Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Feb. 05, 2018 | |
Details | ||
Registrant Name | PARKS AMERICA, INC | |
Registrant CIK | 1,297,937 | |
SEC Form | 10-Q | |
Period End date | Dec. 31, 2017 | |
Fiscal Year End | --09-30 | |
Trading Symbol | prka | |
Tax Identification Number (TIN) | 910,626,756 | |
Number of common stock shares outstanding | 74,721,537 | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Voluntary filer | No | |
Well-known Seasoned Issuer | No | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Contained File Information, File Number | 000-51254 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Address, Address Line One | 1300 Oak Grove Road | |
Entity Address, City or Town | Pine Mountain, | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31,822 | |
City Area Code | (706) | |
Local Phone Number | 663-8744 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) | Dec. 31, 2017 | Oct. 01, 2017 |
ASSETS | ||
Cash | $ 2,692,281 | $ 3,204,043 |
Inventory | 236,069 | 157,320 |
Prepaid expenses | 259,621 | 309,626 |
Total current assets | 3,187,971 | 3,670,989 |
Property and equipment, net | 6,506,588 | 6,464,850 |
Intangible assets, net | 2,000 | 2,200 |
Deferred tax asset | 93,500 | 160,355 |
Other assets | 9,199 | 9,199 |
Total assets | 9,799,258 | 10,307,593 |
Liabilities | ||
Accounts payable | 66,864 | 137,717 |
Other current liabilities | 296,030 | 281,155 |
Current portion of long-term debt, net | 91,791 | 111,496 |
Total current liabilities | 454,685 | 530,368 |
Long-term debt, net | 2,692,642 | 2,990,417 |
Total liabilities | 3,147,327 | 3,520,785 |
Stockholders' equity | ||
Common Stock, Value, Issued | 74,671 | 74,671 |
Capital in excess of par | 4,825,666 | 4,825,666 |
Treasury stock | (3,250) | (3,250) |
Retained earnings | 1,754,844 | 1,889,721 |
Total stockholders' equity | 6,651,931 | 6,786,808 |
Total liabilities and stockholders' equity | $ 9,799,258 | $ 10,307,593 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) - Parenthetical - $ / shares | Dec. 31, 2017 | Oct. 01, 2017 |
Details | ||
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 74,671,537 | 74,671,537 |
Common Stock, Shares, Outstanding | 74,671,537 | 74,671,537 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Details | ||
Net sales | $ 957,640 | $ 947,264 |
Sale of animals | 38,711 | 52,166 |
Total net sales | 996,351 | 999,430 |
Cost of sales | 111,085 | 106,344 |
Selling, general and administrative | 820,032 | 746,766 |
Depreciation and amortization | 97,450 | 89,400 |
(Gain) loss on disposal of operating assets, net | (719) | 0 |
Income (loss) from operations | (31,497) | 56,920 |
Other income (expense), net | 3,930 | 1,831 |
Write-off of loan fees - prepayment | (12,495) | 0 |
Interest expense | (47,860) | (50,224) |
Income (loss) before income taxes | (87,922) | 8,527 |
Income tax provision | 46,955 | 3,300 |
Net Income (Loss) | $ (134,877) | $ 5,227 |
Income (loss) per share - basic and diluted | $ 0 | $ 0 |
Weighted average shares outstanding (in 000's) - basic and diluted | 74,671 | 74,554 |
Consolidated Statements Changes
Consolidated Statements Changes in Stockholders' Equity (unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Total |
Stockholders' Equity at Oct. 01, 2016 | $ 74,531 | $ 4,809,606 | $ (3,250) | $ 629,067 | $ 5,509,954 |
Shares Outstanding at Oct. 01, 2016 | 74,531,537 | ||||
Stock Issued During Period, Value, New Issues | $ 150 | 16,050 | 0 | 0 | 16,200 |
Stock Issued During Period, Shares, New Issues | 150,000 | ||||
Stock Redeemed or Called During Period, Value | $ (10) | 10 | 0 | 0 | 0 |
Common Stock Returned, Shares | (10,000) | ||||
Net Income (Loss) | $ 0 | 0 | 0 | 1,260,654 | 1,260,654 |
Stockholders' Equity at Oct. 01, 2017 | $ 74,671 | 4,825,666 | (3,250) | 1,889,721 | 6,786,808 |
Shares Outstanding at Oct. 01, 2017 | 74,671,537 | ||||
Net Income (Loss) | $ 0 | 0 | 0 | (134,877) | (134,877) |
Stockholders' Equity at Dec. 31, 2017 | $ 74,671 | $ 4,825,666 | $ (3,250) | $ 1,754,844 | $ 6,651,931 |
Shares Outstanding at Dec. 31, 2017 | 74,671,537 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
OPERATING ACTIVITIES: | ||
Net Income (Loss) | $ (134,877) | $ 5,227 |
Reconciliation of net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization expense | 97,450 | 89,400 |
Interest expense - loan fee amortization | 2,437 | 2,602 |
Write-off of loan fees - prepayment | 12,495 | 0 |
(Gain) loss on disposal of assets | (719) | 0 |
Stock-based compensation | 0 | 16,200 |
Deferred taxes | 66,855 | 0 |
Changes in assets and liabilities | ||
(Increase) decrease in inventory | (78,749) | (16,600) |
(Increase) decrease in prepaid expenses | 50,005 | (78,081) |
Increase (decrease) in accounts payable | (70,853) | (2,885) |
Increase (decrease) in other current liabilities | 14,875 | (15,846) |
Increase (decrease) in accrued judgment award | 0 | (372,416) |
Net cash used in operating activities | (41,081) | (372,399) |
INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (138,988) | (141,552) |
Proceeds from the disposition of property and equipment | 719 | 0 |
(Increase) decrease in restricted cash | 0 | 456,492 |
Net cash provided by (used in) investing activities | (138,269) | 314,940 |
FINANCING ACTIVITIES: | ||
Payments on notes payable | (332,412) | (30,869) |
Net cash used in financing activities | (332,412) | (30,869) |
Net decrease in cash | (511,762) | (88,328) |
Cash at beginning of period | 3,204,043 | 1,482,777 |
Cash at end of period | 2,692,281 | 1,394,449 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 46,617 | 50,760 |
Cash paid for income taxes | $ 0 | $ 48,796 |
Note 1 - Organization
Note 1 - Organization | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 1 - 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, typically beginning in the latter half of March through early September. On a combined basis, net sales for the third and fourth quarter of the last two fiscal years represented approximately 64% to 67% of annual net sales. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 2 - Significant Accounting Policies | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the fiscal year ended October 1, 2017. Principles of Consolidation: Accounting Method: Estimates and Assumptions: Fiscal Year End: Reclassifications: Financial and Concentrations Risk: Trade Accounts Receivable: Inventory: Property and Equipment: December 31, 2017 October 1, 2017 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Ground improvements 935,904 935,904 7-25 years Buildings and structures 2,891,668 2,891,668 10-39 years Animal shelters and habitats 1,330,653 1,330,653 10-39 years Park animals 741,894 741,894 5-10 years Equipment - concession and related 209,665 209,665 3-15 years Equipment and vehicles - yard and field 541,703 541,703 3-15 years Vehicles - buses and rental 200,764 200,764 3-5 years Rides and entertainment 180,466 180,466 5-7 years Furniture and fixtures 60,485 60,485 5-10 years Projects in process 138,988 - Property and equipment, cost 9,739,370 9,600,382 Less accumulated depreciation (3,232,782) (3,135,532) Property and equipment, net $ 6,506,588 $ 6,464,850 Intangible assets: Impairment of Long-Lived Assets: Other Current Liabilities: December 31, 2017 October 1, 2017 Accrued wages and payroll taxes $ 104,937 $ 22,644 Deferred revenue 47,607 47,607 Accrued income taxes 40,907 62,650 Accrued sales taxes 20,801 32,865 Accrued property taxes 6,300 37,557 Other accrued liabilities 75,478 77,832 Other current liabilities $ 296,030 $ 281,155 Financial Instruments: Revenue Recognition: Advertising and Market Development: Stock Based Compensation: Income Taxes: On December 22, 2017, the Tax Cuts and Jobs Act (the Tax Act) was enacted into federal law, which includes significant changes to the U.S. corporate federal tax code. Among other changes, the Tax Act lowered the U.S. statutory corporate federal income tax rate from 35% to 21% effective January 1, 2018. As the Companys 2018 fiscal year end falls on September 30, the U.S. statutory federal income tax rate for its 2018 fiscal year will be a blended rate of 24.5%, with the statutory rate of 21% applicable for its fiscal years beginning with 2019. See NOTE 8. INCOME TAXES for additional information. 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 applicable weighted average number of common shares outstanding in each period. Dividend Policy: Recent Accounting Pronouncements: |
NOTE 3. RESTRICTED CASH
NOTE 3. RESTRICTED CASH | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
NOTE 3. RESTRICTED CASH | NOTE 3. RESTRICTED CASH As more fully described in NOTE 9. COMMITMENTS AND CONTINGENCIES herein, on November 8, 2016, the Company paid out $372,416 of restricted cash, which had been supported by a bank letter of credit totaling $456,492, as a final resolution of a legal judgment and settlement. As a result, the balance of the bank letter of credit, net of fees, was no longer restricted and on November 17, 2016 approximately $79,300 was returned to the Company as unrestricted funds. |
NOTE 4. LONG-TERM DEBT
NOTE 4. LONG-TERM DEBT | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
NOTE 4. 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%, as a result the interest rate was reset to 7.00% effective January 9, 2018. During the first four months following the closing of the Refinancing Loan the Company made interest-only payments. The closing costs for the Refinancing Loan totaled $175,369. On December 13, 2017, the Company made a prepayment of $300,000 against the Refinancing Loan. As a result of this prepayment, the Company wrote-off $12,495 of the Refinancing Loan closing costs, leaving $122,911 of Refinancing Loan costs to be amortized over its remaining 15-year life. The minimum required monthly payment will be approximately $25,800 for the next five years of the Refinancing Loan term, commencing in February 2018. Interest expense of $47,860 and $50,224 for the three month period ended December 31, 2017 and January 1, 2017, respectively, includes $2,437 and $2,602 of amortization of debt closing costs, respectively. As of December 31, 2017 October 1, 2017 Refinancing Loan principal outstanding $ 2,907,344 $ 3,239,756 Less: unamortized debt closing costs (122,911) (137,843) Gross long-term debt 2,784,433 3,101,913 Less current portion of long-term debt, net of unamortized debt closing costs (91,791) (111,496) Long-term debt $ 2,692,642 $ 2,990,417 As of December 31, 2017, the scheduled future principal maturities by fiscal year are as follows: 2018 $ 73,568 2019 114,865 2020 123,169 2021 132,073 2022 141,620 thereafter 2,322,049 Total $ 2,907,344 |
NOTE 5. LINES OF CREDIT
NOTE 5. LINES OF CREDIT | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
NOTE 5. LINES OF CREDIT | NOTE 5. LINES OF CREDIT The Company maintains a $350,000 line of credit loan (the LOC) 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 was 6.50% as of December 31, 2017, 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 December 31, 2017 and October 1, 2017, respectively, there was no outstanding balance against the LOC. When applicable, all advances on the Companys LOC are recorded as current liabilities. |
NOTE 6. STOCKHOLDERS' EQUITY
NOTE 6. STOCKHOLDERS' EQUITY | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
NOTE 6. STOCKHOLDERS' EQUITY | NOTE 6. STOCKHOLDERS EQUITY Shares of common stock issued for service to the Company are valued based on market price on the date of issuance. On December 20, 2017, the Company declared its annual award to five Directors for their service on the Board of Directors. Each director was awarded 25,000 shares at $0.230 per share or the cash equivalent of $5,750. Three directors elected to receive their award in cash and two directors elected to receive Company shares. The total award cost of $28,750 was reported as an expense in the first quarter of the 2018 fiscal year, and the Company subsequently distributed each award on January 9, 2018. On December 20, 2016, 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 $0.108 per share or $16,200, which was reported as an expense in the first quarter of the 2017 fiscal year. Officers, Directors and their controlled entities own approximately 55.6% of the outstanding common stock of the Company as of December 31, 2017. |
Note 7 - Significant Transactio
Note 7 - Significant Transactions With Related Parties | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 7 - 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, 2017, the Company and Mr. Meikle entered into the 2017 Meikle Employment Agreement. Pursuant to the 2017 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 2017 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 April 2, 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 April 2, 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 $495,000. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
Note 8 - Income Taxes | NOTE 8. INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (the Tax Act) was enacted into federal law, which includes significant changes to the U.S. corporate federal tax code. Among other changes, the Tax Act lowered the U.S. statutory corporate federal income tax rate from 35% to 21% effective January 1, 2018. As the Companys 2018 fiscal year end falls on September 30, the U.S. statutory federal income tax rate for its 2018 fiscal year will be a blended rate of 24.5%, with the statutory rate of 21% applicable for its fiscal years beginning with 2019. As of October 1, 2017, the Company had a net deferred tax asset of $160,355, primarily associated with its remaining cumulative federal net operating loss carry-forward. For the three month period ended December 31, 2017, the Company recognized a one-time net deferred tax charge of $66,855, of which $36,595 was associated with the revaluation of its net deferred tax liability at its 2018 fiscal year blended federal income tax rate. The remaining net deferred tax charge of $30,260 was associated with a reassessment of the Companys remaining cumulative federal net operating loss carry-forward. For the three month period ended December 31, 2017, the Company reported a pre-tax loss of $87,922. For the fiscal year ending September 30, 2018 the Company expects to generate pre-tax income and to record a tax provision at a blended effective federal and state income tax rate of approximately 29.2%. As such, the Company recorded a regular net tax benefit of $19,900 for the three month period ended December 31, 2017. The Companys remaining cumulative federal net operating loss carry-forward was approximately $382,000 at October 1, 2017 and will expire beginning in the year 2026. For the fiscal year ending September 30, 2018 the Company expects to utilize all of its remaining federal net tax operating loss carry-forward to offset a portion of the regular federal cash tax due for its 2018 fiscal year |
NOTE 9. COMMITMENTS AND CONTING
NOTE 9. COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
NOTE 9. COMMITMENTS AND CONTINGENCIES | NOTE 9. COMMITMENTS AND CONTINGENCIES As of March 30, 2017, the Company entered into a settlement and release agreement (the Eastland Settlement Agreement) with Larry Eastland, the Companys former President and CEO and certain parties affiliated with Mr. Eastland (collectively the Eastland Defendants) thereby bringing to a close litigation commenced by the Company in September of 2009 and identified as Parks! America, Inc. vs. Eastland; et al., Case No. 09-A-599668 in the Eighth Judicial District Court of the State of Nevada. Prior to that, in November of 2016, the Company reached a settlement with Stanley Harper and Computer Contact Service, Inc., an entity controlled by Mr. Harper (together the Harper Defendants) who were also defendants in that case. As a result, this litigation is terminated. The Harper Defendants received $372,416, inclusive of additional attorneys fees, costs and interest (the Harper Judgment Award), which was paid on November 8, 2016. The Eastland Defendants agreed to make a settlement payment to the Company of $80,000 and assign 10,000 shares of the Companys common stock, beneficially owned by one of the Eastland Defendants, to the Company (the Settlement Shares). Furthermore, the Company consented to the sale of 10,010,000 shares of common stock beneficially owned by the Eastland Defendants to Nicholas Parks (the NP Transaction). On April 20, 2017, the Company received the $80,000 settlement payment and the Settlement Shares. A Stipulation and Order to Dismiss the Litigation with Prejudice was filed on April 24, 2017. As part of the NP Transaction, the Company entered into a Settlement Agreement and Release with Nicholas Parks, dated as of March 30, 2017 (the NP Settlement Agreement). As a result of the NP Transaction, Nicholas Parks holds shares representing approximately 13.4% of the outstanding common stock of the Company. 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. |
NOTE 10. BUSINESS SEGMENTS
NOTE 10. BUSINESS SEGMENTS | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
NOTE 10. 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 December 31, 2017 January 1, 2017 Total net sales: Georgia $ 888,525 $ 879,826 Missouri 107,826 119,604 Consolidated $ 996,351 $ 999,430 Income (loss) before income taxes: Georgia $ 296,275 $ 391,560 Missouri (104,126) (73,659) Segment total 192,149 317,901 Corporate (223,646) (260,981) Other income (expense), net 3,930 1,831 Write-off of loan fees - prepayment (12,495) - Interest expense (47,860) (50,224) Consolidated $ (87,922) $ 8,527 As of December 31, 2017 October 1, 2017 Total assets: Georgia $ 7,082,871 $ 7,206,865 Missouri 2,553,802 2,714,869 Corporate 162,585 385,859 Consolidated $ 9,799,258 $ 10,307,593 |
NOTE 11. SUBSEQUENT EVENTS
NOTE 11. SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2017 | |
Notes | |
NOTE 11. SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS In accordance with ASC 855-10, except as noted in NOTE 2. SIGNIFICANT ACCOUNTNG POLICIES, NOTE 4. LONG-TERM DEBT and NOTE 8. INCOME TAXES, the Company has analyzed its operations subsequent to December 31, 2017 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. |
Note 2 - Significant Accounti18
Note 2 - Significant Accounting Policies: Basis of Presentation (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Basis of Presentation | Basis of Presentation: These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10-K for the fiscal year ended October 1, 2017. |
Note 2 - Significant Accounti19
Note 2 - Significant Accounting Policies: Principles of Consolidation (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Principles of Consolidation | Principles of Consolidation: |
Note 2 - Significant Accounti20
Note 2 - Significant Accounting Policies: Accounting Method (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Accounting Method | Accounting Method: |
Note 2 - Significant Accounti21
Note 2 - Significant Accounting Policies: Estimates and Assumptions (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Estimates and Assumptions | Estimates and Assumptions: |
Note 2 - Significant Accounti22
Note 2 - Significant Accounting Policies: Fiscal Year End (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Fiscal Year End | Fiscal Year End: |
Note 2 - Significant Accounti23
Note 2 - Significant Accounting Policies: Reclassifications (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Reclassifications | Reclassifications: |
Note 2 - Significant Accounti24
Note 2 - Significant Accounting Policies: Financial and Concentrations Risk (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Financial and Concentrations Risk | Financial and Concentrations Risk: |
Note 2 - Significant Accounti25
Note 2 - Significant Accounting Policies: Trade Accounts Receivable (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Trade Accounts Receivable | Trade Accounts Receivable: |
Note 2 - Significant Accounti26
Note 2 - Significant Accounting Policies: Inventory (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Inventory | Inventory: |
Note 2 - Significant Accounti27
Note 2 - Significant Accounting Policies: Property and Equipment (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Property and Equipment | Property and Equipment: December 31, 2017 October 1, 2017 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Ground improvements 935,904 935,904 7-25 years Buildings and structures 2,891,668 2,891,668 10-39 years Animal shelters and habitats 1,330,653 1,330,653 10-39 years Park animals 741,894 741,894 5-10 years Equipment - concession and related 209,665 209,665 3-15 years Equipment and vehicles - yard and field 541,703 541,703 3-15 years Vehicles - buses and rental 200,764 200,764 3-5 years Rides and entertainment 180,466 180,466 5-7 years Furniture and fixtures 60,485 60,485 5-10 years Projects in process 138,988 - Property and equipment, cost 9,739,370 9,600,382 Less accumulated depreciation (3,232,782) (3,135,532) Property and equipment, net $ 6,506,588 $ 6,464,850 |
Note 2 - Significant Accounti28
Note 2 - Significant Accounting Policies: Intangible assets (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Intangible assets | Intangible assets: |
Note 2 - Significant Accounti29
Note 2 - Significant Accounting Policies: Impairment of Long-Lived Assets (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: |
Note 2 - Significant Accounti30
Note 2 - Significant Accounting Policies: Other Current Liabilities (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Other Current Liabilities | Other Current Liabilities: December 31, 2017 October 1, 2017 Accrued wages and payroll taxes $ 104,937 $ 22,644 Deferred revenue 47,607 47,607 Accrued income taxes 40,907 62,650 Accrued sales taxes 20,801 32,865 Accrued property taxes 6,300 37,557 Other accrued liabilities 75,478 77,832 Other current liabilities $ 296,030 $ 281,155 |
Note 2 - Significant Accounti31
Note 2 - Significant Accounting Policies: Financial Instruments (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Financial Instruments | Financial Instruments: |
Note 2 - Significant Accounti32
Note 2 - Significant Accounting Policies: Revenue Recognition (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Revenue Recognition | Revenue Recognition: |
Note 2 - Significant Accounti33
Note 2 - Significant Accounting Policies: Advertising and Market Development (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Advertising and Market Development | Advertising and Market Development: |
Note 2 - Significant Accounti34
Note 2 - Significant Accounting Policies: Stock Based Compensation (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Stock Based Compensation | Stock Based Compensation: |
Note 2 - Significant Accounti35
Note 2 - Significant Accounting Policies: Income Taxes (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Income Taxes | Income Taxes: On December 22, 2017, the Tax Cuts and Jobs Act (the Tax Act) was enacted into federal law, which includes significant changes to the U.S. corporate federal tax code. Among other changes, the Tax Act lowered the U.S. statutory corporate federal income tax rate from 35% to 21% effective January 1, 2018. As the Companys 2018 fiscal year end falls on September 30, the U.S. statutory federal income tax rate for its 2018 fiscal year will be a blended rate of 24.5%, with the statutory rate of 21% applicable for its fiscal years beginning with 2019. See NOTE 8. INCOME TAXES for additional information. |
Note 2 - Significant Accounti36
Note 2 - Significant Accounting Policies: Basic and Diluted Net Income (Loss) Per Share (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
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 applicable weighted average number of common shares outstanding in each period. |
Note 2 - Significant Accounti37
Note 2 - Significant Accounting Policies: Dividend Policy (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Dividend Policy | Dividend Policy: |
Note 2 - Significant Accounti38
Note 2 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Dec. 31, 2017 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: |
Note 2 - Significant Accounti39
Note 2 - Significant Accounting Policies: Property and Equipment: Property, Plant and Equipment (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Property, Plant and Equipment | December 31, 2017 October 1, 2017 Depreciable Lives Land $ 2,507,180 $ 2,507,180 not applicable Ground improvements 935,904 935,904 7-25 years Buildings and structures 2,891,668 2,891,668 10-39 years Animal shelters and habitats 1,330,653 1,330,653 10-39 years Park animals 741,894 741,894 5-10 years Equipment - concession and related 209,665 209,665 3-15 years Equipment and vehicles - yard and field 541,703 541,703 3-15 years Vehicles - buses and rental 200,764 200,764 3-5 years Rides and entertainment 180,466 180,466 5-7 years Furniture and fixtures 60,485 60,485 5-10 years Projects in process 138,988 - Property and equipment, cost 9,739,370 9,600,382 Less accumulated depreciation (3,232,782) (3,135,532) Property and equipment, net $ 6,506,588 $ 6,464,850 |
Note 2 - Significant Accounti40
Note 2 - Significant Accounting Policies: Other Current Liabilities: Other Current Liabilities (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Other Current Liabilities | December 31, 2017 October 1, 2017 Accrued wages and payroll taxes $ 104,937 $ 22,644 Deferred revenue 47,607 47,607 Accrued income taxes 40,907 62,650 Accrued sales taxes 20,801 32,865 Accrued property taxes 6,300 37,557 Other accrued liabilities 75,478 77,832 Other current liabilities $ 296,030 $ 281,155 |
NOTE 4. LONG-TERM DEBT_ Schedul
NOTE 4. LONG-TERM DEBT: Schedule of Debt (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Debt | As of December 31, 2017 October 1, 2017 Refinancing Loan principal outstanding $ 2,907,344 $ 3,239,756 Less: unamortized debt closing costs (122,911) (137,843) Gross long-term debt 2,784,433 3,101,913 Less current portion of long-term debt, net of unamortized debt closing costs (91,791) (111,496) Long-term debt $ 2,692,642 $ 2,990,417 |
NOTE 4. LONG-TERM DEBT_ Sched42
NOTE 4. LONG-TERM DEBT: Schedule of Maturities of Long-term Debt (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Maturities of Long-term Debt | 2018 $ 73,568 2019 114,865 2020 123,169 2021 132,073 2022 141,620 thereafter 2,322,049 Total $ 2,907,344 |
NOTE 10. BUSINESS SEGMENTS_ Sch
NOTE 10. BUSINESS SEGMENTS: Schedule of Segment Reporting Information, by Segment (Tables) | 3 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Segment Reporting Information, by Segment | For the three months ended December 31, 2017 January 1, 2017 Total net sales: Georgia $ 888,525 $ 879,826 Missouri 107,826 119,604 Consolidated $ 996,351 $ 999,430 Income (loss) before income taxes: Georgia $ 296,275 $ 391,560 Missouri (104,126) (73,659) Segment total 192,149 317,901 Corporate (223,646) (260,981) Other income (expense), net 3,930 1,831 Write-off of loan fees - prepayment (12,495) - Interest expense (47,860) (50,224) Consolidated $ (87,922) $ 8,527 As of December 31, 2017 October 1, 2017 Total assets: Georgia $ 7,082,871 $ 7,206,865 Missouri 2,553,802 2,714,869 Corporate 162,585 385,859 Consolidated $ 9,799,258 $ 10,307,593 |
Note 1 - Organization (Details)
Note 1 - Organization (Details) | 3 Months Ended |
Dec. 31, 2017 | |
Details | |
Entity Incorporation, Date of Incorporation | Jul. 30, 1954 |
Entity Information, Former Legal or Registered Name | Painted Desert Uranium & Oil Co. |
Entity Incorporation, State Country Name | Nevada |
Note 2 - Significant Accounti45
Note 2 - Significant Accounting Policies: Property and Equipment: Property, Plant and Equipment (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Oct. 01, 2017 | |
Land | ||
Property, Plant and Equipment, Gross | $ 2,507,180 | $ 2,507,180 |
Ground Improvements | ||
Property, Plant and Equipment, Gross | 935,904 | 935,904 |
Building | ||
Property, Plant and Equipment, Gross | 2,891,668 | 2,891,668 |
Animal shelters and habitats | ||
Property, Plant and Equipment, Gross | 1,330,653 | 1,330,653 |
Park animals | ||
Property, Plant and Equipment, Gross | 741,894 | 741,894 |
Equipment - concession and related | ||
Property, Plant and Equipment, Gross | 209,665 | 209,665 |
Equipment and vehicles - yard and field | ||
Property, Plant and Equipment, Gross | 541,703 | 541,703 |
Vehicles - buses and rental | ||
Property, Plant and Equipment, Gross | 200,764 | 200,764 |
Rides and entertainment | ||
Property, Plant and Equipment, Gross | 180,466 | 180,466 |
Furniture and Fixtures | ||
Property, Plant and Equipment, Gross | 60,485 | 60,485 |
Projects in process | ||
Property, Plant and Equipment, Gross | 138,988 | 0 |
Property, Plant and Equipment, Gross | 9,739,370 | 9,600,382 |
Less accumulated depreciation | (3,232,782) | (3,135,532) |
Property and equipment, net | $ 6,506,588 | $ 6,464,850 |
Minimum | Ground Improvements | ||
Depreciable Lives | 7 years | |
Minimum | Building | ||
Depreciable Lives | 10 years | |
Minimum | Animal shelters and habitats | ||
Depreciable Lives | 10 years | |
Minimum | Park animals | ||
Depreciable Lives | 5 years | |
Minimum | Equipment - concession and related | ||
Depreciable Lives | 3 years | |
Minimum | Equipment and vehicles - yard and field | ||
Depreciable Lives | 3 years | |
Minimum | Vehicles - buses and rental | ||
Depreciable Lives | 3 years | |
Minimum | Rides and entertainment | ||
Depreciable Lives | 5 years | |
Minimum | Furniture and Fixtures | ||
Depreciable Lives | 5 years | |
Maximum | Ground Improvements | ||
Depreciable Lives | 25 years | |
Maximum | Building | ||
Depreciable Lives | 39 years | |
Maximum | Animal shelters and habitats | ||
Depreciable Lives | 39 years | |
Maximum | Park animals | ||
Depreciable Lives | 10 years | |
Maximum | Equipment - concession and related | ||
Depreciable Lives | 15 years | |
Maximum | Equipment and vehicles - yard and field | ||
Depreciable Lives | 15 years | |
Maximum | Vehicles - buses and rental | ||
Depreciable Lives | 5 years | |
Maximum | Rides and entertainment | ||
Depreciable Lives | 7 years | |
Maximum | Furniture and Fixtures | ||
Depreciable Lives | 10 years |
Note 2 - Significant Accounti46
Note 2 - Significant Accounting Policies: Other Current Liabilities: Other Current Liabilities (Details) - USD ($) | Dec. 31, 2017 | Oct. 01, 2017 |
Details | ||
Accrued wages and payroll taxes | $ 104,937 | $ 22,644 |
Deferred revenue | 47,607 | 47,607 |
Accrued income taxes | 40,907 | 62,650 |
Accrued sales taxes | 20,801 | 32,865 |
Accrued property taxes | 6,300 | 37,557 |
Other accrued liabilities | 75,478 | 77,832 |
Other current liabilities | $ 296,030 | $ 281,155 |
NOTE 4. LONG-TERM DEBT (Details
NOTE 4. LONG-TERM DEBT (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2017 | |
Details | ||
Debt Instrument, Description | Refinancing Loan | |
Debt Instrument, Face Amount | $ 3,752,000 | |
Debt Instrument, Term | 20 years | |
Debt Instrument, Interest Rate Terms | 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% | |
Debt Instrument, Fee Amount | $ 175,369 | |
Write-off of loan fees - prepayment | (12,495) | $ 0 |
Interest Expense | 47,860 | 50,224 |
Interest expense - loan fee amortization | $ 2,437 | $ 2,602 |
NOTE 4. LONG-TERM DEBT_ Sched48
NOTE 4. LONG-TERM DEBT: Schedule of Debt (Details) - USD ($) | Dec. 31, 2017 | Oct. 01, 2017 |
Details | ||
Refinancing Loan principal outstanding | $ 2,907,344 | $ 3,239,756 |
Less: unamortized debt closing costs | (122,911) | (137,843) |
Gross long-term debt | 2,784,433 | 3,101,913 |
Less current portion of long-term debt, net of unamortized debt closing costs | (91,791) | (111,496) |
Long-term debt | $ 2,692,642 | $ 2,990,417 |
NOTE 4. LONG-TERM DEBT_ Sched49
NOTE 4. LONG-TERM DEBT: Schedule of Maturities of Long-term Debt (Details) | Dec. 31, 2017USD ($) |
Details | |
Long-term Debt, Maturities, Repayments of Principal in remainder of current fiscal year | $ 73,568 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 114,865 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 123,169 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 132,073 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 141,620 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 2,322,049 |
Long-term Debt | $ 2,907,344 |
NOTE 5. LINES OF CREDIT (Detail
NOTE 5. LINES OF CREDIT (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Oct. 01, 2017 | |
Details | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | |
Line of Credit Facility, Description | line of credit loan (the “LOC”) from CB&T for working capital purposes | |
Line of Credit, Initial Term | 7 years | |
Line of Credit Facility, Expiration Date | Jan. 8, 2020 | |
Line of Credit Facility, Covenant Terms | subject to the satisfactory performance by the Company | |
Line of Credit Facility, Interest Rate Description | The LOC interest rate is tied to the prime rate and was 6.50% as of December 31, 2017, with a minimum rate of 5.25% | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 |
Note 7 - Significant Transact51
Note 7 - Significant Transactions With Related Parties (Details) | 3 Months Ended |
Dec. 31, 2017 | |
2009 Van Voorhis Employment Agreement | |
Related Party Transaction, Date | Jun. 1, 2009 |
Related Party Transaction, Description of Transaction | Company entered into an employment agreement with Dale Van Voorhis |
2008 Meikle Employment Agreement | |
Related Party Transaction, Date | Apr. 1, 2008 |
Related Party Transaction, Description of Transaction | Company entered into an employment agreement with Jim Meikle |
White Employment Agreement | |
Related Party Transaction, Date | Apr. 2, 2014 |
Related Party Transaction, Description of Transaction | Company entered into an employment agreement with Todd R. White |
Note 8 - Income Taxes (Details)
Note 8 - Income Taxes (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2017 | Jan. 01, 2017 | Oct. 01, 2017 | |
Details | |||
Net deferred tax asset | $ 160,355 | ||
One-time net deferred tax charge | $ 66,855 | ||
Income (loss) before income taxes | (87,922) | $ 8,527 | |
Regular net tax benefit | $ 19,900 |
NOTE 10. BUSINESS SEGMENTS_ S53
NOTE 10. BUSINESS SEGMENTS: Schedule of Segment Reporting Information, by Segment (Details) - USD ($) | Oct. 01, 2017 | Dec. 31, 2017 | Jan. 01, 2017 |
Georgia | |||
Total net sales: | $ 888,525 | $ 879,826 | |
Income (loss) before income taxes: | 296,275 | 391,560 | |
Total assets: | $ 7,206,865 | 7,082,871 | |
Missouri | |||
Total net sales: | 107,826 | 119,604 | |
Income (loss) before income taxes: | (104,126) | (73,659) | |
Total assets: | 2,714,869 | 2,553,802 | |
Total net sales: | 996,351 | 999,430 | |
Income (loss) before income taxes: | (87,922) | 8,527 | |
Total assets: | 10,307,593 | 9,799,258 | |
Segment total | |||
Income (loss) before income taxes: | 192,149 | 317,901 | |
Corporate | |||
Income (loss) before income taxes: | (223,646) | (260,981) | |
Total assets: | $ 385,859 | 162,585 | |
Other income (expense), net | |||
Income (loss) before income taxes: | 3,930 | 1,831 | |
Write-off of loan fees - prepayment | |||
Income (loss) before income taxes: | (12,495) | 0 | |
Interest expense | |||
Income (loss) before income taxes: | $ (47,860) | $ (50,224) |