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LONG TERM DEBT (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jul. 04, 2021 | Jan. 03, 2021
LONG TERM DEBT |  |
Schedule of maturities of long-term debt |
|  | 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 totaling $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 |

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- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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