Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 03, 2016 | Aug. 08, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | PARKS AMERICA, INC | |
Entity Trading Symbol | prka | |
Document Type | 10-Q | |
Document Period End Date | Jul. 3, 2016 | |
Amendment Flag | false | |
Entity Central Index Key | 1,297,937 | |
Current Fiscal Year End Date | --09-27 | |
Entity Common Stock, Shares Outstanding | 74,531,537 | |
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 | 2,016 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) | Jul. 03, 2016 | Sep. 27, 2015 |
ASSETS | ||
Cash - unrestricted | $ 1,191,745 | $ 563,096 |
Cash - restricted (Note 3) | 456,492 | 456,492 |
Inventory | 135,424 | 139,324 |
Prepaid expenses | 41,755 | 87,633 |
Total current assets | 1,825,416 | 1,246,545 |
Property and equipment, net | 6,378,210 | 6,362,790 |
Intangible assets, net | 154,054 | 158,661 |
Other assets | 8,500 | 8,500 |
Total assets | 8,366,180 | 7,776,496 |
Liabilities | ||
Accounts payable | 109,310 | 141,404 |
Other current liabilities | 296,528 | 247,449 |
Accrued judgment under appeal (Note 9) | 304,328 | 304,328 |
Current maturities of long-term debt | 113,588 | 108,762 |
Total current liabilities | 823,754 | 801,943 |
Long-term debt | 3,280,196 | 3,374,406 |
Total liabilities | 4,103,950 | 4,176,349 |
Stockholders' equity | ||
Common stock; 300,000,000 shares authorized,at $.001 par value; 74,531,537 and 74,381,537 shares issued and outstanding, respectively | 74,531 | 74,381 |
Capital in excess of par | 4,809,606 | 4,801,506 |
Treasury stock | (3,250) | (3,250) |
Accumulated deficit | (618,657) | (1,272,490) |
Total stockholders' equity | 4,262,230 | 3,600,147 |
Total liabilities and stockholders' equity | $ 8,366,180 | $ 7,776,496 |
CONSOLIDATED BALANCE SHEETS PAR
CONSOLIDATED BALANCE SHEETS PARENTHETICALS - $ / shares | Jul. 03, 2016 | Sep. 27, 2015 |
Parentheticals | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 74,531,537 | 74,381,537 |
Common stock, shares outstanding | 74,531,537 | 74,381,537 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2016 | Jun. 28, 2015 | Jul. 03, 2016 | Jun. 28, 2015 | |
Sales | ||||
Net sales | $ 1,819,140 | $ 1,618,126 | $ 3,459,277 | $ 2,823,101 |
Sale of animals | 0 | 1,625 | 16,327 | 25,692 |
Total net sales | 1,819,140 | 1,619,751 | 3,475,604 | 2,848,793 |
Cost of sales | 182,141 | 157,121 | 390,078 | 323,155 |
Selling, general and administrative | 717,261 | 758,292 | 1,960,395 | 1,899,230 |
Depreciation and amortization | 85,200 | 81,250 | 255,800 | 243,750 |
(Gain) loss on disposal of operating assets, net | 2,623 | (7,344) | 2,623 | (7,344) |
Income from operations | 831,915 | 630,432 | 866,708 | 390,002 |
Other income (expense), net | 1,978 | 2,541 | 6,000 | 5,978 |
Interest expense | (49,542) | (56,096) | (155,569) | (166,083) |
Amortization of loan fees | (2,602) | (2,602) | (7,806) | (7,806) |
Income before income taxes | 781,749 | 574,275 | 709,333 | 222,091 |
Income tax provision | 50,100 | 22,000 | 55,500 | 22,000 |
Net income | $ 731,649 | $ 552,275 | $ 653,833 | $ 200,091 |
Income per share - basic and diluted | $ 0.01 | $ 0.01 | $ 0.01 | $ 0 |
Weighted average shares outstanding (in 000's) - basic and diluted | 74,531 | 74,381 | 74,488 | 74,314 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) | Shares | Amount | Capital in Excess of Par | Treasury Stock | Accumulated Deficit | Total |
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 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 |
Issuance of common stock to Directors | 150,000 | 150 | 8,100 | 8,250 | ||
Net income for the nine months ended July 3, 2016 | $ 653,833 | $ 653,833 | ||||
Balance at Jul. 03, 2016 | 74,531,537 | 74,531 | 4,809,606 | (3,250) | (618,657) | 4,262,230 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
OPERATING ACTIVITIES: | ||
Net income | $ 653,833 | $ 200,091 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 255,800 | 243,750 |
Amortization of loan fees | 7,806 | 7,806 |
(Gain) loss on disposal of assets | 2,623 | (7,344) |
Stock-based compensation | 8,250 | 4,650 |
Changes in assets and liabilities | ||
(Increase) decrease in inventory | 3,900 | (42,300) |
(Increase) decrease in prepaid expenses | 45,878 | 35,076 |
Increase (decrease) in accounts payable | (32,094) | (14,136) |
Increase (decrease) in other current liabilities | 49,079 | 74,643 |
Net cash provided by operating activities | 995,075 | 502,236 |
INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (277,042) | (419,765) |
Proceeds from the disposition of property and equipment | 0 | 7,344 |
(Increase) decrease in restricted cash | 0 | (456,492) |
Net cash used in investing activities | (277,042) | (868,913) |
FINANCING ACTIVITIES: | ||
Proceeds from lines of credit and related party borrowings | 220,000 | 550,000 |
Repayment of lines of credit and related party borrowings | (220,000) | (525,000) |
Payments on notes payable | (89,384) | (68,670) |
Net cash used in financing activities | (89,384) | (43,670) |
Net increase (decrease) in cash | 628,649 | (410,347) |
Cash at beginning of period | 563,096 | 661,842 |
Cash at end of period | 1,191,745 | 251,495 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 150,220 | 164,899 |
Cash paid for income taxes | $ 76,525 | $ 11,159 |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Jul. 03, 2016 | |
ORGANIZATION | |
ORGANIZATION | NOTE 1. ORGANIZATION Parks! America, Inc. (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 Companys 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 | 9 Months Ended |
Jul. 03, 2016 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The Companys unaudited consolidated financial statements for the three months and nine months ended July 3, 2016 and June 28, 2015 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 financial position and results of operations for the periods set forth herein. In the opinion of management interim results reflect all normal and recurring adjustments, and are not necessarily indicative of the results for a full fiscal year. These unaudited consolidated financial statements should be read in conjunction with audited consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the fiscal year ended September 27, 2015. Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries (Wild Animal Georgia and Wild Animal Missouri). All material 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 Companys 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 2016 fiscal year, October 2 will be the closest Sunday, and for the 2015 fiscal year, September 27 was the closest Sunday. This fiscal calendar aligns the Companys fiscal periods more 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 at Spring Break and runs through Labor Day. Reclassifications: Certain accounts and financial statement captions in the prior periods have been reclassified to conform to the current period financial statements. 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. Trade Accounts Receivable: The theme parks are a payment upfront business; therefore, the Company typically carries little or no accounts receivable. The Company had no accounts receivable as of July 3, 2016 and September 27, 2015, respectively. Inventory: Inventory consists of park supplies, and is stated at the lower of cost or market. Cost is determined on the first-in, first-out method. Inventories are reviewed and reconciled annually, because inventory levels turn over rapidly. Property and Equipment: Property and equipment is stated at cost. 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. July 3, 2016 September 27, 2015 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Buildings and structures 3,725,585 3,647,499 15 - 40 years Facilities and equipment 530,482 452,707 5 - 15 years Furniture and fixtures 76,646 76,646 7 years Ground improvements 1,097,729 1,018,757 15 years Park animals 641,025 633,134 5 - 10 years Rides and entertainment 241,558 238,743 7 - 10 years Vehicles 343,317 318,436 3 - 5 years Total cost 9,163,522 8,893,102 Less accumulated depreciation (2,785,312) (2,530,312) Property and equipment, net $ 6,378,210 $ 6,362,790 Other Intangible assets: Other intangible assets include loan fees, franchising fees, payroll software that are all reported at cost. Loan fees are amortized over the life of the respective loan, currently 20 years for the term loan and seven years for the line-of-credit. See NOTE 4. LONG-TERM DEBT for more information. Franchising fees are amortized over a period of 60 months and payroll software over a period of 36 months. 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: July 3, 2016 September 27, 2015 Accrued wages and payroll taxes $ 80,168 $ 69,979 Accrued property taxes 31,215 41,646 Accrued income taxes 25,881 40,131 Accrued sales taxes 44,957 26,754 Deferred revenue 23,927 14,255 Other accrued liabilities 90,380 54,684 Other current liabilities $ 296,528 $ 247,449 Financial Instruments: The carrying amounts of financial instruments are considered by management to be their estimated fair values due to their short-term maturities. Securities that are publicly traded are valued at their fair market value as of the balance sheet date presented. Revenue Recognition: The Companys major source of income is from theme park admissions. Theme park revenues from admission fees are generally recognized upon receipt of payment at the time of the customers visit to the parks. Theme park revenues from advance online ticket purchases are deferred until the customers visit to the parks. Short-term seasonal passes are sold primarily during the spring and summer seasons, are negligible to our results of operations and are not material. 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. Advertising and Market Development: The Company expenses advertising and marketing costs as incurred. Stock Based Compensation: The Company recognizes compensation costs on a straight-line basis over the requisite service period associated with the grant. No activity has occurred in relation to stock options during any period presented. 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. Each director is typically granted 25,000 restricted shares annually, usually toward the end of the calendar year. 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 Companys 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 Companys income tax provision in the period of change. 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 of 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 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: The Company does not expect recently issued accounting standards or interpretations to have a material impact on the Companys financial position, results of operations, cash flows or financial statement disclosures. |
RESTRICTED CASH
RESTRICTED CASH | 9 Months Ended |
Jul. 03, 2016 | |
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 Companys 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 | 9 Months Ended |
Jul. 03, 2016 | |
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 was required to make 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. July 3, 2016 September 27, 2015 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. $ 3,393,784 $ 3,483,168 Less current portion of long-term debt (113,588) (108,762) Long-term debt $ 3,280,196 $ 3,374,406 As of July 3, 2016, the scheduled future principal maturities by fiscal year are as follows: 2016 $ 20,211 2017 125,406 2018 132,810 2019 140,651 2020 148,955 thereafter 2,825,751 Total $ 3,393,784 |
LINES OF CREDIT
LINES OF CREDIT | 9 Months Ended |
Jul. 03, 2016 | |
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, subject to the satisfactory performance by the Company. The LOC interest rate is tied to the prime rate and was 5.5% as of July 3, 2016, with 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. As of July 3, 2016 and September 27, 2015, respectively, there was no outstanding balance against the LOC. During the Companys 2015 fiscal year, the Companys Board of Directors approved the offer of two of the Companys 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 July 3, 2016 and September 27, 2015, respectively, there were no outstanding balances against the Director loans. When applicable, all advances on the Companys LOC and Director loans are recorded as current liabilities. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Jul. 03, 2016 | |
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, 2015, 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 $0.055 per share or $8,250, which was reported as an expense in the first quarter of the 2016 fiscal year. On December 18, 2014, the Company awarded 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. Officers, Directors and their controlled entities own approximately 55.1% of the outstanding common stock of the Company as of July 3, 2016. |
SIGNIFICANT TRANSACTIONS WITH R
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | 9 Months Ended |
Jul. 03, 2016 | |
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 Companys Chief Operating Officer. Effective January 27, 2011, Mr. Van Voorhis was appointed as the Companys Chief Executive Officer. Effective June 1, 2016, the Company and Mr. Van Voorhis entered into the 2016 Van Voorhis Employment Agreement. Pursuant to the 2016 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 2016 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 Companys wholly owned subsidiaries. Effective January 27, 2011, Mr. Meikle was appointed as the Companys 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 Companys 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. Whites 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 Companys 2015 fiscal year, the Companys Board of Directors approved the offer of two of the Companys 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 July 3, 2016 and September 27, 2015, respectively, there were no outstanding balances against the Director loans. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jul. 03, 2016 | |
INCOME TAXES | |
INCOME TAXES | NOTE 8. INCOME TAXES For the nine month period ended July 3, 2016, the Company reported a pre-tax income of $709,333. For the year ending October 2, 2016, the Company expects to generate pre-tax income and expects to utilize a portion of its Federal net tax operating loss carry-forwards to offset any Federal taxable income in its 2016 fiscal year. However, the Company will likely owe Federal alternative minimum tax for its 2016 fiscal year and has recorded a related tax provision of $7,000 for the nine month period ended July 3, 2016. The Company expects to generate 2016 fiscal year income that will be subject to State of Georgia income taxes at a rate of approximately 6%. Accordingly, the Company recorded a tax provision of $48,500 for estimated State of Georgia income taxes for the nine month period ended July 3, 2016. The cumulative Federal net operating loss carry-forward was approximately $3,127,000 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 $3,127,000 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. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jul. 03, 2016 | |
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 (the Companys 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, 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 regard to the Companys 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 attorneys fees to the Harper Defendants. The Company recorded a liability for the initial award of $304,328 during the fourth quarter of its 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% of the award, or $456,492. The Company appealed the summary judgment orders and the award of costs and attorneys fees. On July 28, 2016, the Supreme Court of the State of Nevada issued an order affirming the Eighth Judicial District Courts summary judgment rulings in favor of the Harper Defendants and reducing the award of costs and attorneys fees in favor of the Harper Defendants to $291,269. The Company is in the process of evaluating its options with respect to this ruling, including whether to file a Petition for Rehearing. 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 decisions are reversed upon rehearing, the Company will proceed against both the Eastland Defendants and the Harper Defendants in the District Court action. 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 Companys 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 | 9 Months Ended |
Jul. 03, 2016 | |
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 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 Companys reportable segments: For the three months ended For the nine months ended July 3, 2016 June 28, 2015 July 3, 2016 June 28, 2015 Total net sales: Georgia $ 1,481,336 $ 1,328,765 $ 2,888,325 $ 2,356,000 Missouri 337,804 290,986 587,279 492,793 Consolidated $ 1,819,140 $ 1,619,751 $ 3,475,604 $ 2,848,793 Income (loss) before income taxes: Georgia $ 894,443 $ 773,742 $ 1,366,769 $ 998,864 Missouri 65,610 34,108 (95,482) (146,935) Segment total 960,053 807,850 1,271,287 851,929 Corporate (128,138) (177,418) (404,579) (461,927) Other income (expense), net 1,978 2,541 6,000 5,978 Interest expense (49,542) (56,096) (155,569) (166,083) Amortization of loan fees (2,602) (2,602) (7,806) (7,806) Consolidated $ 781,749 $ 574,275 $ 709,333 $ 222,091 As of July 3, 2016 September 27, 2015 Total assets: Georgia $ 5,193,617 $ 4,658,282 Missouri 2,550,508 2,489,603 Corporate 622,055 628,611 Consolidated $ 8,366,180 $ 7,776,496 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jul. 03, 2016 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS In accordance with ASC 855-10, except as noted in NOTE 9. COMMITMENTS AND CONTINGENCIES, the Company has analyzed its operations subsequent to July 3, 2016 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these unaudited consolidated financial statements. |
ACCOUNTING POLICIES (POLICIES)
ACCOUNTING POLICIES (POLICIES) | 9 Months Ended |
Jul. 03, 2016 | |
ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation: The Companys unaudited consolidated financial statements for the three months and nine months ended July 3, 2016 and June 28, 2015 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 financial position and results of operations for the periods set forth herein. In the opinion of management interim results reflect all normal and recurring adjustments, and are not necessarily indicative of the results for a full fiscal year. These unaudited consolidated financial statements should be read in conjunction with audited consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the fiscal year ended September 27, 2015. |
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 and Wild Animal Missouri). All material 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 Companys 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 2016 fiscal year, October 2 will be the closest Sunday, and for the 2015 fiscal year, September 27 was the closest Sunday. This fiscal calendar aligns the Companys fiscal periods more 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 at Spring Break and runs through Labor Day. |
Reclassifications | Reclassifications: Certain accounts and financial statement captions in the prior periods have been reclassified to conform to the current period financial statements. |
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. |
Trade Accounts Receivable | Trade Accounts Receivable: The theme parks are a payment upfront business; therefore, the Company typically carries little or no accounts receivable. The Company had no accounts receivable as of July 3, 2016 and September 27, 2015, respectively. |
Inventory | Inventory: Inventory consists of park supplies, and is stated at the lower of cost or market. Cost is determined on the first-in, first-out method. Inventories are reviewed and reconciled annually, because inventory levels turn over rapidly. |
Property and Equipment | Property and Equipment: Property and equipment is stated at cost. 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. July 3, 2016 September 27, 2015 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Buildings and structures 3,725,585 3,647,499 15 - 40 years Facilities and equipment 530,482 452,707 5 - 15 years Furniture and fixtures 76,646 76,646 7 years Ground improvements 1,097,729 1,018,757 15 years Park animals 641,025 633,134 5 - 10 years Rides and entertainment 241,558 238,743 7 - 10 years Vehicles 343,317 318,436 3 - 5 years Total cost 9,163,522 8,893,102 Less accumulated depreciation (2,785,312) (2,530,312) Property and equipment, net $ 6,378,210 $ 6,362,790 |
Other Intangible assets | Other Intangible assets: Other intangible assets include loan fees, franchising fees, payroll software that are all reported at cost. Loan fees are amortized over the life of the respective loan, currently 20 years for the term loan and seven years for the line-of-credit. See NOTE 4. LONG-TERM DEBT for more information. Franchising fees are amortized over a period of 60 months and payroll software over a period of 36 months. |
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: July 3, 2016 September 27, 2015 Accrued wages and payroll taxes $ 80,168 $ 69,979 Accrued property taxes 31,215 41,646 Accrued income taxes 25,881 40,131 Accrued sales taxes 44,957 26,754 Deferred revenue 23,927 14,255 Other accrued liabilities 90,380 54,684 Other current liabilities $ 296,528 $ 247,449 |
Financial Instruments | Financial Instruments: The carrying amounts of financial instruments are considered by management to be their estimated fair values due to their short-term maturities. Securities that are publicly traded are valued at their fair market value as of the balance sheet date presented. |
Revenue Recognition | Revenue Recognition: The Companys major source of income is from theme park admissions. Theme park revenues from admission fees are generally recognized upon receipt of payment at the time of the customers visit to the parks. Theme park revenues from advance online ticket purchases are deferred until the customers visit to the parks. Short-term seasonal passes are sold primarily during the spring and summer seasons, are negligible to our results of operations and are not material. 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. |
Advertising and Market Development | Advertising and Market Development: The Company expenses advertising and marketing costs as incurred. |
Stock Based Compensation | Stock Based Compensation: The Company recognizes compensation costs on a straight-line basis over the requisite service period associated with the grant. No activity has occurred in relation to stock options during any period presented. 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. Each director is typically granted 25,000 restricted shares annually, usually toward the end of the calendar year. |
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 Companys 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 Companys income tax provision in the period of change. |
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 of 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 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: The Company does not expect recently issued accounting standards or interpretations to have a material impact on the Companys financial position, results of operations, cash flows or financial statement disclosures. |
PROPERTY AND EQUIPMENT (TABLES)
PROPERTY AND EQUIPMENT (TABLES) | 9 Months Ended |
Jul. 03, 2016 | |
PROPERTY AND EQUIPMENT (TABLES) | |
PROPERTY AND EQUIPMENT (TABLES) | Property and equipment is stated at cost. 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. July 3, 2016 September 27, 2015 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Buildings and structures 3,725,585 3,647,499 15 - 40 years Facilities and equipment 530,482 452,707 5 - 15 years Furniture and fixtures 76,646 76,646 7 years Ground improvements 1,097,729 1,018,757 15 years Park animals 641,025 633,134 5 - 10 years Rides and entertainment 241,558 238,743 7 - 10 years Vehicles 343,317 318,436 3 - 5 years Total cost 9,163,522 8,893,102 Less accumulated depreciation (2,785,312) (2,530,312) Property and equipment, net $ 6,378,210 $ 6,362,790 |
OTHER CURRENT LIABILITIES (TABL
OTHER CURRENT LIABILITIES (TABLES) | 9 Months Ended |
Jul. 03, 2016 | |
OTHER CURRENT LIABILITIES (TABLES): | |
OTHER CURRENT LIABILITIES (TABLES) | The following is a breakdown of other current liabilities: July 3, 2016 September 27, 2015 Accrued wages and payroll taxes $ 80,168 $ 69,979 Accrued property taxes 31,215 41,646 Accrued income taxes 25,881 40,131 Accrued sales taxes 44,957 26,754 Deferred revenue 23,927 14,255 Other accrued liabilities 90,380 54,684 Other current liabilities $ 296,528 $ 247,449 |
SCHEDULE OF LONG-TERM DEBT (Tab
SCHEDULE OF LONG-TERM DEBT (Tables) | 9 Months Ended |
Jul. 03, 2016 | |
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. July 3, 2016 September 27, 2015 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. $ 3,393,784 $ 3,483,168 Less current portion of long-term debt (113,588) (108,762) Long-term debt $ 3,280,196 $ 3,374,406 |
SCHEDULE OF FUTURE PRINCIPAL MA
SCHEDULE OF FUTURE PRINCIPAL MATURITIES BY FISCAL YEAR (TABLES) | 9 Months Ended |
Jul. 03, 2016 | |
SCHEDULE OF FUTURE PRINCIPAL MATURITIES BY FISCAL YEAR (TABLES) | |
SCHEDULE OF FUTURE PRINCIPAL MATURITIES BY FISCAL YEAR (TABLES) | As of July 3, 2016, the scheduled future principal maturities by fiscal year are as follows: 2016 $ 20,211 2017 125,406 2018 132,810 2019 140,651 2020 148,955 thereafter 2,825,751 Total $ 3,393,784 |
SCHEDULE OF BUSINESS SEGMENTS (
SCHEDULE OF BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Jul. 03, 2016 | |
SCHEDULE OF BUSINESS SEGMENTS | |
SCHEDULE OF BUSINESS SEGMENTS | The following tables present financial information regarding each of the Companys reportable segments: For the three months ended For the nine months ended July 3, 2016 June 28, 2015 July 3, 2016 June 28, 2015 Total net sales: Georgia $ 1,481,336 $ 1,328,765 $ 2,888,325 $ 2,356,000 Missouri 337,804 290,986 587,279 492,793 Consolidated $ 1,819,140 $ 1,619,751 $ 3,475,604 $ 2,848,793 Income (loss) before income taxes: Georgia $ 894,443 $ 773,742 $ 1,366,769 $ 998,864 Missouri 65,610 34,108 (95,482) (146,935) Segment total 960,053 807,850 1,271,287 851,929 Corporate (128,138) (177,418) (404,579) (461,927) Other income (expense), net 1,978 2,541 6,000 5,978 Interest expense (49,542) (56,096) (155,569) (166,083) Amortization of loan fees (2,602) (2,602) (7,806) (7,806) Consolidated $ 781,749 $ 574,275 $ 709,333 $ 222,091 As of July 3, 2016 September 27, 2015 Total assets: Georgia $ 5,193,617 $ 4,658,282 Missouri 2,550,508 2,489,603 Corporate 622,055 628,611 Consolidated $ 8,366,180 $ 7,776,496 |
ORGANIZATION (DETAILS)
ORGANIZATION (DETAILS) | Jul. 03, 2016 |
ORGANIZATION DETAILS | |
Percentage of annual net sales which occured during the third and fourth quarter of the last two years | 72.00% |
PROPERTY AND EQUIPMENT STRAIGHT
PROPERTY AND EQUIPMENT STRAIGHT LINE METHOD (DETAILS) - USD ($) | Jul. 03, 2016 | Sep. 27, 2015 |
PROPERTY AND EQUIPMENT STRAIGHT LINE METHOD DETAILS | ||
Land | $ 2,507,180 | $ 2,507,180 |
Buildings and structures depreciable Lives from 15 to 40 years | 3,725,585 | 3,647,499 |
Facilities and equipment depreciable Lives from 5 to 15 years | 530,482 | 452,707 |
Furniture and fixtures depreciable Lives 7 years | 76,646 | 76,646 |
Ground improvements depreciable Lives from 15 years | 1,097,729 | 1,018,757 |
Park animals depreciable Lives from 5 to 10 years | 641,025 | 633,134 |
Rides and entertainment depreciable Lives 7 to 10 years | 241,558 | 238,743 |
Vehicles depreciable Lives from 3 to 5 years | 343,317 | 318,436 |
Total cost | 9,163,522 | 8,893,102 |
Less accumulated depreciation | (2,785,312) | (2,530,312) |
Property and equipment, net | $ 6,378,210 | $ 6,362,790 |
OTHER CURRENT LIABILITIES (DETA
OTHER CURRENT LIABILITIES (DETAILS) - USD ($) | Jul. 03, 2016 | Sep. 27, 2015 |
OTHER CURRENT LIABILITIES DETAILS | ||
Accrued wages and payroll taxes | $ 80,168 | $ 69,979 |
Accrued property taxes | 31,215 | 41,646 |
Accrued income taxes | 25,881 | 40,131 |
Accrued sales taxes | 44,957 | 26,754 |
Deferred revenue | 23,927 | 14,255 |
Other accrued liabilities | 90,380 | 54,684 |
Other current liabilities | $ 296,528 | $ 247,449 |
STOCK BASED COMPENSATION (DETAI
STOCK BASED COMPENSATION (DETAILS) | Jul. 03, 2016shares |
STOC BASED COMPENSATION DETAILS | |
Each director typically granted Restricted shares | 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 |
REFINANCING LOAN-NARRATIVE(Deta
REFINANCING LOAN-NARRATIVE(Details) - USD ($) | Jul. 03, 2016 | Sep. 27, 2015 |
REFINANCING LOAN-NARRATIVE | ||
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. | $ 3,393,784 | $ 3,483,168 |
Less current portion of long-term debt | (113,588) | (108,762) |
Long-term debt | $ 3,280,196 | $ 3,374,406 |
DEBT INSTRUMENTS PARENTHETICALS
DEBT INSTRUMENTS PARENTHETICALS (DETAILS) | Jan. 09, 2013USD ($) |
DEBT INSTRUMENTS PARENTHETICALS | |
Refinancing Loan principal amount | $ 3,752,000 |
Refinancing Loan term in years | 20 |
LONG-TERM DEBT ( Details)
LONG-TERM DEBT ( Details) | Jul. 03, 2016USD ($) |
LONG-TERM DEBT Details | |
Future principal maturities in 2016 | $ 20,211 |
Future principal maturities in 2017 | 125,406 |
Future principal maturities in 2018 | 132,810 |
Future principal maturities in 2019 | 140,651 |
Future principal maturities in 2020 | 148,955 |
There after | 2,825,751 |
Total | $ 3,393,784 |
LINES OF CREDIT (DETAILS)
LINES OF CREDIT (DETAILS) - USD ($) | Jul. 03, 2016 | Sep. 27, 2015 |
WORKING CAPITAL CREDIT DETAILS | ||
Loan obtained for working capital | $ 350,000 | |
Closing costs for the LOC totaled | $ 11,482 | |
Line of credit interest rate | 5.25% | |
Outstanding balance for Director loans | $ 0 | $ 0 |
COMMON STOCK TRANSACTIONS (DETA
COMMON STOCK TRANSACTIONS (DETAILS) - USD ($) | Jul. 03, 2016 | Dec. 18, 2015 | Dec. 18, 2014 |
COMMON STOCK TRANSACTIONS DETAILS | |||
Company awarded shares to directors for services | 150,000 | 150,000 | |
Board of Directors at a fair market value per share | $ 0.055 | $ 0.031 | |
Board of Directors at a fair market value | $ 8,250 | $ 4,650 | |
Percentage of Common stock outstanding of the company held by Officer, directors and their controlled entities | 55.10% |
RELATED PARTY TRANSACTIONS (DET
RELATED PARTY TRANSACTIONS (DETAILS) - USD ($) | Jul. 03, 2016 | Sep. 27, 2015 |
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 |
INCOME TAXES (DETAILS)
INCOME TAXES (DETAILS) | 9 Months Ended |
Jul. 03, 2016USD ($) | |
Income tax details | |
Company has Reported a pre-tax income | $ 709,333 |
Expected State of Georgia income tax rate for the 2016 fiscal year | 6.00% |
Federal alternative minimum tax has recorded a related tax provision | $ 7,000 |
Company recorded a tax provision for estimated State of Georgia income taxes | $ 48,500 |
FEDERAL NET OPERTAING LOSS (DET
FEDERAL NET OPERTAING LOSS (DETAILS) | Sep. 27, 2015USD ($) |
Federal Net Operating loss Details | |
Cumulative Federal Net Operating loss carry forward approximately | $ 3,127,000 |
Net operating loss carry forwards subject to change of ownership provisions of the tax Reform Act of 1986 | $ 3,127,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (DETAILS) - USD ($) | Jul. 28, 2016 | 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 | |||
Reducing the award of costs and attorney's fees in favor of the Harper Defendants to | $ 291,269 |
BUSINESS-SEGMENTS (DETAILS)
BUSINESS-SEGMENTS (DETAILS) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2016 | Jun. 28, 2015 | Jul. 03, 2016 | Jun. 28, 2015 | |
Total net sales: | ||||
Total net sales Georgia | $ 1,481,336 | $ 1,328,765 | $ 2,888,325 | $ 2,356,000 |
Total net sales Missouri | 337,804 | 290,986 | 587,279 | 492,793 |
Total net sales Consolidated | 1,819,140 | 1,619,751 | 3,475,604 | 2,848,793 |
Income before income taxes: | ||||
Income before income taxes Georgia | 894,443 | 773,742 | 1,366,769 | 998,864 |
Income before income taxes Missouri | 65,610 | 34,108 | (95,482) | (146,935) |
Income before income taxes Segment total | 960,053 | 807,850 | 1,271,287 | 851,929 |
Income before income taxes Corporate | (128,138) | (177,418) | (404,579) | (461,927) |
Income before income taxes Other income (expense), net | 1,978 | 2,541 | 6,000 | 5,978 |
Income before income taxes Interest expense | (49,542) | (56,096) | (155,569) | (166,083) |
Income before income taxes Amortization of loan fees | (2,602) | (2,602) | (7,806) | (7,806) |
Income before income taxes Consolidated | $ 781,749 | $ 574,275 | $ 709,333 | $ 222,091 |
BUSINESS SEGMENTS ASSETS (DETAI
BUSINESS SEGMENTS ASSETS (DETAILS) - USD ($) | Jul. 03, 2016 | Sep. 27, 2015 |
Total assets: | ||
Total assets Georgia | $ 5,193,617 | $ 4,658,282 |
Total assets Missouri | 2,550,508 | 2,489,603 |
Total assets Corporate | 622,055 | 628,611 |
Total assets Consolidated | $ 8,366,180 | $ 7,776,496 |