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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K
☒
ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended October 1, 2023
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
file number: 000-51254
PARKS!
AMERICA, INC.
(Exact
name of registrant as specified on its charter)
nevada |
|
91-0626756 |
State
or other jurisdiction of
incorporation
or organization |
|
(I.R.S.
Employer
Identification
Number) |
1300
Oak Grove Road
Pine
Mountain, GA 31822
(Address,
Including Zip Code of Principal Executive Offices)
(706-663-8744)
(Issuer’s
telephone number)
With
copies to:
Jonathan
H. Gardner
Kavinoky
Cook LLP
726
Exchange St., Suite 800
Buffalo,
New York 14210
Securities
registered under Section 12(b) of the Exchange Act:
NONE
Securities
registered under Section 12(g) of the Exchange Act:
Common
Stock, par value $0.001 per share
(Title
of class)
Indicate
by check mark whether the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act.
Yes
☐ No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes
☐ No ☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period
that the registrant was required to submit and post such files).
Yes
☒ No ☐
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. ☒
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting
company. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☐ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☐ |
Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act) Yes ☐. No ☒
The
aggregate market value of the issued and outstanding stock held by non-affiliates of the registrant of the Company’s common stock
as of April 2, 2023 (the last day of the most recently completed second quarter), was approximately $8,530,200. For purposes of the above
statement only, all directors, executive officers and 10% stockholders are assumed to be affiliates. This determination of affiliate
status is not necessarily a conclusive determination for any other purpose.
As
of December 7, 2023, the issuer had 75,517,763 outstanding shares of Common Stock.
Securities
registered pursuant to Section 12(g) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
PRKA |
|
OTCPink |
DOCUMENTS
INCORPORATED BY REFERENCE – None
FORM
10-K
FOR
THE FISCAL YEAR ENDED OCTOBER 1, 2023
INDEX
FORWARD-LOOKING
STATEMENTS
In
this Annual Report on Form 10-K, references to “Parks! America, Inc.,” “Parks! America,” “the Company,”
“we,” “us,” and “our” refer to Parks! America, Inc. and our wholly owned subsidiaries.
Except
for the historical information contained herein, this Annual Report on Form 10-K contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking
statements involve risks and uncertainties. These statements are found in the sections entitled “Business,”
“Management’s Discussion and Analysis of Financial Condition and Results of Operation,”
and “Risk Factors.” Such forward-looking statements involve risks and uncertainties,
including, among other things, statements concerning: our business strategy; liquidity and capital expenditures; future sources of revenues
and anticipated costs and expenses; and trends in industry activity generally. Such forward-looking statements include, among others,
those statements including the words such as “may,” “will,” “should,” “expect,” “plan,”
“could,” “anticipate,” “intend,” “believe,” “estimate,” “predict,”
“potential,” “goal,” or “continue” or similar language or by
discussions of our outlook, plans, goals, strategy or intentions.
Our
actual results may differ significantly from those projected in the forward-looking statements. These statements are only predictions
and involve known and unknown risks, uncertainties and other factors, including, but not limited to, the risks outlined under “Risk
Factors”, that may cause our actual results, levels of activity, performance or achievements to be materially different
from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. For
example, factors that could cause actual results to vary materially from future results include, but are not limited to: competition
from other parks which we believe is increasing, factors related to the spread of COVID-19 and its variants, difficulty engaging seasonal
and full-time workers, weather conditions during our primary tourist season, the price of animal feed and the price of gasoline. Although
we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, we cannot guarantee
future results, levels of activity, performance or achievements.
The
forward-looking statements we make in this Annual Report on Form 10-K are based on management’s current views and assumptions regarding
future events and speak only as of the date of this report. We assume no obligation to update any
of these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking
statements, except as required by applicable law, including the securities laws of the United States and the rules and regulations of
the Securities and Exchange Commission (“SEC”).
PART
I
ITEM
1. BUSINESS
Overview
Parks!
America, Inc., through our wholly owned subsidiaries, owns and operates three regional safari parks and is in the business of acquiring,
developing and operating local and regional entertainment assets in the United States. Our wholly owned subsidiaries are Wild Animal
Safari, Inc., a Georgia corporation (“Wild Animal – Georgia”), Wild Animal, Inc., a Missouri corporation (“Wild
Animal – Missouri”), and Aggieland-Parks, Inc., a Texas corporation (“Aggieland Wild Animal – Texas”).
Wild Animal – Georgia owns and operates the Wild Animal Safari park in Pine Mountain, Georgia (the “Georgia Park”).
Wild Animal – Missouri owns and operates the Wild Animal Safari park located in Strafford, Missouri (the “Missouri
Park”). Aggieland Wild Animal – Texas owns and operates the Aggieland Wild Animal Safari park near Bryan/College Station,
Texas (the “Texas Park”). We acquired our Georgia Park on June 13, 2005, our Missouri Park on March 5, 2008, and our Texas
Park on April 27, 2020.
Our
parks are open year round, but experience increased seasonal attendance, typically beginning in the latter half of March through
early September. Combined third and fourth quarter park revenues were 60.4% and 62.1% of annual park revenues for our
2023 and 2022 fiscal years, respectively. Since the acquisition of our Texas Park, the combined third and fourth quarter
concentration of our park revenues has been reduced.
Our
business plan includes expansion via the acquisition of additional local or regional safari parks and entertainment assets. We believe
acquisitions, if any, should not unnecessarily encumber the Company with additional debt that cannot be justified by current operations.
We may also pursue contract management opportunities for themed attractions owned by third parties. By using a combination of equity,
debt and other financing options, we intend to carefully monitor stockholder value in conjunction with the pursuit of growth.
Shares
of our common stock trade on the OTC Markets Group OTCPink marketplace (“OTCPink”) under the symbol, “PRKA.”
For
an overview of our business operations, see MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS
herein.
Corporate
History
The
Company was originally incorporated on July 30, 1954 as Painted Desert Uranium & Oil Co., Inc. in Washington State. On October
1, 2002, Painted Desert Uranium & Oil Co., Inc. changed its name to Royal Pacific Resources, Inc. and its corporate domicile to
the State of Nevada. On December 19, 2003, Royal Pacific Resources, Inc. acquired the assets of Great Western Parks LLC pursuant to
a Share Exchange Agreement that set the stage for our current corporate structure and operating strategy. We changed the name of the
Company to Great American Family Parks, Inc. The acquisition was accounted for as a “reverse acquisition” in which Great
Western Parks was considered the acquirer of Royal Pacific Resources for reporting purposes. As of June 11, 2008, the Company
changed its name from Great American Family Parks, Inc. to its current name, Parks! America, Inc. In addition, effective June 25,
2008, the Company’s quotation symbol on the OTCPink was changed from GFAM to PRKA.
Wild
Animal Safari, Inc. – Our Georgia Park
On
June 13, 2005, Wild Animal – Georgia acquired our Georgia Park in Pine Mountain, Georgia. Our Georgia Park is situated within a
200-acre portion of a 500-acre plot, which is owned by Wild Animal – Georgia, located approximately 75 miles southwest of Atlanta.
Our Georgia Park features a three-mile drive-through animal viewing area that opened in 1991. It is home to over 500 animals, birds and
reptiles, comprised of over 65 species. Most of the animals roam wild in a natural habitat. Visitors can observe, photograph and feed
the animals along the paved road that runs through the drive-through section of our Georgia Park’s natural habitat area. Some animals
are contained in special fenced-in exhibit areas within the natural habitat, drive-through section of our Georgia Park, while others
are in a more traditional zoo-like walk through section of the park, the Walkabout Adventure Zoo, which also includes a reptile house,
featuring reptiles from several continents.
In
late March 2023, our Georgia Park experienced extensive damage, caused by an EF-3 tornado and over nine inches of rain, resulting in
more than 4,500 fallen trees and damage to many of the Park’s animal enclosures, fencing and other infrastructure. The Walkabout
Adventure Zoo (“Walkabout”) portion of the property was particularly hard hit. Our Georgia Park was closed for 20 days, including
for most of its traditionally busy spring break period, which has historically comprised approximately 10%-15% of its annual revenue.
The drive-through safari section of the Georgia Park reopened on April 15th. The Walkabout portion of the park has reopened in phases,
with the first phase on May 6th and the second phase on July 2nd. Approximately one-quarter of the Walkabout remains closed. Our 2024
fiscal year capital projects reflect further strategic rebuild of our Georgia Park following the March 2023 weather event and continue
to set the stage for longer-term master planning.
Wild
Animal, Inc. – Our Missouri Park
Wild
Animal – Missouri purchased our Missouri Park as of March 5, 2008. Our Missouri Park is situated in Strafford, Missouri on 255
acres of land located 12 miles east of Springfield and approximately 45 miles north of Branson. Our Missouri Park features a five-mile
drive-through wild animal viewing area that opened in 1971. It is home to approximately 350 animals, birds and reptiles, comprised of
over 65 species. Most of the animals roam wild throughout a natural habitat. Visitors can observe, photograph and feed the animals along
the paved road that runs throughout the drive-through section of our Missouri Park’s natural habitat area. Some animals are contained
in special fenced-in exhibit areas within the natural habitat, drive-through section of our Missouri Park and other animals are in a
more traditional zoo-like walk through section of the park, the Walkabout Adventure Zoo, which also contains a reptile house, featuring
reptiles from several continents.
Aggieland-Parks,
Inc. – Our Texas Park
Aggieland
Wild Animal – Texas acquired our Texas Park on April 27, 2020. Our Texas Park is situated on 250 acres of a 450-acre property,
located approximately 25 miles northeast of Bryan/College Station, Texas and 120 miles northwest of downtown Houston. Our Texas Park
features a two-and-a-half mile drive-through animal viewing area that opened in 2019. It is home to over 600 animals, birds and reptiles,
comprised of over 70 species. Most of the animals roam wild throughout a natural habitat. Visitors can observe, photograph and feed the
animals along a crushed-gravel road that runs throughout the drive-through section of our Texas Park’s natural habitat area. Our
Texas Park also includes a 20-acre Walkabout Adventure Zoo, featuring outdoor and indoor animal exhibits, a reptile house, an aviary,
an extensive giraffe encounter area, an otter exhibit, and a large hippopotamus enclosure and pond.
Animal
Park Operations
Park
revenues are primarily derived from admission fees, food and beverage sales, gift shop and specialty item sales, and sales of animal
food. During our 2022 fiscal year, we introduced private and semi-private animal keeper guided animal encounters at each of our parks.
We also introduced vehicle rentals at our Missouri and Texas Parks, which have been a customer favorite at our Georgia Park for over
a decade. Management’s plans to grow revenues at each of our parks include ongoing improvements to existing facilities, making
each park more attractive to visitors and developing unused acreage. We also believe that increasing local and regional awareness of
each park via advertising and promotion is a critical element of our revenue growth plans, especially for our Texas and Missouri Parks.
In
addition to the animal environments, each of our parks contains a gift shop, a restaurant or concessions areas, and picnic areas. We
sell food and beverages in our restaurants or concession areas, and a variety of items in our gift shops, including shirts, hats,
plush, educational books, toys and novelty items, many of which are animal themed. Our 2024 fiscal year plans include the continuing
renovation of Walkabout animal habitats and enclosures, especially at our Georgia Park following the impact of the March 2023
weather event, the rebuild of a new restroom building and main entry plaza at our Georgia park and maintenance capital on roadways
and core infrastructure. Our plan to open a significant new giraffe exhibit at our Georgia Park during our 2022 fiscal year
experienced delays due to a highly inflationary period for building materials and a challenging labor market. While we remain
committed to this showcase attraction, the project has been further delayed due to the extensive damage and ongoing rebuild efforts
following the March 2023 severe weather and tornado event. We expect to establish a revised timeline for this project during our
2024 fiscal year. Increasing attendance, and overall guest satisfaction, as well as increasing the per capita revenue generated in our gift
shops and from concessions, continues to be a primary focus.
Most
of the animals at each of our parks have been born on-site or domestically acquired. We rarely import animals and have not imported any
animals in the past 15 years. Auctions and sales of animals across the United States occur often and we may acquire animals in these
auctions if we see an opportunity to enhance the animal population at our parks. As a result of natural breeding, animal populations
at our Parks tend to grow over time. Periodically, we sell surplus animals, and the proceeds are recorded as revenue. The periodic acquisition
and sale of animals is also part of our herd and genetic management program. From time-to-time, we may also relocate animals between
our parks as part of this program. Each park is subject to routine inspection by federal and state agencies. Each park maintains a high
standard of animal care and has passed all recent inspections.
Employees
Our
Georgia Park has approximately 25 full-time employees and engages 20-35 additional part-time and seasonal employees. Our Missouri Park
has approximately 11 full-time employees and engages 6-12 additional part-time and seasonal employees. Our Texas Park has approximately
13 full-time employees and engages 8-12 additional part-time and seasonal employees. We also engage consultants from time to time. We
have no collective bargaining agreements with our employees and believe our relations with our employees are good. Parks! America has
two officers and one manager who oversee the strategy of the Company, the operations and capital investment activities of our parks,
as well as the overall financial activities, controls and reporting for the Company and each park.
ITEM
1A. RISK FACTORS
You
should read the following discussion and analysis together with our consolidated financial statements and related notes included elsewhere
in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this
Annual Report on Form 10-K, including information with respect to our plans and strategies for our business, includes forward-looking
statements that involve risks and uncertainties. You should review the “Risk Factors”
below for a discussion of important factors that could cause actual results to differ materially from the results described in or implied
by the forward-looking statements contained in this report. If any of the following risks actually occur, our business, financial condition
and results of operations could be adversely affected.
Risk
Factors Relating to Our Business:
Conditions
beyond our control, including natural disasters or extreme weather, could damage our properties and could adversely impact attendance
at our parks and result in decreased revenues.
Natural
disasters, public heath crises, epidemics, pandemics, such as the outbreak of COVID-19, terrorist activities, power outages or other
events outside our control could disrupt our operations, impair critical systems, damage our properties or reduce attendance at our parks
or require temporary park closures. Damage to our properties could take a long time to repair and there is no guarantee that we would
have adequate insurance to cover the costs of repair or the expense of the interruption to our business. Furthermore, natural disasters
such as fires, earthquakes, hurricanes or extreme weather events linked to climate change, may interrupt or impede access to our affected
properties or require evacuations and may cause attendance at our affected properties to decrease for an indefinite period.
For
example, during March 26-27, 2023, our Georgia Park experienced extensive damage, caused by an EF-3 tornado and over nine inches of rain,
resulting in more than 4,500 fallen trees and damage to many of the Park’s animal enclosures, fencing and other infrastructure.
Our Georgia park was subsequently closed for 20 days, including for most of its traditionally busy spring break period, which has historically
comprised approximately 10%-15% of its annual revenue. Also, during February 2021 our Texas Park was closed for several weeks, experienced
power outages and sustained property damage associated with several severe winter storms.
The
occurrence of such events could have a material adverse effect on our business, financial condition and results of operations. We cannot
predict the frequency, duration or severity of these activities and the effect that they may have on our business, financial condition
or results of operations.
General
economic conditions may have an adverse impact on our business, financial condition or results of operations.
Our
business and operating results can be impacted by a number of macroeconomic factors, including but not limited to consumer confidence
and spending levels, tax rates, unemployment, consumer credit availability, raw materials costs, pandemics (such as the COVID-19 pandemic)
and natural disasters, fuel and energy costs (including oil prices), and credit market conditions. A general economic slowdown or recession resulting in a decrease in
discretionary spending could adversely affect the frequency with which guests choose to visit our parks and the amount that our guests
spend when they visit. Our ability to source supplies, materials and services at reasonable costs and in a timely manner could be impacted
by adverse economic conditions in the U.S. and abroad. For example, our ability to obtain gift shop merchandise was adversely impacted
by supply chain distributions at least in part attributed to collateral impacts from COVID-19. Similarly, our plans to open a
new giraffe exhibit at out Georgia Park experienced delays during our 2022 fiscal year, in large part due building material price increases
and labor storages in the construction industry.
The
Theme Park Industry is highly competitive, and we may be unable to compete effectively.
The
theme park industry is highly competitive, highly fragmented, rapidly evolving, and subject to technological change and intense marketing
by providers with similar products. One of our competitors for attracting general recreation dollars, Callaway Gardens, is located within
five miles of our Georgia Park. In May 2018, Great Wolf Resorts opened an expansive lodge and indoor waterpark within 10 miles of our
Georgia Park. In September 2017, the founder of Bass Pro Shops opened “Johnny Morris’ Wonders of Wildlife National Museum
and Aquarium”, approximately 12 miles from our Missouri Park in Springfield, Missouri. Branson, Missouri is located just 45 minutes
from our Missouri Park. There are a variety of animal attractions throughout southeastern Texas; the nearest is Franklin Drive Thru Safari,
within a 35-40 minute drive of our Texas Park. Many of our current competitors are significantly larger and have substantially greater
market presence as well as greater financial, technical, operational, marketing and other resources and experience than we have. In the
event that a competitor expends significant sales and marketing resources in one or several markets we may not be able to compete successfully
in such markets. We believe that competition will continue to increase, potentially placing downward pressure on prices. Such pressure
could adversely affect our gross margins if we are not able to reduce costs commensurate with such price reductions. In addition, the
pace of technological change makes it impossible for us to predict whether we will face new competitors using different technologies
to provide the same or similar products offered or proposed to be offered by us. If our competitors were to provide better and more cost
effective products, our business could be materially and adversely affected.
We
face strong competition from numerous entertainment alternatives.
In
addition to competing with other themed and amusement parks, our venues compete with other types of recreational venues and entertainment
alternatives, including but not limited to movies, sports attractions, vacation travel and video games. There can be no assurance that
we will successfully differentiate ourselves from these entertainment alternatives or that consumers will consider our entertainment
offerings to be more appealing than those of our competitors. The increasing availability and quality of technology-based entertainment
has provided families with a wider selection of entertainment alternatives in their homes, including home entertainment units, in-home
and online gaming, as well as on-demand streaming video and related access to various forms of entertainment. In addition, traditional
theme parks have been able to reduce the cost and increase the variety of their attractions by implementing technologies that cannot
be readily incorporated by wild animal attractions such as our parks.
The
suspension or termination of any of our business licenses may have a negative impact on our business.
We
maintain a variety of business licenses issued by federal, state and local government agencies that are required to be renewed periodically.
We cannot guarantee that we will be successful in renewing all our licenses on a periodic basis. The suspension, termination or expiration
of one or more of these licenses could have a significant adverse effect on our revenues and profits. In addition, any changes to the
requirements for any of our licenses could affect our ability to maintain the licenses.
Our
insurance coverage may not be adequate to cover all possible losses that we could suffer, and our insurance costs may increase.
Companies
engaged in the theme park business may be sued for substantial damages in the event of an actual or alleged accident. An accident occurring
at our parks or at competing parks may reduce attendance, increase insurance premiums, and negatively impact our operating results. Our
properties contain drive-through, safari style animal parks, and there are inherent risks associated with allowing the public to interact
with animals. Although we carry liability insurance to cover this risk, there can be no assurance that our coverage will be adequate
to cover liabilities, or that we will be able to afford or obtain adequate coverage should a catastrophic incident occur.
We
currently have $6.0 million of liability insurance per occurrence, which is capped at $10.0 million in aggregate. We will continue to
use reasonable commercial efforts to maintain policies of liability, fire and casualty insurance sufficient to provide reasonable coverage
for risks arising from accidents, fire, weather, other acts of God, and other potential casualties. There can be no assurance that we
will be able to obtain adequate levels of insurance to protect against suits and judgments in connection with accidents or other disasters
that may occur in our parks.
We
may not identify or complete acquisitions in a timely, cost-effective manner, if at all.
Our
business plan includes expansion via the acquisition of additional local or regional entertainment assets and attractions. There can
be no assurance that we will be successful in acquiring and operating additional local or regional entertainment assets and
attractions. Competition for acquisition opportunities in the attractions industry is intense as there are a limited number of parks
within the United States that could reasonably qualify as acquisition targets for us. Our acquisition strategy is dependent upon,
among other things, our ability to: identify acquisition opportunities; obtain debt and equity financing; and obtain necessary
regulatory approvals. Our ability to pursue our acquisition strategy may be hindered if we are not able to successfully identify
acquisition targets or obtain the necessary financing or regulatory approvals, including but not limited to those arising under
federal and state antitrust and environmental laws.
Significant
amounts of additional financing may be necessary for the implementation of our Business Plan.
The
Company may require additional debt and equity financing to pursue its business plan. There can be no assurance that we will be successful
in obtaining additional financing. Lack of additional funding could force us to substantially curtail our expansion plans. Furthermore,
the issuance by the Company of any additional securities would dilute the ownership of existing stockholders and may affect the price
of our common stock.
Our
ownership of real property subjects us to environmental regulation, which creates uncertainty regarding future environmental expenditures
and liabilities.
We
may be required to incur costs to comply with environmental requirements, such as those relating to discharges to air, water and land;
the handling and disposal of solid and hazardous waste; and the cleanup of properties affected by hazardous substances. Under these and
other environmental requirements we may be required to investigate and clean up hazardous or toxic substances or chemical releases at
one of our properties. As an owner or operator, we could also be held responsible to a governmental entity or third party for property
damage, personal injury and investigation and cleanup costs incurred by them in connection with any contamination. Environmental laws
typically impose cleanup responsibility and liability without regard to whether the owner or operator knew of or caused the presence
of the contaminants. The liability under environmental laws has been interpreted to be joint and several unless the harm is divisible
and there is a reasonable basis for allocation of the responsibility. The costs of investigation, remediation or removal of those substances
may be substantial, and the presence of those substances, or the failure to remediate a property properly, may impair our ability to
use our property. We are not currently aware of any material environmental risks regarding our properties. However, we may be required
to incur costs to remediate potential environmental hazards or to mitigate environmental risks in the future.
We
are dependent upon the services of our Executive Officers, key personnel and consultants.
Our
success is heavily dependent on the continued active participation of our executive officers. Loss of the services of one or more of
these officers could have a material adverse effect upon our business, financial condition or results of operations. Further, our
success and achievement of our growth plans depend on our ability to recruit, hire, train and retain other highly qualified
technical and managerial personnel. Competition for qualified employees among companies in the theme park industry is intense, and
the loss of any such persons, or an inability to attract, retain and motivate any additional highly skilled employees required for
the expansion of the Company’s activities, could have a materially adverse effect on the Company. The inability of the Company
to attract and retain the necessary personnel, and consultants and advisors could have a material adverse effect on the
Company’s business, financial condition or results of operations.
Increased
labor and employee benefit costs may negatively impact our results of operations. We also depend on a seasonal workforce, many of whom
are paid at or near minimum wage.
Labor
is a primary component in the cost of operating our business. Our ability to control labor costs is subject to numerous external factors,
including market pressures with respect to prevailing wage rates, unemployment levels, and health and other insurance costs, as well
as the impact of legislation or regulations governing labor relations, minimum wage, and healthcare benefits. Furthermore, our operations
are dependent in part on a seasonal workforce, many of whom are paid at or near minimum wage. We seek to manage seasonal wages and the
timing of the hiring process to ensure the appropriate workforce is in place for peak and low seasons; however, we may be unable to recruit
and hire sufficient personnel to meet our business needs. In addition, we cannot guarantee that material increases in the cost of securing
our workforce will not occur in the future. Increased state or federal minimum wage requirements, general wages or an inadequate workforce
could have an adverse impact on our results of operations. We anticipate that the recent upward pressures on general wage rates may increase
our salary, wage and benefit expenses in our 2024 fiscal year and beyond, and further legislative changes or competitive wage rates could
continue to increase these expenses in the future.
Data
privacy regulation and our ability to comply could harm our business.
We
(or third parties on our behalf) collect, store and use personal information and other customer data we receive through online ticket
sales, marketing, mailing lists, and guest reservations. There are multiple federal, state and local laws regarding privacy and protection
of personal information and data, and these laws and regulations continue to evolve. For example, many states have passed laws requiring
notification to customers when there is a security breach involving their personal data and multiple jurisdictions are considering legislation
that may impose liability if a business fails to properly safeguard personal information of its customers. Maintaining compliance with
applicable security and privacy regulations may increase our operating costs. While we believe our cybersecurity measures are adequate,
however, if we were to experience a data breach, we could be subject to fines, penalties and/or costly litigation.
Risk
Factors Relating to Our Common Stock:
Our
Common Stock is subject to the “penny stock” rules of the SEC and the trading market in our Common Stock is limited, which
makes transactions in our Common Stock cumbersome and may reduce the value of an investment in our Common Stock.
Our
common stock is considered a “penny stock” and the sale of our stock by you will be subject to the “penny stock rules”
of the SEC. The penny stock rules require broker-dealers to take steps before making any penny stock trades in customer accounts. As
a result, the market for our shares could be illiquid and there could be delays in the trading of our stock, which would negatively affect
your ability to sell your shares and could negatively affect the trading price of your shares.
We
do not expect to pay dividends for some time, if at all.
As
of the date of this report, no cash dividends have been paid on our common stock. We expect that any income from operations will be devoted
to our future operations and growth, as well as to service our debt. We do not expect to pay cash dividends in the near future. Any future
determination as to the payment of dividends on our common stock will be at the discretion of our Board of Directors and will depend
on our earnings, operating and financial condition, capital requirements and other factors deemed relevant by our Board of Directors.
The provisions of credit agreements, which we may enter from time to time, may also restrict the declaration of dividends on our common
stock.
ITEM
1B. UNRESOLVED STAFF COMMENTS
None
ITEM
2. PROPERTIES
The
Company owns and operates the following wild animal safari parks:
Wild
Animal Safari, Inc. – Our Georgia Park
Our
Georgia Park is situated within a 200-acre portion of a 500-acre plot, which is owned by Wild Animal – Georgia, located approximately
75 miles southwest of Atlanta. Our Georgia Park features a three-mile drive-through animal viewing area that opened in 1991. Some animals
are contained in special fenced-in exhibit areas within the natural habitat, drive-through section of our Georgia Park, while others
are in a more traditional zoo-like walk through section, the Walkabout Adventure Zoo, which also includes a reptile house, featuring
reptiles from several continents. In addition to the animal environments, our Georgia Park contains a gift shop, a restaurant and picnic
areas.
Wild
Animal, Inc. – Our Missouri Park
Our
Missouri Park is situated in Strafford, Missouri on 255 acres of land located 12 miles east of Springfield and approximately 45 miles
north of Branson. Our Missouri Park features a five-mile drive-through wild animal viewing area that opened in 1971 Some animals are
contained in special fenced-in areas within the natural habitat, drive-through section of our Missouri Park and other animals are in
a more traditional zoo-like atmosphere, the Walkabout Adventure Zoo, which also contains a reptile house, featuring reptiles from several
continents. Our Missouri Park also has a gift shop, a restaurant, several party rooms for rental and a play structure.
Aggieland-Parks,
Inc. – Our Texas Park
Our
Texas Park is situated on 250 acres of a 450-acre property, located approximately 25 miles northeast Bryan/College Station, Texas and
120 miles northwest of downtown Houston. Our Texas Park features a two-and-a-half mile drive-through animal viewing area that opened
in 2019. Our Texas Park includes a 20-acre Walkabout Adventure Zoo, featuring outdoor and indoor animal exhibits, a reptile house, an
aviary, an extensive giraffe encounter area, an otter exhibit, and a large hippopotamus enclosure and pond. Our Texas Park also includes
a gift shop, several party rooms for rental, a large, covered patio and a playground.
ITEM
3. LEGAL PROCEEDINGS
On
December 16, 2022, we received notice that on August 10, 2022 a former employee of Aggieland Wild Animal – Texas, filed a Complaint
in the 361st District Court of Brazos County, Texas (case no. 22-001839-CV-361), alleging the Company and Aggieland-Parks, Inc. committed
several instances of employment discrimination. The Complaint seeks unspecified economic, compensatory and punitive damages, as well
as attorney’s fees and costs. We are defending this claim.
On
February 17, 2021, two children of James Meikle, our former Chief Operating Officer, filed a Complaint in the Eighth Judicial District
Court, Clark County, Nevada (case no. A-21-829563-C), alleging we were obligated under Mr. Meikle’s Employment Agreement to purchase
at least $540,000 of life insurance for Mr. Meikle, who passed away on November 28, 2018. The Complaint was seeking damages of $540,000,
as well as interest and expenses. The trial date was set for August 15, 2022. Effective August 5, 2022, we agreed to pay the plaintiffs
$100,000 to settle this Compliant and obtain a full release for any related complaints. The release was completed August 26, 2022, we
issued payment for the settlement amount on August 31, 2022 and an order of dismissal was filed on September 19, 2022.
Other
Matters
Except
as noted above, we are not a party to any pending legal proceeding, nor are any of our properties the subject of a pending legal proceeding,
that is not in the ordinary course of business or otherwise material to the financial condition of its business. None of our directors,
officers or affiliates is involved in a proceeding adverse to our business or has a material interest adverse to our business.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable
PART
II
ITEM
5. MARKET FOR COMMON EQUITY, RELATED STOCKHOLDERS MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our
common stock trades on the OTCPink under the symbol “PRKA”. The table below sets forth, for the periods indicated, the high
and low closing prices per share of our common stock as reported on the OTCPink. These quotations reflect prices between dealers, do
not include retail mark-ups, markdowns, and commissions and may not necessarily represent actual transactions. The prices are adjusted
to reflect all stock splits. As of October 1, 2023, there were 75,517,763 shares outstanding held by approximately 3,200 stockholders
of record. The number of stockholders of record does not reflect shares held beneficially or those shares held in “street”
name.
| |
| |
High | | |
Low | |
2023 | |
First Quarter | |
$ | 0.430 | | |
$ | 0.330 | |
| |
Second Quarter | |
$ | 0.470 | | |
$ | 0.325 | |
| |
Third Quarter | |
$ | 0.400 | | |
$ | 0.320 | |
| |
Fourth Quarter | |
$ | 0.428 | | |
$ | 0.260 | |
2022 | |
First Quarter | |
$ | 0.740 | | |
$ | 0.524 | |
| |
Second Quarter | |
$ | 0.630 | | |
$ | 0.429 | |
| |
Third Quarter | |
$ | 0.530 | | |
$ | 0.328 | |
| |
Fourth Quarter | |
$ | 0.475 | | |
$ | 0.320 | |
We
do not currently pay any dividends on our common stock, and for the foreseeable future we intend to retain future earnings, if any, for
use in our business. Any future determination as to the payment of dividends on our common stock will be at the discretion of our Board
of Directors and will depend on our earnings, operating and financial condition, capital requirements and other factors deemed relevant
by our Board of Directors. The provisions of our credit agreements, which we may enter into from time to time, may also restrict the
declaration of dividends on our common stock.
ITEM
6. [RESERVED]
ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s
discussion and analysis of results of operations and financial condition (“MD&A”) is a supplement to the accompanying
consolidated financial statements and provides additional information on our businesses, current developments, financial condition, cash
flows and results of operations. The following discussion should be read in conjunction with our consolidated financial statements for
the fiscal year ended October 1, 2023 provided in this Annual Report on Form 10-K. Certain statements contained herein may constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number
of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed more fully herein.
The
forward-looking information set forth in this Annual Report on Form 10-K is based on management’s current views and assumptions
regarding future events, and speak only as of the date of this report. We assume no obligation
to update any of these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting
these forward-looking statements, except as required by applicable law, including the securities laws of the United States and the rules
and regulations of the SEC. More information about potential factors that could affect our business and financial results is included
in the section entitled “Risk Factors” in this Annual Report on Form 10-K.
Overview
Through
our wholly owned subsidiaries, we own and operate three regional safari parks and are in the business of acquiring, developing and
operating local and regional entertainment assets and attractions in the United States. Our wholly owned subsidiaries are Wild
Animal Safari, Inc., a Georgia corporation (“Wild Animal – Georgia”), Wild Animal, Inc., a Missouri corporation
(“Wild Animal – Missouri”), and Aggieland-Parks, Inc., a Texas corporation (“Aggieland Wild Animal –
Texas”). Wild Animal – Georgia owns and operates the Wild Animal Safari park in Pine Mountain, Georgia (the
“Georgia Park”). Wild Animal – Missouri owns and operates the Wild Animal Safari park located in Strafford,
Missouri (the “Missouri Park”). Aggieland Wild Animal – Texas owns and operates the Aggieland Wild Animal Safari
park near Bryan/College Station, Texas (the “Texas Park”). On April 27, 2020, we acquired substantially all the assets
of Aggieland Safari LLC and related entities (“Aggieland Safari”).
Our
parks are open year round, but experience increased seasonal attendance, typically beginning in the latter half of March through early
September. Combined third and fourth quarter park
revenues were 60.4% and 62.1% of annual park
revenues for our 2023 and 2022
fiscal years, respectively. Since the acquisition of our Texas Park, the combined third and fourth quarter concentration of our park
revenues
has been reduced.
During
March 26-27, 2023, our Georgia Park experienced extensive damage, caused by an EF-3 tornado and over nine inches of rain, resulting in
more than 4,500 fallen trees and damage to many of the Park’s animal enclosures, fencing and other infrastructure. The Walkabout
Adventure Zoo (“Walkabout”) portion of the property was particularly hard hit. Our Georgia Park was closed for 20 days, including
for most of its traditionally busy spring break period, which has historically comprised approximately 10%-15% of its annual revenue.
The drive-through safari section of the Georgia Park reopened on April 15th. The Walkabout portion of the Park has reopened in phases,
with the first phase on May 6th and the second phase on July 2nd. Approximately one-quarter of the Walkabout remains closed.
The
table below outlines our annual net sales, reported and adjusted income before income taxes, earnings before interest, taxes, depreciation
and amortization (“EBITDA”), and net cash provided by operating activities for the last five fiscal years. Attendance at
our parks benefited in 2020 and 2021 from the COVID-19 pandemic which drove an increase in demand for outdoor entertainment. Our park
revenue remains above pre-pandemic levels, however, is down from the high in 2021. In 2023, our park revenue was negatively impacted
by approximately $1.0 million at our Georgia Park from the March severe weather and tornado event, subsequent closure and multi-phased
reopening.
| |
Fiscal Year | |
| |
2023 | | |
2022 | | |
2021 | | |
2020 | | |
2019 | |
Total revenues | |
$ | 9,440,248 | | |
$ | 10,741,417 | | |
$ | 11,862,491 | | |
$ | 9,507,264 | | |
$ | 6,184,254 | |
% change | |
| -12.1 | % | |
| -9.5 | % | |
| 24.8 | % | |
| 53.7 | % | |
| 2.3 | % |
Reported income (loss) before income taxes | |
| (572,421 | ) | |
| 1,030,291 | | |
| 3,680,546 | | |
| 3,693,869 | | |
| 1,495,438 | |
% change | |
| na | | |
| -72.0 | % | |
| -0.4 | % | |
| 147.0 | % | |
| 5.1 | % |
% of total revenues | |
| -6.1 | % | |
| 9.6 | % | |
| 31.0 | % | |
| 38.9 | % | |
| 24.2 | % |
Adjusted income (loss) before income taxes (*) | |
| (203,466 | ) | |
| 1,130,291 | | |
| 3,490,558 | | |
| 3,669,496 | | |
| 1,575,882 | |
% change | |
| na | | |
| -67.6 | % | |
| -4.9 | % | |
| 132.9 | % | |
| 1.5 | % |
% of total revenues | |
| -2.2 | % | |
| 10.5 | % | |
| 29.4 | % | |
| 38.6 | % | |
| 25.5 | % |
EBITDA | |
| 1,220,535 | | |
| 2,168,161 | | |
| 4,620,623 | | |
| 4,457,682 | | |
| 2,138,546 | |
% change | |
| -43.7 | % | |
| -53.1 | % | |
| 3.7 | % | |
| 108.4 | % | |
| -2.3 | % |
% of total revenues | |
| 12.9 | % | |
| 20.2 | % | |
| 39.0 | % | |
| 46.9 | % | |
| 34.6 | % |
Net cash provided by operating activities | |
| 927,478 | | |
| 1,540,719 | | |
| 3,308,718 | | |
| 3,680,401 | | |
| 1,858,158 | |
% change | |
| -39.8 | % | |
| -53.4 | % | |
| -10.1 | % | |
| 98.1 | % | |
| 5.1 | % |
% of total revenues | |
| 9.8 | % | |
| 14.3 | % | |
| 27.9 | % | |
| 38.7 | % | |
| 30.0 | % |
*
Excludes net tornado expenses and asset write-offs of $368,955 in 2023, a $100,000 legal settlement charge in 2022, a $189,988 gain on
extinguishment of debt in 2021, $24,373 of tornado related insurance proceeds in 2020, and $80,444 of tornado damage asset write-offs
and costs in 2019.
EBITDA
is not a measurement of operating performance computed in accordance with generally accepted accounting principles
(“GAAP”) and should not be considered as a substitute for operating income, net income or cash flows from operating
activities computed in accordance with GAAP. We believe that EBITDA is a meaningful measure as it is widely used by analysts,
investors and comparable companies in the entertainment and attractions industry to evaluate our operating performance on a
consistent basis, as well as more easily compare our results with those of other companies in our industry. We also believe EBITDA
is a meaningful measure of park-level operating profitability. EBITDA is a supplemental measure of our operating results and is not
intended to be a substitute for operating income, net income or cash flows from operating activities as defined under
GAAP.
The
following table provides a reconciliation of our income before income taxes to our EBITDA for our five most recent fiscal years:
| |
Fiscal Year | |
| |
2023 | | |
2022 | | |
2021 | | |
2020 | | |
2019 | |
Income (loss) before income taxes | |
$ | (572,421 | ) | |
$ | 1,030,291 | | |
$ | 3,680,546 | | |
$ | 3,693,869 | | |
$ | 1,495,438 | |
Interest expense | |
| 222,396 | | |
| 261,621 | | |
| 335,944 | | |
| 182,926 | | |
| 76,003 | |
Depreciation and amortization | |
| 884,459 | | |
| 782,987 | | |
| 704,016 | | |
| 576,139 | | |
| 453,968 | |
(Gain) loss on disposal of operating assets, net | |
| 317,146 | | |
| (6,738 | ) | |
| 90,105 | | |
| 29,121 | | |
| 32,693 | |
Tornado damage and expenses, net | |
| 368,955 | | |
| - | | |
| - | | |
| (24,373 | ) | |
| 80,444 | |
Legal settlement | |
| - | | |
| 100,000 | | |
| - | | |
| - | | |
| - | |
Gain on extinguishment of debt | |
| - | | |
| - | | |
| (189,988 | ) | |
| - | | |
| - | |
EBITDA | |
$ | 1,220,535 | | |
$ | 2,168,161 | | |
$ | 4,620,623 | | |
$ | 4,457,682 | | |
$ | 2,138,546 | |
For
the year ended October 1, 2023, we incurred $780,941 of Georgia Park severe weather and tornado related expenses, primarily due to tree
and other debris removal, repairing and replacing underground water pipes throughout the property, as well as general clean-up efforts.
In addition, related asset write-offs of $275,297, primarily associated with damage to various animal exhibits, several buildings, fencing
and other infrastructure. These expenses and asset write-offs were partially offset by insurance proceeds totaling $687,283, net of deductibles
and co-insurance. During our 2023 fiscal year we also made capital investments of approximately $615,000 at our Georgia Park for rebuilding
projects as a direct result of the tornado event.
As
a result of the near-term needs associated with the tornado recovery effort at our Georgia Park, we revised our 2023 fiscal year
capital investment plan. Two significant new marketable attractions in our Georgia Park Walkabout, an enhanced ring-tailed lemur
exhibit and new aviary, featuring macaws and a budgie parrot feeding experience, were not significantly impacted by the tornado
event and opened on May 6, 2023. In addition, a new marquee otter exhibit opened in May 2023 at our Missouri Park
Walkabout and a fourth drive-through pasture at our Texas Park opened in early March 2023, allowing guests to feed zebras and camels
directly from their vehicles.
Our
2023 fiscal year capital also included investment in fleet vehicles, roadways and other necessary safety-related capital projects.
Due to the significant unplanned spending driven by the Georgia severe weather and tornado event, we paused our project related to
accessing public water in Texas as well as several other minor projects to manage cash flow. Our plan to open a significant new
giraffe exhibit at our Georgia Park, initiated during our 2022 fiscal year, experienced delays due to a highly inflationary period
for building materials and a challenging labor market. While we remain committed to this showcase attraction, the severe weather and
tornado event caused the management team to reprioritize capital projects. We also mutually agreed to terminate the contract
with the initial design and general contracting partner for this project, resulting in a $196,000 project cost write-off. We expect
to establish a revised timeline for a new giraffe exhibit at our Georgia Park during our 2024 fiscal year.
Our
2024 fiscal year capital plan reflects the further strategic rebuild of our Georgia Park following the March 2023 severe weather
event and continues to set the stage for longer-term master planning and optimization at each of our parks. The centerpiece of our
2024 capital plan is a new restroom building and main entry plaza at our Georgia Park. The existing restroom building was near the
end of its useful life, and the tornado damage rendered it beyond repair. We believe this investment is paramount in improving the
overall guest experience and will pave the way for a new standard. The new main entry plaza will provide an improved arrival
experience and a place for our guests to dwell, which we believe will positively impact our Georgia Park for decades to
come.
Also
in Georgia, our carnivore night house will be rebuilt, a capybara encounter area will be added, roadway infrastructure improved, and
additional fencing and sidewalks repaired. We continue to take a strategic and measured approach to the rebuild at our Georgia Park,
ensuring we put in place a product that will withstand the test of time and improve the guest, animal and staff experience,
ultimately delivering higher revenue and profitability. At our Missouri Park, the 2024 capital plan is focused on activation of a
guest-facing pond within the Walkabout featuring a nature trail and floating dock, the expansion of shade structures,
additional rental vehicles, and equipment capital. Capital spending planned for 2024 at our Texas Park will be focused on key
infrastructure needs, including hay storage, the completion of the keeper facility and general safety related improvements. We
remain committed to our long-term vision for our parks, and we believe our 2024 capital plan balances additional needs from the
Georgia Park tornado and deferred maintenance, along with the addition of guest facing improvements and amenities. Our 2024 fiscal year capital plan anticipates spending approximately $1.4 million, which
will again be fully funded from our existing cash and continues to demonstrate our commitment to building for long-term, sustainable
growth.
We
are committed to leveraging the strong operating model we have established at our Georgia Park at all three of our properties, with
a focus on increasing attendance through enhanced marketing efforts and focused capital investments, as well as continuing to
prudently increase the average revenue generated per guest visit via concession and gift shop revenues. In addition to rebuilding
and improving our Georgia Park Walkabout, among our highest priorities over the next several years are the enhancement of the
overall guest experience, streamlining and optimizing our systems, operating standards and practices, and increasing per capita
revenue, through the introduction of new programming and more targeted marketing efforts. Our Texas Park opened to the public in May
2019 and we believe there remains long-term potential to increase attendance by increasing the local and regional awareness of this
facility via advertising and promotion. We remain encouraged by the higher levels of attendance at our Missouri Park which began in
the spring of 2020 and plan on prudently leveraging the increased exposure of this facility to continue to build on this
success.
Our
long-term business plan also includes adjacent expansion and expansion via the acquisition of additional local or regional entertainment
assets and attractions. We believe adjacent development and acquisitions, if any, should not unnecessarily encumber the Company with
additional debt that cannot be justified by current operations. We may also pursue contract management opportunities for attractions
owned by third parties. By using a combination of equity, debt and other financing options, we intend to carefully monitor stockholder
value in conjunction with the pursuit of growth.
Strong
annual operating cash flow over the past several fiscal years has provided us with incremental operating margin, funded significant
increases in capital investment, allowed us to paydown debt following the Aggieland Safari acquisition in 2020, and quickly reopen
after the significant damage and business interruption caused by the March 2023 severe weather event at our Georgia Park. However,
our current size and operating model leaves us little room for error. Any future capital raised by us may result in dilution to
existing stockholders. It is possible that the cash generated by, or available to, us may not be sufficient to fund our capital and
liquidity needs for the near term.
Consolidated
and Segment Results of Operations for the Year Ended October 1, 2023 as Compared to the Year Ended October 2, 2022
We
manage our operations on an individual location basis. Discrete financial information is maintained for each park and provided to our
corporate management for review and as a basis for decision-making. The primary performance measures used to allocate resources are Park
earnings before interest and tax expense, and free cash flow. We use this measure of operating profit to gauge segment performance because
we believe this measure is the most indicative of performance trends and the overall earnings potential of each segment.
The
following table shows our consolidated and segment operating results for the years ended October 1, 2023 and October 2, 2022:
| |
Georgia Park | | |
Missouri Park | | |
Texas Park | | |
Consolidated | |
| |
Fiscal 2023 | | |
Fiscal 2022 | | |
Fiscal 2023 | | |
Fiscal 2022 | | |
Fiscal 2023 | | |
Fiscal 2022 | | |
Fiscal 2023 | | |
Fiscal 2022 | |
Total revenues | |
$ | 5,873,526 | | |
$ | 7,086,232 | | |
$ | 1,692,765 | | |
$ | 1,691,602 | | |
$ | 1,873,957 | | |
$ | 1,963,583 | | |
$ | 9,440,248 | | |
$ | 10,741,417 | |
Segment income (loss) from operations | |
| 1,511,142 | | |
| 2,895,820 | | |
| (18,153 | ) | |
| (344,404 | ) | |
| (353,982 | ) | |
| (254,834 | ) | |
| 1,139,007 | | |
| 2,296,582 | |
Segment operating margin % | |
| 25.7 | % | |
| 40.9 | % | |
| -1.1 | % | |
| -20.4 | % | |
| -18.9 | % | |
| -13.0 | % | |
| 12.1 | % | |
| 21.4 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Corporate expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (1,200,307 | ) | |
| (995,946 | ) |
Tornado expenses and write-offs, net | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 368,955 | | |
| - | |
Legal settlement | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| 100,000 | |
Other income, net | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 80,230 | | |
| 91,276 | |
Interest expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (222,396 | ) | |
| (261,621 | ) |
Income (loss) before income taxes | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
$ | (572,421 | ) | |
$ | 1,030,291 | |
Total
Net Sales
Our
total revenues for the year ended October 1, 2023 were $9.44 million, a decrease of $1.30 million, compared to the year ended
October 1, 2022. Our park revenues decreased by $1.34 million or 12.6%, while animal sales increased by $34,457. As a result of a
severe weather and tornado event on March 26-27, 2023, our Georgia Park was closed for 20 days, with the drive through section of
the park reopening on April 15th and roughly three-quarters of the Walkabout portion reopening in two phases, on May 6th and July 2nd, respectively. Based on the comparable prior year period, we believe Georgia Park revenues were negatively impacted
by approximately $1.0 million due to the severe weather and tornado related closure and phased reopening during the year ended
October 1, 2023. On a pro forma basis, assuming flat park revenues for our Georgia Park from March 26th through May 6th, our park
revenues for the year ended October 1, 2023 decreased by approximately $356,000 or 3.2%.
Georgia
park revenues were $5.82 million, a decrease of $1.24 million or 17.5%, while animal sales increased by $27,473. On a pro forma basis,
assuming flat sales during the severe weather and tornado closure and phased reopening period, Georgia park revenues decreased by approximately
$240,000 or 3.4%. Missouri park revenues increased by $25,220 or 1.5%, to $1.69 million, while animal sales decreased by $24,057. Texas
park revenues decreased by $120,667 or 6.4%, to $1.76 million, while animal sales increased by $31,041.
For
the year ended October 1, 2023, paid attendance at our Missouri Park increased by 15.3%, while paid attendance at our Georgia and Texas
Parks decreased by 17.1% and 6.7%, respectively. Adjusted for the severe weather and tornado closure and phased reopening impact, on
a pro forma basis, Georgia Park paid attendance decreased by approximately 3.8%, which we believe was driven by lost momentum following
the closure and phased reopening, and increased regional competition. We also believe unfavorable weather and a challenged consumer spending
landscape, particularly in our fiscal fourth quarter, proved to be a headwind across all three of our parks, as well as for the overall
industry.
Segment
Operating Margin
Our
consolidated segment operating margin decreased $1.16 million, resulting in segment income from operations of $1.14 million for the
year ended October 1, 2023 compared to segment income from operations of $2.30 million for the year ended October 2, 2022. Our
Georgia Park’s segment income was $1.51 million, a decrease of $1.38 million, principally attributable to lower park revenues
and the associated margin loss related to the severe weather and tornado closure, as well as higher general operations spending and
higher asset write-offs, partially offset by lower advertising expense and higher animal sales. Our Missouri Park generated a
segment operating loss of $18,153, compared to a segment operating loss of $344,404 for the year ended October 2,2022, resulting in
a net improvement of $326,251, primarily attributable to higher park revenues and expenses for a drive-through Christmas lights
display which negatively impacted fiscal 2022. Our Missouri Park segment income was also favorably impacted by lower advertising and
wage expenses, and improved margins on in-park revenues, partially offset by lower animal sales and higher depreciation expense.
Our Texas Park generated a segment loss of $353,982, compared to $254,834 for the year ended October 2, 2022, resulting in an
increase of $99,148, primarily attributable to lower park revenues, as well as higher depreciation expense and asset write-offs,
partially offset by higher animal sales and improved margins on in-park revenues.
Corporate
Expenses
Corporate
spending increased by $204,361 to $1.20 million for the year ended October 1, 2023, primarily attributable to higher wages due to management
redundancies during the executive transition period and higher professional fees.
Tornado
Expenses and Write-offs, Net
As
a result of the damage caused by the March 2023 severe weather and tornado event at our Georgia Park, we recorded $780,941 of
related expenses, primarily due to tree and other debris removal, repairing and replacing underground water pipes throughout the
property, as well as general clean-up and reopening efforts. In addition, we recorded asset write-offs of $275,297, primarily
associated with damage to various animal exhibits, several buildings, fencing and other infrastructure. These expenses and
write-offs were partially offset by $687,283 of insurance proceeds from our commercial property coverage. For additional
information, see “Note 3. TORNADO EXPENSES AND ASSET WRITE-OFFS” of the
Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K.
Legal
Settlement Charge
Effective
August 5, 2022, we agreed to pay $100,000 to two children of a former officer of the Company to settle a complaint alleging we were obligated
to purchase life insurance of at least $540,000 for said officer. The release was obtained, and the full payment was made prior to October
2, 2022. For additional information, see “Note 8. COMMITMENTS
AND CONTINGENCIES” of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K.
Other
Income, Net
Other
income, net, was $80,230 for the year ended October 1, 2023, a decrease of $11,046, primarily attributable to higher other expenses and
lower mineral rights royalty income from our Texas Park property, partially offset by higher interest income.
Interest
Expense
Interest
expense for the year ended October 1, 2023 was $222,396, a decrease of $39,225, primarily attributable to a reduction in term loan
interest expense, as well as imputed interest on a right of use asset in the prior year.
Income
Taxes
For
the year ended October 1, 2023, we generated a pre-tax loss of $572,421 and recorded a tax benefit provision of $88,683, resulting in
an effective tax rate of approximately 15.5%, which was unfavorably impacted by state income taxes due to operating losses for our Missouri
and Texas Parks. For the year ended October 2, 2022, we generated income before income taxes of $1.03 million and recorded a tax provision
of $302,000, resulting in an effective tax rate of approximately 29.4%, which was also unfavorably impacted by state income taxes due
to operating losses for our Missouri and Texas Parks. For additional information, see “Note
7. Income Taxes” of the Notes to the Consolidated Financial Statements included
in this Annual Report on Form 10-K.
Net
Income and Income Per Share
Our
reported net loss for the year ended October 1, 2023 was $483,738 or $0.01 per basic share and per fully diluted share, a net decrease
of $1.21 million or $0.02 per basic and fully diluted share, as compared with reported net income of $727,491 million or $0.01 per basic
share and per fully diluted share, for the year ended October 2, 2022.
| |
For the year ended | |
| |
October 1, 2023 | | |
October 2, 2022 | |
Net income (loss) | |
$ | (483,738 | ) | |
$ | 727,491 | |
Tornado expenses and write-offs, net | |
| 368,955 | | |
| - | |
Tax impact - Tornado expenses and write-offs | |
| (99,620 | ) | |
| - | |
Legal settlement | |
| - | | |
| 100,000 | |
Tax impact - legal settlement | |
| - | | |
| (27,000 | ) |
Adjusted net income (loss) | |
$ | (214,403 | ) | |
$ | 800,491 | |
As
shown in the table above, several one-time items impacted our year-over-year reported net income comparison. Our 2023 fiscal year included
$368,955 of Georgia Park severe weather and tornado related expenses and asset write-offs, net of insurance proceeds. Our 2022 fiscal
year included a legal settlement charge of $100,000. Management believes that adjusted net income, excluding one-time items, should be
considered in evaluating the ongoing operating performance of our business. Excluding the $269,335 after-tax effect of the Georgia Park
net tornado expenses and asset write-offs for the year ended October 1, 2023, as well as the $73,000 after-tax expense associated with
a legal settlement during the year ended October 2, 2022, our adjusted net income decreased $1.01 million. This decrease is primarily
attributable to a $1.38 million decrease in segment income for our Georgia Park, a $204,361 increase in Corporate expenses, a $99,148
increase in the segment loss for our Texas Park, and a $11,046 decrease in other income, partially offset by a $326,251 decrease in the
segment loss for our Missouri Park, a $39,225 decrease in interest expense and a $318,863 net decrease in our adjusted income tax expense.
Financial
Condition, Liquidity and Capital Resources
Financial
Condition and Liquidity
Our
primary sources of liquidity are cash generated by operations and borrowings under our loan agreements. Historically, our slow season
starts after Labor Day in September and runs until Spring Break, which typically begins toward the end of March. The first and second
quarters of our fiscal year have historically generated negative cash flow, requiring us to use cash generated from prior fiscal years,
as well as borrowing on a seasonal basis, to fund operations and prepare our parks for the busy season during the third and fourth quarters
of our fiscal year. As a result of our improved cash position, during our 2023 and 2022 fiscal years we did not utilize any seasonal
borrowing.
Our
working capital was $3.69 million as of October 1, 2023, compared to $4.67 million as of October 2, 2022. The year-over-year decrease
in working capital primarily reflects cash used for capital investments, Georgia Park tornado clean-up expenses, net of insurance proceeds,
and scheduled term loan payments, partially offset by cash generated by operating activities during our 2023 fiscal year.
Total
loan debt, including current maturities, as of October 1, 2023 was $4.23 million compared to $4.96 million as of October 2, 2022. The
year-over-year decrease in total loan debt was the result of scheduled term loan payments during our 2023 fiscal year.
As
of October 1, 2023, we had equity of $14.99 million and total loan debt of $4.23 million, resulting in a debt to equity ratio of 0.28
to 1.0, compared to 0.32 to 1.0 as of October 2, 2022.
Operating
Activities
Net
cash provided by operating activities was $927,478 for our 2023 fiscal year, compared to $1.54 million, for our 2022 fiscal year, resulting
in a decrease of $613,241, principally due to lower net income and net working capital usage, partially offset by non-cash expenses.
Investing
Activities
Our
2023 fiscal year investing activities included $1.56 million of capital improvements, compared to $1.84 million spent on capital improvements
during our 2022 fiscal year, a decrease of $281,547, and other net investing activities decreased by $12,781.
During
our 2023 fiscal year, property and equipment investing at our Georgia Park included various enclosure updates including the addition
of a state-of-the-art ring-tailed lemur exhibit, an aviary and walk-in budgie parrot feeding experience, the general rebuild of many
areas impacted by the severe weather and tornado event, as well as guest rental vehicle fleet and capital equipment additions. For
our Missouri Park, 2023 fiscal year property and equipment investments included the completion of a new otter
exhibit which opened in May 2023, renovations of various animal shelters and exhibits, and capital equipment additions. For our
Texas Park, 2023 fiscal year property and equipment investments included several animal acquisitions, an additional drive-through
zone for zebras and camels, and several capital maintenance projects.
During
our 2022 fiscal year, property and equipment investing at our Georgia Park included various animal acquisitions, additions to animal
shelters and exhibits, the addition of a guest party pavilion, enhancements to and expansion of our food service capabilities, improvements
to our gift shop, annual improvements to our drive-through roads, and spending on annual requirements for our rental vehicle fleet. For
our Missouri Park, 2022 fiscal year property and equipment investments included various animal acquisitions, the initial phases of a new otter
exhibit which opened in 2023, renovations of various animal shelters and exhibits, ground and electrical improvements
to support a new Christmas Lights display, enhancements to and expansion of our food service capabilities, the addition of playground
equipment in the Walkabout section, and the acquisition of various equipment. For our Texas Park, 2022 fiscal year property and equipment
investments included various animal acquisitions, the addition of and enhancements to various animal shelters, the acquisition of several
vehicles for customer rental and related service equipment, other equipment additions, and various improvements focused on introducing
expanded food service operations.
Financing
Activities
Net
cash used in financing activities totaled $738,617 for the year ended October 1, 2023, compared to $866,193 million for the year ended October
2, 2022, resulting in a decrease of $127,576, primarily due to principal payments on a Missouri Park Christmas Lights financing lease
obligation entered into near the beginning of our 2022 fiscal year and terminated before the end of our 2022 fiscal year.
Borrowing
Agreements
On
June 18, 2021, through our wholly owned subsidiary Wild Animal – Georgia, we completed a refinancing transaction (the “2021
Refinancing”) with Synovus Bank. The 2021 Refinancing included a term loan in the original principal amount of $1.95 million. The
2021 Term Loan bears interest at a rate of 3.75% per annum and is payable in monthly installments of approximately $26,480, based on
a seven-year amortization period. The 2021 Term Loan has a maturity date of June 18, 2028. The 2021 Term Loan is secured by a security
deed on the assets of Wild Animal – Georgia. We paid a total of approximately $1,514 in fees and expenses in connection with the
2021 Refinancing. The outstanding balance of the 2021 Term Loan was $1.38 million as of October 1, 2023.
On
April 27, 2020, through our wholly owned subsidiary Aggieland-Parks Inc., we acquired Aggieland Wild Animal – Texas. In part, this acquisition was financed with the “2020 Term Loan” from First Financial Bank (“First Financial”). The
2020 Term Loan in the original principal amount of $5.0 million from First Financial is secured by substantially all the Aggieland
Wild Animal – Texas assets, as well as guarantees from the Company and its subsidiaries. The 2020 Term Loan bears interest at
a rate of 5.0% per annum, has a maturity date of April 27, 2031, and required interest only monthly payments through April 2021. The
2020 Term Loan requires monthly payments of approximately $53,213 beginning in May 2021. We paid a total of approximately $62,375 in
fees and expenses in connection with the 2020 Term Loan. On June 30, 2021, the Company used the incremental proceeds of the 2021
Term Loan, combined with additional funds, to paydown $1.0 million against the 2020 Term Loan, which had an outstanding balance of
$2.89 million as of October 1, 2023.
Subsequent
Events
None
Off
Balance Sheet Arrangements
We
do not have any off balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition,
revenues, results of operations, liquidity or capital expenditures.
Critical
Accounting Policies and Estimates
Our
discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have
been prepared in accordance with accounting principles generally accepted in the United States. Our significant accounting policies are
set forth in “NOTE 2. SIGNIFICANT ACCOUNTNG POLICIES” of the Notes to the Consolidated Financial Statements included in this
Annual Report on Form 10-K, which should be reviewed as they are integral to understanding our results of operations and financial position.
Our critical accounting policies are periodically reviewed with the Audit Committee of the Board of Directors of the Company.
The
preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities,
revenues and expenses, and related disclosure of any contingent assets and liabilities. On an on-going basis, we evaluate our estimates,
including those related to long-lived assets, revenue recognition, income taxes, and contingencies and litigation. We base our estimates
on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which
form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources.
Although actual results historically have not deviated significantly from those determined using our estimates, our results of operations
or financial condition could differ, perhaps materially, from these estimates under different assumptions or conditions.
Long-lived
Assets, including Property and Equipment
Property
and equipment are stated at cost. Improvements and replacements are capitalized when they extend the useful life, increase capacity or
improve the efficiency of the assets. Repairs and maintenance are charged to expense as incurred. Depreciation of property and equipment
is provided on the straight-line method and is based on the estimated useful economic lives of the respective assets. We make subjective
assessments as to these useful lives for purposes of determining the amount of depreciation to record annually with respect to our investments
in property and equipment. These assessments have a direct impact on our net income or loss, as a change in the estimated useful economic
lives of our investments in property and equipment would increase or decrease depreciation expense, thereby decreasing or increasing
net income or loss. We review long-lived assets whenever circumstances change such that the recorded value of an asset may not be recoverable
and therefore impaired.
Revenue
Recognition
We
recognize revenues when a performance obligation has been satisfied by transferring control of promised services or products to our guests/customers
in an amount that reflects the amount we have received or expect to receive in exchange for those services or products. Park admission
revenues for annual passes and memberships are deferred and recognized as revenue on a pro-rata basis over the term of the pass or membership.
Park admission fee revenues from advance online ticket purchases are deferred until the customers’ visit to the parks. Advance
online tickets can generally be used anytime during the one year period from the date of purchase. Revenues from retail and concession
sales are generally recognized upon the concurrent receipt of payment and delivery of goods to the customer. Sales taxes billed and collected
are not included in revenue.
Accounting
for Income Taxes
We
account for income taxes under the asset and liability method, under which deferred tax assets and liabilities are recognized for the
anticipated future tax consequences attributable to differences between financial statement amounts and their respective tax bases using
enacted tax rates in effect for the year in which the differences are expected to reverse. We review our deferred tax assets to determine
whether their value can be realized based upon available evidence. A valuation allowance is established when we believe that it is more
likely than not that some portion of our deferred tax assets will not be realized.
Significant
judgment is required in determining our provision or benefit for income taxes, our deferred tax assets and liabilities, and any valuation
allowance recorded against our net deferred tax assets. We record deferred tax assets, primarily resulting from net operating loss carry-forwards
to the extent we believe these assets will more likely than not be realized. In making such a determination, we consider all available
evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent
results of operations. In the event we determine it is more likely than not we will not realize our deferred tax assets we establish
a valuation allowance.
Contingencies
We
have various contingencies, as described in “NOTE 8. COMMITMENTS AND CONTINGENCIES” of the Notes to the Consolidated Financial
Statements included in this Annual Report on Form 10-K. We are not aware of any other legal matters involving the Company, however, there
can be no assurance that all proceedings that may currently be brought against us are known by us at this time.
ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable
ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Our
financial statements and related notes are set forth on pages F-1 through F-18.
ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None
ITEM
9A. CONTROLS AND PROCEDURES
(a)
Disclosure Controls and Procedures
With
the participation of the principal executive officer and principal financial officer of Parks! America, Inc. (the
“Registrant”), the Registrant’s management has evaluated the effectiveness of the Registrant’s disclosure
controls and procedures, as required by Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), as of the end of the fiscal year covered by this Annual Report on Form 10-K. Based upon that evaluation, the
Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure
controls and procedures were effective as of the end of the fiscal year covered by this Annual Report on Form 10-K.
(b)
Management’s Annual Report on Internal Control over Financial Reporting
Overview
Management
of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over
financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the
supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s board of
directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with accounting principles generally accepted in the United States and includes
those policies and procedures that:
|
1. |
Pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of the Company; |
|
|
|
|
2. |
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
accounting principles generally accepted in the United States and that receipts and expenditures of the Company are being made only
in accordance with authorizations of management and directors of the Company; and |
|
|
|
|
3. |
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s
assets that could have a material effect on the financial statements. |
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Even those systems determined
to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the
inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis
by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process.
Therefore, it is possible to design into the process safeguards to reduce this risk.
Management
based its assessment of the Company’s internal control over financial reporting on criteria established in Internal Control
– Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its
assessment, management has concluded that the Company’s disclosure controls and procedures and internal control over financial
reporting are effective as of October 1, 2023.
(c)
Changes in Internal Control over Financial Reporting
There
has been no change in our internal control over financial reporting, as defined in Rules 13a-15(f) of the Exchange Act, during our most
recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial
reporting as of October 1, 2023.
ITEM
9B. OTHER INFORMATION
None
ITEM
9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
applicable
PART
III
ITEM
10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE
Our
executive officers and directors are as follows:
Name | |
Age | |
Title |
Lisa Brady | |
37 | |
President, Chief Executive Officer and Director |
Todd R. White | |
61 | |
Chief Financial Officer and Director |
Dale Van Voorhis | |
82 | |
Chairman of the Board of Directors |
John Gannon | |
66 | |
Director |
Charles Kohnen | |
56 | |
Director |
Jeffery Lococo | |
66 | |
Secretary and Director |
Rick Ruffolo | |
55 | |
Director |
Lisa
Brady
Lisa
Brady was appointed President and Chief Executive Officer of the Company effective November 14, 2022. Ms. Brady has served as a Director
of the Company since November 2021. Ms. Brady brings more than a decade of experience in the entertainment, leisure, and hospitality
industry with executive-level experience in strategic planning, mergers and acquisitions, investor relations, financial modeling, and
real estate development. For the decade proceeding her joining the Company, Ms. Brady served in a variety of leadership roles of increasing
responsibility with Cedar Fair Entertainment Company including investor relations, strategic planning, M&A activities, resort and
adjacent development and implementation of key growth initiatives. Prior to joining Cedar Fair Entertainment, Ms. Brady was a sell-side
analyst at KeyBank Capital markets, covering the fitness, leisure and hospitality sector. Ms. Brady graduated summa cum laude from Penn
State University and received the John Zahniser Female Scholar Athlete Award.
Todd
R. White
Todd
R. White was appointed the Chief Financial Officer of Parks! America in May 2013 and has served as a Director of the Company since January
2014. Prior to joining the Company, from 1992 through 2011, Mr. White was an executive with The Scotts Miracle-Gro Company in a variety
of roles, and served most recently as its Vice President, Global Controller from 2005 through 2011. Mr. White was with Price Waterhouse
in Cincinnati, Ohio from 1986 to 1992. He received a B.A. in business administration from The Ohio State University and an MBA from the
University of Wisconsin-Madison.
Dale
Van Voorhis
Dale
Van Voorhis currently serves as Chairman of the Company’s Board of Directors. Mr. Van Voorhis served as the Company’s interim
President and CEO from June 1, 2022 until November 14, 2022. Mr. Van Voorhis served as the Company’s CEO from January 2011 through
May 2022. Mr. Van Voorhis was re-appointed to our Board of Directors in March 2009 and served as the Company’s Chief Operating
Officer from March 2009 until January 2011. Mr. Van Voorhis previously served the Company in various management and board of director
roles from December 2003 through December 2006. In addition, Mr. Van Voorhis has been the President of Amusement Business Consultants,
Inc., an amusement industry consulting company since its inception in 1994. Mr. Van Voorhis was President and CEO of Funtime Parks Inc.
(“Funtime”) from 1982 until 1994. Funtime consisted of three parks in New York and Ohio, and they generated total attendance
of 2.6 million visitors in 1993. Funtime sold the three parks for $60 million in 1994. Mr. Van Voorhis has over 55 years of experience
in the amusement/entertainment industry.
John
Gannon
John
Gannon has served as a Director of the Company since December 2019 and was appointed Chairman of the Audit Committee in June 2021. Mr.
Gannon has 33 years of experience in the amusement park, water park, and zoo industry. After 14 years of service, Mr. Gannon retired
from the Columbus Zoo and Aquarium in January 2020, most recently serving as its Senior Vice President responsible for managing all for
profit ventures, including its water park, its amusement park section and its golf course. Prior to joining the Columbus Zoo and Aquarium,
Mr. Gannon was with Six Flags, Premier Parks and Funtime Inc. for a combined total of 19 years. During his time with Six Flags, Mr. Gannon
served as Vice President of Finance, with responsibility over the eastern United States and Europe. Mr. Gannon started his career as
a CPA with Ernst & Young. Mr. Gannon is a member of the International Association of Amusement Parks and Attractions (“IAAPA”)
and the World Waterpark Association (WWA). In 2017, Governor John Kasich appointed Mr. Gannon to the Ohio Department of Agriculture Advisory
Board on Amusement Ride Safety. Mr. Gannon earned a Bachelor of Science degree in Accounting from the University of Akron.
Charles
Kohnen
Charles
Kohnen has served as a Director of the Company since October 2010. Mr. Kohnen has a diverse business background including experience
with planning and executing management strategies for turnaround companies. From 1998 to 2006 he was Managing Partner of Kohnen Realty
Co., a real estate and stock investment company that he co-founded, where he was responsible for all aspects of the business including
the coordination of all legal, accounting and buyout matters. Mr. Kohnen has also served as Chairman of a privately held restaurant located
in Cincinnati, Ohio. Mr. Kohnen also serves on the Board of a non-profit organization and earned a Bachelor of Science degree in General
Business from Miami University in Oxford, Ohio.
Jeffery
Lococo
Jeffery
Lococo has served as a Director of the Company since May 2006 and was appointed Secretary of the Company in January 2011. Mr. Lococo
is President of Lococo Company LLC, an industry-leading consulting firm in the amusement and resort industry segment. Mr. Lococo began
his career with the Marriott Corporation theme park division and progressed through middle management to General Manager level in 1990
with Funtime. From 1994 to 2000, Mr. Lococo held various executive vice president level positions with Six Flags Inc. Mr. Lococo joined
Great Wolf Resorts Inc. in March of 2000 as General Manager of Great Wolf Lodge Sandusky, Ohio, and in 2005, was promoted to Corporate
Vice President of Resort Operations for all Great Wolf Lodge Resorts. Mr. Lococo has over 35 years of experience in the theme/water park,
entertainment and hospitality industry.
Rick
Ruffolo
Rick
Ruffolo has served as a Director of the Company since November 2021 and was appointed Chairman of the Strategic Growth Committee in May
2022. Mr. Ruffolo has over three decades of consumer goods, specialty retail, marketing, innovation, and executive leadership experience.
In his first twenty years, Mr. Ruffolo held brand management roles at P&G, SC Johnson, and Nestle Purina, as well as senior executive
roles leading the brand, marketing, and innovation departments at Yankee Candle and Bath & Body Works where he received multiple
patents including for the multi-billion dollar launch of the Wallflowers home fragrance business. Over the last eleven years, as CEO
& President, Mr. Ruffolo has led the successful turnaround and growth of several private equity-backed portfolio companies including
Sensible Organics, CR Brands, Enviroscent, and Phelps Pet Products. Mr. Ruffolo is a dual citizen of the U.S. and Italy, was a NCAA Division
I athlete and graduated summa cum laude in marketing and business administration from the University of Dayton, and received his MBA
with honors from Washington University in St. Louis.
Involvement
in Certain Legal Proceedings
During
the past ten years none of the following events have occurred with respect to any of our directors or executive officers or any of the
persons nominated by our board to become a director of the Company.
|
1. |
A
petition under the Federal bankruptcy laws or any state insolvency law was filed by or against, or a receiver, fiscal agent or similar
officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner
at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer
at or within two years before the time of such filing; |
|
|
|
|
2. |
Such
person was convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations
and other minor offenses); |
|
|
|
|
3. |
Such
person was the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent
jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities: |
|
i.
|
Acting
as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the
foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee
of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice
in connection with such activity; |
|
|
|
|
ii.
|
Engaging
in any type of business practice; or |
|
|
|
|
iii. |
Engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal
or State securities laws or Federal commodities laws; |
|
4. |
Such
person was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State
authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described
in paragraph (3)(i) above, or to be associated with persons engaged in any such activity; |
|
|
|
|
5. |
Such
person was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State
securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended,
or vacated; |
|
|
|
|
6. |
Such
person was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not
been subsequently reversed, suspended or vacated; |
|
|
|
|
7. |
Such
person was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not
subsequently reversed, suspended or vacated, relating to an alleged violation of: |
|
i.
|
Any
Federal or State securities or commodities law or regulation; or |
|
|
|
|
ii.
|
Any
law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent
injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease- and-desist order, or removal
or prohibition order; or |
|
|
|
|
iii. |
Any
law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or |
|
8. |
Such
person was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory
organization (as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity
Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or
persons associated with a member. |
Audit
Committee
Our
Audit Committee is responsible for: (1) overseeing the accounting and financial reporting processes of the Company, including the audits
of the Company’s consolidated financial statements; (2) appointing, compensating and overseeing the work of the independent registered
public accounting firm employed by the Company; (3) assisting the Board in its oversight of: (a) the integrity of the Company’s
consolidated financial statements and (b) the independent registered public accounting firm’s qualifications and independence;
and (4) undertaking the other matters required by applicable rules and regulations of the SEC. Our Audit Committee is comprised of three
directors, John Gannon (Chairman), Charles Kohnen, and Dale Van Voorhis. The Board has determined that John Gannon qualifies as an “audit
committee financial expert” as that term is defined in the applicable SEC Rules.
Our
Audit Committee met four times in the twelve-month period ended October 1, 2023.
Compensation
Committee
Our
Compensation Committee determines matters pertaining to the compensation and expense reporting of certain of our executive officers,
and administers our stock option, incentive compensation, and employee stock purchase plans. The Compensation Committee is composed of
three directors, John Gannon, Charles Kohnen, and Jeffery Lococo (Chairman).
Our
Compensation Committee met one time during the twelve-month period ended October 1, 2023.
Strategic
Growth Committee
Our
Strategic Growth Committee was established effective May 31, 2022 and is responsible for: (1) working with the CEO to lead the development
of a strategic plan and associated periodic updates, and annual goal setting; and (2) leading or assisting in the process of recruitment
and hiring of key Company personnel. The Strategic Growth Committee is composed of three directors, Charles Kohnen, Rick Ruffolo (Chairman)
and Dale Van Voorhis, and Lisa Brady works closely with this Committee.
Our
Strategic Growth Committee met one time during the twelve-month period ended October 1, 2023.
Code
of Ethics
On December 4, 2023 our Board of Directors adopted a Code of Conduct, effective January 1, 2024.
SECTION
16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section
16(a) of the Securities Exchange Act of 1934, as amended, requires our executive officers and directors and persons who own more than
10% of a registered class of our equity securities to file with the SEC initial statements of beneficial ownership, reports of changes
in ownership and annual reports concerning their ownership of our common stock and other equity securities, on Forms 3, 4 and 5 respectively.
Executive officers, directors and greater than 10% stockholders are required by the SEC regulations to furnish our Company with copies
of all Section 16(a) reports they file. Based upon a review of those forms and any written representations regarding the need for filing
Forms 5, to the best of the Company’s knowledge, no required Section 16(a) reports were filed late.
ITEM
11. EXECUTIVE COMPENSATION
SUMMARY
COMPENSATION TABLE
The
following table sets forth information regarding compensation paid to our principal executive officer, principal financial officer, and
our other executive officers, for the years ended October 1, 2023, October 2, 2022 and September 27, 2020.
Name & Principal | |
| | |
Salary | | |
Bonus | | |
Stock Award | | |
Option Awards | | |
Non-Equity Incentive
Plan Compensation | | |
Change in Pension
Value and Non-Qualified Deferred Compensation Earnings | | |
All Other Compensation | | |
Total | |
Position | |
Year | | |
($) | | |
($) | | |
($) | | |
($) | | |
($) | | |
($) | | |
($) | | |
($) | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Lisa Brady | |
| 2023 | | |
| 153,125 | | |
| 5,000 | | |
| 76,667 | | |
| | | |
| | | |
| | | |
| 2,227 | | |
| 237,019 | |
President,
Chief Executive Officer and Director | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Dale Van Voorhis (1) | |
| 2023 | | |
| 83,333 | | |
| - | | |
| | | |
| | | |
| | | |
| | | |
| 10,305 | | |
| 93,638 | |
Chairman
of the Board | |
| 2022 | | |
| 100,000 | | |
| 20,000 | | |
| | | |
| | | |
| | | |
| | | |
| 10,056 | | |
| 130,056 | |
of
Directors | |
| 2021 | | |
| 100,000 | | |
| 25,000 | | |
| | | |
| | | |
| | | |
| | | |
| 10,006 | | |
| 135,006 | |
Mark Whitfield (2) | |
| 2023 | | |
| 132,901 | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| 2,624 | | |
| 135,525 | |
Executive
Vice President | |
| 2022 | | |
| 142,500 | | |
| 30,000 | | |
| 10,000 | | |
| | | |
| | | |
| | | |
| 3,466 | | |
| 185,966 | |
Todd R. White | |
| 2023 | | |
| 90,000 | | |
| - | | |
| 10,000 | | |
| | | |
| | | |
| | | |
| 3,627 | | |
| 103,627 | |
Chief Financial
Officer and | |
| 2022 | | |
| 90,000 | | |
| 20,000 | | |
| 10,000 | | |
| | | |
| | | |
| | | |
| 3,466 | | |
| 123,466 | |
Director | |
| 2021 | | |
| 86,250 | | |
| 25,000 | | |
| 10,000 | | |
| | | |
| | | |
| | | |
| 290 | | |
| 121,540 | |
Michael D. Newman (3) | |
| 2023 | | |
| - | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
| - | |
Vice President
of Safari | |
| 2022 | | |
| 14,000 | | |
| - | | |
| - | | |
| | | |
| | | |
| | | |
| - | | |
| 14,000 | |
Operations | |
| 2021 | | |
| 108,000 | | |
| 25,000 | | |
| - | | |
| | | |
| | | |
| | | |
| 3,661 | | |
| 136,661 | |
(1)
Mr. Van Voorhis currently serves as Chairman of the Company’s Board of Directors and was a special advisor to the CEO from November
14, 2022 through May 31, 2023. Mr. Van Voorhis served as the Company’s interim President and CEO from June 1, 2022 until November
14, 2022, and as its President and CEO prior to June 1, 2022.
(2)
Mr. Whitfield left employment with the Company effective June 5, 2023.
(3)
Effective October 31, 2021, Mr. Newman resigned his employment with the Company. Mr. Newman was rehired in a non-executive capacity effective
August 1, 2023.
DIRECTOR
COMPENSATION
The
following table sets forth with respect to the named director, compensation information inclusive of equity awards and payments made
in the year ended October 1, 2023.
| |
Fees Earned
or Paid
in Cash | | |
Stock
Awards | | |
Option
Awards | | |
Non-Equity
Incentive Plan
Compensation | | |
Change in Pension
Value and
Non-Qualified
Deferred
Compensation
Earnings | | |
All Other
Compensation | | |
Total | |
Name | |
($) | | |
Shares/($) | | |
($) | | |
($) | | |
($) | | |
($) | | |
($) | |
Dale Van Voorhis | |
$ | 10,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 10,000 | |
| |
| | | |
$ | — | | |
| | | |
| | | |
| | | |
| | | |
| | |
Lisa Brady | |
| — | | |
| 25,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 10,000 | |
| |
| | | |
$ | (10,000 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
John Gannon | |
$ | 5,000 | | |
| 18,750 | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 12,500 | |
| |
| | | |
$ | (7,500 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
Charles Kohnen | |
| — | | |
| 25,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 10,000 | |
| |
| | | |
$ | (10,000 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
Jeffery Lococo | |
| — | | |
| 37,500 | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 15,000 | |
| |
| | | |
$ | (15,000 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
Todd R. White | |
| — | | |
| 25,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 10,000 | |
| |
| | | |
$ | (10,000 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
Richard Ruffolo | |
| — | | |
| 31,250 | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 12,500 | |
| |
| | | |
$ | (12,500 | ) | |
| | | |
| | | |
| | | |
| | | |
| | |
Employment
Agreements
Effective
November 14, 2022, the Company and Ms. Brady, the Company’s President and Chief Executive Officer entered into an employment agreement
(the “Brady Employment Agreement”). Pursuant to the Brady Employment Agreement, Ms. Brady receives an initial base annual
compensation in the amount of $175,000 per year, subject to annual review by the Board of Directors. Ms. Brady is entitled to receive
an annual Performance Incentive of up to 25% of her base annual compensation, subject to performance milestones. Ms. Brady received a
$50,000 award of shares of Company stock, which vested on February 14, 2023, after her first ninety days of employment. The number of
shares of this award totaled 128,205 based on the $0.39 closing price of the Company’s stock on November 14, 2022. Ms. Brady is
also scheduled to receive share awards of the Company’s common stock with a total value of $50,000, $60,000, $70,000 and $75,000
as of the last day of the Company’s fiscal year from its 2023 fiscal year through its 2026 fiscal year, respectively. The number
of shares awarded is to be based on the average price of the Company’s stock on the date of the award. Each award will vest in
one-third increments, with the first third vesting on the date of the award, the second third vesting on the first anniversary of the
award and the final third vesting on the second anniversary of the award. The Company recorded an expense of $16,667 related to the one-third
vesting 2023 fiscal year grant during the fiscal year ended October 1, 2023. The number of shares of the 2023 fiscal year award totaled
135,135 based on the closing price of the Company’s stock on September 29, 2023, of which 45,045 vested as of that date. The Company
anticipates issuing these shares prior to December 31, 2023. Ms. Brady also received a $5,000 sign-on bonus. The Brady
Employment Agreement has a term of five years and entitles Ms. Brady to participate in any deferred compensation plan the Company may
adopt during the term of her employment with the Company.
Effective
June 1, 2022, the Company and Dale Van Voorhis, the Company’s Chairman of the Board, entered into an employment agreement (the
“2022 Van Voorhis Employment Agreement”). Mr. Van Voorhis has been part of the Company’s executive management since
2009, and most recently served as the Company’s Interim CEO until Ms. Brady was hired. Mr. Van Voorhis served as Special Advisor
to the CEO through May 31, 2023. Pursuant to the 2022 Van Voorhis Employment Agreement, Mr. Van Voorhis receives annual compensation
in the amount of $100,000 through May 31, 2023 and $50,000 from June 1, 2023 through May 31, 2024. In addition, Mr. Van Voorhis will
serve as a member of the Company’s Strategic Growth and Audit Committees during the two year term of his employment with the Company.
Effective
as of January 1, 2022, the Company and Todd R. White, the Company’s Chief Financial Officer, entered into an employment agreement
(the “2022 White Employment Agreement”). Pursuant to the 2022 White Employment Agreement, Mr. White receives an initial base
annual compensation in the amount of $90,000 per year, subject to annual review by the Board of Directors. The 2022 White Employment
Agreement has a term of two years and entitles Mr. White to participate in any deferred compensation plan the Company may adopt during
the term of his employment with the Company.
Each
of the foregoing employment agreements contains provisions for severance compensation in the event an agreement is (i) terminated early
by the Company without cause ($258,333 in aggregate) or (ii) in the event of a change in control of the Company ($348,333 in aggregate),
as well as disability and death payment provisions ($157,500 in aggregate). As of October 1, 2023, the Company has not adopted any deferred
compensation plans.
Effective
May 1, 2018, the Company entered into an employment agreement with Michael D. Newman (the “Newman Employment Agreement”)
to serve as the Company’s Vice President of Safari Operations. Mr. Newman had been the general manager of Wild Animal – Georgia
since February 2011. Pursuant to the Newman Employment Agreement, Mr. Newman received an initial base annual compensation of $95,000
per year, subject to annual review by the Board of Directors. Mr. Newman also received a $5,000 signing bonus. Effective as of May 1,
2020, Mr. Newman’s annual compensation was changed to $108,000. The Newman Employment Agreement had a term of five years. Effective
October 31, 2021, Mr. Newman resigned his employment with the Company. Effective August 1, 2023, Mr. Newman was rehired in a non-executive
position.
Stock
Option and Award Plan
A
Stock Option and Award Plan (the “Plan”) providing for incentive stock options and performance bonus awards for executives,
employees, and directors was approved by our Board of Directors on February 1, 2005, however, the Plan has not been submitted to the
stockholders for approval. The Plan sets aside five million (5,000,000) shares for award of stock options, including qualified incentive
stock options and performance stock bonuses. To date, no grants or awards have been made pursuant to the Plan and we did not submit the
Plan for consideration to the Company’s stockholders at the last meeting of stockholders.
ITEM
12. EQUITY COMPENSATION PLAN INFORMATION AND SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The
following table sets forth certain information relating to the ownership of common stock by (i) each person known by us to be the beneficial
owner of more than five percent of the outstanding shares of our common stock, (ii) each of our directors, (iii) each of our named executive
officers, and (iv) all of our executive officers and directors as a group. Unless otherwise indicated, the information relates to these
persons, beneficial ownership as of December 7, 2023. Except as may be indicated in the footnotes to the table and subject to applicable
community property laws, each person has the sole voting and investment power with respect to the shares owned.
The
address of each beneficial owner is care of Parks! America, Inc., 1300 Oak Grove Road, Pine Mountain, GA 31822, unless otherwise set
forth below that person’s name.
Name | |
Number of
Shares Owned | | |
Percent (1) | | |
Title |
Lisa Brady | |
| 157,223 | | |
| 0.2 | % | |
President, Chief Executive Officer and Director |
Todd R. White (2) | |
| 1,308,192 | | |
| 1.7 | % | |
Chief Financial Officer and Director |
Dale Van Voorhis | |
| 16,012,700 | | |
| 21.2 | % | |
Chairman of the Board of Directors |
Charles Kohnen (3) | |
| 22,918,108 | | |
| 30.3 | % | |
Director |
Jeffery Lococo | |
| 619,383 | | |
| 0.8 | % | |
Secretary and Director |
John Gannon | |
| 43,706 | | |
| 0.1 | % | |
Director |
Rick Ruffolo | |
| 35,268 | | |
| 0.0 | % | |
Director |
Focused Compounding Fund, LP 1700 Alma Drive, Suite 460 Plano, TX 75075 | |
| 13,097,450 | | |
| 17.3 | % | |
|
|
(1) |
Based
upon shares of common stock issued and outstanding as of December 7, 2023, except that shares of common stock underlying options
and warrants exercisable within 60 days of the date hereof are deemed to be outstanding. |
|
|
|
|
(2) |
410,350
of the Company’s shares owned by Mr. White are held jointly with his spouse. |
|
|
|
|
(3) |
16,032,600
of the Company’s shares owned by Mr. Kohnen are held jointly with his spouse. |
Officers,
directors and their controlled entities, as a group, controlled approximately 54.4% of the outstanding common stock of the Company as
of December 7, 2023.
The
information as to shares beneficially owned has been individually furnished by our respective directors, named executive officers and
other stockholders, or taken from documents filed with the SEC.
ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Except
as set forth below, none of the following parties has, since our date of incorporation, had any material interest, direct or indirect,
in any transaction with the Company or in any presently proposed transaction that has or will materially affect the Company:
|
● |
Any
of our directors or officers; |
|
● |
Any
person proposed as a nominee for election as a director; |
|
● |
Any
person who beneficially owns, directly or indirectly, shares carrying more than 10% of the voting rights attached to our outstanding
shares of common stock; |
|
● |
Any
of our promoters; and |
|
● |
Any
relative or spouse of any of the foregoing persons who has the same house as such person. |
Director
Independence
Of
the members of the Company’s Board of Directors, John Gannon, Charles Kohnen, Jeffery Lococo and Rick Ruffolo are considered independent
under the listing standards of the Rules of NASDAQ set forth in the NASDAQ Manual (note, our common shares are not currently listed on
NASDAQ or any other national securities exchange, and this reference is used for definitional purposes only).
ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
GBQ
Partners LLC was appointed as our independent registered accounting firm effective April 8, 2020.
Fees
billed by our independent registered public accounting firm, for the audit and quarterly reviews of our financial statements and services
that are normally provided by an accountant in connection with statutory and regulatory filings or engagements for the years ended October
1, 2023 and October 2, 2022 were approximately $61,000 and $55,000, respectively.
All
Other Fees
Our
independent registered public accounting firm billed no other fees for the years ended October 1, 2023 and October 2, 2022.
Audit
Committee Pre-Approval Policies and Procedures
The
audit committee is required to pre-approve the audit and non-audit services performed by our independent registered public accounting
firm to assure that the provision of such services do not impair the registered public accounting firm’s independence.
PART
IV
ITEM
15. EXHIBITS
3.1 |
Articles of Incorporation of Great American Family Parks, Inc. dated July 17, 2002 (incorporated by reference to the Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on August 4, 2005). |
|
|
3.2 |
Amended Articles of Incorporation of Great American Family Parks, Inc. dated January 26, 2004 (incorporated by reference to the Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on August 4, 2005). |
|
|
3.3 |
Bylaws of Great American Family Parks, Inc. dated January 30, 2004 (incorporated by reference to the Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on August 4, 2005). |
|
|
3.4 |
Great American Family Parks 2005 Stock Option Plan dated February 1, 2005 (incorporated by reference to the Registration Statement on Form SB-2 filed with the Securities and Exchange Commission on August 4, 2005). |
|
|
3.5 |
Amended Bylaws of the Company, as of January 17, 2011 (incorporated by reference to the Annual Report on Form 10-KT filed by the Company on December 29, 2012). |
|
|
3.6 |
Amended Bylaws of the Company as of June 12, 2012 (incorporated by reference to the Report on Form 8-K filed by with the Securities and Exchange Commission on July 16, 2012). |
|
|
14.1 |
Code of Conduct |
|
|
21.1 |
Subsidiaries of the Registrant. |
|
|
23.1 |
Consent of GBQ Partners LLC dated December 12, 2023. |
|
|
31.1 |
Certification by Chief Executive Officer, required by Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act, promulgated pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
31.2 |
Certification by Chief Financial Officer, required by Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act, promulgated pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
32.1 |
Certification by Chief Executive Officer, required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, promulgated pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
Certification by Chief Financial Officer, required by Rule 13a-14(b) or Rule 15d-14(b) of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code, promulgated pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
101.INS |
Inline
XBRL Instance Document |
|
|
101.SCH |
Inline
XBRL Taxonomy Extension Schema Document |
|
|
101.CAL |
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
101.DEF |
Inline
XBRL Taxonomy Extension Definitions Linkbase Document |
|
|
101.LAB |
Inline
XBRL Taxonomy Extension Label Linkbase Document |
|
|
101.PRE |
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
104 |
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
In
accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf as of December
12, 2023 by the undersigned, thereunto duly authorized.
|
PARKS!
AMERICA, INC. |
|
|
|
|
By:
|
/s/
Lisa Brady |
|
|
Lisa
Brady |
|
|
Chief
Executive Officer and Director |
|
|
(Principal
Executive Officer) |
In
accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
SIGNATURE |
|
TITLE |
|
DATE |
|
|
|
|
|
|
By: |
/s/
Lisa Brady |
|
Chief
Executive Officer and Director |
|
|
|
Lisa
Brady |
|
(Principal
Executive Officer) |
|
December
12, 2023 |
|
|
|
|
|
|
By:
|
/s/
Dale Van Voorhis |
|
|
|
|
|
Dale
Van Voorhis |
|
Chairman
of the Board |
|
December
12, 2023 |
|
|
|
|
|
|
By: |
/s/
John Gannon |
|
|
|
|
|
John
Gannon |
|
Director |
|
December
12, 2023 |
|
|
|
|
|
|
By: |
/s/
Charles Kohnen |
|
|
|
|
|
Charles
Kohnen |
|
Director |
|
December
12, 2023 |
|
|
|
|
|
|
By: |
/s/
Jeffery Lococo |
|
|
|
|
|
Jeffery
Lococo |
|
Secretary
and Director |
|
December
12, 2023 |
|
|
|
|
|
|
By: |
/s/
Rick Ruffolo |
|
|
|
|
|
Rick
Ruffolo |
|
Director |
|
December
12, 2023 |
|
|
|
|
|
|
By:
|
/s/
Todd R. White |
|
Chief
Financial Officer and Director |
|
|
|
Todd
R. White |
|
(Principal
Financial Officer) |
|
December
12, 2023 |
ITEM
8
PARKS!
AMERICA, INC. and SUBSIDIARIES
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Board
of Directors and Shareholders
Parks!
America, Inc.
Report
of Independent Registered Public Accounting Firm
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated balance sheets of Parks! America, Inc. (the “Company”) as of October 1, 2023 and
October 2, 2022, the related consolidated statements of operations, stockholders’ equity, and cash flows for the years then ended,
and related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated
financial statements present fairly, in all material respects, the financial position of the Company as of October 1, 2023 and October
2, 2022, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally
accepted in the United States of America.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
Critical
Audit Matter
The
critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated
or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.
Assessment
of Impairment on Long Lived Assets
As
described in Note 2 of the consolidated financial statements, the Company’s long-lived tangible assets are stated at cost, less
accumulated depreciation and amortization. The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances
indicate the carrying value of an asset or group of assets may not be recoverable. If such conditions are present, the Company determines
if the assets are recoverable by comparing the sum of the undiscounted cash flows to the assets’ carrying amounts. If the carrying
amounts are greater, then the assets are not recoverable.
We
identified the Company’s recoverability analyses of long lived assets as a critical audit matter because of the operating losses
at the Missouri and Texas parks and the significant judgments made by management to estimate the recoverability of these groups of assets.
A higher degree of auditor judgment and an increased extent of effort was required when performing audit procedures to evaluate the reasonableness
of management’s estimates and assumptions.
Our
audit procedures related to the recoverability analyses of these long-lived asset groups included obtaining an understanding and evaluating
the procedures and assumptions utilized in management’s recoverability analyses. To test the Company’s estimated future undiscounted
cash flow analyses, we performed audit procedures that included, among others, testing significant assumptions and the underlying data
used by the Company in its recoverability analyses, and evaluating the methodologies applied by management.
/s/
GBQ Partners LLC |
|
GBQ
Partners LLC |
|
We
have served as the Company’s auditor since 2020.
Columbus,
Ohio
December
12, 2023
PARKS!
AMERICA, INC. and SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
As
of October 1, 2023 and October 2, 2022
| |
October 1, 2023 | | |
October 2, 2022 | |
ASSETS | |
| | |
| |
Cash | |
$ | 4,098,387 | | |
$ | 5,472,036 | |
Accounts receivable | |
| 36,172 | | |
| 4,405 | |
Inventory | |
| 419,149 | | |
| 541,986 | |
Prepaid expenses | |
| 558,678 | | |
| 170,782 | |
Total current assets | |
| 5,112,386 | | |
| 6,189,209 | |
| |
| | | |
| | |
Property and equipment, net | |
| 14,910,097 | | |
| 14,811,742 | |
Intangible assets, net | |
| 52,331 | | |
| 79,565 | |
Other assets | |
| 20,909 | | |
| 23,090 | |
Total assets | |
$ | 20,095,723 | | |
$ | 21,103,606 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Liabilities | |
| | | |
| | |
Accounts payable | |
$ | 79,352 | | |
$ | 267,567 | |
Other current liabilities | |
| 571,343 | | |
| 521,872 | |
Current portion of long-term debt, net | |
| 767,675 | | |
| 732,779 | |
Total current liabilities | |
| 1,418,370 | | |
| 1,522,218 | |
| |
| | | |
| | |
Long-term debt, net | |
| 3,459,816 | | |
| 4,227,442 | |
Deferred tax liability, net | |
| 232,329 | | |
| - | |
Total liabilities | |
| 5,110,515 | | |
| 5,749,660 | |
| |
| | | |
| | |
Stockholders’ equity | |
| | | |
| | |
Common stock; 300,000,000 shares authorized, at $.001 par value; | |
| | | |
| | |
75,517,763 and
75,227,058 shares issued and outstanding, respectively | |
| 75,518 | | |
| 75,227 | |
Common
stock; 300,000,000 shares authorized, at $.001 par value;75,517,763 and 75,227,058 shares issued and outstanding, respectively | |
| 75,518 | | |
| 75,227 | |
Capital in excess of par | |
| 5,102,471 | | |
| 4,987,762 | |
Retained earnings | |
| 9,807,219 | | |
| 10,290,957 | |
Total stockholders’ equity | |
| 14,985,208 | | |
| 15,353,946 | |
Total liabilities and stockholders’ equity | |
$ | 20,095,723 | | |
$ | 21,103,606 | |
The
accompanying notes are an integral part of these consolidated financial statements.
PARKS!
AMERICA, INC. and SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
For
the Years Ended October 1, 2023 and October 2, 2022
| |
October 1, 2023 | | |
October 2, 2022 | |
| |
For the year ended | |
| |
October 1, 2023 | | |
October 2, 2022 | |
Park revenues | |
$ | 9,274,565 | | |
$ | 10,610,191 | |
Sale of animals | |
| 165,683 | | |
| 131,226 | |
Total revenues | |
| 9,440,248 | | |
| 10,741,417 | |
| |
| | | |
| | |
Cost of sales | |
| 1,284,877 | | |
| 1,446,640 | |
Selling, general and administrative | |
| 7,015,066 | | |
| 7,217,892 | |
Depreciation and amortization | |
| 884,459 | | |
| 782,987 | |
Tornado expenses and write-offs, net | |
| 368,955 | | |
| - | |
Legal settlement | |
| - | | |
| 100,000 | |
(Gain) loss on disposal of operating assets | |
| 317,146 | | |
| (6,738 | ) |
Income (loss) from operations | |
| (430,255 | ) | |
| 1,200,636 | |
| |
| | | |
| | |
Other income, net | |
| 80,230 | | |
| 91,276 | |
Interest expense | |
| (222,396 | ) | |
| (261,621 | ) |
| |
| | | |
| | |
Income tax expense (benefit) | |
| (88,683 | ) | |
| 302,800 | |
Net income (loss) | |
$ | (483,738 | ) | |
$ | 727,491 | |
| |
| | | |
| | |
Income (loss) per share - basic and diluted | |
$ | (0.01 | ) | |
$ | 0.01 | |
| |
| | | |
| | |
Weighted average shares outstanding (in
000’s) - basic and diluted | |
| 75,365 | | |
| 75,186 | |
The
accompanying notes are an integral part of these consolidated financial statements.
PARKS!
AMERICA, INC. and SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For
the Years Ended October 1, 2023 and October 2, 2022
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
Capital in | | |
| | |
| | |
| |
| |
Shares | | |
Amount | | |
Excess
of Par | | |
Treasury
Stock | | |
Retained
Earnings | | |
Total | |
Balance at October 3, 2021 | |
| 75,124,087 | | |
$ | 75,124 | | |
$ | 4,934,212 | | |
$ | (3,250 | ) | |
$ | 9,563,466 | | |
$ | 14,569,552 | |
Issuance of common stock to Directors &
Officer | |
| 102,971 | | |
| 103 | | |
| 56,800 | | |
| - | | |
| - | | |
| 56,903 | |
Retirement of Treasury Stock | |
| | | |
| | | |
| (3,250 | ) | |
| 3,250 | | |
| | | |
| - | |
Net income for the year
ended October 2, 2022 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 727,491 | | |
| 727,491 | |
Balance at October 2, 2022 | |
| 75,227,058 | | |
| 75,227 | | |
| 4,987,762 | | |
| - | | |
| 10,290,957 | | |
| 15,353,946 | |
Balance | |
| 75,227,058 | | |
| 75,227 | | |
| 4,987,762 | | |
| - | | |
| 10,290,957 | | |
| 15,353,946 | |
Issuance of common stock to Directors &
Officer | |
| 290,705 | | |
| 291 | | |
| 114,709 | | |
| | | |
| | | |
| 115,000 | |
Net loss for the year
ended October 1, 2023 | |
| - | | |
| - | | |
| - | | |
| - | | |
| (483,738 | ) | |
| (483,738 | ) |
Balance at October 1,
2023 | |
| 75,517,763 | | |
$ | 75,518 | | |
$ | 5,102,471 | | |
$ | - | | |
$ | 9,807,219 | | |
$ | 14,985,208 | |
Balance | |
| 75,517,763 | | |
$ | 75,518 | | |
$ | 5,102,471 | | |
$ | - | | |
$ | 9,807,219 | | |
$ | 14,985,208 | |
The
accompanying notes are an integral part of these consolidated financial statements.
PARKS!
AMERICA, INC. and SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For
the Years Ended October 1, 2023 and October 2, 2022
| |
| October
1, 2023 | | |
| October
2, 2022 | |
| |
For
the year ended | |
| |
| October
1, 2023 | | |
| October
2, 2022 | |
OPERATING ACTIVITIES: | |
| | | |
| | |
Net (loss) income | |
$ | (483,738 | ) | |
$ | 727,491 | |
Reconciliation of net (loss) income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization
expense | |
| 884,459 | | |
| 782,987 | |
Amortization of right of
use asset | |
| - | | |
| 154,831 | |
Interest expense - debt
financing cost amortization | |
| 5,888 | | |
| 5,888 | |
Interest expense - financing
lease | |
| - | | |
| 6,032 | |
Stock-based compensation | |
| 131,667 | | |
| 56,903 | |
Deferred tax liability | |
| 232,329 | | |
| - | |
Tornado asset write-offs | |
| 275,297 | | |
| - | |
Loss (gain) loss on disposal
of assets | |
| 317,146 | | |
| (6,738 | ) |
Changes in assets and liabilities | |
| | | |
| | |
(Increase) decrease in
accounts receivable | |
| (31,767 | ) | |
| 64 | |
(Increase) decrease in
inventory | |
| 122,837 | | |
| (227,883 | ) |
(Increase) decrease in
prepaid expenses | |
| (387,896 | ) | |
| 4,466 | |
Increase (decrease) in
accounts payable | |
| (188,215 | ) | |
| 46,153 | |
Increase
(decrease) in other current liabilities | |
| 49,471 | | |
| (9,475 | ) |
Net
cash provided by operating activities | |
| 927,478 | | |
| 1,540,719 | |
| |
| | | |
| | |
INVESTING ACTIVITIES: | |
| | | |
| | |
Acquisition of property and equipment | |
| (1,557,844 | ) | |
| (1,839,391 | ) |
Investment in intangible assets | |
| (5,466 | ) | |
| (32,500 | ) |
Proceeds from the disposition
of property and equipment | |
| 800 | | |
| 15,053 | |
Net
cash used in investing activities | |
| (1,562,510 | ) | |
| (1,856,838 | ) |
| |
| | | |
| | |
FINANCING ACTIVITIES: | |
| | | |
| | |
Payments on 2020 Term Loan | |
| (478,679 | ) | |
| (455,068 | ) |
Payments on 2021 Term Loan | |
| (259,938 | ) | |
| (250,262 | ) |
Payments on Term Loan | |
| (259,938 | ) | |
| (250,262 | ) |
Principal payments on
finance lease obligation | |
| - | | |
| (160,863 | ) |
Net
cash used in financing activities | |
| (738,617 | ) | |
| (866,193 | ) |
| |
| | | |
| | |
Net decrease in cash | |
| (1,373,649 | ) | |
| (1,182,312 | ) |
Cash at beginning of
period | |
| 5,472,036 | | |
| 6,654,348 | |
Cash at end of period | |
$ | 4,098,387 | | |
$ | 5,472,036 | |
| |
| | | |
| | |
Supplemental Cash Flow Information: | |
| | | |
| | |
Cash paid for interest | |
$ | 217,496 | | |
$ | 257,009 | |
Cash paid for income
taxes | |
$ | 125,000 | | |
$ | 321,000 | |
| |
| | | |
| | |
Supplemental Disclosure
of Noncash Investing and Financing Activities: | |
| | | |
| | |
Right of use asset obtained
in exchange for finance lease liability | |
$ | - | | |
$ | 464,492 | |
The
accompanying notes are an integral part of these consolidated financial statements.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
1. ORGANIZATION
Parks!
America, Inc. (“Parks!” or the “Company”) owns and operates through wholly owned subsidiaries three regional
safari parks and is in the business of acquiring, developing and operating local and regional entertainment assets and attractions in the United
States. The Company’s wholly owned subsidiaries are Wild Animal Safari, Inc. a Georgia corporation (“Wild Animal –
Georgia”), Wild Animal, Inc., a Missouri corporation (“Wild Animal – Missouri”), and Aggieland-Parks, Inc., a
Texas corporation (“Aggieland Wild Animal – Texas”). Wild Animal – Georgia owns and operates the Wild Animal
Safari park in Pine Mountain, Georgia (the “Georgia Park”). Wild Animal – Missouri owns and operates the Wild
Animal Safari park located in Strafford, Missouri (the “Missouri Park”). Aggieland Wild Animal – Texas owns and
operates the Aggieland Wild Animal Safari park near Bryan/College Station, Texas (the “Texas Park”). The Company acquired
the Georgia Park on June 13, 2005, the Missouri Park on March 5, 2008, and the Texas Park on April 27, 2020.
The
Company was originally incorporated on July 30, 1954 as Painted Desert Uranium & Oil Co., Inc. in Washington State. On October 1,
2002, Painted Desert Uranium & Oil Co., Inc. changed its name to Royal Pacific Resources, Inc. and its corporate domicile to the
State of Nevada. On December 19, 2003, Royal Pacific Resources, Inc. acquired the assets of Great Western Parks LLC pursuant to a Share
Exchange Agreement that resulted in the Company assuming control and changing the corporate name to Great American Family Parks, Inc.
The acquisition was accounted for as a reverse acquisition in which Great Western Parks was considered the acquirer of Royal Pacific
Resources for reporting purposes. On June 11, 2008, the Company changed its name from Great American Family Parks, Inc. to Parks! America,
Inc.
The
Company’s Parks are open year round, but experience increased seasonal attendance, typically beginning in the latter half of
March through early September. Combined third and fourth quarter park
revenues were 60.4% and 62.1% of annual park
revenues for the Company’s 2023 and 2022 fiscal years, respectively.
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation: The Company’s consolidated financial statements are presented in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). The Company believes that the disclosures made are adequate
to make the information presented not misleading. The information reflects all adjustments that, in the opinion of management, are necessary
for a fair presentation of the Company’s financial position and results of its operations for the periods set forth herein.
Principles
of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly owned
subsidiaries (Wild Animal – Georgia, Wild Animal – Missouri and Aggieland Wild Animal – Texas). All inter-company accounts
and transactions have been eliminated in consolidation.
Accounting
Method: The Company recognizes income and expenses based on the accrual method of accounting.
Estimates
and Assumptions: Management uses estimates and assumptions in preparing financial statements in accordance with GAAP. Those estimates
and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the
reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.
Fiscal
Year End: The Company’s fiscal year-end is the Sunday closest to September 30, and its quarterly close dates are also determined
by the Sunday closest to the end of each quarterly reporting period. For the 2023 fiscal year, October 1 was the closest Sunday, and
for the 2022 fiscal year, October 2 was the closest Sunday. This fiscal calendar aligns the Company’s fiscal periods closely with
the seasonality of its business. The high season typically ends after the Labor Day holiday weekend. The period from October through
early March is geared towards maintenance and preparation for the next busy season, which typically begins in the latter half of March
through early September.
Financial
and Concentrations Risk: The Company does not have any concentration or related financial credit risks. The Company maintains
its cash in bank deposit accounts, which at times may exceed federally insured limits.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Fair
Value: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants, or an exit price. Inputs to valuation techniques used to measure fair value may be observable or unobservable,
and valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable
inputs. The fair value hierarchy consists of three broad levels based on the ranks of the quality and reliability of inputs used to determine
the fair values. Level 1 inputs consist of quoted prices in active markets for identical assets or liabilities. Level 2 inputs consist
of quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally
from or corroborated by observable market data. Level 3 inputs are derived from valuation techniques in which one or more significant
inputs or value drivers are unobservable. A financial instrument’s categorization within the valuation hierarchy is based upon
the lowest level of input that is significant to the fair value measurement. Assets and liabilities recognized or disclosed at fair value
on a recurring basis include our term debt.
Accounts
Receivable: The safari parks are primarily a payment upfront business; therefore, the Company typically carries
little or no accounts receivable. The Company had accounts receivable of $36,172
and $4,405
as of October 1, 2023 and October 2, 2022, respectively.
Inventory:
Inventory consists of gift shop items, animal food, and concession and park supplies, and is stated at the lower of cost or net
realizable value. Cost is determined by the first-in, first-out method. The gross profit method is used to determine the change in gift
shop inventory for interim periods. Inventories are reviewed and reconciled annually because inventory levels turn over rapidly. The
Company had inventory of $419,149 and $541,986 as of October 1, 2023 and October 2, 2022, respectively.
Prepaid
Expenses: The Company prepays certain expenses primarily due to legal or contractual requirements. Prepaid expenses consist primarily
of federal and state income taxes and insurance premiums. The Company had prepaid expenses of $558,678 and $170,782 as of October 1,
2023 and October 2, 2022, respectively.
Property
and Equipment: Property and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated
useful lives of the assets, which range from three to thirty-nine years. A summary is included below.
SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
| |
October
1, 2023 | | |
October
2, 2022 | | |
Depreciable
Lives |
Land | |
$ | 6,389,470 | | |
$ | 6,389,470 | | |
not applicable |
Mineral rights | |
| 276,000 | | |
| 276,000 | | |
25 years |
Ground improvements | |
| 2,941,958 | | |
| 2,797,694 | | |
7-25 years |
Buildings and structures | |
| 3,812,223 | | |
| 3,922,106 | | |
10-39 years |
Animal shelters and habitats | |
| 3,428,620 | | |
| 2,479,832 | | |
10-39 years |
Park animals | |
| 1,279,080 | | |
| 1,247,777 | | |
5-25 years |
Equipment - concession and related | |
| 509,078 | | |
| 464,988 | | |
3-15 years |
Equipment and vehicles - yard and field | |
| 817,809 | | |
| 766,149 | | |
3-15 years |
Vehicles - buses and rental | |
| 299,206 | | |
| 267,483 | | |
3-5 years |
Rides and entertainment | |
| 172,154 | | |
| 106,247 | | |
5-7 years |
Furniture and fixtures | |
| 27,160 | | |
| 28,694 | | |
5-10 years |
Projects in process | |
| 212,248 | | |
| 808,526 | | |
|
Property and equipment, cost | |
| 20,165,006 | | |
| 19,554,966 | | |
|
Less accumulated depreciation | |
| (5,254,909 | ) | |
| (4,743,224 | ) | |
|
Property and equipment,
net | |
$ | 14,910,097 | | |
$ | 14,811,742 | | |
|
Depreciation
expense for the years ended October 1, 2023 and October 2, 2022 totaled $865,969 and $766,859, respectively.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Intangible
Assets: Intangible assets consist primarily of a site master plan, website domains and tradename registrations, which are reported
at cost and are being amortized over a period of three to ten years. Amortization expense for the years ended October 1, 2023 and October
2, 2022 totaled $18,490 and $16,128, respectively.
Impairment
of Long-Lived Assets: The Company reviews its major assets for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. If an asset is considered impaired, then impairment will be recognized in
an amount determined by the excess of the carrying amount of the asset over its fair value.
Other
Current Liabilities: The following is a breakdown of other current liabilities:
SCHEDULE
OF OTHER CURRENT LIABILITIES
| |
October
1, 2023 | | |
October
2, 2022 | |
Accrued wages and payroll taxes | |
$ | 177,868 | | |
$ | 122,265 | |
Deferred revenue | |
| 143,511 | | |
| 193,912 | |
Accrued sales taxes | |
| 46,718 | | |
| 49,123 | |
Accrued property taxes | |
| 49,183 | | |
| 46,814 | |
Other accrued liabilities | |
| 154,063 | | |
| 109,758 | |
Other current liabilities | |
$ | 571,343 | | |
$ | 521,872 | |
Revenue
Recognition: The Company recognizes revenues in accordance with ASC 606, Revenues from Contracts with Customers. Under
ASC 606, the Company recognizes revenue when a customer obtains control of promised goods or services, in an amount that reflects the
consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements
that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (1) identify the contract
with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocation the
transaction price to the performance obligation in the contract; and (5) recognize revenue when (or as) the Company satisfies the performance
obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is
entitled to in exchange for the goods or services it transfers to the customer.
Revenues
from park admission fees are recognized at the point in time control transfers to the customer, which is generally when the customer
accepts access to the park and the Company is entitled to payment. Park admission revenues for annual passes and memberships are deferred
and recognized as revenue on a pro-rata basis over the term of the pass or membership. Park admission fee revenues from advance online
ticket purchases are deferred until the customers’ visit to the parks. Advance online tickets can generally be used anytime during
the one year period from the date of purchase. Revenues from retail and concession sales are generally recognized upon the concurrent
receipt of payment and delivery of goods to the customer. Sales taxes billed and collected are not included in revenue.
Deferred
revenues from advance online admission tickets, season passes, and memberships were $143,511 and $193,912 as of October 1, 2023 and October
2, 2022, respectively, and are included within Other Current Liabilities in the accompanying consolidated balance sheets.
The
Company periodically sells surplus animals created from the natural breeding process that occurs within the parks. All animal sales are
reported as a separate revenue line item. Animal sales are recognized at a point in time when control transfers to the customer, which
is generally determined when title, ownership and risk of loss pass to the customer, all of which generally occurs upon delivery of the
animal. Based on the Company’s assessment of control indicators, sales are recognized when animals are delivered to the customer.
The
Company provides disaggregation of revenue based on geography in “Note 9: Business Segments”,
as it believes this best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Advertising
and Marketing Costs: The Company expenses advertising and marketing costs as incurred. Advertising and marketing expense for
the years ended October 1, 2023 and October 2, 2022 totaled $1,084,376 and $1,238,618, respectively.
Leases:
The Company determines if an arrangement contains a lease at inception and accounts for all leases in accordance with ASC 842,
Leases. If an arrangement contains a lease, the Company performs a classification test to determine if the lease is an operating
lease or a financing lease. Right of use assets represent the right to use an underlying asset for the lease term and lease liabilities
represent the obligation to make lease payments arising from the lease. Right of use assets are valued at the initial measurement of
the lease liability, plus any indirect costs or rent prepayments, and reduced by any lease incentives and any deferred lease payments.
Right of use assets are amortized over the lease term. Lease liabilities are recognized on the commencement date of the lease based on
the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the future
lease payments is the Company’s incremental borrowing rate, unless the rate implicit in the lease is readily determinable. Lease
terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
Lease expense is recognized on a straight-line basis over the life of the lease, unless management believes there is an alternative systematic
basis which better represents the pattern which the Company will consume the economic benefits thereof and is included within general
and administrative expenses. As a practical expedient, a relief provided in the accounting standard to simplify compliance, the Company
does not recognize right-of-use assets and lease liabilities for leases with an original term of one year or less. Any non-lease components
are not included within the lease right-of-use asset and lease liability, are reflected as an expense in the period incurred.
In
October 2021, the Company entered a financing lease for certain property related to a Christmas Lights drive through display at its Missouri
Park. Effective September 27, 2022, the Company terminated this financing lease, acquiring the leased property related to the Christmas
Lights display for $85,000 in exchange for a mutual release of obligations under the lease agreement and recognized a lease termination
gain of $2,011. Prior to termination of the lease, during the fiscal year ended October 1, 2023 the Company recognized right of use asset
amortization and interest expense related to this lease of $154,831 and $6,032, respectively.
Stock
Based Compensation: The Company recognizes stock based compensation costs on a straight-line basis over the requisite service
period associated with the grant. The Company awards shares to its Board of Directors for service on the Board. The shares issued to
the Board are “restricted” and are not to be re-sold unless an exemption is available, such as the exemption afforded by
Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Company recognizes the expense
based on the fair market value at time of the grant. The Company typically awards its annual Director compensation around the end of
each calendar year.
A
Stock Option and Award Plan (the “Plan”) providing for incentive stock options and performance bonus awards for executives,
employees, and directors was approved by the Company’s Board of Directors on February 1, 2005, however, the Plan has not been submitted
to the stockholders for approval. The Plan sets aside five million (5,000,000) shares for award of stock options, including qualified
incentive stock options and performance stock bonuses. To date, no grants or awards have been made pursuant to the Plan and the Company
did not submit the Plan for consideration to the Company’s stockholders at its last meeting of stockholders.
Income
Taxes: The Company utilizes the asset and liability method of accounting for income taxes, which requires the recognition of
deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements.
Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis
and the tax basis of the assets and liabilities, and are measured using the enacted tax rates and laws. Management periodically reviews
the Company’s deferred tax assets to determine whether their value can be realized based on available evidence. A valuation allowance
is established when management believes it is more likely than not, that such tax benefits will not be realized. Changes in valuation
allowances from period to period are included in the Company’s income tax provision in the period of change.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Basic
and Diluted Net Income (Loss) Per Share: Basic net income (loss) per share amounts are computed based on the weighted average
number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of
common shares and common equivalent shares outstanding as if shares had been issued on the exercise any common share rights unless the
exercise becomes anti-dilutive.
Basic
and diluted net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the applicable
weighted average number of common shares outstanding in each period.
Dividend
Policy: The Company has not yet adopted a policy regarding payment of dividends.
Recent
Accounting Pronouncements:
Credit
Losses – Financial Instruments
In
June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic
326), which changes the impairment model for most financial assets to require measurement and recognition of expected credit losses
for financial assets held, replacing the existing incurred loss model. ASU 2016-13 is effective for annual reporting periods beginning
after December 15, 2022, including interim reporting periods within those annual reporting periods. Early adoption is permitted. The
Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures, however,
it is not anticipated to be material.
Except
as noted, the Company does not expect recently issued accounting standards or interpretations to have a material impact on the Company’s
financial position, results of operations, cash flows or financial statement disclosures.
NOTE
3. TORNADO EXPENSES AND ASSET WRITE-OFFS
During
March 26-27, 2023, the Company’s Georgia Park experienced extensive damage, caused by an EF-3 tornado and over nine inches of rain,
resulting in more than 4,500 fallen trees and damage to many of the Park’s animal enclosures, fencing and other infrastructure.
The Walkabout Adventure Zoo (“Walkabout”) portion of the property was particularly hard hit. The Georgia Park was closed
for 20 days, including for most of its traditionally busy spring break period, which has historically comprised approximately 10%-15%
of its annual revenue. The drive-through safari section of the Georgia Park reopened on April 15th. The Walkabout portion of the park
has reopened in phases, with the first phase on May 6th and the second phase on July 2nd. Approximately one-quarter of the Walkabout remains
closed.
For
the year ended October 1, 2023, the Company incurred $780,941
of severe weather and tornado related expenses, primarily due to tree and other debris removal, repairing and replacing underground
water pipes throughout the property, as well as general clean-up efforts. In addition, the Company recorded related asset write-offs of $275,297,
primarily associated with damage to various animal exhibits, several buildings, fencing and other infrastructure. The Company has
also made capital investments of $615,000
through October 1, 2023 related to severe weather and tornado damage rebuilding projects.
The
Company has been working with its insurance providers regarding tornado damage related coverage and insurance proceeds totaling $687,283
have been received as of October 1, 2023, factoring in deductibles and co-insurance. The Company expects to receive additional insurance
proceeds of up to $50,000. The Company continues to work with local, state, and federal agencies to explore options to assist with offsetting
tornado related clean-up, repair and rebuilding costs.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
4. LONG-TERM DEBT
On
June 18, 2021, the Company, through its wholly owned subsidiary Wild Animal – Georgia, completed a refinancing transaction (the
“2021 Refinancing”) with Synovus Bank (“Synovus”). The 2021 Refinancing included a term loan in the original
principal amount of $1.95 million (the “2021 Term Loan”). The 2021 Term Loan bears interest at a rate of 3.75% per annum
and is payable in monthly installments of approximately $26,480, based on a seven-year amortization period. The 2021 Term Loan has a
maturity date of June 18, 2028. The 2021 Term Loan is secured by a security deed on the assets of Wild Animal – Georgia. The Company
paid a total of approximately $1,514 in fees and expenses in connection with the 2021 Refinancing. The outstanding balance of the 2021
Term Loan was $1.38 million as of October 1, 2023.
On
April 27, 2020, the Company, through its wholly owned subsidiary Aggieland-Parks, Inc., acquired Aggieland Wild Animal – Texas.
The purchase price of $7.1 million was financed with a $5.0 million loan (the “2020 Term Loan”) from First Financial Bank,
N.A. (“First Financial”), a seller note with a face value of $750,000 (the “Aggieland Seller Note”), and cash
totaling $1.38 million. The 2020 Term Loan is secured by substantially all the Aggieland Wild Animal – Texas assets, as well as
guarantees from the Company and its subsidiaries. The 2020 Term Loan bears interest at a rate of 5.0% per annum, has a maturity date
of April 27, 2031, and required interest only monthly payments through April 2021. The 2020 Term Loan requires monthly payments of $53,213
beginning in May 2021. The Company paid a total of approximately $62,375 in fees and expenses in connection with the 2020 Term Loan.
On June 30, 2021, the Company used the incremental proceeds of the 2021 Term Loan, combined with additional funds, to paydown $1.0 million
against the 2020 Term Loan, which had an outstanding balance of $2.89 million as of October 1, 2023. The Company was in compliance with
the liquidity covenant of the 2020 Term Loan as of October 2, 2022 and October 1, 2023. The Company was in compliance with the annual
debt service coverage ratio covenant of the 2020 Term Loan for the year ended October 2, 2022. For the year ended October 1, 2023, the
Company was not in compliance with the annual debt service coverage ratio covenant of the 2020 Term Loan, due to the lost revenues, as
well as net expenses and write-offs driven by the March 2023 severe weather and tornado damage at its Georgia Park. The Company requested
and First Financial granted a waiver of this violation for the year ended October 1, 2023.
Interest
expense of $222,396 and $261,621 for the years ended October 1, 2023 and October 2, 2022, respectively, includes $5,888 of debt financing
costs amortization in each period. Interest expense for the year ended October 2, 2022 also includes financial lease cost amortization
of $6,032.
The
following table represents the aggregate of the Company’s outstanding long-term debt:
SCHEDULE
OF DEBT
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
As
of | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Loan principal outstanding | |
$ | 4,271,521 | | |
$ | 5,010,136 | |
Less: unamortized debt
financing costs | |
| (44,030 | ) | |
| (49,915 | ) |
Gross long-term debt | |
| 4,227,491 | | |
| 4,960,221 | |
Less current portion of long-term debt, net of unamortized costs and discount | |
| (767,675 | ) | |
| (732,779 | ) |
Long-term debt | |
$ | 3,459,816 | | |
$ | 4,227,442 | |
As
of October 1, 2023, the scheduled future principal maturities, by fiscal year, are as follows:
SCHEDULE
OF MATURITIES OF LONG-TERM DEBT
| |
| | |
2024 | |
$ | 773,561 | |
2025 | |
| 810,136 | |
2026 | |
| 848,472 | |
2027 | |
| 888,654 | |
2028 | |
| 850,954 | |
thereafter | |
| 99,744 | |
Total | |
$ | 4,271,521 | |
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
5. STOCKHOLDERS’ EQUITY
Shares
of common stock issued for service to the Company are valued based on market price on the date of the award.
On
February 2, 2023, the Company declared its annual compensation award to seven directors for their service on the Board of Directors.
Seven directors were awarded $10,000 each and three directors received a total of $10,000 for serving as committee chairpersons and as
a non-employee officer, with such compensation to be paid all in shares of the Company’s common stock, all in cash or a combination
thereof, at each director’s election. Five directors elected to receive all shares, one director elected to receive 60% in shares
and 40% in cash, and one director elected all cash. Based on the closing stock price of $0.40 per share on February 2, 2023, a total
of 162,500 shares were issued on March 9, 2023. The total compensation award cost of $80,000 was reported as an expense in the three
month period ended April 2, 2023.
Effective
February 14, 2023, Lisa Brady the Company’s President and Chief Executive Officer vested in 128,205 shares of the Company’s
common stock, in accordance with the terms of her employment agreement. The Company recorded compensation award cost of $50,000 in the
three month period ended April 2, 2023 and the shares were issued on May 23, 2023.
On
December 13, 2021, the Company declared its annual compensation award to seven directors for their service on the Board of Directors.
Five directors were awarded $10,000 each, two new directors were awarded $2,222 each, and two directors received a total of $7,500 for
serving as committee chairpersons and as a non-employee officer, with such compensation to be paid all in shares of the Company’s
common stock, all in cash or a combination thereof, at each director’s election. Five directors elected to receive all shares,
one director elected to receive 60% in shares and 40% in cash, and one director elected all cash. Based on the closing stock price of
$0.553 per share on December 13, 2021, a total of 84,888 shares were issued on February 21, 2022. The total compensation award cost of
$61,944 was reported as an expense in the three month period ended January 2, 2022.
On
December 13, 2021, the Company awarded a non-director officer $10,000 to be paid in shares of the Company’s common stock, totaling
18,083 shares based on the closing stock price of $0.553 per share on December 13, 2021, which were distributed on February 21, 2022,
and $10,000 of compensation expense was reported in the three month period ended January 2, 2022.
Officers,
directors and their controlled entities own approximately 54.3% of the outstanding common stock of the Company as of October 1, 2023.
NOTE
6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
Employment
Agreements:
Effective
November 14, 2022, the Company and Ms. Brady, entered into an employment agreement (the “Brady Employment Agreement”). Pursuant
to the Brady Employment Agreement, Ms. Brady receives an initial base annual compensation in the amount of $175,000 per year, subject
to annual review by the Board of Directors. Ms. Brady is entitled to receive an annual Performance Incentive of up to 25% of her base
annual compensation, subject to performance milestones. Ms. Brady received a $50,000 award of shares of Company stock, which vested on
February 14, 2023, after her first ninety days of employment. The number of shares of this award totaled 128,205 based on the $0.39 closing
price of the Company’s stock on November 14, 2022. Ms. Brady is also scheduled to receive share awards of the Company’s common
stock with a total value of $50,000, $60,000, $70,000 and $75,000 as of the last day of the Company’s fiscal year from its 2023
fiscal year through its 2026 fiscal year, respectively. The number of shares awarded is to be based on the average price of the Company’s
stock on the date of the award. Each award will vest in one-third increments, with the first third vesting on the date of the award,
the second third vesting on the first anniversary of the award and the final third vesting on the second anniversary of the award. The
Company recorded an expense of $16,667 related to the one-third vesting of the 2023 fiscal year grant during the fiscal year ended October
1, 2023. The number of shares of the 2023 fiscal year award totaled 135,135 based on the $0.37 closing price of the Company’s stock
on September 29, 2023, of which 45,045 vested as of that date. The Company anticipates issuing these shares prior to December 31, 2023.
Ms. Brady also received a $5,000 sign-on bonus. The Brady Employment Agreement has a term of five years and entitles Ms. Brady to participate
in any deferred compensation plan the Company may adopt during the term of her employment with the Company.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
Employment
Agreements (continued):
Effective
June 1, 2022, the Company and Dale Van Voorhis, the Company’s Chairman of the Board, entered into an employment agreement (the
“2022 Van Voorhis Employment Agreement”). Mr. Van Voorhis has been part of the Company’s executive management since
2009, and most recently served as the Company’s Interim CEO until Ms. Brady was hired. Mr. Van Voorhis served as Special Advisor
to the CEO through May 31, 2023. Pursuant to the 2022 Van Voorhis Employment Agreement, Mr. Van Voorhis receives annual compensation
in the amount of $100,000 through May 31, 2023 and $50,000 from June 1, 2023 through May 31, 2024. In addition, Mr. Van Voorhis will
serve as a member of the Company’s Strategic Growth and Audit Committees during the two year term of his employment with the Company.
Effective
as of January 1, 2022, the Company and Todd R. White, the Company’s Chief Financial Officer, entered into an employment agreement
(the “2022 White Employment Agreement”). Pursuant to the 2022 White Employment Agreement, Mr. White receives an initial base
annual compensation in the amount of $90,000 per year, subject to annual review by the Board of Directors. The 2022 White Employment
Agreement has a term of two years and entitles Mr. White to participate in any deferred compensation plan the Company may adopt during
the term of his employment with the Company.
Each
of the foregoing employment agreements contains provisions for severance compensation in the event an agreement is (i) terminated early
by the Company without cause ($258,333 in aggregate) or (ii) in the event of a change in control of the Company ($348,333 in aggregate),
as well as disability and death payment provisions ($157,500 in aggregate). As of October 1, 2023, the Company has not adopted any deferred
compensation plans.
NOTE
7. INCOME TAXES
For
the year ended October 1, 2023, the Company reported a pre-tax loss of $ and for the year ended October 2, 2022, the Company reported
a pre-tax profit of $ million. The Company’s provision for income taxes consists of the following:
SCHEDULE OF PROVISION FOR INCOME TAX
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Current | |
| | |
| |
Federal | |
$ | (196,871 | ) | |
$ | 198,400 | |
State | |
| (124,141 | ) | |
| 104,400 | |
Total
current | |
| (321,012 | ) | |
| 302,800 | |
| |
| | | |
| | |
Deferred | |
| | | |
| | |
Federal | |
| 68,106 | | |
| - | |
State | |
| 164,223 | | |
| - | |
Total
deferred | |
| 232,329 | | |
| - | |
Income tax expense (benefit) | |
$ | (88,683 | ) | |
$ | 302,800 | |
A
reconciliation of the federal corporate statutory income tax rate and the effective rate for the provisions for income taxes consists
of the following:
SCHEDULE
OF FEDERAL CORPORATE STATUTORY INCOME TAX RATE AND THE EFFECTIVE RATE
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Federal statutory rate | |
| 21.0 | % | |
| 21.0 | % |
State taxes, net of federal benefit | |
| (5.5 | ) | |
| 8.4 | |
Non-deductible expenses | |
| (0.4 | ) | |
| - | |
Other | |
| 0.4 | | |
| - | |
Effective income tax
rate | |
| 15.5 | % | |
| 29.4 | % |
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
7. INCOME TAXES (CONTINUED)
Deferred
tax assets and liabilities arise from temporary differences between financial reporting and tax reporting bases of assets and liabilities,
and operating loss carryforwards for tax purposes. The components of Company’s deferred income tax assets and liabilities consist
of the following as of October 1, 2023:
SCHEDULE
OF DEFERRED INCOME TAX ASSETS AND LIABILITIES
| |
October
1, 2023 | |
Deferred tax assets (liabilities) | |
| | |
Net operating loss carryforwards | |
$ | 1,336,696 | |
Accrued liabilities | |
| 5,109 | |
Property and equipment | |
| (1,457,959 | ) |
Intangibles assets | |
| (6,879 | ) |
Valuation allowance | |
| (109,296 | ) |
Net deferred tax liability | |
$ | (232,329 | ) |
GAAP
requires a valuation allowance be recorded against a deferred tax asset if it is more likely than not that the tax benefit associated
with the asset will not be realized in the future. As shown in the table above, the Company had a valuation allowance of $109,296 as
of October 1, 2023. This valuation allowance is based on the Company’s State of Missouri net operating loss carryforwards totaling
$3.46 million as of October 1, 2023, which expire in varying amounts from 2028 through 2042. Due to the Company’s history of losses
in the State of Missouri, it has established a full valuation allowance against the related net operating loss carryforward asset as
of October 1, 2023.
The
Company also had net operating loss carryforwards available for federal and State of Georgia tax purposes of $4.09 million and $202,468,
respectively, as of October 1, 2023. Each of these has an indefinite carryforward period; however, each is limited to offset 80% of taxable
income any period applied.
The
Company follows guidance issued by the FASB ASC 740 with respect to accounting for uncertainty in income taxes. A tax position is recognized
as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination, with a tax
examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than fifty percent likely
of being realized on examination. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded.
The Company has no unrecognized tax benefits under guidance related to tax uncertainties. The Company does not anticipate its unrecognized
tax benefits will significantly change in the next twelve months. Any tax penalties or interest expense will be recognized in income
tax expense. No interest and penalties related to unrecognized tax benefits were accrued as of October 1, 2023 or October 2, 2022.
The
Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company
is open to federal and state tax audits until the applicable statute of limitations expire; however, the Company currently has no federal
or state income tax examinations underway. The tax years 2019 through 2022 remain open to examination by the major taxing jurisdictions
in which the Company and its subsidiaries operate.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
8. COMMITMENTS AND CONTINGENCIES
On
December 16, 2022, the Company received notice that on August 10, 2022 a former employee of Aggieland Wild Animal – Texas, filed
a Complaint in the 361st District Court of Brazos County, Texas (case no. 22-001839-CV-361), alleging the Company and Aggieland-Parks,
Inc. committed several instances of employment discrimination. The Complaint seeks unspecified economic, compensatory and punitive damages,
as well as attorney’s fees and costs. The Company is defending this claim.
On
February 17, 2021, two children of James Meikle, the Company’s former Chief Operating Officer, filed a Complaint in the Eighth
Judicial District Court, Clark County, Nevada (case no. A-21-829563-C), alleging the Company was obligated under Mr. Meikle’s Employment
Agreement to purchase at least $540,000 of life insurance for Mr. Meikle, who passed away on November 28, 2018. The Complaint was seeking
damages of $540,000, as well as interest and expenses. The trial date was set for August 15, 2022. Effective August 5, 2022, the Company
agreed to pay the plaintiffs $100,000 to settle this Compliant and obtain a full release for any related complaints. The release was
obtained, and the full payment was made prior to October 2, 2022.
Except
as noted above, the Company is not a party to any pending legal proceeding, nor is its property the subject of a pending legal proceeding,
that is not in the ordinary course of business or otherwise material to the financial condition of its business. None of the Company’s
directors, officers or affiliates is involved in a proceeding adverse to its business or has a material interest adverse to its business.
NOTE
9. BUSINESS SEGMENTS
The
Company manages its operations on an individual location basis. Discrete financial information is maintained for each park and provided
to corporate management for review and as a basis for decision-making. The primary performance measures used to allocate resources are
Park earnings before interest and tax expense, and free cash flow.
The
following tables present financial information regarding each of the Company’s reportable segments:
SCHEDULE OF REVENUE BY
REPORTING SEGMENTS
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Total revenues: | |
| | | |
| | |
Georgia | |
$ | 5,873,526 | | |
$ | 7,086,232 | |
Missouri | |
| 1,692,765 | | |
| 1,691,602 | |
Texas | |
| 1,873,957 | | |
| 1,963,583 | |
Consolidated | |
$ | 9,440,248 | | |
$ | 10,741,417 | |
Total revenues | |
$ | 9,440,248 | | |
$ | 10,741,417 | |
| |
| | | |
| | |
Income (loss) before income
taxes: | |
| | | |
| | |
Tornado expenses and write-offs,
net | |
| 368,955 | | |
| - | |
Legal settlement | |
| - | | |
| 100,000 | |
Other income, net | |
| 80,230 | | |
| 91,276 | |
Interest
expense | |
| (222,396 | ) | |
| (261,621 | ) |
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
9. BUSINESS SEGMENTS (CONTINUED)
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Depreciation and amortization: | |
| | | |
| | |
Georgia | |
$ | 324,252 | | |
$ | 289,961 | |
Missouri | |
| 275,533 | | |
| 253,182 | |
Texas | |
| 283,020 | | |
| 238,744 | |
Corporate | |
| 1,654 | | |
| 1,100 | |
Consolidated | |
$ | 884,459 | | |
$ | 782,987 | |
Depreciation
and amortization | |
$ | 884,459 | | |
$ | 782,987 | |
| |
| | | |
| | |
Capital expenditures | |
| | | |
| | |
Georgia | |
$ | 1,208,762 | | |
$ | 695,285 | |
Missouri | |
| 134,987 | | |
| 601,842 | |
Texas | |
| 214,095 | | |
| 542,264 | |
Consolidated | |
$ | 1,557,844 | | |
$ | 1,839,391 | |
Capital
expenditures | |
$ | 1,557,844 | | |
$ | 1,839,391 | |
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
As
of | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Total assets: | |
| | | |
| | |
Georgia | |
$ | 8,519,619 | | |
$ | 9,402,877 | |
Missouri | |
| 3,335,794 | | |
| 3,468,730 | |
Texas | |
| 7,698,400 | | |
| 8,074,421 | |
Corporate | |
| 541,910 | | |
| 157,578 | |
Consolidated | |
$ | 20,095,723 | | |
$ | 21,103,606 | |
Total assets | |
$ | 20,095,723 | | |
$ | 21,103,606 | |
NOTE
10. FAIR VALUE MEASUREMENTS
As
of October 1, 2023 and October 2, 2022, the fair value of our long-term debt was $3.83 million and $4.61 million, respectively. The measurement
of the fair value of long-term debt is based upon inquiries of the financial institutions holding the respective loans and is considered
a Level 2 fair value measurement.
The
respective carrying values of cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of
the short maturity of these instruments.
NOTE
11. SUBSEQUENT EVENTS
The
Company has analyzed its operations subsequent to October 1, 2023 to the date these financial statements were issued and has determined
that no material subsequent events have occurred from the date of these consolidated financial statements.
Exhibit 14.1
Parks!
America, Inc. - Code of Conduct
Introduction:
Parks!
America, Inc. (“the Company”) is committed to conducting its business with integrity, honesty, and in compliance with all
applicable laws and regulations. This Code of Conduct outlines the principles and standards that guide the actions and decisions of our
Board of Directors, officers, employees, and agents. Adherence to these ethical standards is essential to maintaining the Company’s
reputation for integrity and accountability.
I.
Compliance with Laws and Regulations:
Directors,
officers, employees, and agents must comply with all applicable laws and regulations in every jurisdiction where the Company operates.
Any violation may result in disciplinary action, including termination of employment, and may lead to legal consequences.
II.
Conflicts of Interest:
Every
director, officer, employee, and agent must avoid conflicts of interest that may compromise their judgment or objectivity in the best
interests of the Company. If a potential conflict arises, it must be disclosed promptly to the Board of Directors and resolved in a manner
that protects the Company’s interests.
III.
Confidentiality:
All
directors, officers, employees, and agents must maintain the confidentiality of proprietary information, trade secrets, and any non-public
information belonging to the Company. This obligation continues even after termination of employment or affiliation with the Company.
IV.
Fair Dealing:
All
individuals associated with the Company must deal fairly and honestly with customers, suppliers, competitors, and colleagues. Misleading
statements, manipulation, and abuse of confidential information are strictly prohibited.
V.
Anti-Bribery and Corruption:
Parks!
America is committed to conducting business without participating in bribery or corruption. Directors, officers, employees, and agents
must not offer, give, receive, or solicit anything of value to gain an unfair business advantage.
VI.
Diversity and Inclusion:
The
Company values diversity and inclusion and is committed to providing a workplace free from discrimination and harassment. All individuals
must be treated with respect and dignity, regardless of their race, ethnicity, gender, sexual orientation, age, disability, or other
protected status.
VII.
Environmental Responsibility:
Parks!
America is dedicated to environmental responsibility. Directors, officers, employees, and agents should strive to minimize the Company’s
impact on the environment and support sustainable practices whenever possible.
VIII.
Reporting Violations:
Any
individual who becomes aware of a violation or potential violation of this Code of Conduct is obligated to report it promptly to their
supervisor, or through the reporting hotline. The Company prohibits retaliation against anyone who makes a good-faith report.
IX.
Review and Amendments:
This
Code of Conduct will be reviewed periodically and may be amended by the Board of Directors. All directors, officers, employees, and agents
are responsible for keeping informed of any changes.
Parks!
America is dedicated to upholding the highest ethical standards in all aspects of its business. By adhering to this Code of Conduct,
we contribute to the success and reputation of the Company, foster a positive work environment, and build trust with our stakeholders.
Compliance with this Code is a condition of employment and affiliation with Parks! America.
Lisa
Brady
President
and CEO, Parks! America
This
Code of Conduct is effective as of 1/1/2024 and supersedes any prior versions.
Acknowledgment
and Agreement:
I,
_______________________________, have received, read, and understand the Parks! America, Inc. Code of Conduct. I acknowledge my responsibility
to comply with the principles and standards outlined in this Code and to uphold the values of integrity, honesty, and ethical conduct
in all aspects of my association with the Company.
I
further understand that compliance with this Code of Conduct is a condition of my employment/affiliation with Parks! America, Inc. and
that any violation may result in disciplinary action, including termination of employment or other appropriate consequences.
By
signing below, I confirm my commitment to maintaining the highest ethical standards and fostering a culture of integrity within Parks!
America, Inc.
Printed
Name: _______________________________________________
Signed
Name: _______________________________________________
Exhibit
21.1
SUBSIDIARIES
OF PARKS! AMERICA, INC.
|
1. |
Wild
Animal Safari, Inc., a Georgia corporation, wholly owned by Parks! America, Inc. |
|
2. |
Wild
Animal, Inc., a Missouri corporation, wholly owned by Parks! America, Inc. |
|
3. |
Aggieland-Parks,
Inc., a Texas corporation, wholly owned by Parks! America, Inc. |
Exhibit
23.1
To
the Board of Directors
Parks!
America, Inc.
Pine
Mountain, Georgia
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We
hereby consent to the use in the Form 10-K for the year ended October 1, 2023, pursuant to Section 13 or 15(d) of the Securities Act
of 1934, filed by Parks! America, Inc. of our report (the “Report”) dated December 12, 2023, relating to the consolidated
financial statements of Parks! America, Inc. and Subsidiaries as of and for the years ended October 1, 2023 and October 2, 2022.
/s/
GBQ Partners LLC |
|
GBQ
Partners LLC |
|
Columbus,
Ohio
December
12, 2023
Exhibit
31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO RULES 13a-14(a)/15d-14(a)
UNDER
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I,
Lisa Brady, certify that:
1. |
I
have reviewed this Annual Report on Form 10-K of Parks! America, Inc. (the “registrant”) for the year ended October 1,
2023; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
December 12, 2023 |
|
|
|
/s/
Lisa Brady |
|
Lisa
Brady |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
|
Parks!
America, Inc. |
|
Exhibit
31.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER
PURSUANT
TO RULES 13a-14(a)/15d-14(a)
UNDER
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
I,
Todd R. White, certify that:
1. |
I
have reviewed this Annual Report on Form 10-K of Parks! America, Inc. (the “registrant”) for the year ended October 1,
2023; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
December 12, 2023
/s/
Todd R. White |
|
Todd
R. White |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
|
Parks!
America, Inc. |
|
Exhibit
32.1
CERTIFICATIONS
PURSUANT
TO 18 U.S.C SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906
OF
THE SARBANES-OXLEY ACT OF 2002
Pursuant
to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Parks!
America, Inc. (the “Company”), does hereby certify, to such officer’s knowledge, that:
The
Annual Report on Form 10-K for the year ended October 1, 2023 (the “Form 10-K”) of the Company fully complies with the requirement
of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Form 10-K fairly presents, in all
material respects, the financial condition and results of operations of the Company.
Dated:
December 12, 2023
/s/
Lisa Brady |
|
Lisa
Brady |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
|
Parks!
America, Inc. |
|
Dated:
December 12, 2023
/s/
Todd R. White |
|
Todd
R. White |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
|
Parks!
America, Inc. |
|
A
signed original of this written statement required by Section 906 has been provided to Parks! America, Inc. and will be retained by Parks!
America, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.3
Cover - USD ($)
|
12 Months Ended |
|
|
Oct. 01, 2023 |
Dec. 07, 2023 |
Apr. 02, 2023 |
Cover [Abstract] |
|
|
|
Document Type |
10-K
|
|
|
Amendment Flag |
false
|
|
|
Document Annual Report |
true
|
|
|
Document Transition Report |
false
|
|
|
Document Period End Date |
Oct. 01, 2023
|
|
|
Document Fiscal Period Focus |
FY
|
|
|
Document Fiscal Year Focus |
2023
|
|
|
Current Fiscal Year End Date |
--10-01
|
|
|
Entity File Number |
000-51254
|
|
|
Entity Registrant Name |
PARKS!
AMERICA, INC.
|
|
|
Entity Central Index Key |
0001297937
|
|
|
Entity Tax Identification Number |
91-0626756
|
|
|
Entity Incorporation, State or Country Code |
NV
|
|
|
Entity Address, Address Line One |
1300
Oak Grove Road
|
|
|
Entity Address, City or Town |
Pine
Mountain
|
|
|
Entity Address, State or Province |
GA
|
|
|
Entity Address, Postal Zip Code |
31822
|
|
|
City Area Code |
706
|
|
|
Local Phone Number |
663-8744
|
|
|
Title of 12(b) Security |
Common
Stock
|
|
|
Trading Symbol |
PRKA
|
|
|
Entity Well-known Seasoned Issuer |
No
|
|
|
Entity Voluntary Filers |
No
|
|
|
Entity Current Reporting Status |
Yes
|
|
|
Entity Interactive Data Current |
Yes
|
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
|
Entity Small Business |
true
|
|
|
Entity Emerging Growth Company |
false
|
|
|
Entity Shell Company |
false
|
|
|
Entity Public Float |
|
|
$ 8,530,200
|
Entity Common Stock, Shares Outstanding |
|
75,517,763
|
|
Documents Incorporated by Reference [Text Block] |
None
|
|
|
ICFR Auditor Attestation Flag |
false
|
|
|
Document Financial Statement Error Correction [Flag] |
false
|
|
|
Auditor Firm ID |
1808
|
|
|
Auditor Name |
GBQ Partners LLC
|
|
|
Auditor Location |
Columbus,
Ohio
|
|
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v3.23.3
Consolidated Balance Sheets - USD ($)
|
Oct. 01, 2023 |
Oct. 02, 2022 |
ASSETS |
|
|
Cash |
$ 4,098,387
|
$ 5,472,036
|
Accounts receivable |
36,172
|
4,405
|
Inventory |
419,149
|
541,986
|
Prepaid expenses |
558,678
|
170,782
|
Total current assets |
5,112,386
|
6,189,209
|
Property and equipment, net |
14,910,097
|
14,811,742
|
Intangible assets, net |
52,331
|
79,565
|
Other assets |
20,909
|
23,090
|
Total assets |
20,095,723
|
21,103,606
|
Liabilities |
|
|
Accounts payable |
79,352
|
267,567
|
Other current liabilities |
571,343
|
521,872
|
Current portion of long-term debt, net |
767,675
|
732,779
|
Total current liabilities |
1,418,370
|
1,522,218
|
Long-term debt, net |
3,459,816
|
4,227,442
|
Deferred tax liability, net |
232,329
|
|
Total liabilities |
5,110,515
|
5,749,660
|
Stockholders’ equity |
|
|
Common stock; 300,000,000 shares authorized, at $.001 par value;75,517,763 and 75,227,058 shares issued and outstanding, respectively |
75,518
|
75,227
|
Capital in excess of par |
5,102,471
|
4,987,762
|
Retained earnings |
9,807,219
|
10,290,957
|
Total stockholders’ equity |
14,985,208
|
15,353,946
|
Total liabilities and stockholders’ equity |
$ 20,095,723
|
$ 21,103,606
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Oct. 01, 2023 |
Oct. 02, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, shares authorized |
300,000,000
|
300,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares issued |
75,517,763
|
75,227,058
|
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75,517,763
|
75,227,058
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Consolidated Statements of Operations - USD ($)
|
12 Months Ended |
Oct. 01, 2023 |
Oct. 02, 2022 |
Total revenues |
$ 9,440,248
|
$ 10,741,417
|
Cost of sales |
1,284,877
|
1,446,640
|
Selling, general and administrative |
7,015,066
|
7,217,892
|
Depreciation and amortization |
884,459
|
782,987
|
Tornado expenses and write-offs, net |
368,955
|
|
Legal settlement |
|
100,000
|
(Gain) loss on disposal of operating assets |
317,146
|
(6,738)
|
Income (loss) from operations |
(430,255)
|
1,200,636
|
Other income, net |
80,230
|
91,276
|
Interest expense |
(222,396)
|
(261,621)
|
Income (loss) before income taxes |
(572,421)
|
1,030,291
|
Income tax expense (benefit) |
(88,683)
|
302,800
|
Net income (loss) |
$ (483,738)
|
$ 727,491
|
Income (loss) per share - basic |
$ (0.01)
|
$ 0.01
|
Income (loss) per share - diluted |
$ (0.01)
|
$ 0.01
|
Weighted average shares outstanding (in 000's) - basic |
75,365
|
75,186
|
Weighted average shares outstanding (in 000's) - diluted |
75,365
|
75,186
|
Park [Member] |
|
|
Total revenues |
$ 9,274,565
|
$ 10,610,191
|
Animals [Member] |
|
|
Total revenues |
$ 165,683
|
$ 131,226
|
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v3.23.3
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Treasury Stock, Common [Member] |
Retained Earnings [Member] |
Total |
Balance at Oct. 03, 2021 |
$ 75,124
|
$ 4,934,212
|
$ (3,250)
|
$ 9,563,466
|
$ 14,569,552
|
Beginning balance, shares at Oct. 03, 2021 |
75,124,087
|
|
|
|
|
Issuance of common stock to Directors & Officer |
$ 103
|
56,800
|
|
|
56,903
|
Issuance of common stock to Directors and an Officer, shares |
102,971
|
|
|
|
|
Retirement of Treasury Stock |
|
(3,250)
|
3,250
|
|
|
Net loss |
|
|
|
727,491
|
727,491
|
Balance at Oct. 02, 2022 |
$ 75,227
|
4,987,762
|
|
10,290,957
|
15,353,946
|
Ending balance, shares at Oct. 02, 2022 |
75,227,058
|
|
|
|
|
Issuance of common stock to Directors & Officer |
$ 291
|
114,709
|
|
|
$ 115,000
|
Issuance of common stock to Directors and an Officer, shares |
|
|
|
|
290,705
|
Net loss |
|
|
|
(483,738)
|
$ (483,738)
|
Balance at Oct. 01, 2023 |
$ 75,518
|
$ 5,102,471
|
|
$ 9,807,219
|
$ 14,985,208
|
Ending balance, shares at Oct. 01, 2023 |
75,517,763
|
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.3
Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Oct. 01, 2023 |
Oct. 02, 2022 |
OPERATING ACTIVITIES: |
|
|
Net (loss) income |
$ (483,738)
|
$ 727,491
|
Reconciliation of net (loss) income to net cash provided by operating activities: |
|
|
Depreciation and amortization expense |
884,459
|
782,987
|
Amortization of right of use asset |
|
154,831
|
Interest expense - debt financing cost amortization |
5,888
|
5,888
|
Interest expense - financing lease |
|
6,032
|
Stock-based compensation |
131,667
|
56,903
|
Deferred tax liability |
232,329
|
|
Tornado asset write-offs |
275,297
|
|
Loss (gain) loss on disposal of assets |
317,146
|
(6,738)
|
Changes in assets and liabilities |
|
|
(Increase) decrease in accounts receivable |
(31,767)
|
64
|
(Increase) decrease in inventory |
122,837
|
(227,883)
|
(Increase) decrease in prepaid expenses |
(387,896)
|
4,466
|
Increase (decrease) in accounts payable |
(188,215)
|
46,153
|
Increase (decrease) in other current liabilities |
49,471
|
(9,475)
|
Net cash provided by operating activities |
927,478
|
1,540,719
|
INVESTING ACTIVITIES: |
|
|
Acquisition of property and equipment |
(1,557,844)
|
(1,839,391)
|
Investment in intangible assets |
(5,466)
|
(32,500)
|
Proceeds from the disposition of property and equipment |
800
|
15,053
|
Net cash used in investing activities |
(1,562,510)
|
(1,856,838)
|
FINANCING ACTIVITIES: |
|
|
Principal payments on finance lease obligation |
|
(160,863)
|
Net cash used in financing activities |
(738,617)
|
(866,193)
|
Net decrease in cash |
(1,373,649)
|
(1,182,312)
|
Cash at beginning of period |
5,472,036
|
6,654,348
|
Cash at end of period |
4,098,387
|
5,472,036
|
Supplemental Cash Flow Information: |
|
|
Cash paid for interest |
217,496
|
257,009
|
Cash paid for income taxes |
125,000
|
321,000
|
Supplemental Disclosure of Noncash Investing and Financing Activities: |
|
|
Right of use asset obtained in exchange for finance lease liability |
|
464,492
|
2020 Term Loan [Member] |
|
|
FINANCING ACTIVITIES: |
|
|
Payments on Term Loan |
(478,679)
|
(455,068)
|
2021 Term Loan [Member] |
|
|
FINANCING ACTIVITIES: |
|
|
Payments on Term Loan |
$ (259,938)
|
$ (250,262)
|
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v3.23.3
ORGANIZATION
|
12 Months Ended |
Oct. 01, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION |
NOTE
1. ORGANIZATION
Parks!
America, Inc. (“Parks!” or the “Company”) owns and operates through wholly owned subsidiaries three regional
safari parks and is in the business of acquiring, developing and operating local and regional entertainment assets and attractions in the United
States. The Company’s wholly owned subsidiaries are Wild Animal Safari, Inc. a Georgia corporation (“Wild Animal –
Georgia”), Wild Animal, Inc., a Missouri corporation (“Wild Animal – Missouri”), and Aggieland-Parks, Inc., a
Texas corporation (“Aggieland Wild Animal – Texas”). Wild Animal – Georgia owns and operates the Wild Animal
Safari park in Pine Mountain, Georgia (the “Georgia Park”). Wild Animal – Missouri owns and operates the Wild
Animal Safari park located in Strafford, Missouri (the “Missouri Park”). Aggieland Wild Animal – Texas owns and
operates the Aggieland Wild Animal Safari park near Bryan/College Station, Texas (the “Texas Park”). The Company acquired
the Georgia Park on June 13, 2005, the Missouri Park on March 5, 2008, and the Texas Park on April 27, 2020.
The
Company was originally incorporated on July 30, 1954 as Painted Desert Uranium & Oil Co., Inc. in Washington State. On October 1,
2002, Painted Desert Uranium & Oil Co., Inc. changed its name to Royal Pacific Resources, Inc. and its corporate domicile to the
State of Nevada. On December 19, 2003, Royal Pacific Resources, Inc. acquired the assets of Great Western Parks LLC pursuant to a Share
Exchange Agreement that resulted in the Company assuming control and changing the corporate name to Great American Family Parks, Inc.
The acquisition was accounted for as a reverse acquisition in which Great Western Parks was considered the acquirer of Royal Pacific
Resources for reporting purposes. On June 11, 2008, the Company changed its name from Great American Family Parks, Inc. to Parks! America,
Inc.
The
Company’s Parks are open year round, but experience increased seasonal attendance, typically beginning in the latter half of
March through early September. Combined third and fourth quarter park
revenues were 60.4% and 62.1% of annual park
revenues for the Company’s 2023 and 2022 fiscal years, respectively.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Oct. 01, 2023 |
Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation: The Company’s consolidated financial statements are presented in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). The Company believes that the disclosures made are adequate
to make the information presented not misleading. The information reflects all adjustments that, in the opinion of management, are necessary
for a fair presentation of the Company’s financial position and results of its operations for the periods set forth herein.
Principles
of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly owned
subsidiaries (Wild Animal – Georgia, Wild Animal – Missouri and Aggieland Wild Animal – Texas). All inter-company accounts
and transactions have been eliminated in consolidation.
Accounting
Method: The Company recognizes income and expenses based on the accrual method of accounting.
Estimates
and Assumptions: Management uses estimates and assumptions in preparing financial statements in accordance with GAAP. Those estimates
and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the
reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.
Fiscal
Year End: The Company’s fiscal year-end is the Sunday closest to September 30, and its quarterly close dates are also determined
by the Sunday closest to the end of each quarterly reporting period. For the 2023 fiscal year, October 1 was the closest Sunday, and
for the 2022 fiscal year, October 2 was the closest Sunday. This fiscal calendar aligns the Company’s fiscal periods closely with
the seasonality of its business. The high season typically ends after the Labor Day holiday weekend. The period from October through
early March is geared towards maintenance and preparation for the next busy season, which typically begins in the latter half of March
through early September.
Financial
and Concentrations Risk: The Company does not have any concentration or related financial credit risks. The Company maintains
its cash in bank deposit accounts, which at times may exceed federally insured limits.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Fair
Value: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants, or an exit price. Inputs to valuation techniques used to measure fair value may be observable or unobservable,
and valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable
inputs. The fair value hierarchy consists of three broad levels based on the ranks of the quality and reliability of inputs used to determine
the fair values. Level 1 inputs consist of quoted prices in active markets for identical assets or liabilities. Level 2 inputs consist
of quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally
from or corroborated by observable market data. Level 3 inputs are derived from valuation techniques in which one or more significant
inputs or value drivers are unobservable. A financial instrument’s categorization within the valuation hierarchy is based upon
the lowest level of input that is significant to the fair value measurement. Assets and liabilities recognized or disclosed at fair value
on a recurring basis include our term debt.
Accounts
Receivable: The safari parks are primarily a payment upfront business; therefore, the Company typically carries
little or no accounts receivable. The Company had accounts receivable of $36,172
and $4,405
as of October 1, 2023 and October 2, 2022, respectively.
Inventory:
Inventory consists of gift shop items, animal food, and concession and park supplies, and is stated at the lower of cost or net
realizable value. Cost is determined by the first-in, first-out method. The gross profit method is used to determine the change in gift
shop inventory for interim periods. Inventories are reviewed and reconciled annually because inventory levels turn over rapidly. The
Company had inventory of $419,149 and $541,986 as of October 1, 2023 and October 2, 2022, respectively.
Prepaid
Expenses: The Company prepays certain expenses primarily due to legal or contractual requirements. Prepaid expenses consist primarily
of federal and state income taxes and insurance premiums. The Company had prepaid expenses of $558,678 and $170,782 as of October 1,
2023 and October 2, 2022, respectively.
Property
and Equipment: Property and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated
useful lives of the assets, which range from three to thirty-nine years. A summary is included below.
SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
| |
October
1, 2023 | | |
October
2, 2022 | | |
Depreciable
Lives |
Land | |
$ | 6,389,470 | | |
$ | 6,389,470 | | |
not applicable |
Mineral rights | |
| 276,000 | | |
| 276,000 | | |
25 years |
Ground improvements | |
| 2,941,958 | | |
| 2,797,694 | | |
7-25 years |
Buildings and structures | |
| 3,812,223 | | |
| 3,922,106 | | |
10-39 years |
Animal shelters and habitats | |
| 3,428,620 | | |
| 2,479,832 | | |
10-39 years |
Park animals | |
| 1,279,080 | | |
| 1,247,777 | | |
5-25 years |
Equipment - concession and related | |
| 509,078 | | |
| 464,988 | | |
3-15 years |
Equipment and vehicles - yard and field | |
| 817,809 | | |
| 766,149 | | |
3-15 years |
Vehicles - buses and rental | |
| 299,206 | | |
| 267,483 | | |
3-5 years |
Rides and entertainment | |
| 172,154 | | |
| 106,247 | | |
5-7 years |
Furniture and fixtures | |
| 27,160 | | |
| 28,694 | | |
5-10 years |
Projects in process | |
| 212,248 | | |
| 808,526 | | |
|
Property and equipment, cost | |
| 20,165,006 | | |
| 19,554,966 | | |
|
Less accumulated depreciation | |
| (5,254,909 | ) | |
| (4,743,224 | ) | |
|
Property and equipment,
net | |
$ | 14,910,097 | | |
$ | 14,811,742 | | |
|
Depreciation
expense for the years ended October 1, 2023 and October 2, 2022 totaled $865,969 and $766,859, respectively.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Intangible
Assets: Intangible assets consist primarily of a site master plan, website domains and tradename registrations, which are reported
at cost and are being amortized over a period of three to ten years. Amortization expense for the years ended October 1, 2023 and October
2, 2022 totaled $18,490 and $16,128, respectively.
Impairment
of Long-Lived Assets: The Company reviews its major assets for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. If an asset is considered impaired, then impairment will be recognized in
an amount determined by the excess of the carrying amount of the asset over its fair value.
Other
Current Liabilities: The following is a breakdown of other current liabilities:
SCHEDULE
OF OTHER CURRENT LIABILITIES
| |
October
1, 2023 | | |
October
2, 2022 | |
Accrued wages and payroll taxes | |
$ | 177,868 | | |
$ | 122,265 | |
Deferred revenue | |
| 143,511 | | |
| 193,912 | |
Accrued sales taxes | |
| 46,718 | | |
| 49,123 | |
Accrued property taxes | |
| 49,183 | | |
| 46,814 | |
Other accrued liabilities | |
| 154,063 | | |
| 109,758 | |
Other current liabilities | |
$ | 571,343 | | |
$ | 521,872 | |
Revenue
Recognition: The Company recognizes revenues in accordance with ASC 606, Revenues from Contracts with Customers. Under
ASC 606, the Company recognizes revenue when a customer obtains control of promised goods or services, in an amount that reflects the
consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements
that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (1) identify the contract
with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocation the
transaction price to the performance obligation in the contract; and (5) recognize revenue when (or as) the Company satisfies the performance
obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is
entitled to in exchange for the goods or services it transfers to the customer.
Revenues
from park admission fees are recognized at the point in time control transfers to the customer, which is generally when the customer
accepts access to the park and the Company is entitled to payment. Park admission revenues for annual passes and memberships are deferred
and recognized as revenue on a pro-rata basis over the term of the pass or membership. Park admission fee revenues from advance online
ticket purchases are deferred until the customers’ visit to the parks. Advance online tickets can generally be used anytime during
the one year period from the date of purchase. Revenues from retail and concession sales are generally recognized upon the concurrent
receipt of payment and delivery of goods to the customer. Sales taxes billed and collected are not included in revenue.
Deferred
revenues from advance online admission tickets, season passes, and memberships were $143,511 and $193,912 as of October 1, 2023 and October
2, 2022, respectively, and are included within Other Current Liabilities in the accompanying consolidated balance sheets.
The
Company periodically sells surplus animals created from the natural breeding process that occurs within the parks. All animal sales are
reported as a separate revenue line item. Animal sales are recognized at a point in time when control transfers to the customer, which
is generally determined when title, ownership and risk of loss pass to the customer, all of which generally occurs upon delivery of the
animal. Based on the Company’s assessment of control indicators, sales are recognized when animals are delivered to the customer.
The
Company provides disaggregation of revenue based on geography in “Note 9: Business Segments”,
as it believes this best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Advertising
and Marketing Costs: The Company expenses advertising and marketing costs as incurred. Advertising and marketing expense for
the years ended October 1, 2023 and October 2, 2022 totaled $1,084,376 and $1,238,618, respectively.
Leases:
The Company determines if an arrangement contains a lease at inception and accounts for all leases in accordance with ASC 842,
Leases. If an arrangement contains a lease, the Company performs a classification test to determine if the lease is an operating
lease or a financing lease. Right of use assets represent the right to use an underlying asset for the lease term and lease liabilities
represent the obligation to make lease payments arising from the lease. Right of use assets are valued at the initial measurement of
the lease liability, plus any indirect costs or rent prepayments, and reduced by any lease incentives and any deferred lease payments.
Right of use assets are amortized over the lease term. Lease liabilities are recognized on the commencement date of the lease based on
the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the future
lease payments is the Company’s incremental borrowing rate, unless the rate implicit in the lease is readily determinable. Lease
terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
Lease expense is recognized on a straight-line basis over the life of the lease, unless management believes there is an alternative systematic
basis which better represents the pattern which the Company will consume the economic benefits thereof and is included within general
and administrative expenses. As a practical expedient, a relief provided in the accounting standard to simplify compliance, the Company
does not recognize right-of-use assets and lease liabilities for leases with an original term of one year or less. Any non-lease components
are not included within the lease right-of-use asset and lease liability, are reflected as an expense in the period incurred.
In
October 2021, the Company entered a financing lease for certain property related to a Christmas Lights drive through display at its Missouri
Park. Effective September 27, 2022, the Company terminated this financing lease, acquiring the leased property related to the Christmas
Lights display for $85,000 in exchange for a mutual release of obligations under the lease agreement and recognized a lease termination
gain of $2,011. Prior to termination of the lease, during the fiscal year ended October 1, 2023 the Company recognized right of use asset
amortization and interest expense related to this lease of $154,831 and $6,032, respectively.
Stock
Based Compensation: The Company recognizes stock based compensation costs on a straight-line basis over the requisite service
period associated with the grant. The Company awards shares to its Board of Directors for service on the Board. The shares issued to
the Board are “restricted” and are not to be re-sold unless an exemption is available, such as the exemption afforded by
Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Company recognizes the expense
based on the fair market value at time of the grant. The Company typically awards its annual Director compensation around the end of
each calendar year.
A
Stock Option and Award Plan (the “Plan”) providing for incentive stock options and performance bonus awards for executives,
employees, and directors was approved by the Company’s Board of Directors on February 1, 2005, however, the Plan has not been submitted
to the stockholders for approval. The Plan sets aside five million (5,000,000) shares for award of stock options, including qualified
incentive stock options and performance stock bonuses. To date, no grants or awards have been made pursuant to the Plan and the Company
did not submit the Plan for consideration to the Company’s stockholders at its last meeting of stockholders.
Income
Taxes: The Company utilizes the asset and liability method of accounting for income taxes, which requires the recognition of
deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements.
Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis
and the tax basis of the assets and liabilities, and are measured using the enacted tax rates and laws. Management periodically reviews
the Company’s deferred tax assets to determine whether their value can be realized based on available evidence. A valuation allowance
is established when management believes it is more likely than not, that such tax benefits will not be realized. Changes in valuation
allowances from period to period are included in the Company’s income tax provision in the period of change.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Basic
and Diluted Net Income (Loss) Per Share: Basic net income (loss) per share amounts are computed based on the weighted average
number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of
common shares and common equivalent shares outstanding as if shares had been issued on the exercise any common share rights unless the
exercise becomes anti-dilutive.
Basic
and diluted net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the applicable
weighted average number of common shares outstanding in each period.
Dividend
Policy: The Company has not yet adopted a policy regarding payment of dividends.
Recent
Accounting Pronouncements:
Credit
Losses – Financial Instruments
In
June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic
326), which changes the impairment model for most financial assets to require measurement and recognition of expected credit losses
for financial assets held, replacing the existing incurred loss model. ASU 2016-13 is effective for annual reporting periods beginning
after December 15, 2022, including interim reporting periods within those annual reporting periods. Early adoption is permitted. The
Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures, however,
it is not anticipated to be material.
Except
as noted, the Company does not expect recently issued accounting standards or interpretations to have a material impact on the Company’s
financial position, results of operations, cash flows or financial statement disclosures.
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v3.23.3
TORNADO EXPENSES AND ASSET WRITE-OFFS
|
12 Months Ended |
Oct. 01, 2023 |
Tornado Expenses And Asset Write-offs |
|
TORNADO EXPENSES AND ASSET WRITE-OFFS |
NOTE
3. TORNADO EXPENSES AND ASSET WRITE-OFFS
During
March 26-27, 2023, the Company’s Georgia Park experienced extensive damage, caused by an EF-3 tornado and over nine inches of rain,
resulting in more than 4,500 fallen trees and damage to many of the Park’s animal enclosures, fencing and other infrastructure.
The Walkabout Adventure Zoo (“Walkabout”) portion of the property was particularly hard hit. The Georgia Park was closed
for 20 days, including for most of its traditionally busy spring break period, which has historically comprised approximately 10%-15%
of its annual revenue. The drive-through safari section of the Georgia Park reopened on April 15th. The Walkabout portion of the park
has reopened in phases, with the first phase on May 6th and the second phase on July 2nd. Approximately one-quarter of the Walkabout remains
closed.
For
the year ended October 1, 2023, the Company incurred $780,941
of severe weather and tornado related expenses, primarily due to tree and other debris removal, repairing and replacing underground
water pipes throughout the property, as well as general clean-up efforts. In addition, the Company recorded related asset write-offs of $275,297,
primarily associated with damage to various animal exhibits, several buildings, fencing and other infrastructure. The Company has
also made capital investments of $615,000
through October 1, 2023 related to severe weather and tornado damage rebuilding projects.
The
Company has been working with its insurance providers regarding tornado damage related coverage and insurance proceeds totaling $687,283
have been received as of October 1, 2023, factoring in deductibles and co-insurance. The Company expects to receive additional insurance
proceeds of up to $50,000. The Company continues to work with local, state, and federal agencies to explore options to assist with offsetting
tornado related clean-up, repair and rebuilding costs.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
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v3.23.3
LONG-TERM DEBT
|
12 Months Ended |
Oct. 01, 2023 |
Debt Disclosure [Abstract] |
|
LONG-TERM DEBT |
NOTE
4. LONG-TERM DEBT
On
June 18, 2021, the Company, through its wholly owned subsidiary Wild Animal – Georgia, completed a refinancing transaction (the
“2021 Refinancing”) with Synovus Bank (“Synovus”). The 2021 Refinancing included a term loan in the original
principal amount of $1.95 million (the “2021 Term Loan”). The 2021 Term Loan bears interest at a rate of 3.75% per annum
and is payable in monthly installments of approximately $26,480, based on a seven-year amortization period. The 2021 Term Loan has a
maturity date of June 18, 2028. The 2021 Term Loan is secured by a security deed on the assets of Wild Animal – Georgia. The Company
paid a total of approximately $1,514 in fees and expenses in connection with the 2021 Refinancing. The outstanding balance of the 2021
Term Loan was $1.38 million as of October 1, 2023.
On
April 27, 2020, the Company, through its wholly owned subsidiary Aggieland-Parks, Inc., acquired Aggieland Wild Animal – Texas.
The purchase price of $7.1 million was financed with a $5.0 million loan (the “2020 Term Loan”) from First Financial Bank,
N.A. (“First Financial”), a seller note with a face value of $750,000 (the “Aggieland Seller Note”), and cash
totaling $1.38 million. The 2020 Term Loan is secured by substantially all the Aggieland Wild Animal – Texas assets, as well as
guarantees from the Company and its subsidiaries. The 2020 Term Loan bears interest at a rate of 5.0% per annum, has a maturity date
of April 27, 2031, and required interest only monthly payments through April 2021. The 2020 Term Loan requires monthly payments of $53,213
beginning in May 2021. The Company paid a total of approximately $62,375 in fees and expenses in connection with the 2020 Term Loan.
On June 30, 2021, the Company used the incremental proceeds of the 2021 Term Loan, combined with additional funds, to paydown $1.0 million
against the 2020 Term Loan, which had an outstanding balance of $2.89 million as of October 1, 2023. The Company was in compliance with
the liquidity covenant of the 2020 Term Loan as of October 2, 2022 and October 1, 2023. The Company was in compliance with the annual
debt service coverage ratio covenant of the 2020 Term Loan for the year ended October 2, 2022. For the year ended October 1, 2023, the
Company was not in compliance with the annual debt service coverage ratio covenant of the 2020 Term Loan, due to the lost revenues, as
well as net expenses and write-offs driven by the March 2023 severe weather and tornado damage at its Georgia Park. The Company requested
and First Financial granted a waiver of this violation for the year ended October 1, 2023.
Interest
expense of $222,396 and $261,621 for the years ended October 1, 2023 and October 2, 2022, respectively, includes $5,888 of debt financing
costs amortization in each period. Interest expense for the year ended October 2, 2022 also includes financial lease cost amortization
of $6,032.
The
following table represents the aggregate of the Company’s outstanding long-term debt:
SCHEDULE
OF DEBT
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
As
of | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Loan principal outstanding | |
$ | 4,271,521 | | |
$ | 5,010,136 | |
Less: unamortized debt
financing costs | |
| (44,030 | ) | |
| (49,915 | ) |
Gross long-term debt | |
| 4,227,491 | | |
| 4,960,221 | |
Less current portion of long-term debt, net of unamortized costs and discount | |
| (767,675 | ) | |
| (732,779 | ) |
Long-term debt | |
$ | 3,459,816 | | |
$ | 4,227,442 | |
As
of October 1, 2023, the scheduled future principal maturities, by fiscal year, are as follows:
SCHEDULE
OF MATURITIES OF LONG-TERM DEBT
| |
| | |
2024 | |
$ | 773,561 | |
2025 | |
| 810,136 | |
2026 | |
| 848,472 | |
2027 | |
| 888,654 | |
2028 | |
| 850,954 | |
thereafter | |
| 99,744 | |
Total | |
$ | 4,271,521 | |
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
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v3.23.3
STOCKHOLDERS’ EQUITY
|
12 Months Ended |
Oct. 01, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
5. STOCKHOLDERS’ EQUITY
Shares
of common stock issued for service to the Company are valued based on market price on the date of the award.
On
February 2, 2023, the Company declared its annual compensation award to seven directors for their service on the Board of Directors.
Seven directors were awarded $10,000 each and three directors received a total of $10,000 for serving as committee chairpersons and as
a non-employee officer, with such compensation to be paid all in shares of the Company’s common stock, all in cash or a combination
thereof, at each director’s election. Five directors elected to receive all shares, one director elected to receive 60% in shares
and 40% in cash, and one director elected all cash. Based on the closing stock price of $0.40 per share on February 2, 2023, a total
of 162,500 shares were issued on March 9, 2023. The total compensation award cost of $80,000 was reported as an expense in the three
month period ended April 2, 2023.
Effective
February 14, 2023, Lisa Brady the Company’s President and Chief Executive Officer vested in 128,205 shares of the Company’s
common stock, in accordance with the terms of her employment agreement. The Company recorded compensation award cost of $50,000 in the
three month period ended April 2, 2023 and the shares were issued on May 23, 2023.
On
December 13, 2021, the Company declared its annual compensation award to seven directors for their service on the Board of Directors.
Five directors were awarded $10,000 each, two new directors were awarded $2,222 each, and two directors received a total of $7,500 for
serving as committee chairpersons and as a non-employee officer, with such compensation to be paid all in shares of the Company’s
common stock, all in cash or a combination thereof, at each director’s election. Five directors elected to receive all shares,
one director elected to receive 60% in shares and 40% in cash, and one director elected all cash. Based on the closing stock price of
$0.553 per share on December 13, 2021, a total of 84,888 shares were issued on February 21, 2022. The total compensation award cost of
$61,944 was reported as an expense in the three month period ended January 2, 2022.
On
December 13, 2021, the Company awarded a non-director officer $10,000 to be paid in shares of the Company’s common stock, totaling
18,083 shares based on the closing stock price of $0.553 per share on December 13, 2021, which were distributed on February 21, 2022,
and $10,000 of compensation expense was reported in the three month period ended January 2, 2022.
Officers,
directors and their controlled entities own approximately 54.3% of the outstanding common stock of the Company as of October 1, 2023.
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v3.23.3
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
|
12 Months Ended |
Oct. 01, 2023 |
Related Party Transactions [Abstract] |
|
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES |
NOTE
6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
Employment
Agreements:
Effective
November 14, 2022, the Company and Ms. Brady, entered into an employment agreement (the “Brady Employment Agreement”). Pursuant
to the Brady Employment Agreement, Ms. Brady receives an initial base annual compensation in the amount of $175,000 per year, subject
to annual review by the Board of Directors. Ms. Brady is entitled to receive an annual Performance Incentive of up to 25% of her base
annual compensation, subject to performance milestones. Ms. Brady received a $50,000 award of shares of Company stock, which vested on
February 14, 2023, after her first ninety days of employment. The number of shares of this award totaled 128,205 based on the $0.39 closing
price of the Company’s stock on November 14, 2022. Ms. Brady is also scheduled to receive share awards of the Company’s common
stock with a total value of $50,000, $60,000, $70,000 and $75,000 as of the last day of the Company’s fiscal year from its 2023
fiscal year through its 2026 fiscal year, respectively. The number of shares awarded is to be based on the average price of the Company’s
stock on the date of the award. Each award will vest in one-third increments, with the first third vesting on the date of the award,
the second third vesting on the first anniversary of the award and the final third vesting on the second anniversary of the award. The
Company recorded an expense of $16,667 related to the one-third vesting of the 2023 fiscal year grant during the fiscal year ended October
1, 2023. The number of shares of the 2023 fiscal year award totaled 135,135 based on the $0.37 closing price of the Company’s stock
on September 29, 2023, of which 45,045 vested as of that date. The Company anticipates issuing these shares prior to December 31, 2023.
Ms. Brady also received a $5,000 sign-on bonus. The Brady Employment Agreement has a term of five years and entitles Ms. Brady to participate
in any deferred compensation plan the Company may adopt during the term of her employment with the Company.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
Employment
Agreements (continued):
Effective
June 1, 2022, the Company and Dale Van Voorhis, the Company’s Chairman of the Board, entered into an employment agreement (the
“2022 Van Voorhis Employment Agreement”). Mr. Van Voorhis has been part of the Company’s executive management since
2009, and most recently served as the Company’s Interim CEO until Ms. Brady was hired. Mr. Van Voorhis served as Special Advisor
to the CEO through May 31, 2023. Pursuant to the 2022 Van Voorhis Employment Agreement, Mr. Van Voorhis receives annual compensation
in the amount of $100,000 through May 31, 2023 and $50,000 from June 1, 2023 through May 31, 2024. In addition, Mr. Van Voorhis will
serve as a member of the Company’s Strategic Growth and Audit Committees during the two year term of his employment with the Company.
Effective
as of January 1, 2022, the Company and Todd R. White, the Company’s Chief Financial Officer, entered into an employment agreement
(the “2022 White Employment Agreement”). Pursuant to the 2022 White Employment Agreement, Mr. White receives an initial base
annual compensation in the amount of $90,000 per year, subject to annual review by the Board of Directors. The 2022 White Employment
Agreement has a term of two years and entitles Mr. White to participate in any deferred compensation plan the Company may adopt during
the term of his employment with the Company.
Each
of the foregoing employment agreements contains provisions for severance compensation in the event an agreement is (i) terminated early
by the Company without cause ($258,333 in aggregate) or (ii) in the event of a change in control of the Company ($348,333 in aggregate),
as well as disability and death payment provisions ($157,500 in aggregate). As of October 1, 2023, the Company has not adopted any deferred
compensation plans.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
INCOME TAXES
|
12 Months Ended |
Oct. 01, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
7. INCOME TAXES
For
the year ended October 1, 2023, the Company reported a pre-tax loss of $ and for the year ended October 2, 2022, the Company reported
a pre-tax profit of $ million. The Company’s provision for income taxes consists of the following:
SCHEDULE OF PROVISION FOR INCOME TAX
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Current | |
| | |
| |
Federal | |
$ | (196,871 | ) | |
$ | 198,400 | |
State | |
| (124,141 | ) | |
| 104,400 | |
Total
current | |
| (321,012 | ) | |
| 302,800 | |
| |
| | | |
| | |
Deferred | |
| | | |
| | |
Federal | |
| 68,106 | | |
| - | |
State | |
| 164,223 | | |
| - | |
Total
deferred | |
| 232,329 | | |
| - | |
Income tax expense (benefit) | |
$ | (88,683 | ) | |
$ | 302,800 | |
A
reconciliation of the federal corporate statutory income tax rate and the effective rate for the provisions for income taxes consists
of the following:
SCHEDULE
OF FEDERAL CORPORATE STATUTORY INCOME TAX RATE AND THE EFFECTIVE RATE
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Federal statutory rate | |
| 21.0 | % | |
| 21.0 | % |
State taxes, net of federal benefit | |
| (5.5 | ) | |
| 8.4 | |
Non-deductible expenses | |
| (0.4 | ) | |
| - | |
Other | |
| 0.4 | | |
| - | |
Effective income tax
rate | |
| 15.5 | % | |
| 29.4 | % |
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
7. INCOME TAXES (CONTINUED)
Deferred
tax assets and liabilities arise from temporary differences between financial reporting and tax reporting bases of assets and liabilities,
and operating loss carryforwards for tax purposes. The components of Company’s deferred income tax assets and liabilities consist
of the following as of October 1, 2023:
SCHEDULE
OF DEFERRED INCOME TAX ASSETS AND LIABILITIES
| |
October
1, 2023 | |
Deferred tax assets (liabilities) | |
| | |
Net operating loss carryforwards | |
$ | 1,336,696 | |
Accrued liabilities | |
| 5,109 | |
Property and equipment | |
| (1,457,959 | ) |
Intangibles assets | |
| (6,879 | ) |
Valuation allowance | |
| (109,296 | ) |
Net deferred tax liability | |
$ | (232,329 | ) |
GAAP
requires a valuation allowance be recorded against a deferred tax asset if it is more likely than not that the tax benefit associated
with the asset will not be realized in the future. As shown in the table above, the Company had a valuation allowance of $109,296 as
of October 1, 2023. This valuation allowance is based on the Company’s State of Missouri net operating loss carryforwards totaling
$3.46 million as of October 1, 2023, which expire in varying amounts from 2028 through 2042. Due to the Company’s history of losses
in the State of Missouri, it has established a full valuation allowance against the related net operating loss carryforward asset as
of October 1, 2023.
The
Company also had net operating loss carryforwards available for federal and State of Georgia tax purposes of $4.09 million and $202,468,
respectively, as of October 1, 2023. Each of these has an indefinite carryforward period; however, each is limited to offset 80% of taxable
income any period applied.
The
Company follows guidance issued by the FASB ASC 740 with respect to accounting for uncertainty in income taxes. A tax position is recognized
as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination, with a tax
examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than fifty percent likely
of being realized on examination. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded.
The Company has no unrecognized tax benefits under guidance related to tax uncertainties. The Company does not anticipate its unrecognized
tax benefits will significantly change in the next twelve months. Any tax penalties or interest expense will be recognized in income
tax expense. No interest and penalties related to unrecognized tax benefits were accrued as of October 1, 2023 or October 2, 2022.
The
Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company
is open to federal and state tax audits until the applicable statute of limitations expire; however, the Company currently has no federal
or state income tax examinations underway. The tax years 2019 through 2022 remain open to examination by the major taxing jurisdictions
in which the Company and its subsidiaries operate.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
12 Months Ended |
Oct. 01, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
8. COMMITMENTS AND CONTINGENCIES
On
December 16, 2022, the Company received notice that on August 10, 2022 a former employee of Aggieland Wild Animal – Texas, filed
a Complaint in the 361st District Court of Brazos County, Texas (case no. 22-001839-CV-361), alleging the Company and Aggieland-Parks,
Inc. committed several instances of employment discrimination. The Complaint seeks unspecified economic, compensatory and punitive damages,
as well as attorney’s fees and costs. The Company is defending this claim.
On
February 17, 2021, two children of James Meikle, the Company’s former Chief Operating Officer, filed a Complaint in the Eighth
Judicial District Court, Clark County, Nevada (case no. A-21-829563-C), alleging the Company was obligated under Mr. Meikle’s Employment
Agreement to purchase at least $540,000 of life insurance for Mr. Meikle, who passed away on November 28, 2018. The Complaint was seeking
damages of $540,000, as well as interest and expenses. The trial date was set for August 15, 2022. Effective August 5, 2022, the Company
agreed to pay the plaintiffs $100,000 to settle this Compliant and obtain a full release for any related complaints. The release was
obtained, and the full payment was made prior to October 2, 2022.
Except
as noted above, the Company is not a party to any pending legal proceeding, nor is its property the subject of a pending legal proceeding,
that is not in the ordinary course of business or otherwise material to the financial condition of its business. None of the Company’s
directors, officers or affiliates is involved in a proceeding adverse to its business or has a material interest adverse to its business.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
BUSINESS SEGMENTS
|
12 Months Ended |
Oct. 01, 2023 |
Segment Reporting [Abstract] |
|
BUSINESS SEGMENTS |
NOTE
9. BUSINESS SEGMENTS
The
Company manages its operations on an individual location basis. Discrete financial information is maintained for each park and provided
to corporate management for review and as a basis for decision-making. The primary performance measures used to allocate resources are
Park earnings before interest and tax expense, and free cash flow.
The
following tables present financial information regarding each of the Company’s reportable segments:
SCHEDULE OF REVENUE BY
REPORTING SEGMENTS
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Total revenues: | |
| | | |
| | |
Georgia | |
$ | 5,873,526 | | |
$ | 7,086,232 | |
Missouri | |
| 1,692,765 | | |
| 1,691,602 | |
Texas | |
| 1,873,957 | | |
| 1,963,583 | |
Consolidated | |
$ | 9,440,248 | | |
$ | 10,741,417 | |
Total revenues | |
$ | 9,440,248 | | |
$ | 10,741,417 | |
| |
| | | |
| | |
Income (loss) before income
taxes: | |
| | | |
| | |
Tornado expenses and write-offs,
net | |
| 368,955 | | |
| - | |
Legal settlement | |
| - | | |
| 100,000 | |
Other income, net | |
| 80,230 | | |
| 91,276 | |
Interest
expense | |
| (222,396 | ) | |
| (261,621 | ) |
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
9. BUSINESS SEGMENTS (CONTINUED)
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Depreciation and amortization: | |
| | | |
| | |
Georgia | |
$ | 324,252 | | |
$ | 289,961 | |
Missouri | |
| 275,533 | | |
| 253,182 | |
Texas | |
| 283,020 | | |
| 238,744 | |
Corporate | |
| 1,654 | | |
| 1,100 | |
Consolidated | |
$ | 884,459 | | |
$ | 782,987 | |
Depreciation
and amortization | |
$ | 884,459 | | |
$ | 782,987 | |
| |
| | | |
| | |
Capital expenditures | |
| | | |
| | |
Georgia | |
$ | 1,208,762 | | |
$ | 695,285 | |
Missouri | |
| 134,987 | | |
| 601,842 | |
Texas | |
| 214,095 | | |
| 542,264 | |
Consolidated | |
$ | 1,557,844 | | |
$ | 1,839,391 | |
Capital
expenditures | |
$ | 1,557,844 | | |
$ | 1,839,391 | |
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
As
of | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Total assets: | |
| | | |
| | |
Georgia | |
$ | 8,519,619 | | |
$ | 9,402,877 | |
Missouri | |
| 3,335,794 | | |
| 3,468,730 | |
Texas | |
| 7,698,400 | | |
| 8,074,421 | |
Corporate | |
| 541,910 | | |
| 157,578 | |
Consolidated | |
$ | 20,095,723 | | |
$ | 21,103,606 | |
Total assets | |
$ | 20,095,723 | | |
$ | 21,103,606 | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.3
FAIR VALUE MEASUREMENTS
|
12 Months Ended |
Oct. 01, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE
10. FAIR VALUE MEASUREMENTS
As
of October 1, 2023 and October 2, 2022, the fair value of our long-term debt was $3.83 million and $4.61 million, respectively. The measurement
of the fair value of long-term debt is based upon inquiries of the financial institutions holding the respective loans and is considered
a Level 2 fair value measurement.
The
respective carrying values of cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of
the short maturity of these instruments.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
SUBSEQUENT EVENTS
|
12 Months Ended |
Oct. 01, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
11. SUBSEQUENT EVENTS
The
Company has analyzed its operations subsequent to October 1, 2023 to the date these financial statements were issued and has determined
that no material subsequent events have occurred from the date of these consolidated financial statements.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Oct. 01, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation: The Company’s consolidated financial statements are presented in accordance with accounting principles
generally accepted in the United States of America (“GAAP”). The Company believes that the disclosures made are adequate
to make the information presented not misleading. The information reflects all adjustments that, in the opinion of management, are necessary
for a fair presentation of the Company’s financial position and results of its operations for the periods set forth herein.
|
Principles of Consolidation |
Principles
of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly owned
subsidiaries (Wild Animal – Georgia, Wild Animal – Missouri and Aggieland Wild Animal – Texas). All inter-company accounts
and transactions have been eliminated in consolidation.
|
Accounting Method |
Accounting
Method: The Company recognizes income and expenses based on the accrual method of accounting.
|
Estimates and Assumptions |
Estimates
and Assumptions: Management uses estimates and assumptions in preparing financial statements in accordance with GAAP. Those estimates
and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the
reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.
|
Fiscal Year End |
Fiscal
Year End: The Company’s fiscal year-end is the Sunday closest to September 30, and its quarterly close dates are also determined
by the Sunday closest to the end of each quarterly reporting period. For the 2023 fiscal year, October 1 was the closest Sunday, and
for the 2022 fiscal year, October 2 was the closest Sunday. This fiscal calendar aligns the Company’s fiscal periods closely with
the seasonality of its business. The high season typically ends after the Labor Day holiday weekend. The period from October through
early March is geared towards maintenance and preparation for the next busy season, which typically begins in the latter half of March
through early September.
|
Financial and Concentrations Risk |
Financial
and Concentrations Risk: The Company does not have any concentration or related financial credit risks. The Company maintains
its cash in bank deposit accounts, which at times may exceed federally insured limits.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Fair Value |
Fair
Value: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants, or an exit price. Inputs to valuation techniques used to measure fair value may be observable or unobservable,
and valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable
inputs. The fair value hierarchy consists of three broad levels based on the ranks of the quality and reliability of inputs used to determine
the fair values. Level 1 inputs consist of quoted prices in active markets for identical assets or liabilities. Level 2 inputs consist
of quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally
from or corroborated by observable market data. Level 3 inputs are derived from valuation techniques in which one or more significant
inputs or value drivers are unobservable. A financial instrument’s categorization within the valuation hierarchy is based upon
the lowest level of input that is significant to the fair value measurement. Assets and liabilities recognized or disclosed at fair value
on a recurring basis include our term debt.
|
Accounts Receivable |
Accounts
Receivable: The safari parks are primarily a payment upfront business; therefore, the Company typically carries
little or no accounts receivable. The Company had accounts receivable of $36,172
and $4,405
as of October 1, 2023 and October 2, 2022, respectively.
|
Inventory |
Inventory:
Inventory consists of gift shop items, animal food, and concession and park supplies, and is stated at the lower of cost or net
realizable value. Cost is determined by the first-in, first-out method. The gross profit method is used to determine the change in gift
shop inventory for interim periods. Inventories are reviewed and reconciled annually because inventory levels turn over rapidly. The
Company had inventory of $419,149 and $541,986 as of October 1, 2023 and October 2, 2022, respectively.
|
Prepaid Expenses |
Prepaid
Expenses: The Company prepays certain expenses primarily due to legal or contractual requirements. Prepaid expenses consist primarily
of federal and state income taxes and insurance premiums. The Company had prepaid expenses of $558,678 and $170,782 as of October 1,
2023 and October 2, 2022, respectively.
|
Property and Equipment |
Property
and Equipment: Property and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated
useful lives of the assets, which range from three to thirty-nine years. A summary is included below.
SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
| |
October
1, 2023 | | |
October
2, 2022 | | |
Depreciable
Lives |
Land | |
$ | 6,389,470 | | |
$ | 6,389,470 | | |
not applicable |
Mineral rights | |
| 276,000 | | |
| 276,000 | | |
25 years |
Ground improvements | |
| 2,941,958 | | |
| 2,797,694 | | |
7-25 years |
Buildings and structures | |
| 3,812,223 | | |
| 3,922,106 | | |
10-39 years |
Animal shelters and habitats | |
| 3,428,620 | | |
| 2,479,832 | | |
10-39 years |
Park animals | |
| 1,279,080 | | |
| 1,247,777 | | |
5-25 years |
Equipment - concession and related | |
| 509,078 | | |
| 464,988 | | |
3-15 years |
Equipment and vehicles - yard and field | |
| 817,809 | | |
| 766,149 | | |
3-15 years |
Vehicles - buses and rental | |
| 299,206 | | |
| 267,483 | | |
3-5 years |
Rides and entertainment | |
| 172,154 | | |
| 106,247 | | |
5-7 years |
Furniture and fixtures | |
| 27,160 | | |
| 28,694 | | |
5-10 years |
Projects in process | |
| 212,248 | | |
| 808,526 | | |
|
Property and equipment, cost | |
| 20,165,006 | | |
| 19,554,966 | | |
|
Less accumulated depreciation | |
| (5,254,909 | ) | |
| (4,743,224 | ) | |
|
Property and equipment,
net | |
$ | 14,910,097 | | |
$ | 14,811,742 | | |
|
Depreciation
expense for the years ended October 1, 2023 and October 2, 2022 totaled $865,969 and $766,859, respectively.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Intangible Assets |
Intangible
Assets: Intangible assets consist primarily of a site master plan, website domains and tradename registrations, which are reported
at cost and are being amortized over a period of three to ten years. Amortization expense for the years ended October 1, 2023 and October
2, 2022 totaled $18,490 and $16,128, respectively.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets: The Company reviews its major assets for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. If an asset is considered impaired, then impairment will be recognized in
an amount determined by the excess of the carrying amount of the asset over its fair value.
|
Other Current Liabilities |
Other
Current Liabilities: The following is a breakdown of other current liabilities:
SCHEDULE
OF OTHER CURRENT LIABILITIES
| |
October
1, 2023 | | |
October
2, 2022 | |
Accrued wages and payroll taxes | |
$ | 177,868 | | |
$ | 122,265 | |
Deferred revenue | |
| 143,511 | | |
| 193,912 | |
Accrued sales taxes | |
| 46,718 | | |
| 49,123 | |
Accrued property taxes | |
| 49,183 | | |
| 46,814 | |
Other accrued liabilities | |
| 154,063 | | |
| 109,758 | |
Other current liabilities | |
$ | 571,343 | | |
$ | 521,872 | |
|
Revenue Recognition |
Revenue
Recognition: The Company recognizes revenues in accordance with ASC 606, Revenues from Contracts with Customers. Under
ASC 606, the Company recognizes revenue when a customer obtains control of promised goods or services, in an amount that reflects the
consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements
that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (1) identify the contract
with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocation the
transaction price to the performance obligation in the contract; and (5) recognize revenue when (or as) the Company satisfies the performance
obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration it is
entitled to in exchange for the goods or services it transfers to the customer.
Revenues
from park admission fees are recognized at the point in time control transfers to the customer, which is generally when the customer
accepts access to the park and the Company is entitled to payment. Park admission revenues for annual passes and memberships are deferred
and recognized as revenue on a pro-rata basis over the term of the pass or membership. Park admission fee revenues from advance online
ticket purchases are deferred until the customers’ visit to the parks. Advance online tickets can generally be used anytime during
the one year period from the date of purchase. Revenues from retail and concession sales are generally recognized upon the concurrent
receipt of payment and delivery of goods to the customer. Sales taxes billed and collected are not included in revenue.
Deferred
revenues from advance online admission tickets, season passes, and memberships were $143,511 and $193,912 as of October 1, 2023 and October
2, 2022, respectively, and are included within Other Current Liabilities in the accompanying consolidated balance sheets.
The
Company periodically sells surplus animals created from the natural breeding process that occurs within the parks. All animal sales are
reported as a separate revenue line item. Animal sales are recognized at a point in time when control transfers to the customer, which
is generally determined when title, ownership and risk of loss pass to the customer, all of which generally occurs upon delivery of the
animal. Based on the Company’s assessment of control indicators, sales are recognized when animals are delivered to the customer.
The
Company provides disaggregation of revenue based on geography in “Note 9: Business Segments”,
as it believes this best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Advertising and Marketing Costs |
Advertising
and Marketing Costs: The Company expenses advertising and marketing costs as incurred. Advertising and marketing expense for
the years ended October 1, 2023 and October 2, 2022 totaled $1,084,376 and $1,238,618, respectively.
|
Leases |
Leases:
The Company determines if an arrangement contains a lease at inception and accounts for all leases in accordance with ASC 842,
Leases. If an arrangement contains a lease, the Company performs a classification test to determine if the lease is an operating
lease or a financing lease. Right of use assets represent the right to use an underlying asset for the lease term and lease liabilities
represent the obligation to make lease payments arising from the lease. Right of use assets are valued at the initial measurement of
the lease liability, plus any indirect costs or rent prepayments, and reduced by any lease incentives and any deferred lease payments.
Right of use assets are amortized over the lease term. Lease liabilities are recognized on the commencement date of the lease based on
the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the future
lease payments is the Company’s incremental borrowing rate, unless the rate implicit in the lease is readily determinable. Lease
terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.
Lease expense is recognized on a straight-line basis over the life of the lease, unless management believes there is an alternative systematic
basis which better represents the pattern which the Company will consume the economic benefits thereof and is included within general
and administrative expenses. As a practical expedient, a relief provided in the accounting standard to simplify compliance, the Company
does not recognize right-of-use assets and lease liabilities for leases with an original term of one year or less. Any non-lease components
are not included within the lease right-of-use asset and lease liability, are reflected as an expense in the period incurred.
In
October 2021, the Company entered a financing lease for certain property related to a Christmas Lights drive through display at its Missouri
Park. Effective September 27, 2022, the Company terminated this financing lease, acquiring the leased property related to the Christmas
Lights display for $85,000 in exchange for a mutual release of obligations under the lease agreement and recognized a lease termination
gain of $2,011. Prior to termination of the lease, during the fiscal year ended October 1, 2023 the Company recognized right of use asset
amortization and interest expense related to this lease of $154,831 and $6,032, respectively.
|
Stock Based Compensation |
Stock
Based Compensation: The Company recognizes stock based compensation costs on a straight-line basis over the requisite service
period associated with the grant. The Company awards shares to its Board of Directors for service on the Board. The shares issued to
the Board are “restricted” and are not to be re-sold unless an exemption is available, such as the exemption afforded by
Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Company recognizes the expense
based on the fair market value at time of the grant. The Company typically awards its annual Director compensation around the end of
each calendar year.
A
Stock Option and Award Plan (the “Plan”) providing for incentive stock options and performance bonus awards for executives,
employees, and directors was approved by the Company’s Board of Directors on February 1, 2005, however, the Plan has not been submitted
to the stockholders for approval. The Plan sets aside five million (5,000,000) shares for award of stock options, including qualified
incentive stock options and performance stock bonuses. To date, no grants or awards have been made pursuant to the Plan and the Company
did not submit the Plan for consideration to the Company’s stockholders at its last meeting of stockholders.
|
Income Taxes |
Income
Taxes: The Company utilizes the asset and liability method of accounting for income taxes, which requires the recognition of
deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements.
Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis
and the tax basis of the assets and liabilities, and are measured using the enacted tax rates and laws. Management periodically reviews
the Company’s deferred tax assets to determine whether their value can be realized based on available evidence. A valuation allowance
is established when management believes it is more likely than not, that such tax benefits will not be realized. Changes in valuation
allowances from period to period are included in the Company’s income tax provision in the period of change.
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
|
Basic and Diluted Net Income (Loss) Per Share |
Basic
and Diluted Net Income (Loss) Per Share: Basic net income (loss) per share amounts are computed based on the weighted average
number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of
common shares and common equivalent shares outstanding as if shares had been issued on the exercise any common share rights unless the
exercise becomes anti-dilutive.
Basic
and diluted net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the applicable
weighted average number of common shares outstanding in each period.
|
Dividend Policy |
Dividend
Policy: The Company has not yet adopted a policy regarding payment of dividends.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements:
Credit
Losses – Financial Instruments
In
June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic
326), which changes the impairment model for most financial assets to require measurement and recognition of expected credit losses
for financial assets held, replacing the existing incurred loss model. ASU 2016-13 is effective for annual reporting periods beginning
after December 15, 2022, including interim reporting periods within those annual reporting periods. Early adoption is permitted. The
Company is currently evaluating the impact of the new guidance on its consolidated financial statements and related disclosures, however,
it is not anticipated to be material.
Except
as noted, the Company does not expect recently issued accounting standards or interpretations to have a material impact on the Company’s
financial position, results of operations, cash flows or financial statement disclosures.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Oct. 01, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT |
SCHEDULE
OF PROPERTY, PLANT AND EQUIPMENT
| |
October
1, 2023 | | |
October
2, 2022 | | |
Depreciable
Lives |
Land | |
$ | 6,389,470 | | |
$ | 6,389,470 | | |
not applicable |
Mineral rights | |
| 276,000 | | |
| 276,000 | | |
25 years |
Ground improvements | |
| 2,941,958 | | |
| 2,797,694 | | |
7-25 years |
Buildings and structures | |
| 3,812,223 | | |
| 3,922,106 | | |
10-39 years |
Animal shelters and habitats | |
| 3,428,620 | | |
| 2,479,832 | | |
10-39 years |
Park animals | |
| 1,279,080 | | |
| 1,247,777 | | |
5-25 years |
Equipment - concession and related | |
| 509,078 | | |
| 464,988 | | |
3-15 years |
Equipment and vehicles - yard and field | |
| 817,809 | | |
| 766,149 | | |
3-15 years |
Vehicles - buses and rental | |
| 299,206 | | |
| 267,483 | | |
3-5 years |
Rides and entertainment | |
| 172,154 | | |
| 106,247 | | |
5-7 years |
Furniture and fixtures | |
| 27,160 | | |
| 28,694 | | |
5-10 years |
Projects in process | |
| 212,248 | | |
| 808,526 | | |
|
Property and equipment, cost | |
| 20,165,006 | | |
| 19,554,966 | | |
|
Less accumulated depreciation | |
| (5,254,909 | ) | |
| (4,743,224 | ) | |
|
Property and equipment,
net | |
$ | 14,910,097 | | |
$ | 14,811,742 | | |
|
|
SCHEDULE OF OTHER CURRENT LIABILITIES |
SCHEDULE
OF OTHER CURRENT LIABILITIES
| |
October
1, 2023 | | |
October
2, 2022 | |
Accrued wages and payroll taxes | |
$ | 177,868 | | |
$ | 122,265 | |
Deferred revenue | |
| 143,511 | | |
| 193,912 | |
Accrued sales taxes | |
| 46,718 | | |
| 49,123 | |
Accrued property taxes | |
| 49,183 | | |
| 46,814 | |
Other accrued liabilities | |
| 154,063 | | |
| 109,758 | |
Other current liabilities | |
$ | 571,343 | | |
$ | 521,872 | |
|
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v3.23.3
LONG-TERM DEBT (Tables)
|
12 Months Ended |
Oct. 01, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF DEBT |
The
following table represents the aggregate of the Company’s outstanding long-term debt:
SCHEDULE
OF DEBT
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
As
of | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Loan principal outstanding | |
$ | 4,271,521 | | |
$ | 5,010,136 | |
Less: unamortized debt
financing costs | |
| (44,030 | ) | |
| (49,915 | ) |
Gross long-term debt | |
| 4,227,491 | | |
| 4,960,221 | |
Less current portion of long-term debt, net of unamortized costs and discount | |
| (767,675 | ) | |
| (732,779 | ) |
Long-term debt | |
$ | 3,459,816 | | |
$ | 4,227,442 | |
|
SCHEDULE OF MATURITIES OF LONG-TERM DEBT |
As
of October 1, 2023, the scheduled future principal maturities, by fiscal year, are as follows:
SCHEDULE
OF MATURITIES OF LONG-TERM DEBT
| |
| | |
2024 | |
$ | 773,561 | |
2025 | |
| 810,136 | |
2026 | |
| 848,472 | |
2027 | |
| 888,654 | |
2028 | |
| 850,954 | |
thereafter | |
| 99,744 | |
Total | |
$ | 4,271,521 | |
|
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v3.23.3
INCOME TAXES (Tables)
|
12 Months Ended |
Oct. 01, 2023 |
Income Tax Disclosure [Abstract] |
|
SCHEDULE OF PROVISION FOR INCOME TAX |
SCHEDULE OF PROVISION FOR INCOME TAX
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Current | |
| | |
| |
Federal | |
$ | (196,871 | ) | |
$ | 198,400 | |
State | |
| (124,141 | ) | |
| 104,400 | |
Total
current | |
| (321,012 | ) | |
| 302,800 | |
| |
| | | |
| | |
Deferred | |
| | | |
| | |
Federal | |
| 68,106 | | |
| - | |
State | |
| 164,223 | | |
| - | |
Total
deferred | |
| 232,329 | | |
| - | |
Income tax expense (benefit) | |
$ | (88,683 | ) | |
$ | 302,800 | |
|
SCHEDULE OF FEDERAL CORPORATE STATUTORY INCOME TAX RATE AND THE EFFECTIVE RATE |
SCHEDULE
OF FEDERAL CORPORATE STATUTORY INCOME TAX RATE AND THE EFFECTIVE RATE
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Federal statutory rate | |
| 21.0 | % | |
| 21.0 | % |
State taxes, net of federal benefit | |
| (5.5 | ) | |
| 8.4 | |
Non-deductible expenses | |
| (0.4 | ) | |
| - | |
Other | |
| 0.4 | | |
| - | |
Effective income tax
rate | |
| 15.5 | % | |
| 29.4 | % |
|
SCHEDULE OF DEFERRED INCOME TAX ASSETS AND LIABILITIES |
SCHEDULE
OF DEFERRED INCOME TAX ASSETS AND LIABILITIES
| |
October
1, 2023 | |
Deferred tax assets (liabilities) | |
| | |
Net operating loss carryforwards | |
$ | 1,336,696 | |
Accrued liabilities | |
| 5,109 | |
Property and equipment | |
| (1,457,959 | ) |
Intangibles assets | |
| (6,879 | ) |
Valuation allowance | |
| (109,296 | ) |
Net deferred tax liability | |
$ | (232,329 | ) |
|
X |
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v3.23.3
BUSINESS SEGMENTS (Tables)
|
12 Months Ended |
Oct. 01, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF REVENUE BY REPORTING SEGMENTS |
The
following tables present financial information regarding each of the Company’s reportable segments:
SCHEDULE OF REVENUE BY
REPORTING SEGMENTS
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Total revenues: | |
| | | |
| | |
Georgia | |
$ | 5,873,526 | | |
$ | 7,086,232 | |
Missouri | |
| 1,692,765 | | |
| 1,691,602 | |
Texas | |
| 1,873,957 | | |
| 1,963,583 | |
Consolidated | |
$ | 9,440,248 | | |
$ | 10,741,417 | |
Total revenues | |
$ | 9,440,248 | | |
$ | 10,741,417 | |
| |
| | | |
| | |
Income (loss) before income
taxes: | |
| | | |
| | |
Tornado expenses and write-offs,
net | |
| 368,955 | | |
| - | |
Legal settlement | |
| - | | |
| 100,000 | |
Other income, net | |
| 80,230 | | |
| 91,276 | |
Interest
expense | |
| (222,396 | ) | |
| (261,621 | ) |
PARKS!
AMERICA, INC. and SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
October
1, 2023
NOTE
9. BUSINESS SEGMENTS (CONTINUED)
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
For
the year ended | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Depreciation and amortization: | |
| | | |
| | |
Georgia | |
$ | 324,252 | | |
$ | 289,961 | |
Missouri | |
| 275,533 | | |
| 253,182 | |
Texas | |
| 283,020 | | |
| 238,744 | |
Corporate | |
| 1,654 | | |
| 1,100 | |
Consolidated | |
$ | 884,459 | | |
$ | 782,987 | |
Depreciation
and amortization | |
$ | 884,459 | | |
$ | 782,987 | |
| |
| | | |
| | |
Capital expenditures | |
| | | |
| | |
Georgia | |
$ | 1,208,762 | | |
$ | 695,285 | |
Missouri | |
| 134,987 | | |
| 601,842 | |
Texas | |
| 214,095 | | |
| 542,264 | |
Consolidated | |
$ | 1,557,844 | | |
$ | 1,839,391 | |
Capital
expenditures | |
$ | 1,557,844 | | |
$ | 1,839,391 | |
| |
October
1, 2023 | | |
October
2, 2022 | |
| |
As
of | |
| |
October
1, 2023 | | |
October
2, 2022 | |
Total assets: | |
| | | |
| | |
Georgia | |
$ | 8,519,619 | | |
$ | 9,402,877 | |
Missouri | |
| 3,335,794 | | |
| 3,468,730 | |
Texas | |
| 7,698,400 | | |
| 8,074,421 | |
Corporate | |
| 541,910 | | |
| 157,578 | |
Consolidated | |
$ | 20,095,723 | | |
$ | 21,103,606 | |
Total assets | |
$ | 20,095,723 | | |
$ | 21,103,606 | |
|
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v3.23.3
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
|
12 Months Ended |
|
Oct. 01, 2023 |
Oct. 02, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 20,165,006
|
$ 19,554,966
|
Less accumulated depreciation |
(5,254,909)
|
(4,743,224)
|
Property and equipment, net |
14,910,097
|
14,811,742
|
Land [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 6,389,470
|
6,389,470
|
Property and equipment, estimated useful lives |
not applicable
|
|
Mineral Rights [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 276,000
|
276,000
|
Property and equipment, estimated useful lives |
25 years
|
|
Land Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 2,941,958
|
2,797,694
|
Land Improvements [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
7 years
|
|
Land Improvements [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
25 years
|
|
Building [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 3,812,223
|
3,922,106
|
Building [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
10 years
|
|
Building [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
39 years
|
|
Animal Shelters And Habitats [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 3,428,620
|
2,479,832
|
Animal Shelters And Habitats [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
10 years
|
|
Animal Shelters And Habitats [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
39 years
|
|
Park Animals [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 1,279,080
|
1,247,777
|
Park Animals [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
5 years
|
|
Park Animals [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
25 years
|
|
Equipment - Concession and Related [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 509,078
|
464,988
|
Equipment - Concession and Related [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
3 years
|
|
Equipment - Concession and Related [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
15 years
|
|
Equipment and Vehicles - Yard and Field [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 817,809
|
766,149
|
Equipment and Vehicles - Yard and Field [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
3 years
|
|
Equipment and Vehicles - Yard and Field [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
15 years
|
|
Vehicles - Buses and Rental [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 299,206
|
267,483
|
Vehicles - Buses and Rental [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
3 years
|
|
Vehicles - Buses and Rental [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
5 years
|
|
Rides and Entertainment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 172,154
|
106,247
|
Rides and Entertainment [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
5 years
|
|
Rides and Entertainment [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
7 years
|
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 27,160
|
28,694
|
Furniture and Fixtures [Member] | Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
5 years
|
|
Furniture and Fixtures [Member] | Maximum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, estimated useful lives |
10 years
|
|
Projects In Process [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, cost |
$ 212,248
|
$ 808,526
|
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v3.23.3
SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($)
|
Oct. 01, 2023 |
Oct. 02, 2022 |
Accounting Policies [Abstract] |
|
|
Accrued wages and payroll taxes |
$ 177,868
|
$ 122,265
|
Deferred revenue |
143,511
|
193,912
|
Accrued sales taxes |
46,718
|
49,123
|
Accrued property taxes |
49,183
|
46,814
|
Other accrued liabilities |
154,063
|
109,758
|
Other current liabilities |
$ 571,343
|
$ 521,872
|
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
|
12 Months Ended |
|
Sep. 27, 2022 |
Oct. 01, 2023 |
Oct. 02, 2022 |
Oct. 01, 2022 |
Feb. 01, 2005 |
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Accounts receivable |
|
$ 36,172
|
$ 4,405
|
|
|
Inventory |
|
419,149
|
541,986
|
|
|
Prepaid expenses |
|
558,678
|
170,782
|
|
|
Depreciation expenses |
|
865,969
|
766,859
|
|
|
Amortization of intangible assets |
|
18,490
|
16,128
|
|
|
Deferred revenue |
|
143,511
|
193,912
|
|
|
Advertising and marketing expense |
|
1,084,376
|
1,238,618
|
|
|
Amortization of right of use asset |
|
|
154,831
|
$ 154,831
|
|
Financing lease interest expense |
|
|
$ 6,032
|
$ 6,032
|
|
Stock options, number of shares authorized |
|
|
|
|
5,000,000
|
Stock options, number of shares grants |
|
0
|
|
|
|
Christmas Lights Display [Member] |
|
|
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
|
|
Payment to acquire equipment on lease |
$ 85,000
|
|
|
|
|
Gain on termination of lease |
$ 2,011
|
|
|
|
|
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v3.23.3
SCHEDULE OF DEBT (Details) - USD ($)
|
Oct. 01, 2023 |
Oct. 02, 2022 |
Debt Disclosure [Abstract] |
|
|
Loan principal outstanding |
$ 4,271,521
|
$ 5,010,136
|
Less: unamortized debt financing costs |
(44,030)
|
(49,915)
|
Gross long-term debt |
4,227,491
|
4,960,221
|
Less current portion of long-term debt, net of unamortized costs and discount |
(767,675)
|
(732,779)
|
Long-term debt |
$ 3,459,816
|
$ 4,227,442
|
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v3.23.3
SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) - USD ($)
|
Oct. 01, 2023 |
Oct. 02, 2022 |
Debt Disclosure [Abstract] |
|
|
2024 |
$ 773,561
|
|
2025 |
810,136
|
|
2026 |
848,472
|
|
2027 |
888,654
|
|
2028 |
850,954
|
|
thereafter |
99,744
|
|
Loan principal outstanding |
$ 4,271,521
|
$ 5,010,136
|
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v3.23.3
LONG-TERM DEBT (Details Narrative) - USD ($)
|
|
|
|
12 Months Ended |
Jun. 30, 2021 |
Jun. 18, 2021 |
Apr. 27, 2020 |
Oct. 01, 2023 |
Oct. 02, 2022 |
Oct. 01, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
Long-term debt |
|
|
|
$ 4,271,521
|
$ 5,010,136
|
|
Interest expense |
|
|
|
222,396
|
261,621
|
|
Interest expense debt financing cost amortization |
|
|
|
5,888
|
5,888
|
|
Financing lease interest expense |
|
|
|
|
$ 6,032
|
$ 6,032
|
Aggieland Wild Animal [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Asset acquisition, purchase price |
|
|
$ 7,100,000
|
|
|
|
Payments to acquire businesses, cash |
|
|
$ 1,380,000
|
|
|
|
2021 Term Loan [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, issuance date |
|
Jun. 18, 2021
|
|
|
|
|
Debt instrument, description |
|
2021 Refinancing
|
|
|
|
|
Debt instrument, face amount |
|
$ 1,950,000
|
|
|
|
|
Debt instrument, interest rate |
|
3.75%
|
|
|
|
|
Periodic payment description |
|
payable in monthly installments
|
|
|
|
|
Periodic payment of term loan |
|
$ 26,480
|
|
|
|
|
Debt instrument, maturity date |
|
Jun. 18, 2028
|
|
|
|
|
Debt instrument, fee amount |
|
$ 1,514
|
|
|
|
|
Long-term debt |
|
|
|
1,380,000
|
|
|
Aggieland Seller Note [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, issuance date |
|
|
Apr. 27, 2020
|
|
|
|
Debt instrument, face amount |
|
|
$ 750,000
|
|
|
|
2020 Term Loan [Member] |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, description |
|
|
2020 Term Loan
|
|
|
|
Debt instrument, face amount |
|
|
$ 5,000,000.0
|
|
|
|
Debt instrument, interest rate |
|
|
5.00%
|
|
|
|
Periodic payment of term loan |
|
|
$ 53,213
|
|
|
|
Debt instrument, maturity date |
|
|
Apr. 27, 2031
|
|
|
|
Debt instrument, fee amount |
|
|
$ 62,375
|
|
|
|
Long-term debt |
|
|
|
$ 2,890,000
|
|
|
Prepayment of 2020 term loan |
$ 1,000,000.0
|
|
|
|
|
|
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v3.23.3
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
12 Months Ended |
|
Mar. 09, 2023 |
Feb. 14, 2023 |
Feb. 02, 2023 |
Dec. 13, 2021 |
Dec. 13, 2021 |
Apr. 02, 2023 |
Jan. 02, 2022 |
Oct. 01, 2023 |
Nov. 14, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Annual compensation award description |
|
|
On
February 2, 2023, the Company declared its annual compensation award to seven directors for their service on the Board of Directors.
Seven directors were awarded $10,000 each and three directors received a total of $10,000 for serving as committee chairpersons and as
a non-employee officer, with such compensation to be paid all in shares of the Company’s common stock, all in cash or a combination
thereof, at each director’s election. Five directors elected to receive all shares, one director elected to receive 60% in shares
and 40% in cash, and one director elected all cash. Based on the closing stock price of $0.40 per share on February 2, 2023, a total
of 162,500 shares were issued on March 9, 2023. The total compensation award cost of $80,000 was reported as an expense in the three
month period ended April 2, 2023
|
|
|
|
|
|
|
Compensation expense |
|
|
|
|
|
|
|
$ 16,667
|
|
Officers Directors and Controlled Entities [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of outstanding common stock owned |
|
|
|
|
|
|
|
54.30%
|
|
Brady Employment Agreement [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Stock price |
|
|
|
|
|
|
|
$ 0.37
|
$ 0.39
|
Seven Directors [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Annual compensation award description |
|
|
|
On
December 13, 2021, the Company declared its annual compensation award to seven directors for their service on the Board of Directors.
Five directors were awarded $10,000 each, two new directors were awarded $2,222 each, and two directors received a total of $7,500 for
serving as committee chairpersons and as a non-employee officer, with such compensation to be paid all in shares of the Company’s
common stock, all in cash or a combination thereof, at each director’s election. Five directors elected to receive all shares,
one director elected to receive 60% in shares and 40% in cash, and one director elected all cash. Based on the closing stock price of
$0.553 per share on December 13, 2021, a total of 84,888 shares were issued on February 21, 2022. The total compensation award cost of
$61,944 was reported as an expense in the three month period ended January 2, 2022
|
|
|
|
|
|
Annual compensation award to each director |
|
|
$ 10,000
|
|
|
|
|
|
|
Stock price |
|
|
$ 0.40
|
$ 0.553
|
$ 0.553
|
|
|
|
|
Shares issued for annual compensation award |
162,500
|
|
|
|
|
|
|
|
|
Three Directors [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Annual compensation award to each director |
|
|
$ 10,000
|
|
|
|
|
|
|
Director [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Compensation expense |
|
|
|
|
|
$ 80,000
|
$ 61,944
|
|
|
Chief Executive Officer [Member] | Brady Employment Agreement [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares |
|
128,205
|
|
|
|
|
|
|
|
Compensation award cost expense |
|
|
|
|
|
$ 50,000
|
|
|
|
Five Directors [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Annual compensation award to each director |
|
|
|
$ 10,000
|
|
|
|
|
|
Two New Directors [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Annual compensation award to each director |
|
|
|
2,222
|
|
|
|
|
|
Chairperson And Non Employees Officer [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Additional aggregate compensation |
|
|
|
|
$ 7,500
|
|
|
|
|
Non Director Officer [Member] |
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
Annual compensation award to each director |
|
|
|
$ 10,000
|
|
|
|
|
|
Stock price |
|
|
|
$ 0.553
|
$ 0.553
|
|
|
|
|
Shares issued for annual compensation award |
|
|
|
18,083
|
|
|
|
|
|
Compensation expense |
|
|
|
|
|
|
$ 10,000
|
|
|
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v3.23.3
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (Details Narrative) - USD ($)
|
|
|
|
|
|
12 Months Ended |
Sep. 29, 2023 |
Feb. 14, 2023 |
Nov. 14, 2022 |
Jun. 01, 2022 |
Jan. 01, 2022 |
May 31, 2024 |
Oct. 01, 2023 |
May 31, 2023 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Vesting of share value |
|
|
|
|
|
|
$ 16,667
|
|
Without Cause [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Severance compensation |
|
|
|
|
|
|
258,333
|
|
Change in Control [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Severance compensation |
|
|
|
|
|
|
348,333
|
|
Disability and Death [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Severance compensation |
|
|
|
|
|
|
$ 157,500
|
|
2022 Van Voorhis Employment Agreement [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Related party transaction, date |
|
|
|
Jun. 01, 2022
|
|
|
|
|
Initial base annual compensation |
|
|
|
|
|
$ 50,000
|
|
$ 100,000
|
2022 White Employment Agreement [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Related party transaction, date |
|
|
|
|
Jan. 01, 2022
|
|
|
|
Initial base annual compensation |
|
|
|
|
$ 90,000
|
|
|
|
Employee agreement term |
|
|
|
|
2 years
|
|
|
|
Brady Employment Agreement [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Related party transaction, date |
|
|
Nov. 14, 2022
|
|
|
|
|
|
Related party transaction, description of transaction |
|
|
Company and Ms. Brady, entered into an employment agreement (the “Brady Employment Agreement”)
|
|
|
|
|
|
Initial base annual compensation |
|
|
$ 175,000
|
|
|
|
|
|
Percentage of annual performance incentive |
|
|
25.00%
|
|
|
|
|
|
Revenue remaining performance obligation |
|
|
$ 50,000
|
|
|
|
|
|
Number of shares |
45,045
|
|
128,205
|
|
|
|
135,135
|
|
Share price |
|
|
$ 0.39
|
|
|
|
$ 0.37
|
|
Sign on bonus |
|
|
$ 5,000
|
|
|
|
|
|
Employee agreement term |
|
|
5 years
|
|
|
|
|
|
Brady Employment Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Number of shares, value |
|
$ 50,000
|
|
|
|
|
|
|
Brady Employment Agreement [Member] | Common Stock One [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
Number of shares, value |
|
60,000
|
|
|
|
|
|
|
Brady Employment Agreement [Member] | Common Stock Two [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
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|
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Number of shares, value |
|
70,000
|
|
|
|
|
|
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Brady Employment Agreement [Member] | Common Stock Three [Member] |
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
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|
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Number of shares, value |
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$ 75,000
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v3.23.3
SCHEDULE OF PROVISION FOR INCOME TAX (Details) - USD ($)
|
12 Months Ended |
Oct. 01, 2023 |
Oct. 02, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Federal |
$ (196,871)
|
$ 198,400
|
State |
(124,141)
|
104,400
|
Total current |
(321,012)
|
302,800
|
Federal |
68,106
|
|
State |
164,223
|
|
Total deferred |
232,329
|
|
Income tax expense (benefit) |
$ (88,683)
|
$ 302,800
|
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INCOME TAXES (Details Narrative) - USD ($)
|
12 Months Ended |
Oct. 01, 2023 |
Oct. 02, 2022 |
Operating Loss Carryforwards [Line Items] |
|
|
Income before income taxes |
$ 572,421
|
$ (1,030,291)
|
Income before income taxes |
(572,421)
|
1,030,291
|
Valuation allowance |
109,296
|
|
Operating loss carryforwards |
3,460,000
|
|
Interest and penalties |
0
|
$ 0
|
Domestic Tax Authority [Member] |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Operating loss carryforwards |
$ 4,090,000.00
|
|
Taxable income percentage |
80.00%
|
|
State of Georgia [Member] |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Operating loss carryforwards |
$ 202,468
|
|
Taxable income percentage |
80.00%
|
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v3.23.3
SCHEDULE OF REVENUE BY REPORTING SEGMENTS (Details) - USD ($)
|
12 Months Ended |
Oct. 01, 2023 |
Oct. 02, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total revenues |
$ 9,440,248
|
$ 10,741,417
|
Income (loss) before income taxes |
(572,421)
|
1,030,291
|
Tornado expenses and write-offs, net |
368,955
|
|
Legal settlement |
|
100,000
|
Other income, net |
80,230
|
91,276
|
Interest expense |
(222,396)
|
(261,621)
|
Depreciation and amortization |
884,459
|
782,987
|
Capital expenditures |
1,557,844
|
1,839,391
|
Total assets |
20,095,723
|
21,103,606
|
Segment Total [Member] |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Income (loss) before income taxes |
1,139,007
|
2,296,582
|
Corporate Segment [Member] |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Income (loss) before income taxes |
(1,200,307)
|
(995,946)
|
Depreciation and amortization |
1,654
|
1,100
|
Total assets |
541,910
|
157,578
|
GEORGIA |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total revenues |
5,873,526
|
7,086,232
|
Income (loss) before income taxes |
1,511,142
|
2,895,820
|
Depreciation and amortization |
324,252
|
289,961
|
Capital expenditures |
1,208,762
|
695,285
|
Total assets |
8,519,619
|
9,402,877
|
MISSOURI |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total revenues |
1,692,765
|
1,691,602
|
Income (loss) before income taxes |
(18,153)
|
(344,404)
|
Depreciation and amortization |
275,533
|
253,182
|
Capital expenditures |
134,987
|
601,842
|
Total assets |
3,335,794
|
3,468,730
|
TEXAS |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total revenues |
1,873,957
|
1,963,583
|
Income (loss) before income taxes |
(353,982)
|
(254,834)
|
Depreciation and amortization |
283,020
|
238,744
|
Capital expenditures |
214,095
|
542,264
|
Total assets |
$ 7,698,400
|
$ 8,074,421
|
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