Parks! America (PRKA) 10-K 15 Dec 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 27, 2015	Dec. 11, 2015
Document and Entity Information:
Entity Registrant Name	PARKS AMERICA, INC
Entity Trading Symbol	prka
Document Type	10-K
Document Period End Date	Sep. 27, 2015
Amendment Flag	false
Entity Central Index Key	1,297,937
Current Fiscal Year End Date	--09-27
Entity Common Stock, Shares Outstanding		74,381,537
Entity Public Float		$ 1,367,090
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 27, 2015	Sep. 28, 2014
ASSETS
Cash - unrestricted	$ 563,096	$ 661,842
Cash - restricted (Note 3)	456,492	0
Inventory	139,324	136,334
Prepaid expenses	87,633	87,899
Total current assets	1,246,545	886,075
Property and equipment, net	6,362,790	6,117,869
Intangible assets, net	158,661	169,070
Other assets	8,500	8,500
Total assets	7,776,496	7,181,514
Liabilities
Accounts payable	141,404	118,523
Other current liabilities	247,449	193,042
Accrued judgment under appeal (Note 9)	304,328	304,328
Current maturities of long-term debt	108,762	102,739
Total current liabilities	801,943	718,632
Long-term debt	3,374,406	3,491,984
Total liabilities	4,176,349	4,210,616
Stockholders' equity
Common stock; 300,000,000 shares authorized,at $.001 par value; 74,381,537 and 74,231,537 shares issued and outstanding, respectively	74,381	74,231
Capital in excess of par	4,801,506	4,797,006
Treasury stock	(3,250)	(3,250)
Accumulated deficit	(1,272,490)	(1,897,089)
Total stockholders' equity	3,600,147	2,970,898
Total liabilities and stockholders' equity	$ 7,776,496	$ 7,181,514

CONSOLIDATED BALANCE SHEETS PAR

CONSOLIDATED BALANCE SHEETS PARENTHETICALS - $ / shares	Sep. 27, 2015	Sep. 28, 2014
Parentheticals
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	74,381,537	74,231,537
Common stock, shares outstanding	74,381,537	74,231,537

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Sep. 27, 2015	Oct. 01, 2014
Net sales
Net sales	$ 4,339,587	$ 3,942,535
Sale of animals	39,569	67,302
Total net sales	4,379,156	4,009,837
Cost of sales	531,485	500,750
Selling, general and administrative	2,617,289	2,659,863
Judgment under appeal	0	304,328
Depreciation and amortization	326,399	318,955
(Gain) loss on disposal of operating assets, net	10,561	8,167
Income from operations	893,422	217,774
Other income (expense), net	8,435	7,766
Interest expense	(216,350)	(209,964)
Amortization of loan fees	(10,408)	(10,408)
Income before income taxes	675,099	5,168
Income tax provision	50,500	12,750
Net income (loss)	$ 624,599	$ (7,582)
Income (loss) per share - basic and diluted	$ 0.01	$ 0
Weighted average shares outstanding (in 000's) - basic and diluted	74,348	74,205

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Shares	Amount	Capital in Excess of Par	Treasury Stock	Accumulated Deficit	Total
Balance at Sep. 29, 2013	74,106,537	74,106	4,794,006	(3,250)	(1,889,507)	2,975,355
Issuance of common stock to Directors	125,000	125	3,000
Net loss for the year ended September 28,2014					$ (7,582)
Balance at Sep. 28, 2014	74,231,537	74,231	4,797,006	(3,250)	(1,897,089)	2,970,898
Issuance of common stock to Directors	150,000	150	4,500			4,650
Net income for the year ended ended September 27, 2015					$ 624,599	$ 624,599
Balance at Sep. 27, 2015	74,381,537	74,381	4,801,506	(3,250)	(1,272,490)	3,600,147

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Sep. 27, 2015	Oct. 01, 2014
OPERATING ACTIVITIES:
Net income (loss)	$ 624,599	$ (7,582)
Reconciliation of net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	326,399	318,955
Amortization of loan fees	10,408	10,408
(Gain) loss on disposal of assets	10,561	8,167
Stock-based compensation	4,650	3,125
Changes in assets and liabilities
(Increase) decrease in accounts receivable	0	10,875
(Increase) decrease in inventory	(2,990)	10,638
(Increase) decrease in prepaid expenses	266	(18,904)
Increase (decrease) in accounts payable	22,881	5,991
Increase (decrease) in other current liabilities	54,407	21,491
Increase (decrease) in accrued judgment under appeal	0	304,328
Net cash provided by operating activities	1,051,181	667,492
INVESTING ACTIVITIES:
Acquisition of property and equipment	(589,224)	(212,729)
Proceeds from the disposition of property and equipment	7,344	14,485
(Increase) decrease in restricted cash	(456,492)	0
Net cash used in investing activities	(1,038,372)	(198,244)
FINANCING ACTIVITIES:
Proceeds from lines of credit and related party borrowings	550,000	500,000
Repayment of lines of credit and related party borrowings	(550,000)	(500,000)
Payments on notes payable	(111,555)	(120,935)
Net cash used in financing activities	(111,555)	(120,935)
Net increase (decrease) in cash	(98,746)	348,313
Cash at beginning of period	661,842	313,529
Cash at end of period	563,096	661,842
Supplemental Cash Flow Information:
Cash paid for interest	210,766	227,223
Cash paid for income taxes	$ 14,409	$ 24,460

ORGANIZATION

ORGANIZATION	12 Months Ended
	Sep. 27, 2015
ORGANIZATION
ORGANIZATION	NOTE 1. ORGANIZATION Parks! America (“Parks!” or 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 to be 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 owns and operates through wholly owned subsidiaries two regional theme parks and is in the business of acquiring, developing and operating local and regional theme parks and attractions in the United States. The Company’s wholly owned subsidiaries are Wild Animal Safari, Inc. a Georgia corporation (“Wild Animal – Georgia”) and Wild Animal, Inc., a Missouri corporation (“Wild Animal – Missouri”). Wild Animal – Georgia owns and operates the Wild Animal Safari theme park in Pine Mountain, Georgia (the “Georgia Park”). Wild Animal – Missouri owns and operates the Wild Animal Safari theme park located in Strafford, Missouri (the “Missouri Park”). The Company acquired the Georgia Park on June 13, 2005, and the Missouri Park on March 5, 2008. The Parks are open year round but experience increased seasonal attendance during the months of April through August. On a combined basis, net sales for the third and fourth quarter of the last two fiscal years represented approximately 72% of annual net sales.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 27, 2015
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: Principles of Consolidation: Accounting Method: Estimates and Assumptions: Fiscal Year End: Reclassifications: Financial and Concentrations Risk: Trade Accounts Receivable: Inventory: Property and Equipment: September 27, 2015 September 28, 2014 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Buildings and structures 3,206,570 3,108,495 15 - 40 years Facilities and equipment 1,055,064 935,854 5 - 15 years Furniture and fixtures 76,646 75,189 7 years Ground improvements 798,616 785,336 15 years Park animals 633,134 609,578 5 - 10 years Rides and entertainment 258,405 22,000 7 - 10 years Vehicles 357,487 314,451 3 - 5 years Total cost 8,893,102 8,358,083 Less accumulated depreciation (2,530,312) (2,240,214) Property and equipment, net $ 6,362,790 $ 6,117,869 Other Intangible assets: Impairment of Long-Lived Assets: Other Current Liabilities: September 27, 2015 September 28, 2014 Accrued wages and payroll taxes $ 69,979 $ 59,960 Accrued property taxes 41,646 46,623 Accrued income taxes 40,131 2,040 Accrued sales taxes 26,754 26,858 Deferred revenue 14,255 5,724 Other accrued liabilities 54,684 51,837 Other current liabilities $ 247,449 $ 193,042 Financial Instruments: Revenue Recognition: Advertising and Market Development: Stock Based Compensation: Income Taxes: Basic and Diluted Net Income (Loss) Per Share: Basic and diluted net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding in each period. Dividend Policy: Recent Accounting Pronouncements:

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Sep. 27, 2015
RESTRICTED CASH
RESTRICTED CASH	NOTE 3. RESTRICTED CASH As of February 5, 2015, the Company was required to post a security of $456,492 (the “Security Amount”) in connection with the Company’s appeal of a summary judgment and award of costs more fully described in “NOTE 9. COMMITMENTS AND CONTINGENCIES” herein. The Company deposited the Security Amount, in cash, in a newly established account with Fifth Third Bank, an Ohio Banking Corporation (“Fifth Third”). On April 8, 2015, Fifth Third issued a “Letter of Credit” equal to the Security Amount to the “Harper Defendants” (as that term is defined in Note 9). The Company anticipates the Letter of Credit will be in place until the appeal of the summary judgment award is resolved. The Company is restricted from using the Security Amount in its Fifth Third Bank deposit account as long as the Letter of Credit remains outstanding.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Sep. 27, 2015
LONG - TERM DEBT
LONG-TERM DEBT	NOTE 4. LONG-TERM DEBT On January 9, 2013, the Company completed a refinancing transaction (the “Refinancing Loan”) with Commercial Bank & Trust Company of Troup County (“CB&T”) as lender. The Refinancing Loan was for a principal amount of $3,752,000 and has a 20-year term. The Refinancing Loan is secured by substantially all the assets of the Company and its wholly owned subsidiaries. The Refinancing Loan bears interest at the rate of Prime Rate plus 2.50%, resulting in a rate of 5.75% during the first five years of the loan term. Thereafter, the interest rate will be re-priced every five years based on the then-Prime Rate plus 2.50%. During the first four months following the closing of the Refinancing Loan the Company made interest-only payments. The minimum required monthly payment is approximately $26,343 during the first five years of the Refinancing Loan term. The closing costs for the Refinancing Loan totaled $175,369 and are being amortized over the 20-year life of the loan. September 27,2015 September 28,2014 On January 9, 2013, the Company completed a refinancing transaction with CB&T as lender. The Refinancing Loan was for a principal amount of $3,752,000 and has a 20-year term. $ 3,483,168 $ 3,594,723 Less current portion of long-term debt (108,762) (102,739) Long-term debt $ 3,374,406 $ 3,491,984 At September 27, 2015, the scheduled future principal maturities for all notes are as follows: 2016 $ 108,762 2017 125,357 2018 132,758 2019 140,596 2020 148,897 thereafter 2,826,798 Total $ 3,483,168

LINES OF CREDIT

LINES OF CREDIT	12 Months Ended
	Sep. 27, 2015
LINES OF CREDIT
LINES OF CREDIT	NOTE 5. LINES OF CREDIT The Company maintains a $350,000 line of credit (the “LOC”) loan from CB&T for working capital purposes. This LOC has an initial term of seven years, ending on January 8, 2020, and is subject to the satisfactory performance by the Company. The LOC interest rate is tied to the prime rate, and has a minimum rate of 5.25%. The closing costs for the LOC totaled $11,482 and are being amortized over the initial seven-year term of the loan. The LOC was not utilized as of September 27, 2015 and September 28, 2014, respectively. Effective March 13, 2015, the Company established an additional $100,000 line of credit with CB&T for working capital purposes. This line of credit expired on September 13, 2015. The closing costs for this line of credit were $1,031. During the Company’s 2015 and 2014 fiscal years, the Company’s Board of Directors approved the offer of two of the Company’s Directors to loan the Company additional funds to support its seasonal working capital requirements. These loans were made on the same terms and conditions as the LOC with CB&T. As of September 27, 2015 and September 28, 2014, respectively, there were no outstanding balances against these Director loans. When applicable, all advances on the Company’s LOCs and Director loans are recorded as current liabilities.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Sep. 27, 2015
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 6. STOCKHOLDERS’ EQUITY Common stock shares issued for service to the Company are valued based on market price on the date of issuance. On December 18, 2014, the Company awarded a total of 150,000 shares of its common stock to six Directors for their service on the Board of Directors at a fair market value of $0.031 per share or $4,650, which was reported as an expense in the first quarter of the 2015 fiscal year. On December 19, 2013, the Company awarded 125,000 shares of its common stock to five Directors for their service on the Board of Directors at a fair market value of $0.025 per share or $3,125, which was reported as an expense in the first quarter of the 2014 fiscal year. Officers, Directors and their controlled entities owned approximately 52.9% of the outstanding common stock of the Company as of September 27, 2015.

SIGNIFICANT TRANSACTIONS WITH R

SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES	12 Months Ended
	Sep. 27, 2015
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES	NOTE 7. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES Employment Agreements: Effective June 1, 2009, the Company entered into an employment agreement with Dale Van Voorhis (the “2009 Van Voorhis Employment Agreement”) to serve as the Company’s Chief Operating Officer. Effective January 27, 2011, Mr. Van Voorhis was appointed as the Company’s Chief Executive Officer. The 2009 Van Voorhis Employment Agreement expired on May 31, 2014 and was replaced by an employment agreement between the Company and Mr. Van Voorhis dated as of June 1, 2014 (the “2014 Van Voorhis Employment Agreement”). Pursuant to the 2014 Van Voorhis Employment Agreement, Mr. Van Voorhis receives an initial base annual compensation in the amount of $90,000 per year, subject to annual review by the Board of Directors. The 2014 Van Voorhis Employment Agreement has a term of two years and entitles Mr. Van Voorhis to participate in any deferred compensation plan the Company may adopt during the term of his employment with the Company. On April 1, 2008, the Company entered into an employment agreement with Jim Meikle (the “2008 Meikle Employment Agreement”) pursuant to which Mr. Meikle was hired to serve as the President and Chief Executive Officer of each of the Company’s wholly owned subsidiaries. Effective January 27, 2011, Mr. Meikle was appointed as the Company’s Chief Operating Officer. Effective April 1, 2015, the Company and Mr. Meikle entered into the “2015 Meikle Employment Agreement”. Pursuant to the 2015 Meikle Employment Agreement, Mr. Meikle receives an initial base annual compensation in the amount of $135,000 per year, subject to annual review by the Board of Directors. The 2015 Meikle Employment Agreement has a term of two years and entitles Mr. Meikle to participate in any deferred compensation plan the Company may adopt during the term of his employment with the Company. Effective January 1, 2014, the Company entered into an employment agreement with Todd R. White (the “White Employment Agreement”) to serve as the Company’s Chief Financial Officer. Pursuant to the White Employment Agreement, Mr. White received an initial base annual compensation of $50,000 per year, subject to annual review by the Board of Directors. Mr. White also received a $10,000 signing bonus. Effective January 1, 2015, Mr. White’s annual base compensation was increased to $60,000. The White Employment Agreement has a term of five 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 or (ii) in the event of a change in control of the Company. This additional severance compensation payable totals $455,000. Lines of Credit: During the Company’s 2015 and 2014 fiscal years, the Company’s Board of Directors approved the offer of two of the Company’s Directors to loan the Company additional funds to support its seasonal working capital requirements. These loans have been made on the same terms and conditions as the LOC with CB&T. As of September 27, 2015 and September 28, 2014, respectively, there were no outstanding balances against these Director loans.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 27, 2015
INCOME TAXES
INCOME TAXES	NOTE 8. INCOME TAXES The provision for income tax consists of the following: For the year ended September 27, 2015 September 28, 2014 Federal $ 5,000 $ - State 45,500 12,750 Total tax provision $ 50,500 $ 12,750 For the period ended September 27, 2015, the Company reported a pre-tax profit of $675,099 and utilized a portion of its Federal net operating loss carry-forward to offset its Federal tax liability, resulting in a zero regular Federal income tax liability for its 2015 fiscal year. However, the Company has estimated it will owe approximately $5,000 in Federal alternative minimum tax for its 2015 fiscal year. The provision for Federal income tax consists of the following: For the year ended Federal income tax benefit attributable to: September 27, 2015 September 28, 2014 Current operations $ 229,534 $ (1,757) Alternative minimum tax 5,000 - Valuation allowance (229,534) 1,757 Net provision for Federal income taxes $ 5,000 $ - The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: As of Deferred tax asset attributable to: September 27, 2015 September 28, 2014 Net operating loss carryforward $ 1,113,809 $ 1,343,343 Less: valuation allowance (1,113,809) (1,343,343) Net deferred tax asset $ - $ - The cumulative Federal net operating loss carry-forward is approximately $3,275,000 at September 27, 2015 and will expire beginning in the year 2026. The net deferred tax asset generated by the Federal net operating loss carry-forward has been fully reserved. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $3,275,000 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, Federal net operating loss carry forwards may be limited as to use in future years. For the fiscal years ended September 27, 2015 and September 28, 2014, the Company recorded a provision for State of Georgia income taxes of $45,500 and $12,750, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Sep. 27, 2015
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 9. COMMITMENTS AND CONTINGENCIES In September 2009, the Company filed an action against its former President and CEO in the Eighth Judicial District Court of the State of Nevada (Parks! America, Inc. vs. Eastland; et al., Case No. 09-A-599668). The Company brought this action in an attempt to obtain a Temporary Restraining Order and injunctive relief against the Eastland Defendants (Former President and CEO Larry Eastland and his related companies) as to the Eastland Defendants attempt to install a new Board of Directors for the Company. The Temporary Restraining Order was granted, as was the Preliminary Injunction. In June 2012, the Company amended its complaint against the Eastland Defendants to, among other things, add new claims for relief, as well as join as defendants, LEA Capital Advisors, LLC, an entity controlled by Mr. Eastland (together the Eastland Defendants), and Stanley Harper and Computer Contact Service, Inc., an entity controlled by Mr. Harper (together the Harper Defendants) for breaches of contract and fiduciary duty with regards to the Company’s purchase of TempSERV on September 30, 2007 and its subsequent re-conveyance of TempSERV to Computer Contact Service, Inc. as of January 1, 2009. The Company is seeking damages in excess of $1.8 million. Discovery was conducted on the claims between the parties, after which the Harper Defendants filed for summary judgment asking that the claims against them be dismissed. After briefing and argument, the Court granted summary judgment in favor of the Harper Defendants. Because one of the contracts involved had a provision for legal fees, the Harper Defendants also filed a motion for legal fees and costs. On October 24, 2014, the Court ordered the Company to pay approximately $304,328 in costs and attorney’s fees in favor of the Harper Defendants. The Company is in the process of appealing the summary judgment and the award of costs. Although it cannot predict the ultimate outcome of this lawsuit, the Company believes the Court’s summary judgment and award of costs in favor of the Harper Defendants is in error and is vigorously pursuing its position on appeal. However, as the award of legal fees and costs has been granted, the Company recorded a liability for this award during the fourth quarter of it 2014 fiscal year. As detailed in “NOTE 3. RESTRICTED CASH”, as of February 5, 2015, the Company was required to post a security in the amount of 150%, or $456,492, of the judgment during its appeal of the summary judgment and award of costs. The remainder of the District Court case against the Eastland Defendants has been stayed pending the result of the appeal. The Company intends to proceed with its case against the Eastland Defendants regardless of the result of the appeal. If the summary judgment decision is reversed upon appeal, that action will proceed against both the Eastland Defendants and the Harper Defendants. Except as described 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.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	12 Months Ended
	Sep. 27, 2015
BUSINESS SEGMENTS
BUSINESS SEGMENTS	NOTE 10. 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: For the year ended September 27, 2015 September 28, 2014 Total net sales: Georgia $ 3,479,502 $ 3,136,779 Missouri 899,654 873,058 Consolidated $ 4,379,156 $ 4,009,837 Income before income taxes: Georgia $ 1,571,626 $ 1,310,924 Missouri (94,036) (97,140) Segment total 1,477,590 1,213,784 Corporate (584,168) (691,682) Judgment under appeal - (304,328) Other income (expense), net 8,435 7,766 Interest expense (216,350) (209,964) Amortization of loan fees (10,408) (10,408) Consolidated $ 675,099 $ 5,168 Depreciation and amortization: Georgia $ 183,629 $ 187,628 Missouri 142,770 131,327 Corporate 10,408 10,408 Consolidated $ 336,807 $ 329,363 Capital expenditures Georgia $ 200,730 $ 142,657 Missouri 388,494 70,072 Consolidated $ 589,224 $ 212,729 As of September 27, 2015 September 28, 2014 Total assets: Georgia $ 4,658,282 $ 4,590,809 Missouri 2,489,603 2,386,301 Corporate 628,611 204,404 Consolidated $ 7,776,496 $ 7,181,514

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 27, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 11. SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to September 27, 2015 to the date these financial statements were issued and has determined it does not have any material subsequent events to disclose in these consolidated financial statements.

ACCOUNTING POLICIES (POLICIES)

ACCOUNTING POLICIES (POLICIES)	12 Months Ended
	Sep. 27, 2015
ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation:
Principles of Consolidation	Principles of Consolidation:
Accounting Method	Accounting Method:
Estimates and Assumptions	Estimates and Assumptions:
Fiscal Year End	Fiscal Year End:
Reclassifications	Reclassifications:
Financial and Concentrations Risk	Financial and Concentrations Risk:
Trade Accounts Receivable	Trade Accounts Receivable:
Inventory	Inventory:
Property and Equipment	Property and Equipment: September 27, 2015 September 28, 2014 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Buildings and structures 3,206,570 3,108,495 15 - 40 years Facilities and equipment 1,055,064 935,854 5 - 15 years Furniture and fixtures 76,646 75,189 7 years Ground improvements 798,616 785,336 15 years Park animals 633,134 609,578 5 - 10 years Rides and entertainment 258,405 22,000 7 - 10 years Vehicles 357,487 314,451 3 - 5 years Total cost 8,893,102 8,358,083 Less accumulated depreciation (2,530,312) (2,240,214) Property and equipment, net $ 6,362,790 $ 6,117,869
Other Intangible assets	Other Intangible assets:
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets:
Other Current Liabilities	Other Current Liabilities: September 27, 2015 September 28, 2014 Accrued wages and payroll taxes $ 69,979 $ 59,960 Accrued property taxes 41,646 46,623 Accrued income taxes 40,131 2,040 Accrued sales taxes 26,754 26,858 Deferred revenue 14,255 5,724 Other accrued liabilities 54,684 51,837 Other current liabilities $ 247,449 $ 193,042
Financial Instruments	Financial Instruments:
Revenue Recognition	Revenue Recognition:
Advertising and Market Development	Advertising and Market Development:
Stock Based Compensation	Stock Based Compensation:
Income Taxes	Income Taxes:
Basic and Diluted Net Income (Loss) Per Share	Basic and Diluted Net Income (Loss) Per Share: Basic and diluted net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding in each period.
Dividend Policy	Dividend Policy:
Recent Accounting Pronouncements	Recent Accounting Pronouncements:

PROPERTY AND EQUIPMENT (TABLES)

PROPERTY AND EQUIPMENT (TABLES)	12 Months Ended
	Sep. 27, 2015
PROPERTY AND EQUIPMENT (TABLES)
PROPERTY AND EQUIPMENT (TABLES)	Depreciation is computed on the straight-line method over the estimated useful lives of the assets, which range from three to forty years. A summary is included below. September 27, 2015 September 28, 2014 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Buildings and structures 3,206,570 3,108,495 15 - 40 years Facilities and equipment 1,055,064 935,854 5 - 15 years Furniture and fixtures 76,646 75,189 7 years Ground improvements 798,616 785,336 15 years Park animals 633,134 609,578 5 - 10 years Rides and entertainment 258,405 22,000 7 - 10 years Vehicles 357,487 314,451 3 - 5 years Total cost 8,893,102 8,358,083 Less accumulated depreciation (2,530,312) (2,240,214) Property and equipment, net $ 6,362,790 $ 6,117,869

OTHER CURRENT LIABILITIES (TABL

OTHER CURRENT LIABILITIES (TABLES)	12 Months Ended
	Sep. 27, 2015
OTHER CURRENT LIABILITIES (TABLES):
OTHER CURRENT LIABILITIES (TABLES)	The following is a breakdown of other current liabilities: September 27, 2015 September 28, 2014 Accrued wages and payroll taxes $ 69,979 $ 59,960 Accrued property taxes 41,646 46,623 Accrued income taxes 40,131 2,040 Accrued sales taxes 26,754 26,858 Deferred revenue 14,255 5,724 Other accrued liabilities 54,684 51,837 Other current liabilities $ 247,449 $ 193,042

SCHEDULE OF LONG-TERM DEBT (Tab

SCHEDULE OF LONG-TERM DEBT (Tables)	12 Months Ended
	Sep. 27, 2015
SCHEDULE OF LONG-TERM DEBT
SCHEDULE OF LONG-TERM DEBT	The closing costs for the Refinancing Loan totaled $175,369 and are being amortized over the 20-year life of the loan. September 27,2015 September 28,2014 On January 9, 2013, the Company completed a refinancing transaction with CB&T as lender. The Refinancing Loan was for a principal amount of $3,752,000 and has a 20-year term. $ 3,483,168 $ 3,594,723 Less current portion of long-term debt (108,762) (102,739) Long-term debt $ 3,374,406 $ 3,491,984

SCHEDULE OF FUTURE PRINCIPAL MA

SCHEDULE OF FUTURE PRINCIPAL MATURITIES BY FISCAL YEAR (TABLES)	12 Months Ended
	Sep. 27, 2015
SCHEDULE OF FUTURE PRINCIPAL MATURITIES BY FISCAL YEAR (TABLES)
SCHEDULE OF FUTURE PRINCIPAL MATURITIES BY FISCAL YEAR (TABLES)	At September 27, 2015, the scheduled future principal maturities for all notes are as follows: 2016 $ 108,762 2017 125,357 2018 132,758 2019 140,596 2020 148,897 thereafter 2,826,798 Total $ 3,483,168

INCOME TAXES (TABLES)

INCOME TAXES (TABLES)	12 Months Ended
	Sep. 27, 2015
INCOME TAXES (TABLES):
The provision for income tax consists of the following:	The provision for income tax consists of the following: For the year ended September 27, 2015 September 28, 2014 Federal $ 5,000 $ - State 45,500 12,750 Total tax provision $ 50,500 $ 12,750
The provision for Federal income tax consists of the following:	The provision for Federal income tax consists of the following: For the year ended Federal income tax benefit attributable to: September 27, 2015 September 28, 2014 Current operations $ 229,534 $ (1,757) Alternative minimum tax 5,000 - Valuation allowance (229,534) 1,757 Net provision for Federal income taxes $ 5,000 $ -
Deferred Tax Asset Table:	The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: As of Deferred tax asset attributable to: September 27, 2015 September 28, 2014 Net operating loss carryforward $ 1,113,809 $ 1,343,343 Less: valuation allowance (1,113,809) (1,343,343) Net deferred tax asset $ - $ -

SCHEDULE OF BUSINESS SEGMENTS (

SCHEDULE OF BUSINESS SEGMENTS (Tables)	12 Months Ended
	Sep. 27, 2015
SCHEDULE OF BUSINESS SEGMENTS
SCHEDULE OF BUSINESS SEGMENTS	The following tables present financial information regarding each of the Company’s reportable segments: For the year ended September 27, 2015 September 28, 2014 Total net sales: Georgia $ 3,479,502 $ 3,136,779 Missouri 899,654 873,058 Consolidated $ 4,379,156 $ 4,009,837 Income before income taxes: Georgia $ 1,571,626 $ 1,310,924 Missouri (94,036) (97,140) Segment total 1,477,590 1,213,784 Corporate (584,168) (691,682) Judgment under appeal - (304,328) Other income (expense), net 8,435 7,766 Interest expense (216,350) (209,964) Amortization of loan fees (10,408) (10,408) Consolidated $ 675,099 $ 5,168 Depreciation and amortization: Georgia $ 183,629 $ 187,628 Missouri 142,770 131,327 Corporate 10,408 10,408 Consolidated $ 336,807 $ 329,363 Capital expenditures Georgia $ 200,730 $ 142,657 Missouri 388,494 70,072 Consolidated $ 589,224 $ 212,729 As of September 27, 2015 September 28, 2014 Total assets: Georgia $ 4,658,282 $ 4,590,809 Missouri 2,489,603 2,386,301 Corporate 628,611 204,404 Consolidated $ 7,776,496 $ 7,181,514

ORGANIZATION (DETAILS)

ORGANIZATION (DETAILS)	Sep. 27, 2015
ORGANIZATION DETAILS
Percentage of annual net sales which occurs during the third and fourth quarter of last two years	72.00%

PROPERTY AND EQUIPMENT STRAIGHT

PROPERTY AND EQUIPMENT STRAIGHT LINE METHOD (DETAILS) - USD ($)	Sep. 27, 2015	Sep. 28, 2014
Summary of Property and Equipment:
Land	$ 2,507,180	$ 2,507,180
Buildings and structures depreciable Lives from 15 to 40 years	3,206,570	3,108,495
Facilities and equipment depreciable Lives from 5 to 15 years	1,055,064	935,854
Furniture and fixtures depreciable Lives 7 years	76,646	75,189
Ground improvements depreciable Lives from 15 years	798,616	785,336
Park animals depreciable Lives from 5 to 10 years	633,134	609,578
Rides and entertainment depreciable Lives 7 to 10 years	258,405	22,000
Vehicles depreciable Lives from 3 to 5 years	357,487	314,451
Total cost	8,893,102	8,358,083
Less accumulated depreciation	(2,530,312)	(2,240,214)
Property and equipment, net	$ 6,362,790	$ 6,117,869

OTHER CURRENT LIABILITIES (DETA

OTHER CURRENT LIABILITIES (DETAILS) - USD ($)	Sep. 27, 2015	Sep. 28, 2014
OTHER CURRENT LIABILITIES DETAILS
Accrued wages and payroll taxes	$ 69,979	$ 59,960
Accrued property taxes	41,646	46,623
Accrued income taxes	40,131	2,040
Accrued sales taxes	26,754	26,858
Deferred revenue	14,255	5,724
Other accrued liabilities	54,684	51,837
Other current liabilities	$ 247,449	$ 193,042

STOCK BASED COMPENSATION (DETAI

STOCK BASED COMPENSATION (DETAILS)	Sep. 27, 2015shares
Stock Based Compensation {1}
Each Director Granted restricted shares annually for service to the Company	25,000

RESTRICTED CASH (DETAILS)

RESTRICTED CASH (DETAILS)	Feb. 05, 2015USD ($)
Restricted Cash Details
Company required to post security	$ 456,492

REFINANCING LOAN (DETAILS)

REFINANCING LOAN (DETAILS)	Jan. 09, 2013USD ($)
REFINANCING LOAN DETAILS
Refinancing loan for a principal amount	$ 3,752,000
Refinancing loan in years	20
Refinancing Loan bears interest at the rate of Prime Rate plus minimum	2.50%
Refinancing Loan interest rate for its first five years	5.75%
Interest Rate Will RePriced After Years Of LoanTerm	5
Interest rate will repriced after 5 years at the rate of Prime Rate plus	2.50%
The minimum required monthly payment on refinancing loan durring its first five years	$ 26,343
Refinancing loans closing costs	$ 175,369
Refinancing Loan amortized in years	20

DEBT INSTRUMENTS (DETAILS)

DEBT INSTRUMENTS (DETAILS) - USD ($)	Sep. 27, 2015	Sep. 28, 2014
DEBT INSTRUMENTS DETAILS
Company completed a refinancing transaction with Commercial Bank And Trust Company (20 Year Term)	$ 3,483,168	$ 3,594,723
Less current portion of long-term debt	(108,762)	(102,739)
Long-term debt	$ 3,374,406	$ 3,491,984

DEBT INSTRUMENTS PARENTHETICALS

DEBT INSTRUMENTS PARENTHETICALS (DETAILS)	Sep. 27, 2015USD ($)
DEBT INSTRUMENTS PARENTHETICALS
Refinancing Loan principal amount	$ 3,752,000
Refinancing Loan term in years	20

FUTURE PRINCIPAL MATURITIES BY

FUTURE PRINCIPAL MATURITIES BY FISCAL YEAR ARE AS FOLLOWS (DETAILS)	Sep. 27, 2015USD ($)
Future principal maturities by fiscal year are as follows:
Future principal maturities 2016	$ 108,762
Future principal maturities 2017	125,357
Future principal maturities 2018	132,758
Future principal maturities 2019	140,596
Future principal maturities 2020	148,897
Thereafter	2,826,798
Total principal maturities	$ 3,483,168

LINES OF CREDIT (DETAILS)

LINES OF CREDIT (DETAILS) - USD ($)	Sep. 27, 2015	Mar. 13, 2015	Sep. 28, 2014
WORKING CAPITAL CREDIT DETAILS
Loan obtained for working capital	$ 350,000
Closing costs for the LOC totaled	$ 11,482	$ 1,031
Line of credit interest rate	5.25%
Line of credit amortized over term in year of the loan	7
Additional line of credit for working capital		$ 100,000
Outstanding balance for Director loans	$ 0		$ 0

COMMON STOCK TRANSACTIONS (DETA

COMMON STOCK TRANSACTIONS (DETAILS) - USD ($)	Sep. 27, 2015	Dec. 18, 2014	Dec. 19, 2013
COMMON STOCK TRANSACTIONS DETAILS
Company awarded shares to directors for services		150,000	125,000
Board of Directors at a fair market value per share		$ 0.031	$ 0.025
Board of Directors at a fair market value		$ 4,650	$ 3,125
Percentage of Common stock outstanding of the company held by Officer, directors and their controlled entities	52.90%

RELATED PARTY TRANSACTIONS (DET

RELATED PARTY TRANSACTIONS (DETAILS) - USD ($)	Sep. 27, 2015	Sep. 28, 2014
RELATED PARTY TRANSACTIONS:
Mr. Van Voorhis receives an initial base compensation	$ 90,000
Mr. Meikle receives an initial base compensation	135,000
Mr. White receives an initial base effective January 1, 2014 compensation	50,000
Mr. White received signing bonus	10,000
Mr. White's annual base compensation effective from January 1, 2015 was increased to	60,000
Employment agreements additional severance compensation payable totals	455,000
Outstanding balance for Director loans	$ 0	$ 0

PROVISION FOR INCOME TAX (DETAI

PROVISION FOR INCOME TAX (DETAILS) - USD ($)	12 Months Ended
	Sep. 27, 2015	Oct. 01, 2014
PROVISION FOR INCOME TAX
Federal	$ 5,000	$ 0
State	45,500	12,750
Total tax provision	$ 50,500	$ 12,750

PROVISION FOR FEDERAL INCOME TA

PROVISION FOR FEDERAL INCOME TAX (DETAILS) - USD ($)	12 Months Ended
	Sep. 27, 2015	Oct. 01, 2014
Federal income tax benefit attributable to:
Current operations	$ 229,534	$ (1,757)
Alternative minimum tax	5,000	0
Valuation allowance	(229,534)	1,757
Net provision for Federal income taxes	$ 5,000	$ 0

INCOME TAXES (DETAILS)

INCOME TAXES (DETAILS) - USD ($)	12 Months Ended
	Sep. 27, 2015	Oct. 01, 2014
Income tax details
Company has Reported a pre- tax loss	$ 675,099
Federal alternative minimum tax	5,000
Provision for State of Georgia income taxes	$ 45,500	$ 12,750

DEFERRED TAX ASSET (DETAILS)

DEFERRED TAX ASSET (DETAILS) - USD ($)	Sep. 27, 2015	Sep. 28, 2014
Deferred tax asset attributable to:
Net operating loss carryforward	$ 1,113,809	$ 1,343,343
Less: valuation allowance	(1,113,809)	(1,343,343)
Net deferred tax asset	$ 0	$ 0

FEDERAL NET OPERTAING LOSS (DET

FEDERAL NET OPERTAING LOSS (DETAILS)	Sep. 27, 2015USD ($)
Federal Net Operating loss Details
Cumulative tax rate	34.00%
Cumulative Federal Net Operating loss carry forward approximately	$ 3,275,000
Net operating loss carry forwards subject to change of outstanding provisions of the tax Reform Act of 1986	$ 3,275,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (DETAILS) - USD ($)	Feb. 05, 2015	Oct. 24, 2014	Jun. 30, 2012
COMMITMENTS AND CONTINGENCIES DETAILS
Company seeking damages in excess			$ 1,800,000
Judgement against the company for costs and attorney's fees		$ 304,328
Company was required to post a bond or other security in the percentage of judgement	150.00%
Company was required to post a bond or other security in amount	$ 456,492

BUSINESS-SEGMENTS (DETAILS)

BUSINESS-SEGMENTS (DETAILS) - USD ($)	12 Months Ended
	Sep. 27, 2015	Oct. 01, 2014
Total net sales:
Total net sales Georgia	$ 3,479,502	$ 3,136,779
Total net sales Missouri	899,654	873,058
Total net sales Consolidated	4,379,156	4,009,837
Income before income taxes:
Income before income taxes Georgia	1,571,626	1,310,924
Income before income taxes Missouri	(94,036)	(97,140)
Income before income taxes Segment total	1,477,590	1,213,784
Income before income taxes Corporate	(584,168)	(691,682)
Income before income taxes Judgment under appeal	0	(304,328)
Income before income taxes Other income (expense), net	8,435	7,766
Income before income taxes Interest expense	(216,350)	(209,964)
Income before income taxes Amortization of loan fees	(10,408)	(10,408)
Income before income taxes Consolidated	675,099	5,168
Depreciation and amortization:
Depreciation and amortization Georgia	183,629	187,628
Depreciation and amortization Missouri	142,770	131,327
Depreciation and amortization Corporate	10,408	10,408
Depreciation and amortization Consolidated	336,807	329,363
Capital expenditures
Capital expenditures Georgia	200,730	142,657
Capital expenditures Missouri	388,494	70,072
Capital expenditures Consolidated	$ 589,224	$ 212,729

BUSINESS SEGMENTS ASSETS (DETAI

BUSINESS SEGMENTS ASSETS (DETAILS) - USD ($)	Sep. 27, 2015	Sep. 28, 2014
Total assets:
Total assets Georgia	$ 4,658,282	$ 4,590,809
Total assets Missouri	2,489,603	2,386,301
Total assets Corporate	628,611	204,404
Total assets Consolidated	$ 7,776,496	$ 7,181,514

Uncategorized Items - prka-2015

Label	Element	Value
Net loss for the year ended September 28,2014	fil_NetLossForTheYearEndedSeptember282014	$ (7,582)
Issuance of common stock to Directors	fil_IssuanceOfCommonStockToDirectors	3,125