We had the following long-term debt obligations at:

December 29,

2024

December 31,

2023

Three notes payable to a bank dated June 28, 2021 due in monthly installments totaling $22,213, including principal and interest at a fixed rate of 3.45% through June 28, 2031. Beginning in July 2031, the interest rate will equal 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 eight BTND operating locations. The notes are guaranteed by BT Brands, Inc., and a shareholder of the Company.

$

2,307,143

$

2,489,299

Less - unamortized debt issuance costs

(30,799

)

(36,199

)

Current maturities

(185,009

)

(183,329

)

Long-term debt, less current portion

$

2,091,335

$

2,269,771