Bubs

Translation from my phone:

Don’t eat the bread, Flaco.

It’s not for you.

Psst, Flaco!

Do you want some bread?

Go on!

There’s no way we’re going to let it go to waste.
There’s no way it’s going to waste.

Flaco means skinny or thin.

I would assume based on the capitalization that Flaco is the dog’s name and they’re not just saying “don’t eat this you skinny dog”.

EDIT: Better translation of last line.