Cover
Cover - shares | 9 Months Ended | |
Jul. 04, 2021 | Aug. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 4, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --10-03 | |
Entity File Number | 000-51254 | |
Registrant Name | Parks! America, Inc. | |
Entity Central Index Key | 0001297937 | |
Entity Tax Identification Number | 91-0626756 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 1300 Oak Grove Road | |
Entity Address, City or Town | Pine Mountain | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31822 | |
City Area Code | 706 | |
Local Phone Number | 663-8744 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 75,124,087 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jul. 04, 2021 | Sep. 27, 2020 |
ASSETS | ||
Cash | $ 5,959,859 | $ 5,505,716 |
Accounts receivable | 14,822 | 0 |
Inventory | 361,418 | 200,891 |
Prepaid expenses | 73,290 | 148,732 |
Total current assets | 6,409,389 | 5,855,339 |
Property and equipment, net | 13,936,038 | 13,654,800 |
Intangible assets, net | 10,966 | |
Other assets | 15,974 | 12,144 |
Total assets | 20,372,367 | 19,522,283 |
Liabilities | ||
Accounts payable | 210,146 | 178,485 |
Other current liabilities | 529,877 | 599,390 |
Current portion of long-term debt, net | 665,019 | 1,221,009 |
Total current liabilities | 1,405,042 | 1,998,884 |
Long-term debt, net | 5,163,503 | 5,797,392 |
Total liabilities | 6,568,545 | 7,796,276 |
Stockholders’ equity | ||
Common stock; 300,000,000 shares authorized, at $.001 par value; 75,124,087 and 75,021,537 shares issued and outstanding, respectively | 75,124 | 75,021 |
Capital in excess of par | 4,934,212 | 4,889,316 |
Treasury stock | (3,250) | (3,250) |
Retained earnings | 8,797,736 | 6,764,920 |
Total stockholders’ equity | 13,803,822 | 11,726,007 |
Total liabilities and stockholders’ equity | $ 20,372,367 | $ 19,522,283 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jul. 04, 2021 | Sep. 27, 2020 |
Statement of Financial Position [Abstract] | ||
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 | 75,124,087 | 75,021,537 |
Common Stock, Shares, Outstanding | 75,124,087 | 75,021,537 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 3,823,862 | $ 3,203,527 | $ 8,451,070 | $ 4,917,457 |
Sale of animals | 50,238 | 16,681 | 126,412 | 41,193 |
Total net sales | 3,874,100 | 3,220,208 | 8,577,482 | 4,958,650 |
Cost of sales | 496,406 | 288,400 | 1,066,253 | 538,165 |
Selling, general and administrative | 1,514,013 | 1,032,128 | 4,251,507 | 2,646,973 |
Depreciation and amortization | 183,883 | 150,833 | 523,890 | 385,833 |
Tornado damage insurance recovery | (24,373) | |||
Loss on disposal of operating assets | 10,320 | 41,041 | ||
Income from operations | 1,669,478 | 1,748,847 | 2,694,791 | 1,412,052 |
Other income, net | 16,996 | 3,293 | 44,315 | 18,797 |
Gain on extinguishment of debt | 64,617 | 189,988 | ||
Interest expense | (91,958) | (64,165) | (267,578) | (99,077) |
Income before income taxes | 1,659,133 | 1,687,975 | 2,661,516 | 1,331,772 |
Income tax provision | 392,300 | 421,800 | 628,700 | 344,900 |
Net income | $ 1,266,833 | $ 1,266,175 | $ 2,032,816 | $ 986,872 |
Income per share - basic and diluted | $ 0.02 | $ 0.02 | $ 0.03 | $ 0.01 |
Weighted average shares outstanding (in 000’s) - basic and diluted | 75,124 | 75,021 | 75,084 | 74,945 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Stockholders’ Equity at Sep. 29, 2019 | $ 74,821 | $ 4,855,516 | $ (3,250) | $ 3,997,451 | $ 8,924,538 |
Shares Outstanding at Sep. 29, 2019 | 74,821,537 | ||||
Net income | (89,151) | (89,151) | |||
Stockholders’ Equity at Dec. 29, 2019 | $ 74,821 | 4,855,516 | (3,250) | 3,908,300 | 8,835,387 |
Shares Outstanding at Dec. 29, 2019 | 74,821,537 | ||||
Issuance of common stock to Directors | $ 200 | 33,800 | 34,000 | ||
Issuance of common stock to Directors, shares | 200,000 | ||||
Net income | (190,152) | (190,152) | |||
Stockholders’ Equity at Mar. 29, 2020 | $ 75,021 | 4,889,316 | (3,250) | 3,718,148 | 8,679,235 |
Shares Outstanding at Mar. 29, 2020 | 75,021,537 | ||||
Net income | 1,266,175 | 1,266,175 | |||
Stockholders’ Equity at Jun. 28, 2020 | $ 75,021 | 4,889,316 | (3,250) | 4,984,323 | 9,945,410 |
Shares Outstanding at Jun. 28, 2020 | 75,021,537 | ||||
Stockholders’ Equity at Sep. 27, 2020 | $ 75,021 | 4,889,316 | (3,250) | 6,764,920 | 11,726,007 |
Shares Outstanding at Sep. 27, 2020 | 75,021,537 | ||||
Net income | 227,935 | 227,935 | |||
Stockholders’ Equity at Jan. 03, 2021 | $ 75,021 | 4,889,316 | (3,250) | 6,992,855 | 11,953,942 |
Shares Outstanding at Jan. 03, 2021 | 75,021,537 | ||||
Issuance of common stock to Directors | $ 103 | 44,896 | 44,999 | ||
Issuance of common stock to Directors, shares | 102,550 | ||||
Net income | 538,048 | 538,048 | |||
Stockholders’ Equity at Apr. 04, 2021 | $ 75,124 | 4,934,212 | (3,250) | 7,530,903 | 12,536,989 |
Shares Outstanding at Apr. 04, 2021 | 75,124,087 | ||||
Net income | 1,266,833 | 1,266,833 | |||
Stockholders’ Equity at Jul. 04, 2021 | $ 75,124 | $ 4,934,212 | $ (3,250) | $ 8,797,736 | $ 13,803,822 |
Shares Outstanding at Jul. 04, 2021 | 75,124,087 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 04, 2021 | Jun. 28, 2020 | |
OPERATING ACTIVITIES: | ||
Net income | $ 2,032,816 | $ 986,872 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 523,890 | 385,833 |
Interest expense - debt financing cost amortization | 14,894 | 2,625 |
Interest expense - loan discount amortization | 13,985 | 2,997 |
Loss on disposal of assets | 41,041 | |
Stock-based compensation | 44,999 | 34,000 |
Gain on extinguishment of debt | (189,988) | |
Changes in assets and liabilities | ||
(Increase) decrease in accounts receivable | (14,822) | |
(Increase) decrease in inventory | (160,527) | 1,480 |
(Increase) decrease in prepaid expenses | 75,442 | (15,396) |
Increase (decrease) in accounts payable | 31,661 | (22,998) |
Increase (decrease) in other current liabilities | (69,513) | 432,004 |
Net cash provided by operating activities | 2,343,878 | 1,807,417 |
INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (887,473) | (461,465) |
Acquisition of Aggieland Safari | (6,373,500) | |
Tradename registrations | (10,966) | |
Proceeds from the disposition of property and equipment | 38,174 | |
Net cash used in investing activities | (860,265) | (6,834,965) |
FINANCING ACTIVITIES: | ||
Payments on 2018 Term Loan | (1,164,113) | (154,446) |
Payments on 2020 Term Loan | (1,063,843) | |
Payment of Note to Seller of Aggieland Safari | (750,000) | |
Proceeds from 2021 Term Loan | 1,950,000 | |
Proceeds from 2020 Term Loan | 5,000,000 | |
Proceeds from Paycheck Protection Program Loans | 188,087 | |
Debt financing costs | (1,514) | (62,375) |
Net cash provided by (used in) financing activities | (1,029,470) | 4,971,266 |
Net increase (decrease) in cash | 454,143 | (56,282) |
Cash at beginning of period | 5,505,716 | 3,787,815 |
Cash at end of period | 5,959,859 | 3,731,533 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 254,452 | 92,352 |
Cash paid for income taxes | 686,750 | 124,000 |
Non-Cash Investing and Financing Activities: | ||
Note to Seller of Aggieland Safari | $ 728,500 |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Jul. 04, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | NOTE 1. ORGANIZATION Parks! America, Inc. (“Parks!” or the “Company”) was originally incorporated on July 30, 1954 Painted Desert Uranium & Oil Co., Inc. 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 three regional theme parks and is in the business of acquiring, developing and operating local and regional theme parks and attractions in the United States. The Company’s wholly owned subsidiaries are Wild Animal Safari, Inc. a Georgia corporation (“Wild Animal – Georgia”), Wild Animal, Inc., a Missouri corporation (“Wild Animal – Missouri”), and Aggieland-Parks, Inc., a Texas corporation (“Aggieland Wild Animal – Texas”). Wild Animal – Georgia owns and operates the Wild Animal Safari 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”). Aggieland Wild Animal – Texas owns and operates the Aggieland Wild Animal Safari theme park near Bryan/College Station, Texas (the “Texas Park”). The Company acquired the Georgia Park on June 13, 2005, the Missouri Park on March 5, 2008, and the Texas Park on April 27, 2020. The Company’s Parks are open year round but experience increased seasonal attendance, typically beginning in the latter half of March through early September. As a result, the Company’s combined third and fourth quarter attendance based net sales have historically ranged from 68% to 72% of its annual net sales. COVID-19 In March 2020, the World Health Organization characterized COVID-19, a disease caused by a novel strain of a coronavirus, as a pandemic. The rapid spread of COVID-19 has resulted in governmental authorities throughout the United States implementing a variety of containment measures with the objective of slowing the spread of the virus, including travel restrictions, shelter-in-place orders and business shutdowns. The COVID-19 pandemic and these containment measures have had, and could continue to have, a material impact on the Company’s business. The rapid acceleration of the COVID-19 pandemic in the United States occurred at the beginning of the Company’s annual high season. Beginning the week of March 9, 2020, the Company began to see a significant reduction in paid attendance at its Georgia and Missouri Parks. Effective April 3, 2020, the Company’s Georgia and Missouri Parks were closed as a result of shelter-in-place mandates in Georgia and Missouri. Also note that prior to the acquisition of the Texas Park, its operations were suspended for the majority of April 2020 due to a shelter-in-place mandate in Texas. In compliance with respective state issued guidelines, the Georgia Park and the Texas Park each reopened on May 1, 2020, and the Missouri Park reopened on May 4, 2020. Subsequent to reopening, attendance levels were strong at each of the Company’s three Parks for the balance of its 2020 fiscal year, which continued through the first 31 weeks of its 2021 fiscal year. However, there may be longer-term negative impacts to the Company’s business, results of operations and cash flows, and financial condition as a result of the COVID-19 pandemic. These negative impacts may include changes in customer behavior and preferences causing significant volatility or reductions in Park attendance, increases in operating expenses to comply with additional hygiene-related protocols, limitations in the Company’s ability to recruit and maintain staffing, limitations on the Company’s employees ability to work and travel, and significant changes in the economic or political conditions in the areas the Company’s Parks are located. Despite the Company’s efforts to manage these potential impacts, the ultimate impact may be material, and will depend on a number of factors beyond its control, including the duration and severity of the COVID-19 pandemic and actions by governmental authorities taken to contain its spread and mitigate its public health effects. There is also the potential for attendance levels at the Company’s Parks to moderate or decline as alternative entertainment venues reopen to full capacity once the COVID-19 pandemic has run its course or vaccines are widely adopted and proven effective. While attendance based net sales remain strong versus the comparable pre-COVID-19 period, the Company has experienced a decline in attendance based net sales and attendance for weeks 32 through 44 of its 2021 fiscal year versus the comparable period of its 2020 fiscal year. PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jul. 04, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Principles of Consolidation Accounting Method Estimates and Assumptions Fiscal Year End Financial and Concentrations Risk Trade Accounts Receivable 14,822 0 Inventory 361,418 200,891 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Property and Equipment SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT July 4, 2021 September 27, 2020 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 years Ground improvements 2,552,482 2,334,172 7-25 years Buildings and structures 3,866,264 3,798,098 10-39 years Animal shelters and habitats 2,340,096 2,098,947 10-39 years Park animals 1,163,401 1,166,583 5-25 years Equipment - concession and related 327,007 232,281 3-15 years Equipment and vehicles - yard and field 618,706 556,168 3-15 years Vehicles - buses and rental 308,908 237,075 3-5 years Rides and entertainment 224,578 224,578 5-7 years Furniture and fixtures 26,057 26,057 5-10 years Projects in process 79,365 34,290 Property and equipment, cost 18,172,334 17,373,719 Less accumulated depreciation (4,236,296 ) (3,718,919 ) Property and equipment, net $ 13,936,038 $ 13,654,800 Depreciation expense for the three months ended July 4, 2021 and June 28, 2020 totaled $ 183,883 150,833 523,890 385,833 Impairment of Long-Lived Assets Other Current Liabilities SCHEDULE OF OTHER CURRENT LIABILITIES July 4, 2021 September 27, 2020 Deferred revenue $ 288,559 $ 273,386 Accrued sales taxes 100,252 69,101 Accrued wages and payroll taxes 59,927 42,774 Accrued property taxes 35,341 68,530 Accrued income taxes - 46,402 Other accrued liabilities 45,798 99,197 Other current liabilities $ 529,877 $ 599,390 Financial Instruments : The carrying amounts of financial instruments are considered by management to be their estimated fair values due to their short-term maturities or due to the fact they were entered into during the Company’s 2021 and 2020 fiscal years. Securities that are publicly traded are valued at their fair market value as of the balance sheet date presented. PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Revenue Recognition Revenues from Contracts with Customers Revenues from park admission fees are recognized at the point in time control transfers to the customer, which is generally when the customer accepts access to the park and the Company is entitled to payment. Park admission fee revenues from advance online ticket purchases are deferred until the customers’ visit to the parks. Revenues from retail and concession sales are generally recognized upon the concurrent receipt of payment and delivery of goods to the customer. Sales taxes billed and collected are not included in revenue. Deferred revenues from advance online admission tickets were $ 288,559 273,386 The Company periodically sells surplus animals created from the natural breeding process that occurs within the parks. All animal sales are reported as a separate revenue line item. Animal sales are recognized at a point in time when control transfer to the customer, which is generally determined when title, ownership and risk of loss pass to the customer, all of which generally occurs upon delivery of the animal. Based on the Company’s assessment of control indicators, sales are recognized when animals are delivered to the customer. The Company provides disaggregation of revenue based on geography in “ Note 10: Business Segments Advertising and Marketing Costs 258,525 194,396 704,960 431,711 Stock Based Compensation A Stock Option and Award Plan (the “Plan”) providing for incentive stock options and performance bonus awards for executives, employees, and directors was approved by the Company’s Board of Directors on February 1, 2005, however, the Plan has not been submitted to the stockholders for approval. The Plan sets aside five million ( 5,000,000 no Income Taxes PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) A tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than fifty percent likely of being realized on examination. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. The Company has no unrecognized tax benefits under guidance related to tax uncertainties. The Company does not anticipate the unrecognized tax benefits will significantly change in the next twelve months. Any tax penalties or interest expense will be recognized in income tax expense. No 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 Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“Update 2019-12”) Except as noted, the Company does not expect recently issued accounting standards or interpretations to have a material impact on the Company’s financial position, results of operations, cash flows or financial statement disclosures. PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 |
ACQUISITION
ACQUISITION | 9 Months Ended |
Jul. 04, 2021 | |
Accounting Policies [Abstract] | |
ACQUISITION | NOTE 3. ACQUISITION On April 27, 2020 , the Company, through a newly formed subsidiary, Aggieland-Parks, Inc., a Texas corporation, acquired substantially all the assets of Aggieland Safari LLC, Ferrill Creek Ranch LLC, and Vernell Investments LLC (combined the “Aggieland Assets”), primarily consisting of the Aggieland Safari Adventure Zoo and Safari Park (“Aggieland Safari”), including animal inventory, real estate, mineral rights, and certain equipment and other assets necessary to operate Aggieland Wild Animal – Texas. Aggieland Wild Animal – Texas is situated on 250 acres of a 450-acre property, located approximately 25 miles northeast of Bryan/College Station, Texas and 120 miles northwest of downtown Houston. The total purchase price for the Aggieland Assets was $ 7.10 million, after determination of the fair value of the seller note. The transaction was financed with a $ 5.00 million loan (the “2020 Term Loan”) from First Financial Bank, N.A. (“First Financial”), a seller note with a face value of $ 750,000 (the “Aggieland Seller Note”), and cash totaling $ 1.38 million. The 2020 Term Loan is secured by substantially all the Aggieland Assets, as well as guarantees from the Company and its subsidiaries. The 2020 Term Loan bears interest at a rate of 5.0 % per annum, has a maturity date of April 27, 2031 , and required interest only monthly payments through April 2021. The Aggieland Seller Note represented a deferred portion of the purchase price, bore no interest, matured on June 30, 2021, and was secured by a second priority subordinated lien and security interest in the acquired mineral rights and the animal inventory. The Company applied a 2.5% discount rate to determine a fair value of $ 728,500 for the Aggieland Seller Note as of April 27, 2020. The following table sets forth the purchase consideration paid to the members of Aggieland Safari and the amount of assets acquired and liabilities assumed as of the acquisition date: SCHEDULE OF SOURCES OF CONSIDERATION PAID TO AGGIELAND SAFARI MEMBERS Sources of consideration paid to Aggieland Safari Members: Cash advances $ 125,000 Cash at closing 1,250,000 2020 Term Loan 5,000,000 Aggieland Seller Note 728,500 Less cash received (1,500 ) Total consideration $ 7,102,000 Purchase price allocation: Inventories $ 10,000 Property and equipment 7,131,000 Deferred revenue (39,000 ) Total net assets acquired $ 7,102,000 The purchase price has been allocated based on an estimate of the fair value of assets acquired and liabilities assumed as of the acquisition date. The determination of estimated fair value requires management to make significant estimates and assumptions. The following table presents supplemental pro forma information for the nine month period ended June 28, 2020 as if the acquisition had occurred at the beginning of the Company’s 2020 fiscal year. The unaudited pro forma information includes adjustments for depreciation expense on property and equipment acquired, interest expense on debt incurred related to the acquisition, and the related income tax effects, as well as the elimination of property and equipment impairment charges recorded by Aggieland Safari prior to the acquisition. The pro forma financial information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected at the beginning of the Company’s 2020 fiscal year. SCHEDULE OF SUPPLEMENTAL PRO FORMA INFORMATION For the nine months ended June 28, 2020 Total net sales $ 5,617,050 Net income $ 803,860 Income per share - basic and diluted $ 0.01 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Jul. 04, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | NOTE 4. LONG-TERM DEBT On June 18, 2021 1.95 2021 Term Loan 3.75 payable in monthly installments 26,480 June 18, 2028 1,514 1.95 On July 11, 2018 , the Company, through its wholly owned subsidiary Wild Animal – Georgia, completed a refinancing transaction (the “2018 Refinancing”) with Synovus. The 2018 Refinancing included a term loan in the original principal amount of $ 1.6 million (the “ 2018 Term Loan ”). The 2018 Term Loan had an interest rate of 5.0 % per annum and was payable in monthly payments of approximately $ 22,672 , based on a seven-year amortization period. The 2018 Term Loan had a maturity date of June 11, 2021 , with an option to renew at 5.0% per annum for an additional 49-month term. The 2018 Term Loan was secured by a security deed on the assets of Wild Animal – Georgia. The Company paid a total of approximately $ 15,680 in fees and expenses in connection with the 2018 Refinancing. The 2021 Term Loan replaced the Company’s 2018 Term Loan with Synovus, which had an outstanding balance of $ 1.02 million , which was paid off with the proceeds of the 2021 Term Loan. On April 27, 2020 2020 Term Loan 5.00 secured by substantially all the Aggieland Wild Animal – Texas assets, as well as guarantees from the Company and its subsidiaries. 5.0 53,213 62,375 June 30, 2021 1.00 3.94 The Aggieland Seller Note represented a deferred portion of the Aggieland Wild Animal – Texas purchase price, had a face value of $ 750,000 , bore no interest, matured on June 30, 2021, and was secured by a second priority subordinated lien and security interest in the acquired mineral rights and the animal inventory. The Company applied a 2.5% discount rate to determine a fair value of $ 728,500 for the Aggieland Seller Note as of April 27, 2020, with the resulting $ 21,500 discount amortized as interest expense over the period of the Aggieland Seller Note. On June 29, 2021, the Company paid off the Aggieland Seller Note. As a result of the initial negative economic impacts and uncertainties caused by the COVID-19 pandemic, Wild Animal – Georgia and Wild Animal – Missouri each applied for Paycheck Protection Program (“PPP”) loans. On April 14, 2020 and April 16, 2020 unsecured 188,087 1.0 125,371 64,617 Interest expense of $ 91,958 64,165 10,937 1,505 4,706 2,997 267,578 99,077 14,894 2,625 13,985 2,997 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 NOTE 4. LONG-TERM DEBT (CONTINUED) The following table represents the aggregate of the Company’s outstanding long-term debt: SCHEDULE OF DEBT July 4, 2021 September 27, 2020 As of July 4, 2021 September 27, 2020 Loan principal outstanding $ 5,885,797 $ 7,089,053 Less: unamortized debt financing costs (57,275 ) (70,652 ) Gross long-term debt 5,828,522 7,018,401 Less current portion of long-term debt, net of unamortized costs and discount (665,019 ) (1,221,009 ) Long-term debt $ 5,163,503 $ 5,797,392 As of July 4, 2021, the scheduled future principal maturities of the Company’s long-term debt by fiscal year are as follows: SCHEDULE OF MATURITIES OF LONG-TERM DEBT 2021 168,668 2022 705,284 2023 738,577 2024 773,470 2025 810,041 thereafter 2,689,757 Total $ 5,885,797 |
LINE OF CREDIT
LINE OF CREDIT | 9 Months Ended |
Jul. 04, 2021 | |
Debt Disclosure [Abstract] | |
LINE OF CREDIT | NOTE 5. LINE OF CREDIT July 11, 2018 , the Company, through its wholly owned subsidiary Wild Animal – Georgia, completed the 2018 Refinancing with Synovus . The 2018 Refinancing included a line of credit of up to $ 350,000 (the “2018 LOC”). The 2018 LOC was scheduled to mature July 11, 2021 , with an option to renew for an additional three-year term |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Jul. 04, 2021 | |
Equity [Abstract] | |
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 the award. On December 18, 2020, the Company declared its annual compensation award to six Directors for their service on the Board of Directors. Each Director was awarded $ 10,000 0.4388 102,550 60,000 On December 5, 2019, the Company declared its annual compensation award to four Directors for their service on the Board of Directors. Each Director was awarded $ 8,500 200,000 0.17 34,000 Officers, Directors and their controlled entities own approximately 52.8 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 |
SIGNIFICANT TRANSACTIONS WITH R
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | 9 Months Ended |
Jul. 04, 2021 | |
Related Party Transactions [Abstract] | |
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | NOTE 7. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES Effective as of June 1, 2020 Company and Dale Van Voorhis, the Company’s Chairman and Chief Executive Officer, entered into an employment agreement 100,000 two years Effective as of January 1, 2019 Company and Todd R. White, the Company’s Chief Financial Officer, entered into an employment agreement three years 70,000 75,000 80,000 90,000 Effective as of May 1, 2018 Company entered into an employment agreement with Michael D. Newman 95,000 5,000 108,000 five years As of July 4, 2021, the Company has not adopted any deferred compensation plans. 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 ($ 191,667 456,667 141,500 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jul. 04, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8. INCOME TAXES For the nine month period ended July 4, 2021, the Company reported pre-tax income of $ 2.66 . For the fiscal year ending October 3, 2021, 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 25.0 %. The Company recorded a net income tax provision of $ 628,700 for the nine month period ended July 4, 2021, comprised of a federal expense of $ 484,900 and a State of Georgia expense of $ 143,800 . The Company’s net income tax provision of $ 344,900 for the nine month period ended June 28, 2020, comprised of a federal expense of $ 263,200 and a State of Georgia expense of $ 81,700 . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jul. 04, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9. COMMITMENTS AND CONTINGENCIES On February 17, 2021, two children of James Meikle, the Company’s former President and Chief Operating Officer, filed a Complaint in the Eighth Judicial District Court, Clark County, Nevada (case no. A-21-829563-C), alleging the Company was obligated under Mr. Meikle’s Employment Agreement to purchase at least $ 540,000 540,000 On May 21, 2019, the Company’s Missouri Park was struck by a tornado and sustained property damage, primarily to the “walk about”, the more traditional zoo-like section of the park, as well as to several auxiliary buildings. The park was closed at the time of this event and no employees were injured. While a few animals sustained non-life threatening injuries, no animals were killed or escaped. As a result of the tornado damage, through September 29, 2019, the Company had written-off $ 56,339 24,105 66,376 71,478 24,373 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 NOTE 9. COMMITMENTS AND CONTINGENCIES (CONTINUED) Except as noted above, the Company is not a party to any pending legal proceeding, nor is its property the subject of a pending legal proceeding, that is not in the ordinary course of business or otherwise material to the financial condition of its business. None of the Company’s directors, officers or affiliates is involved in a proceeding adverse to its business or has a material interest adverse to its business. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Jul. 04, 2021 | |
Segment Reporting [Abstract] | |
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 Company’s reportable segments: SCHEDULE OF REVENUE BY REPORTING SEGMENTS July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 For the three months ended For the nine months ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Total net sales: Georgia $ 2,724,847 $ 2,376,593 $ 5,903,635 $ 3,906,651 Missouri 618,185 464,540 1,157,862 672,924 Texas 531,068 379,075 1,515,985 379,075 Consolidated $ 3,874,100 $ 3,220,208 $ 8,577,482 $ 4,958,650 Total net sales $ 3,874,100 $ 3,220,208 $ 8,577,482 $ 4,958,650 Income (loss) before income taxes: Georgia $ 1,721,101 $ 1,666,295 $ 3,401,355 $ 2,077,917 Missouri 158,419 123,448 (1,768 ) (190,241 ) Texas (31,482 ) 126,432 (26,948 ) 126,432 Segment total 1,848,038 1,916,175 3,372,639 2,014,108 Corporate (178,560 ) (167,328 ) (677,848 ) (602,056 ) Other income, net 16,996 3,293 44,315 18,797 Gain on extinguishment of debt 64,617 - 189,988 - Interest expense (91,958 ) (64,165 ) (267,578 ) (99,077 ) Consolidated $ 1,659,133 $ 1,687,975 $ 2,661,516 $ 1,331,772 Income (loss) before income taxes $ 1,659,133 $ 1,687,975 $ 2,661,516 $ 1,331,772 July 4, 2021 September 27, 2020 As of July 4, 2021 September 27, 2020 Total assets: Georgia $ 9,316,404 $ 8,352,457 Missouri 3,127,815 3,120,166 Texas 7,736,779 7,919,577 Corporate 191,369 130,083 Consolidated $ 20,372,367 $ 19,522,283 Total assets $ 20,372,367 $ 19,522,283 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jul. 04, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The Company has analyzed its operations subsequent to July 4, 2021 to the date these financial statements were issued and has determined that no material subsequent events have occurred from the date of these unaudited consolidated financial statements through the date of this filing. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jul. 04, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Principles of Consolidation | Principles of Consolidation |
Accounting Method | Accounting Method |
Estimates and Assumptions | Estimates and Assumptions |
Fiscal Year End | Fiscal Year End |
Financial and Concentrations Risk | Financial and Concentrations Risk |
Trade Accounts Receivable | Trade Accounts Receivable 14,822 0 |
Inventory | Inventory 361,418 200,891 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Property and Equipment | Property and Equipment SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT July 4, 2021 September 27, 2020 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 years Ground improvements 2,552,482 2,334,172 7-25 years Buildings and structures 3,866,264 3,798,098 10-39 years Animal shelters and habitats 2,340,096 2,098,947 10-39 years Park animals 1,163,401 1,166,583 5-25 years Equipment - concession and related 327,007 232,281 3-15 years Equipment and vehicles - yard and field 618,706 556,168 3-15 years Vehicles - buses and rental 308,908 237,075 3-5 years Rides and entertainment 224,578 224,578 5-7 years Furniture and fixtures 26,057 26,057 5-10 years Projects in process 79,365 34,290 Property and equipment, cost 18,172,334 17,373,719 Less accumulated depreciation (4,236,296 ) (3,718,919 ) Property and equipment, net $ 13,936,038 $ 13,654,800 Depreciation expense for the three months ended July 4, 2021 and June 28, 2020 totaled $ 183,883 150,833 523,890 385,833 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Other Current Liabilities | Other Current Liabilities SCHEDULE OF OTHER CURRENT LIABILITIES July 4, 2021 September 27, 2020 Deferred revenue $ 288,559 $ 273,386 Accrued sales taxes 100,252 69,101 Accrued wages and payroll taxes 59,927 42,774 Accrued property taxes 35,341 68,530 Accrued income taxes - 46,402 Other accrued liabilities 45,798 99,197 Other current liabilities $ 529,877 $ 599,390 |
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 or due to the fact they were entered into during the Company’s 2021 and 2020 fiscal years. Securities that are publicly traded are valued at their fair market value as of the balance sheet date presented. PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Revenue Recognition | Revenue Recognition Revenues from Contracts with Customers Revenues from park admission fees are recognized at the point in time control transfers to the customer, which is generally when the customer accepts access to the park and the Company is entitled to payment. Park admission fee revenues from advance online ticket purchases are deferred until the customers’ visit to the parks. Revenues from retail and concession sales are generally recognized upon the concurrent receipt of payment and delivery of goods to the customer. Sales taxes billed and collected are not included in revenue. Deferred revenues from advance online admission tickets were $ 288,559 273,386 The Company periodically sells surplus animals created from the natural breeding process that occurs within the parks. All animal sales are reported as a separate revenue line item. Animal sales are recognized at a point in time when control transfer to the customer, which is generally determined when title, ownership and risk of loss pass to the customer, all of which generally occurs upon delivery of the animal. Based on the Company’s assessment of control indicators, sales are recognized when animals are delivered to the customer. The Company provides disaggregation of revenue based on geography in “ Note 10: Business Segments |
Advertising and Marketing Costs | Advertising and Marketing Costs 258,525 194,396 704,960 431,711 |
Stock Based Compensation | Stock Based Compensation A Stock Option and Award Plan (the “Plan”) providing for incentive stock options and performance bonus awards for executives, employees, and directors was approved by the Company’s Board of Directors on February 1, 2005, however, the Plan has not been submitted to the stockholders for approval. The Plan sets aside five million ( 5,000,000 no |
Income Taxes | Income Taxes PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 4, 2021 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) A tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than fifty percent likely of being realized on examination. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. The Company has no unrecognized tax benefits under guidance related to tax uncertainties. The Company does not anticipate the unrecognized tax benefits will significantly change in the next twelve months. Any tax penalties or interest expense will be recognized in income tax expense. No |
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. |
Dividend Policy | Dividend Policy |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (“Update 2019-12”) Except as noted, the Company does not expect recently issued accounting standards or interpretations to have a material impact on the Company’s financial position, results of operations, cash flows or financial statement disclosures. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Jul. 04, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT July 4, 2021 September 27, 2020 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 years Ground improvements 2,552,482 2,334,172 7-25 years Buildings and structures 3,866,264 3,798,098 10-39 years Animal shelters and habitats 2,340,096 2,098,947 10-39 years Park animals 1,163,401 1,166,583 5-25 years Equipment - concession and related 327,007 232,281 3-15 years Equipment and vehicles - yard and field 618,706 556,168 3-15 years Vehicles - buses and rental 308,908 237,075 3-5 years Rides and entertainment 224,578 224,578 5-7 years Furniture and fixtures 26,057 26,057 5-10 years Projects in process 79,365 34,290 Property and equipment, cost 18,172,334 17,373,719 Less accumulated depreciation (4,236,296 ) (3,718,919 ) Property and equipment, net $ 13,936,038 $ 13,654,800 |
SCHEDULE OF OTHER CURRENT LIABILITIES | SCHEDULE OF OTHER CURRENT LIABILITIES July 4, 2021 September 27, 2020 Deferred revenue $ 288,559 $ 273,386 Accrued sales taxes 100,252 69,101 Accrued wages and payroll taxes 59,927 42,774 Accrued property taxes 35,341 68,530 Accrued income taxes - 46,402 Other accrued liabilities 45,798 99,197 Other current liabilities $ 529,877 $ 599,390 |
ACQUISITION (Tables)
ACQUISITION (Tables) | 9 Months Ended |
Jul. 04, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF SOURCES OF CONSIDERATION PAID TO AGGIELAND SAFARI MEMBERS | The following table sets forth the purchase consideration paid to the members of Aggieland Safari and the amount of assets acquired and liabilities assumed as of the acquisition date: SCHEDULE OF SOURCES OF CONSIDERATION PAID TO AGGIELAND SAFARI MEMBERS Sources of consideration paid to Aggieland Safari Members: Cash advances $ 125,000 Cash at closing 1,250,000 2020 Term Loan 5,000,000 Aggieland Seller Note 728,500 Less cash received (1,500 ) Total consideration $ 7,102,000 Purchase price allocation: Inventories $ 10,000 Property and equipment 7,131,000 Deferred revenue (39,000 ) Total net assets acquired $ 7,102,000 |
SCHEDULE OF SUPPLEMENTAL PRO FORMA INFORMATION | SCHEDULE OF SUPPLEMENTAL PRO FORMA INFORMATION For the nine months ended June 28, 2020 Total net sales $ 5,617,050 Net income $ 803,860 Income per share - basic and diluted $ 0.01 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Jul. 04, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT | The following table represents the aggregate of the Company’s outstanding long-term debt: SCHEDULE OF DEBT July 4, 2021 September 27, 2020 As of July 4, 2021 September 27, 2020 Loan principal outstanding $ 5,885,797 $ 7,089,053 Less: unamortized debt financing costs (57,275 ) (70,652 ) Gross long-term debt 5,828,522 7,018,401 Less current portion of long-term debt, net of unamortized costs and discount (665,019 ) (1,221,009 ) Long-term debt $ 5,163,503 $ 5,797,392 |
SCHEDULE OF MATURITIES OF LONG-TERM DEBT | As of July 4, 2021, the scheduled future principal maturities of the Company’s long-term debt by fiscal year are as follows: SCHEDULE OF MATURITIES OF LONG-TERM DEBT 2021 168,668 2022 705,284 2023 738,577 2024 773,470 2025 810,041 thereafter 2,689,757 Total $ 5,885,797 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Jul. 04, 2021 | |
Segment Reporting [Abstract] | |
SCHEDULE OF REVENUE BY REPORTING SEGMENTS | The following tables present financial information regarding each of the Company’s reportable segments: SCHEDULE OF REVENUE BY REPORTING SEGMENTS July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 For the three months ended For the nine months ended July 4, 2021 June 28, 2020 July 4, 2021 June 28, 2020 Total net sales: Georgia $ 2,724,847 $ 2,376,593 $ 5,903,635 $ 3,906,651 Missouri 618,185 464,540 1,157,862 672,924 Texas 531,068 379,075 1,515,985 379,075 Consolidated $ 3,874,100 $ 3,220,208 $ 8,577,482 $ 4,958,650 Total net sales $ 3,874,100 $ 3,220,208 $ 8,577,482 $ 4,958,650 Income (loss) before income taxes: Georgia $ 1,721,101 $ 1,666,295 $ 3,401,355 $ 2,077,917 Missouri 158,419 123,448 (1,768 ) (190,241 ) Texas (31,482 ) 126,432 (26,948 ) 126,432 Segment total 1,848,038 1,916,175 3,372,639 2,014,108 Corporate (178,560 ) (167,328 ) (677,848 ) (602,056 ) Other income, net 16,996 3,293 44,315 18,797 Gain on extinguishment of debt 64,617 - 189,988 - Interest expense (91,958 ) (64,165 ) (267,578 ) (99,077 ) Consolidated $ 1,659,133 $ 1,687,975 $ 2,661,516 $ 1,331,772 Income (loss) before income taxes $ 1,659,133 $ 1,687,975 $ 2,661,516 $ 1,331,772 July 4, 2021 September 27, 2020 As of July 4, 2021 September 27, 2020 Total assets: Georgia $ 9,316,404 $ 8,352,457 Missouri 3,127,815 3,120,166 Texas 7,736,779 7,919,577 Corporate 191,369 130,083 Consolidated $ 20,372,367 $ 19,522,283 Total assets $ 20,372,367 $ 19,522,283 |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) | 9 Months Ended |
Jul. 04, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity incorporation, date of incorporation | Jul. 30, 1954 |
Entity information, former legal or registered name | Painted Desert Uranium & Oil Co., Inc. |
Entity incorporation, state or country code | NV |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | 9 Months Ended | |
Jul. 04, 2021 | Sep. 27, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 18,172,334 | $ 17,373,719 |
Less accumulated depreciation | (4,236,296) | (3,718,919) |
Property and equipment, net | 13,936,038 | 13,654,800 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 6,389,470 | 6,389,470 |
Depreciable lives | not applicable | |
Mineral rights [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 276,000 | 276,000 |
Depreciable lives | 25 years | |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 2,552,482 | 2,334,172 |
Depreciable lives | 7-25 years | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 3,866,264 | 3,798,098 |
Depreciable lives | 10-39 years | |
Animal shelters and habitats [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 2,340,096 | 2,098,947 |
Depreciable lives | 10-39 years | |
Park animals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 1,163,401 | 1,166,583 |
Depreciable lives | 5-25 years | |
Equipment - concession and related [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 327,007 | 232,281 |
Depreciable lives | 3-15 years | |
Equipment and vehicles - yard and field [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 618,706 | 556,168 |
Depreciable lives | 3-15 years | |
Vehicles - buses and rental [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 308,908 | 237,075 |
Depreciable lives | 3-5 years | |
Rides and entertainment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 224,578 | 224,578 |
Depreciable lives | 5-7 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 26,057 | 26,057 |
Depreciable lives | 5-10 years | |
Projects in process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 79,365 | $ 34,290 |
SCHEDULE OF OTHER CURRENT LIABI
SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($) | Jul. 04, 2021 | Sep. 27, 2020 |
Accounting Policies [Abstract] | ||
Deferred revenue | $ 288,559 | $ 273,386 |
Accrued sales taxes | 100,252 | 69,101 |
Accrued wages and payroll taxes | 59,927 | 42,774 |
Accrued property taxes | 35,341 | 68,530 |
Accrued income taxes | 46,402 | |
Other accrued liabilities | 45,798 | 99,197 |
Other current liabilities | $ 529,877 | $ 599,390 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Sep. 27, 2020 | Feb. 01, 2005 | |
Accounting Policies [Abstract] | ||||||
Accounts receivable | $ 14,822 | $ 14,822 | $ 0 | |||
Inventory | 361,418 | 361,418 | 200,891 | |||
Depreciation and amortization | 183,883 | $ 150,833 | 523,890 | $ 385,833 | ||
Deferred revenue | 288,559 | 288,559 | 273,386 | |||
Marketing and advertising expense | 258,525 | $ 194,396 | 704,960 | $ 431,711 | ||
Shares for award of stock options | 5,000,000 | |||||
Shares for award of stock options, grants | 0 | |||||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | $ 0 | $ 0 |
SCHEDULE OF SOURCES OF CONSIDER
SCHEDULE OF SOURCES OF CONSIDERATION PAID TO AGGIELAND SAFARI MEMBERS (Details) | Apr. 27, 2020USD ($) |
Accounting Policies [Abstract] | |
Sources of consideration paid - Cash advances | $ 125,000 |
Sources of consideration paid - Cash at closing | 1,250,000 |
Sources of consideration paid - 2020 Term Loan | 5,000,000 |
Sources of consideration paid - Aggieland Seller Note | 728,500 |
Sources of consideration paid - Less cash received | (1,500) |
Sources of consideration paid - Total consideration | 7,102,000 |
Purchase price allocation - Inventories | 10,000 |
Purchase price allocation - Property and equipment | 7,131,000 |
Purchase price allocation - Deferred revenue | (39,000) |
Purchase price allocation - Total net assets acquired | $ 7,102,000 |
SCHEDULE OF SUPPLEMENTAL PRO FO
SCHEDULE OF SUPPLEMENTAL PRO FORMA INFORMATION (Details) | 9 Months Ended |
Jun. 28, 2020USD ($)$ / shares | |
Accounting Policies [Abstract] | |
Total net sales | $ 5,617,050 |
Net income | $ 803,860 |
Income per share - basic and diluted | $ / shares | $ 0.01 |
ACQUISITION (Details Narrative)
ACQUISITION (Details Narrative) - USD ($) | Apr. 27, 2020 | Jul. 04, 2021 |
Asset Acquisition, Contingent Consideration [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 1,380,000 | |
2020 Term Loan from First Financial [Member] | ||
Asset Acquisition, Contingent Consideration [Line Items] | ||
Debt Instrument, Face Amount | $ 5,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |
Debt Instrument, Maturity Date | Apr. 27, 2031 | |
Aggieland Seller Note [Member] | ||
Asset Acquisition, Contingent Consideration [Line Items] | ||
Debt Instrument, Face Amount | $ 750,000 | |
Debt Instrument, Maturity Date | Jun. 30, 2021 | |
Long-term Debt, Fair Value | 728,500 | |
Aggiel and Safari LLC [Member] | ||
Asset Acquisition, Contingent Consideration [Line Items] | ||
Asset Acquisition, Effective Date of Acquisition | Apr. 27, 2020 | |
Asset Acquisition, Price of Acquisition, Expected | $ 7,100,000 |
SCHEDULE OF DEBT (Details)
SCHEDULE OF DEBT (Details) - USD ($) | Jul. 04, 2021 | Sep. 27, 2020 |
Debt Disclosure [Abstract] | ||
Loan principal outstanding | $ 5,885,797 | $ 7,089,053 |
Less: unamortized debt financing costs | (57,275) | (70,652) |
Gross long-term debt | 5,828,522 | 7,018,401 |
Less current portion of long-term debt, net of unamortized costs and discount | (665,019) | (1,221,009) |
Long-term debt | $ 5,163,503 | $ 5,797,392 |
SCHEDULE OF MATURITIES OF LONG-
SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) | Jul. 04, 2021USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 168,668 |
2022 | 705,284 |
2023 | 738,577 |
2024 | 773,470 |
2025 | 810,041 |
thereafter | 2,689,757 |
Total long-term debt | $ 5,885,797 |
LONG-TERM DEBT (Details Narrati
LONG-TERM DEBT (Details Narrative) - USD ($) | Jun. 18, 2021 | Apr. 27, 2020 | Jul. 11, 2018 | Jul. 04, 2021 | Apr. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Apr. 16, 2020 |
Short-term Debt [Line Items] | |||||||||
Long-term debt | $ 5,885,797 | $ 5,885,797 | |||||||
Gain on extinguishment of debt | 64,617 | 189,988 | |||||||
Interest expense | 91,958 | 64,165 | 267,578 | 99,077 | |||||
Interest expense - debt financing cost amortization | 10,937 | 1,505 | 14,894 | 2,625 | |||||
Interest expense - loan discount amortization | 4,706 | $ 2,997 | $ 13,985 | $ 2,997 | |||||
Two Thousand Twenty One Refinancing With Synovus [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt Instrument, Issuance Date | Jun. 18, 2021 | ||||||||
Two Thousand Twenty One Term Loan [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt instrument, face amount | $ 1,950,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||||
Periodic payment description | payable in monthly installments | ||||||||
Debt Instrument, Maturity Date | Jun. 18, 2028 | ||||||||
Debt Instrument, Fee Amount | $ 1,514 | ||||||||
Long-term debt | 1,950,000 | $ 1,950,000 | |||||||
Two Thousand Twenty One Term Loan From First Financial [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt Instrument, Description | 2021 Term Loan | ||||||||
Two Thousand Eighteen Term Loan [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt instrument, face amount | $ 1,600,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||
Periodic payment description | payable in monthly payments | ||||||||
Periodic payment of term loan | $ 26,480 | $ 22,672 | |||||||
Debt Instrument, Maturity Date | Jun. 11, 2021 | ||||||||
Debt Instrument, Fee Amount | 15,680 | ||||||||
Long-term debt | $ 1,020,000 | ||||||||
Debt instrument, collateral | secured by a security deed on the assets of Wild Animal – Georgia. | ||||||||
2018 Refinancing with Synovus [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt Instrument, Issuance Date | Jul. 11, 2018 | ||||||||
Debt Instrument, Maturity Date | Jul. 11, 2021 | ||||||||
2018 Term Loan [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt Instrument, Description | 2018 Term Loan | ||||||||
Aggieland Seller Note [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt Instrument, Issuance Date | Apr. 27, 2020 | ||||||||
Debt instrument, face amount | $ 750,000 | ||||||||
Debt Instrument, Maturity Date | Jun. 30, 2021 | ||||||||
Long-term Debt, Fair Value | 728,500 | ||||||||
Debt Instrument, Unamortized Discount | 21,500 | ||||||||
2020 Term Loan from First Financial [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt instrument, face amount | $ 5,000,000 | ||||||||
Debt Instrument, Description | 2020 Term Loan | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||
Debt Instrument, Maturity Date | Apr. 27, 2031 | ||||||||
Two Thousand Twenty Term Loan From First Financial [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt instrument, face amount | $ 5 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||
Periodic payment of term loan | $ 53,213 | ||||||||
Debt Instrument, Fee Amount | 62,375 | ||||||||
Long-term debt | $ 3,940,000 | $ 3,940,000 | |||||||
Debt instrument, collateral | secured by substantially all the Aggieland Wild Animal – Texas assets, as well as guarantees from the Company and its subsidiaries. | ||||||||
Prepayment of the 2020 term loan | $ 1,000,000 | ||||||||
Paycheck Protection Program ('PPP') loans [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt instrument, face amount | $ 188,087 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | |||||||
Debt instrument, collateral | unsecured | ||||||||
Gain on extinguishment of debt | $ 125,371 | ||||||||
Paycheck Protection Program ('PPP') loans [Member] | Maximum [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt Instrument, Issuance Date | Apr. 16, 2020 |
LINE OF CREDIT (Details Narrati
LINE OF CREDIT (Details Narrative) - 2018 Refinancing with Synovus [Member] - USD ($) | 9 Months Ended | |
Jul. 04, 2021 | Jul. 11, 2018 | |
Short-term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jul. 11, 2018 | |
Line of Credit Facility, Description | 2018 Refinancing with Synovus | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | |
Debt Instrument, Maturity Date | Jul. 11, 2021 | |
Debt instrument renewal description | three-year term |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Jan. 11, 2021 | Dec. 18, 2020 | Dec. 05, 2019 | Jan. 03, 2021 | Dec. 29, 2019 | Jul. 04, 2021 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||||
Annual Compensation award description | On December 18, 2020, the Company declared its annual compensation award to six Directors for their service on the Board of Directors. Each Director was awarded $10,000, to be paid all in shares of the Company’s common stock, all in cash or a combination thereof, at each Director’s election. Four Directors elected to receive all shares, one Director elected to receive 50% in shares and 50% in cash, and one Director elected all cash. Based on the closing stock price of $0.4388 per share on December 18, 2020, a total of 102,550 shares were distributed on January 11, 2021. The total compensation award cost of $60,000 was reported as an expense in the three month period ended January 3, 2021. | On December 5, 2019, the Company declared its annual compensation award to four Directors for their service on the Board of Directors. Each Director was awarded $8,500, to be paid all in shares of the Company’s common stock, all in cash or a combination thereof, at each Director’s election. All four Directors elected to receive all shares, totaling 200,000 shares, based on the closing stock price of $0.17 per share on December 5, 2019, and the Company distributed each award on January 8, 2020. The total award cost of $34,000 was reported as an expense in the three month period ended December 29, 2019. | ||||
Annual compensation award to each director | $ 10,000 | $ 8,500 | ||||
Closing stock price | $ 0.4388 | $ 0.17 | ||||
Shares issued for annual compensation award | 102,550 | 200,000 | ||||
Compensation award cost | $ 60,000 | $ 34,000 | ||||
Officers,Directors and Controlled Entities [Member] | ||||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||||
Percentage of outstanding common stock owned | 52.80% |
SIGNIFICANT TRANSACTIONS WITH_2
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (Details Narrative) - USD ($) | Jan. 01, 2021 | Jun. 01, 2020 | May 01, 2020 | Jan. 01, 2019 | May 01, 2018 | Jul. 04, 2021 |
Without Cause [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Severance compensation | $ 191,667 | |||||
Change in Control [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Severance compensation | 456,667 | |||||
Disability and Death [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Severance compensation | $ 141,500 | |||||
2020 Van Voorhis Employment Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, date | Jun. 1, 2020 | |||||
Related party transaction, description of transaction | Company and Dale Van Voorhis, the Company’s Chairman and Chief Executive Officer, entered into an employment agreement | |||||
Initial base annual compensation | $ 100,000 | |||||
Employee agreement term | 2 years | |||||
2019 White Employment Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, date | Jan. 1, 2019 | |||||
Related party transaction, description of transaction | Company and Todd R. White, the Company’s Chief Financial Officer, entered into an employment agreement | |||||
Employee agreement term | 3 years | |||||
Annual compensation | $ 90,000 | |||||
2019 White Employment Agreement [Member] | Year One [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual compensation | $ 70,000 | |||||
2019 White Employment Agreement [Member] | Year Two [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual compensation | 75,000 | |||||
2019 White Employment Agreement [Member] | Year Three [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Annual compensation | $ 80,000 | |||||
Newman Employment Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, date | May 1, 2018 | |||||
Related party transaction, description of transaction | Company entered into an employment agreement with Michael D. Newman | |||||
Initial base annual compensation | $ 108,000 | $ 95,000 | ||||
Employee agreement term | 5 years | |||||
Signing bonus amount | $ 5,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Oct. 03, 2021 | |
Operating Loss Carryforwards [Line Items] | |||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 1,659,133 | $ 1,687,975 | $ 2,661,516 | $ 1,331,772 | |
Income Tax Expense (Benefit) | $ 392,300 | $ 421,800 | 628,700 | 344,900 | |
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Income Tax Expense (Benefit) | 484,900 | 263,200 | |||
State of Georgia [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Income Tax Expense (Benefit) | $ 143,800 | $ 81,700 | |||
Forecast [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
[custom:EffectiveFederalAndStateIncomeTaxRate] | 25.00% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Sep. 29, 2021 | Feb. 17, 2021 | Apr. 15, 2020 | Sep. 29, 2019 | Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 |
Loss Contingencies [Line Items] | ||||||||
Interest and expenses | $ 91,958 | $ 64,165 | $ 267,578 | $ 99,077 | ||||
Tornado [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Proceeds from net book | $ 56,339 | |||||||
Property destroyed and incurred | $ 24,105 | |||||||
Improvements damage | $ 66,376 | |||||||
Improvements damage | $ 71,478 | |||||||
Proceeds from partially offsetting the cost | $ 24,373 | |||||||
Insurance Claims [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Purchase at least | $ 540,000 | |||||||
Interest and expenses | $ 540,000 |
SCHEDULE OF REVENUE BY REPORTIN
SCHEDULE OF REVENUE BY REPORTING SEGMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 04, 2021 | Jun. 28, 2020 | Jul. 04, 2021 | Jun. 28, 2020 | Sep. 27, 2020 | |
Segment Reporting Information [Line Items] | |||||
Total net sales | $ 3,874,100 | $ 3,220,208 | $ 8,577,482 | $ 4,958,650 | |
Income (loss) before income taxes | 1,659,133 | 1,687,975 | 2,661,516 | 1,331,772 | |
Total assets | 20,372,367 | 20,372,367 | $ 19,522,283 | ||
Interest Expense [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | (91,958) | (64,165) | (267,578) | (99,077) | |
Georgia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 2,724,847 | 2,376,593 | 5,903,635 | 3,906,651 | |
Income (loss) before income taxes | 1,721,101 | 1,666,295 | 3,401,355 | 2,077,917 | |
Total assets | 9,316,404 | 9,316,404 | 8,352,457 | ||
Missouri [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 618,185 | 464,540 | 1,157,862 | 672,924 | |
Income (loss) before income taxes | 158,419 | 123,448 | (1,768) | (190,241) | |
Total assets | 3,127,815 | 3,127,815 | 3,120,166 | ||
Texas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 531,068 | 379,075 | 1,515,985 | 379,075 | |
Income (loss) before income taxes | (31,482) | 126,432 | (26,948) | 126,432 | |
Total assets | 7,736,779 | 7,736,779 | 7,919,577 | ||
Segment Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | 1,848,038 | 1,916,175 | 3,372,639 | 2,014,108 | |
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | (178,560) | (167,328) | (677,848) | (602,056) | |
Total assets | 191,369 | 191,369 | $ 130,083 | ||
Other Income Net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | 16,996 | 3,293 | 44,315 | 18,797 | |
Gain On Extinguishment Of Debt [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | $ 64,617 | $ 189,988 |