Form 8-K BT Brands, Inc. For: May 11
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive Agreement.
On May 11, 2022, BT Brands, Inc. (“we,” “us” or the “Company”) consummated the acquisition of substantially all of the assets of Pie in the Sky Coffee and Bakery (www.piecoffee.com), a coffee shop and bakery located two blocks from the Steamship Authority and ferry dock in Woods Hole, Massachusetts. Pie in the Sky serves breakfast and lunch and offers patrons freshly roasted coffee and branded merchandise. We acquired the assets for an aggregate purchase price of $1,150,000. The acquired assets have operated as Pie in the Sky for 40 years, primarily serving the local community and ferry travelers to Martha’s Vineyard. As part of the purchase, we acquired the “Pie in the Sky” tradename, and we plan to continue to operate the property under the Pie in the Sky name.
Concurrent with the purchase of the Pie in the Sky assets, we entered into a five-year triple-net lease for the property occupied by Pie in the Sky with the seller of the assets that provides us with three five-year extensions at our option. Terms of the lease provide for an initial rent of $10,000 per month, increasing annually to approximately $11,000 per month during the first five-year term. The landlord granted us a right of first refusal to purchase the property on terms it receives from a third party which extends through the entire term and any extension of the lease.
Item 9.01. Exhibits.
(d) Exhibits
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: May 19, 2022 | By: | /s/ Gary Copperud |
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| Gary Copperud |
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| Chief Executive Officer |
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