LONG TERM DEBT

6 Months Ended

12 Months Ended

Jul. 04, 2021

Jan. 03, 2021

LONG TERM DEBT

NOTE 5 - LONG TERM DEBT

NOTE 4 – LONG TERM DEBT

The Company’s long-term debt is as follows:

	July 4, 2021			January 3, 2021
Notes payable to bank with interest at 4.75%. Secured by eight of the Company's locations and the personal guaranty of a shareholder of the Company These notes were paid in full on June 27, 2021.	$	-		$	2,884,650
Three notes payable to bank dated June 28, 2021 due in monthly installments totalling $22,213 which includes principal and interest at 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 the Company's ten operating locations. The notes are guaranteed by BT Brands, Inc. and a shareholder of the Company.		3,107,100			-
Note payable to bank dated December 28, 2018 due in monthly installments of $1,644 through December 31, 2023 which included principal and interest at a fixed rate of 5.50%. This note is secured by the West St. Paul location and the personal guaranty of a shareholder of the Company. This note was paid in full on April 6, 2021, and is included in current liabilities at April 4, 2021.		-			185,219
Notes payable to bank dated November 10, 2016 payable in monthly installments of $1,331 which includes principal and interest at 4%, the interest rate is subject to adjustment based on 5-year Treasury Note rate 2021 and cannot be less than 4%. This note is secured by property held for sale in Richmond, Indiana and the personal guaranty of a shareholder of the Company.		135,961			141,125
Minnesota Small Business Emergency Loan dated April 29, 2020 payable in monthly installments of $458.33 beginning December 15, 2020 which includes principal and interest at 0%. This note is secured by the personal guaranty of a shareholder of the Company.		24,750			27,500
		3,267,811			3,238,494
Less - unamortized debt issuance costs		(49,699	)		(54,205	)
Current maturities		(174,350	)		(245,306	)
Total	$	3,043,762		$	2,938,983