue $8.452M $2.086M $8.160M
YoY Change 3.58% 60.01% 0.0%
Cost Of Revenue $5.669M $1.408M $5.427M
YoY Change 4.46% 37.59% -0.06%
Gross Profit $2.783M $677.5K $2.733M
YoY Change 1.83% 141.95% 0.11%
Gross Profit Margin 32.93% 32.49% 33.49%
Selling, General & Admin $1.098M $521.6K $1.397M
YoY Change -21.39% 127.99% -0.2%
% of Gross Profit 39.47% 76.99% 51.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $234.0K $48.80K $189.4K
YoY Change 23.57% 8.86% -0.32%
% of Gross Profit 8.41% 7.2% 6.93%
Operating Expenses $1.802M $683.9K $2.013M
YoY Change -10.48% 90.08% 0.16%
Operating Profit $980.7K -$6.390K $719.9K
YoY Change 36.24% -91.99% -0.02%
Interest Expense $172.9K -$30.49K $177.8K
YoY Change -2.75% -16.4% -353.94%
% of Operating Profit 17.63% 24.69%
Other Income/Expense, Net $0.00 $0.00 $466.8K
YoY Change -100.0% -0.69%
Pretax Income $807.9K -$127.4K $922.0K
YoY Change -12.38% 9.58% 0.22%
Income Tax $200.0K -$104.0K $130.0K
% Of Pretax Income 24.76% 14.1%
Net Earnings $607.9K -$23.37K $792.0K
YoY Change -23.25% -79.9% 0.25%
Net Earnings / Revenue 7.19% -1.12% 9.71%
Basic Earnings Per Share
Diluted Earnings Per Share $138.7K -$2.887K $97.84K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 2021 Q1 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.39M $1.321M $1.321M
YoY Change 837.42% 326.03% 0.09%
Cash & Equivalents $1.321M
Short-Term Investments $5.990M
Other Short-Term Assets $27.19K $5.350K $5.350K
YoY Change 408.22% 0.94% -46.5%
Inventory $79.51K $60.58K $60.58K
Prepaid Expenses
Receivables $72.25K $19.03K $19.03K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.56M $1.406M $1.406M
YoY Change 793.51% 275.8% -0.27%
LONG-TERM ASSETS
Property, Plant & Equipment $1.592M $1.632M $1.632M
YoY Change -2.46% 1.67% 0.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $75.00K $75.00K $75.00K
YoY Change 0.0% -63.77% -6.25%
Other Assets $273.8K $275.5K $275.5K
YoY Change -0.62% -41.04% -1.6%
Total Long-Term Assets $1.941M $1.983M $1.983M
YoY Change -2.11% -13.02% 0.15%
TOTAL ASSETS
Total Short-Term Assets $12.56M $1.406M $1.406M
Total Long-Term Assets $1.941M $1.983M $1.983M
Total Assets $14.51M $3.389M $3.389M
YoY Change 328.0% 27.7% -0.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $292.0K $270.5K $270.5K
YoY Change 7.94% -44.07% 0.18%
Accrued Expenses $254.3K $420.7K $420.7K
YoY Change -39.55% 134.94% 0.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $169.9K $245.3K $245.3K
YoY Change -30.74% 0.63% -1.88%
Total Short-Term Liabilities $925.3K $1.035M $1.035M
YoY Change -10.56% 13.76% 0.44%
LONG-TERM LIABILITIES
Long-Term Debt $2.833M $2.939M $2.939M
YoY Change -3.6% -9.7% -0.03%
Other Long-Term Liabilities -$30.00 $0.00
YoY Change
Total Long-Term Liabilities $2.833M $2.939M $2.939M
YoY Change -3.6% -9.77% -0.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $925.3K $1.035M $1.035M
Total Long-Term Liabilities $2.833M $2.939M $2.939M
Total Liabilities $3.877M $4.091M $4.091M
YoY Change -5.23% -1.8% 0.04%
SHAREHOLDERS EQUITY
Retained Earnings -$1.208M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.63M -$702.3K -$702.3K
YoY Change
Total Liabilities & Shareholders Equity $14.51M $3.389M $3.389M
YoY Change 328.0% 27.7% -0.02%

Cashflow Statement

Concept 2022 2021 Q1 2021
OPERATING ACTIVITIES
Net Income $607.9K -$23.37K $792.0K
YoY Change -23.25% -79.9% 0.25%
Depreciation, Depletion And Amortization $234.0K $48.80K $189.4K
YoY Change 23.57% 8.86% -0.32%
Cash From Operating Activities $814.0K $8.490K $1.398M
YoY Change -41.76% -89.58% -0.18%
INVESTING ACTIVITIES
Capital Expenditures $207.9K -$96.68K $154.4K
YoY Change 34.65% 2.95%
Acquisitions
YoY Change
Other Investing Activities $0.00 $75.00K $179.0K
YoY Change -100.0% -367.86% -0.56%
Cash From Investing Activities -$207.9K -$21.68K $24.58K
YoY Change -945.89% -22.57% 22.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.296M $436.5K
YoY Change 655.09%
Cash From Financing Activities $10.46M -58.89K -$359.0K
YoY Change -3013.55% 4076.6% -0.29%
NET CHANGE
Cash From Operating Activities $814.0K 8.490K $1.398M
Cash From Investing Activities -$207.9K -21.68K $24.58K
Cash From Financing Activities $10.46M -58.89K -$359.0K
Net Change In Cash $11.06M -72.08K $1.063M
YoY Change 940.72% -238.54% 0.3%
FREE CASH FLOW
Cash From Operating Activities $814.0K $8.490K $1.398M
Capital Expenditures $207.9K -$96.68K $154.4K
Free Cash Flow $606.0K $105.2K $1.243M
YoY Change -51.25% -0.55%

Facts In Submission

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<p style="font-size:10pt;font-family:times new roman;margin:0px">The Company’s fiscal year is a 52/53-week year, ending on the Sunday closest to December 31. Most years consist of four 13-week accounting periods comprising the 52-week year. Fiscal 2021 was 52 weeks ending January 2, 2022, and Fiscal 2020 was the 53-week period ending on January 3, 2021. All references to years in this report refer to the fiscal years described above.</p>
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CY2021 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-118000 USD
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
199000 USD
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
110000 USD
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
1000 USD
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
20000 USD
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
130000 USD
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
169650 USD
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
193600 USD
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
30350 USD
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
47400 USD
CY2022 btbd Paycheck Protection Program Loan Forgiveness
PaycheckProtectionProgramLoanForgiveness
0 USD
CY2021 btbd Paycheck Protection Program Loan Forgiveness
PaycheckProtectionProgramLoanForgiveness
-111000 USD
CY2022 btbd Provision For Income Taxes Benefit
ProvisionForIncomeTaxesBenefit
200000 USD
CY2021 btbd Provision For Income Taxes Benefit
ProvisionForIncomeTaxesBenefit
130000 USD
CY2021 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
16401 USD
CY2021Q1 btbd Stock Warrants Issued To Placement Agent Exercise Price
StockWarrantsIssuedToPlacementAgentExercisePrice
3.30
CY2022Q1 btbd Accured Gift Card Liability
AccuredGiftCardLiability
10036 USD
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11000 USD
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
9000 USD
CY2022 btbd Estimated Useful Life Of The Acquired Dairy Queen
EstimatedUsefulLifeOfTheAcquiredDairyQueen
P14Y
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2000 USD
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;font-family:times new roman;margin:0px">The preparation of consolidated financial statements in conformity with accounting principles accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and the differences could be significant.</p>
CY2020Q2 btbd Pandemic Related Loans
PandemicRelatedLoans
487900 USD
CY2020Q2 btbd Borrowed Amount
BorrowedAmount
460400 USD
CY2020Q2 btbd Additional Loan
AdditionalLoan
27500 USD
CY2021Q1 btbd Accured Gift Card Liability
AccuredGiftCardLiability
0 USD
CY2022Q1 us-gaap Land
Land
485239 USD
CY2021Q1 us-gaap Land
Land
485239 USD
CY2022Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
2674529 USD
CY2021Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
2497576 USD
CY2022Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1322085 USD
CY2021Q1 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
1306896 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4481853 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4289711 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2630764 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2398503 USD
CY2021Q1 btbd Less Property Held For Sale
LessPropertyHeldForSale
-258751 USD
CY2022Q1 btbd Less Property Held For Sale
LessPropertyHeldForSale
-258751 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1592338 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1632457 USD
CY2022 us-gaap Depreciation
Depreciation
232261 USD
CY2021 us-gaap Depreciation
Depreciation
187687 USD
CY2022Q1 btbd Accrued Real Estate Taxes
AccruedRealEstateTaxes
103615 USD
CY2021Q1 btbd Accrued Real Estate Taxes
AccruedRealEstateTaxes
106935 USD
CY2022Q1 btbd Accrued Bonus Compensation
AccruedBonusCompensation
7000 USD
CY2021Q1 btbd Accrued Bonus Compensation
AccruedBonusCompensation
162000 USD
CY2022Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
44700 USD
CY2021Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
56139 USD
CY2022Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
8424 USD
CY2021Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
8519 USD
CY2022Q1 btbd Accrued Sales Taxes Payable
AccruedSalesTaxesPayable
50414 USD
CY2022Q1 btbd Accured Franchise Royality
AccuredFranchiseRoyality
2614 USD
CY2021Q1 btbd Accured Franchise Royality
AccuredFranchiseRoyality
0 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9875 USD
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
852 USD
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
254341 USD
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
420734 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
188840 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
2146013 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
3049971 USD
CY2022 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
16401 shares
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
3.30
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3049971 USD
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3238494 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-46999 USD
CY2021Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
-54205 USD
CY2022Q1 btbd Current Maturities Notes Payable
CurrentMaturitiesNotesPayable
-169908 USD
CY2021Q1 btbd Current Maturities Notes Payable
CurrentMaturitiesNotesPayable
-245306 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2833064 USD
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2938983 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
169908 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
175703 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Rolling Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree
181597 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
187910 USD
CY2022Q1 us-gaap Investments
Investments
229000 USD
CY2022 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08 pure
CY2022Q1 us-gaap Investment Sold Not Yet Purchased Balance Shares
InvestmentSoldNotYetPurchasedBalanceShares
57250 shares
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.65

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