Corporate Offices
−Removed: Our principal offices are in leased office space in West Fargo, North Dakota, pursuant to a 12-month rental agreement at $550 per month and additional space is leased in Minnetonka, Minnesota rented on a month-to-month basis for $1,300 per month.
+Added: Our principal office is in leased office space in Minnetonka, Minnesota, and is rented on a month-to-month basis for $1,300 per month.
Burger Time Properties
9 unchanged sentences
Ham Lake, Minnesota (3)
−Removed: BTND DQ, LLC (2)
−Removed: Paul, Minnesota (3)
Richmond, Indiana (2)
1 unchanged sentence
BTND IN, LLC (4) (5)
−Removed: Dairy Queen franchise.
−Removed: Restaurant operations are 99% owned by BTND, LLC, and 1% owned by the current restaurant manager.
−Removed: Paul property was sold for $496,000, and the sale closed in the first quarter of 2023 with a gain on sale of approximately $313,000.
−Removed: The Richmond, Indiana, location closed in December 2018, and the property is currently held for sale.
−Removed: We lease our executive offices, consisting of approximately 1,000 square feet, located at 405 West Main Street, West Fargo, North Dakota, under a one-year rental agreement at the cost of $550 per month.
−Removed: In addition, effective January 2, 2022, we agreed to reimburse Brimmer Company, LLC, an affiliate of the Company, for the monthly rent of $1,250 on 1100 square feet in Minnetonka, Minnesota, at 10501 Wayzata Blvd Ave S, Suite 102 where administrative activities are performed.
+Added: Closed January 19, 2025
+Added: The Richmond, Indiana, location closed in December 2018, and the property is being held for sale.
+Added: The Ham Lake location closed in January 2025 and alternatives for the property are currently being considered.
+Added: Until January 2025, we leased executive offices, consisting of approximately 1,000 square feet, located at 405 West Main Street, West Fargo, North Dakota, under a one-year rental agreement at the cost of $550 per month.
+Added: In addition, effective January 2, 2022, we agreed to reimburse Brimmer Company, LLC, an affiliate of the Company, for the monthly rent of $1,300 on approximately 1100 square feet in Minnetonka, Minnesota, at 10501 Wayzata Blvd Ave S, Suite 102, where administrative activities are performed.
Our office space is adequate for its intended purposes and our near-term expansion plans.
−Removed: On June 28, 2021, we refinanced our BTND mortgage debt, bearing interest at 4.75%.
−Removed: As of December 31, 2023, we had $2,489,299 in contractual obligations relating principally to amounts due under mortgages on the real property on which our Burger Time restaurants are situated.
+Added: On June 28, 2021, we refinanced our BTND mortgage debt to mortgages bearing interest at 3.45%.
+Added: As of December 29, 2024, we had $2,276,344 in contractual obligations relating to mortgages on the real property on which our Burger Time restaurants are situated.
Our monthly required payment is approximately $22,000.
−Removed: Keegan’s Restaurant
−Removed: Concurrent with our acquisition of Keegan’s assets in March 2022, we entered into a 132-month triple-net lease for the property occupied by Keegan’s with an unrelated landlord.
−Removed: The terms of the lease provide for an initial rent of $5,000 per month, increasing annually at the greater of 3% or the increase in the Consumer Price Index over that period.
−Removed: The location comprises approximately 2,900 square feet of dining, kitchen, and storage space and includes typical features for a full-service restaurant.
−Removed: Pie In The Sky Restaurant
−Removed: Concurrent with our purchase of PIE assets in May 2022, we entered into a five-year triple-net lease for the property occupied by PIE with the seller of the assets that provides us with three five-year extensions at our option.
+Added: We are also obligated under operating lease agreements to future payments totaling approximately $1,772,000, requiring monthly rental payments of approximately $25,000.
+Added: Keegan’s Seafood Grille
+Added: Upon the acquisition of Keegan’s assets in March 2022, we entered into a 132-month triple-net lease with an unrelated landlord for the property occupied by Keegan.
+Added: The lease terms provide for an initial rent of $5,000 per month, increasing annually at the greater of 3% or the increase in the Consumer Price Index over that period.
+Added: The location comprises approximately 2,900 square feet of dining, kitchen, and storage space and typical features for a full-service restaurant.
+Added: Pie In The Sky Coffee and Bakery
+Added: With our purchase of PIE assets in May 2022, we entered into a five-year triple-net lease for the property occupied by PIE with the seller of the assets that provides us with three five-year extensions at our option.
The lease terms provide for an initial rent of $10,000 per month, increasing annually to approximately $11,000 per month during the first five-year term.
2 unchanged sentences
The landlord granted us a right of first refusal to purchase the property on terms it receives from a third party during the entire term and any lease extension.
−Removed: Village Bier Garten Restaurant
−Removed: Concurrent with our acquisition of the Village Bier Garten assets, we entered a five-year lease with the seller for approximately 3,000 square feet of restaurant space and access to an additional 3,000 square feet of shared entertainment and seating area, including all features typical for a full-service restaurant.
−Removed: The terms of the triple-net 60-month lease provide for an initial rent of $8,200 per month with an annual escalation of 3%.
+Added: Schnitzel Haus
+Added: Concurrently with the May 13, 2024, purchase of Schnitzel Haus assets, we agreed to assume the remaining term of the former owners’ existing lease obligation on approximately 4,200 square feet.
+Added: The Schnitzel lease expires January 1, 2028.
+Added: Monthly lease payments are approximately $4,700 per month plus common area charges and is subject to annual escalation based on the Consumer Price Index of inflation.
+Added: Village Bier Garten
+Added: Our purchase of Village Bier Garten’s assets included a five-year lease for 3,000 square feet of restaurant space.
+Added: The terms of the triple-net 60-month lease provided for an initial rent of $8,200 per month with an annual escalation of 3%.
The lease includes three five-year renewal option periods.
−Removed: Legal Proceedings.
−Removed: We are not presently a party to any material litigation, nor, to the knowledge of management, is any litigation threatened against us that may materially affect us.
−Removed: Mine Safety Disclosures.
−Removed: Not applicable.
+Added: Following the end of the fiscal year of 2024, on January 2, 2025, we closed the VBG location and entered into an agreement to assign the lease.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.