Cover
Cover - shares | 9 Months Ended | |
Jul. 03, 2022 | Aug. 10, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 03, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --10-02 | |
Entity File Number | 000-51254 | |
Entity Registrant Name | Parks! America, Inc. | |
Entity Central Index Key | 0001297937 | |
Entity Tax Identification Number | 91-0626756 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 1300 Oak Grove Road | |
Entity Address, City or Town | Pine Mountain | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31822 | |
City Area Code | 706 | |
Local Phone Number | 663-8744 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | PRKA | |
Entity 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 | 75,227,058 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jul. 03, 2022 | Oct. 03, 2021 |
ASSETS | ||
Cash | $ 5,299,849 | $ 6,654,348 |
Accounts receivable | 3,877 | 4,469 |
Inventory | 587,674 | 314,103 |
Prepaid expenses | 275,059 | 175,248 |
Total current assets | 6,166,459 | 7,148,168 |
Property and equipment, net | 14,717,486 | 13,806,868 |
Right of use asset, net | 309,661 | |
Intangible assets, net | 10,141 | 10,966 |
Other assets | 16,974 | 15,974 |
Total assets | 21,220,721 | 20,981,976 |
Liabilities | ||
Accounts payable | 310,740 | 221,414 |
Other current liabilities | 589,127 | 531,347 |
Current portion of finance lease obligation | 158,852 | |
Current portion of long-term debt, net | 724,239 | 699,483 |
Total current liabilities | 1,782,958 | 1,452,244 |
Long-term portion of finance lease obligation | 152,820 | |
Long-term debt, net | 4,413,406 | 4,960,180 |
Total liabilities | 6,349,184 | 6,412,424 |
Stockholders’ equity | ||
Common stock; 300,000,000 shares authorized, at $.001 par value; 75,227,058 and 75,124,087 shares issued and outstanding, respectively | 75,227 | 75,124 |
Capital in excess of par | 4,987,762 | 4,934,212 |
Treasury stock | (3,250) | |
Retained earnings | 9,808,548 | 9,563,466 |
Total stockholders’ equity | 14,871,537 | 14,569,552 |
Total liabilities and stockholders’ equity | $ 21,220,721 | $ 20,981,976 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jul. 03, 2022 | Oct. 03, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 75,227,058 | 75,124,087 |
Common stock, shares outstanding | 75,227,058 | 75,124,087 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 3,619,240 | $ 3,823,862 | $ 7,645,743 | $ 8,451,070 |
Sale of animals | 25,085 | 50,238 | 29,914 | 126,412 |
Total net sales | 3,644,325 | 3,874,100 | 7,675,657 | 8,577,482 |
Cost of sales | 461,086 | 496,406 | 1,086,763 | 1,066,253 |
Selling, general and administrative | 1,880,438 | 1,514,013 | 5,414,094 | 4,251,507 |
Depreciation and amortization | 192,575 | 183,883 | 578,225 | 523,890 |
Legal settlement | 100,000 | 100,000 | ||
(Gain) loss on disposal of operating assets | (11,160) | 10,320 | (29,160) | 41,041 |
Income from operations | 1,021,386 | 1,669,478 | 525,735 | 2,694,791 |
Other income, net | 22,030 | 16,996 | 68,322 | 44,315 |
Gain on extinguishment of debt | 64,617 | 189,988 | ||
Interest expense | (65,804) | (91,958) | (202,475) | (267,578) |
Income before income taxes | 977,612 | 1,659,133 | 391,582 | 2,661,516 |
Income tax provision | 258,900 | 392,300 | 146,500 | 628,700 |
Net income | $ 718,712 | $ 1,266,833 | $ 245,082 | $ 2,032,816 |
Income per share - basic and diluted | $ 0.01 | $ 0.02 | $ 0 | $ 0.03 |
Weighted average shares outstanding (in 000’s) - basic and diluted | 75,227 | 75,124 | 75,173 | 75,084 |
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 |
Beginning balance at Sep. 27, 2020 | $ 75,021 | $ 4,889,316 | $ (3,250) | $ 6,764,920 | $ 11,726,007 |
Beginning balance, shares at Sep. 27, 2020 | 75,021,537 | ||||
Net income | 227,935 | 227,935 | |||
Ending balance at Jan. 03, 2021 | $ 75,021 | 4,889,316 | (3,250) | 6,992,855 | 11,953,942 |
Beginning balance, shares at Jan. 03, 2021 | 75,021,537 | ||||
Beginning balance at Sep. 27, 2020 | $ 75,021 | 4,889,316 | (3,250) | 6,764,920 | 11,726,007 |
Beginning balance, shares at Sep. 27, 2020 | 75,021,537 | ||||
Net income | 2,032,816 | ||||
Ending balance at Jul. 04, 2021 | $ 75,124 | 4,934,212 | (3,250) | 8,797,736 | 13,803,822 |
Beginning balance, shares at Jul. 04, 2021 | 75,124,087 | ||||
Beginning balance at Jan. 03, 2021 | $ 75,021 | 4,889,316 | (3,250) | 6,992,855 | 11,953,942 |
Beginning balance, shares at Jan. 03, 2021 | 75,021,537 | ||||
Net income | 538,048 | 538,048 | |||
Issuance of common stock to Directors | $ 103 | 44,896 | 44,999 | ||
Beginning balance, shares | 102,550 | ||||
Ending balance at Apr. 04, 2021 | $ 75,124 | 4,934,212 | (3,250) | 7,530,903 | 12,536,989 |
Beginning balance, shares at Apr. 04, 2021 | 75,124,087 | ||||
Net income | 1,266,833 | 1,266,833 | |||
Ending balance at Jul. 04, 2021 | $ 75,124 | 4,934,212 | (3,250) | 8,797,736 | 13,803,822 |
Beginning balance, shares at Jul. 04, 2021 | 75,124,087 | ||||
Beginning balance at Oct. 03, 2021 | $ 75,124 | 4,934,212 | (3,250) | 9,563,466 | 14,569,552 |
Beginning balance, shares at Oct. 03, 2021 | 75,124,087 | ||||
Net income | (421,940) | (421,940) | |||
Ending balance at Jan. 02, 2022 | $ 75,124 | 4,934,212 | (3,250) | 9,141,526 | 14,147,612 |
Beginning balance, shares at Jan. 02, 2022 | 75,124,087 | ||||
Beginning balance at Oct. 03, 2021 | $ 75,124 | 4,934,212 | (3,250) | 9,563,466 | 14,569,552 |
Beginning balance, shares at Oct. 03, 2021 | 75,124,087 | ||||
Net income | 245,082 | ||||
Ending balance at Jul. 03, 2022 | $ 75,227 | 4,987,762 | 9,808,548 | 14,871,537 | |
Beginning balance, shares at Jul. 03, 2022 | 75,227,058 | ||||
Beginning balance at Jan. 02, 2022 | $ 75,124 | 4,934,212 | (3,250) | 9,141,526 | 14,147,612 |
Beginning balance, shares at Jan. 02, 2022 | 75,124,087 | ||||
Net income | (51,690) | (51,690) | |||
Issuance of common stock to Directors | |||||
Beginning balance, shares | |||||
Directors and Officer | $ 103 | 56,800 | 56,903 | ||
Stock Issued During Period, Shares, Other | 102,971 | ||||
Retirement of Treasury Stock | (3,250) | 3,250 | |||
Ending balance at Apr. 03, 2022 | $ 75,227 | 4,987,762 | 9,089,836 | 14,152,825 | |
Beginning balance, shares at Apr. 03, 2022 | 75,227,058 | ||||
Net income | 718,712 | 718,712 | |||
Ending balance at Jul. 03, 2022 | $ 75,227 | $ 4,987,762 | $ 9,808,548 | $ 14,871,537 | |
Beginning balance, shares at Jul. 03, 2022 | 75,227,058 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 03, 2022 | Jul. 04, 2021 | |
OPERATING ACTIVITIES: | ||
Net income | $ 245,082 | $ 2,032,816 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 578,225 | 523,890 |
Amortization of right of use asset | 154,831 | |
Interest expense - debt financing cost amortization | 4,416 | 14,894 |
Interest expense - financing lease | 8,043 | |
Interest expense - loan discount amortization | 13,985 | |
Stock-based compensation | 56,903 | 44,999 |
(Gain) loss on disposal of assets | (29,160) | 41,041 |
Gain on extinguishment of debt | (189,988) | |
Changes in assets and liabilities | ||
(Increase) decrease in accounts receivable | 592 | (14,822) |
(Increase) decrease in inventory | (273,571) | (160,527) |
(Increase) decrease in prepaid expenses | (99,811) | 75,442 |
Increase (decrease) in accounts payable | 89,326 | 31,661 |
Increase (decrease) in other current liabilities | 57,780 | (69,513) |
Net cash provided by operating activities | 792,656 | 2,343,878 |
INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (1,488,020) | (887,473) |
Tradename registrations | (10,966) | |
Proceeds from the disposition of property and equipment | 28,161 | 38,174 |
Net cash used in investing activities | (1,459,859) | (860,265) |
FINANCING ACTIVITIES: | ||
Payments on 2020 Term Loan | (339,497) | (1,063,843) |
Payments on 2021 Term Loan | (186,936) | |
Principal payments on finance lease obligation | (160,863) | |
Payments on 2018 Term Loan | (1,164,113) | |
Payment of Note to Seller of Aggieland Safari | (750,000) | |
Proceeds from 2021 Term Loan | 1,950,000 | |
Debt financing costs | (1,514) | |
Net cash used in financing activities | (687,296) | (1,029,470) |
Net (decrease) increase in cash | (1,354,499) | 454,143 |
Cash at beginning of period | 6,654,348 | 5,505,716 |
Cash at end of period | 5,299,849 | 5,959,859 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 198,839 | 254,452 |
Cash paid for income taxes | 260,000 | 686,750 |
Supplemental Disclosure of Noncash Investing and Financing Activities: | ||
Right of use asset obtained in exchange for lease liability | $ 464,492 |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Jul. 03, 2022 | |
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 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, combined third and fourth quarter net sales have historically ranged from 68% to 72% of annual attendance based net sales. For the Company’s 2021 fiscal year, the first full fiscal year including the Texas Park, combined third and fourth quarter net sales were approximately 60% of annual attendance based 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 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 2020 fiscal year annual high season. Effective April 3, 2020, the Company’s Georgia and Missouri Parks were closed as a result of shelter-in-place mandates. Additionally, prior to the Company’s acquisition of the Texas Park, its operations were suspended for the majority of April 2020 due to a shelter-in-place mandate. 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 increased significantly at each of the Company’s three Parks for the balance of its 2020 fiscal year, which continued throughout its 2021 fiscal year in comparison to comparable pre-COVID-19 periods. While attendance based net sales remain higher compared to comparable pre-COVID-19 periods, the Company experienced a decline in aggregate comparable year-over-year attendance based net sales and attendance for the last 22 weeks of its 2021 fiscal year and for the first 44 weeks of its 2022 fiscal year, respectively. While the Company has experienced attendance gains and strong cash flow since the beginning of the COVID-19 pandemic, 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 attendance at one or more of our Parks, increases in operating expenses, 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 may depend on a number 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. PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jul. 03, 2022 | |
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 3,877 4,469 Inventory 587,674 314,103 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Property and Equipment : Property and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets, which range from three to thirty-nine years. A summary is included below. SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT As of July 3, 2022 October 3, 2021 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 2,760,874 2,637,050 7 25 Buildings and structures 3,923,844 3,827,827 10 39 Animal shelters and habitats 2,393,465 2,282,575 10 39 Park animals 1,231,383 1,143,133 5 25 Equipment - concession and related 484,743 349,849 3 15 Equipment and vehicles - yard and field 714,796 607,347 3 15 Vehicles - buses and rental 270,182 213,951 3 5 Rides and entertainment 199,731 228,009 5 7 Furniture and fixtures 53,938 28,694 5 10 Projects in process 786,119 126,755 Property and equipment, cost 19,484,545 18,110,660 Less accumulated depreciation (4,767,059 ) (4,303,792 ) Property and equipment, net $ 14,717,486 $ 13,806,868 Depreciation expense for the three months ended July 3, 2022 and July 4, 2021 totaled $ 192,575 183,883 578,225 523,890 Intangible Assets 15 Impairment of Long-Lived Assets Other Current Liabilities : The following is a breakdown of other current liabilities: SCHEDULE OF OTHER CURRENT LIABILITIES As of July 3, 2022 October 3, 2021 Deferred revenue $ 221,755 $ 242,318 Accrued legal settlement 100,000 - Accrued sales taxes 79,470 64,396 Accrued wages and payroll taxes 75,470 81,160 Accrued property taxes 32,167 47,517 Other accrued liabilities 80,265 95,956 Other current liabilities $ 589,127 $ 531,347 Financial Instruments PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 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. 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 Deferred revenues from advance online admission tickets and related advance sales were $ 221,755 242,318 Advertising and Marketing Costs 384,025 258,394 959,145 702,410 Leases Leases Paycheck Protection Program Loan Accounting Policy PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 The Company follows the guidance in FASB ASC 740 with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than fifty percent likely of being realized on examination. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. The Company has no unrecognized tax benefits under guidance related to tax uncertainties. The Company does not anticipate 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 Credit Losses – Financial Instruments In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) 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 3, 2022 |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Jul. 03, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | NOTE 3. LONG-TERM DEBT On June 18, 2021 1.95 3.75 payable in monthly installments 26,480 June 18, 2028 1,514 1.70 On July 11, 2018 1.6 5.0 22,672 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. 15,680 1.02 On April 27, 2020 7.10 5.0 2020 Term Loan 750,000 1.38 5.0 April 27, 2031 53,213 62,375 1.0 3.49 The Aggieland Seller Note represented a deferred portion of the Aggieland Wild Animal – Texas purchase price, had a face value of $ 750,000 June 30, 2021 2.5 728,500 21,500 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, the Company received two unsecured PPP loans totaling $ 188,087 two years 1.0 125,371 64,617 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 NOTE 3. LONG-TERM DEBT (CONTINUED) Interest expense of $ 65,804 91,958 1,472 10,937 202,475 267,578 4,416 14,894 3,016 8,043 4,706 13,985 The following table represents the aggregate of the Company’s outstanding long-term debt: SCHEDULE OF DEBT As of July 3, 2022 October 3, 2021 Loan principal outstanding $ 5,189,032 $ 5,715,466 Less: unamortized debt financing costs (51,387 ) (55,803 ) Gross long-term debt 5,137,645 5,659,663 Less current portion of long-term debt, net of unamortized costs and discount (724,239 ) (699,483 ) Long-term debt $ 4,413,406 $ 4,960,180 As of July 3, 2022, 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 2022 $ 178,913 2023 738,666 2024 773,564 2025 810,140 2026 848,476 thereafter 1,839,273 Total $ 5,189,032 |
LINE OF CREDIT
LINE OF CREDIT | 9 Months Ended |
Jul. 03, 2022 | |
Debt Disclosure [Abstract] | |
LINE OF CREDIT | NOTE 4. LINE OF CREDIT July 11, 2018 2018 Refinancing with Synovus. 350,000 July 11, 2021 three-year term |
FINANCE LEASE
FINANCE LEASE | 9 Months Ended |
Jul. 03, 2022 | |
Finance Lease | |
FINANCE LEASE | NOTE 5. FINANCE LEASE In October 2021, the Company entered into a financing lease for certain property related to a Christmas Lights drive through display at its Missouri Park. Future minimum lease payments, by fiscal year, with the present value of such payments as of July 3, 2022, are shown in the following table: SCHEDULE OF FINANCE LEASE 2023 $ 160,863 2024 160,863 Total minimum lease payments 321,726 Less amount representing interest (10,054 ) Present value of minimum lease payments 311,672 Less current portion (158,852 ) Long-term portion of finance lease obligation $ 152,820 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 NOTE 5. FINANCE LEASE (CONTINUED) The property under the finance lease at July 3, 2022 is included in the accompanying balance as follows: SCHEDULE OF FINANCE LEASE RIGHT OF USE ASSETS Christmas Light Display 464,492 Less accumulated amortization (154,831 ) Right of use asset, net $ 309,661 The right of use asset for this equipment is being amortized over the three-year term of the lease, on a systematic basis which management believes best represents the pattern in which the Company will consume the economic benefits thereof. As such, the full annual amortization expense has been and will be recognized during the first three months of the Company’s fiscal year. The weighted-average remaining lease term is 18 3.75 63,070 The Company has the right to purchase the right of use asset during and at the end of the lease period, as follows: SCHEDULE OF FINANCE PURCHASE LEASE PERIOD RIGHT OF USE ASSET Current $ 357,228 After 2023 display 196,365 After 2024 display 35,502 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Jul. 03, 2022 | |
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 13, 2021, the Company declared its annual compensation award to seven Directors for their service on the Board of Directors. Five Directors were awarded $ 10,000 2,222 7,500 0.553 84,888 61,944 On December 13, 2021, the Company awarded a non-Director officer $ 10,000 18,083 0.553 10,000 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 Officers, Directors and their controlled entities own approximately 53.3 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 |
SIGNIFICANT TRANSACTIONS WITH R
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | 9 Months Ended |
Jul. 03, 2022 | |
Related Party Transactions [Abstract] | |
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | NOTE 7. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES Effective as of June 1, 2022 Company and Dale Van Voorhis, the Company’s Chairman of the Board, entered into an employment agreement 100,000 50,000 Effective as of January 1, 2022 the Company and Todd R. White, the Company’s Chief Financial Officer, entered into an employment agreement (the “2022 White Employment Agreement”). 90,000 two years Effective as of May 1, 2018 the Company entered into an employment agreement with Michael D. Newman 95,000 5,000 108,000 five years October 31, 2021 As of July 3, 2022, the Company has not adopted any deferred compensation plans. Two of the foregoing employment agreements contains provisions for severance compensation in the event an agreement is (i) terminated early by the Company without cause ($ 191,667 231,667 136,667 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jul. 03, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8. INCOME TAXES For the nine month period ended July 3, 2022, the Company reported pre-tax income of $ 391,582 29.4 146,500 70,300 76,200 628,700 484,900 143,800 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jul. 03, 2022 | |
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 (the “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 $ 540,000 540,000 100,000 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. PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Jul. 03, 2022 | |
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 For the three months ended For the nine months ended July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Total net sales: Georgia $ 2,517,848 $ 2,724,847 $ 5,166,869 $ 5,903,635 Missouri 537,189 618,185 1,040,003 1,157,862 Texas 589,288 531,068 1,468,785 1,515,985 Consolidated $ 3,644,325 $ 3,874,100 $ 7,675,657 $ 8,577,482 Total net sales $ 3,644,325 $ 3,874,100 $ 7,675,657 $ 8,577,482 Income (loss) before income taxes: Georgia $ 1,286,953 $ 1,721,101 $ 2,068,758 $ 3,401,355 Missouri 76,589 158,419 (498,443 ) (1,768 ) Texas (48,695 ) (31,482 ) (210,087 ) (26,948 ) Segment total 1,314,847 1,848,038 1,360,228 3,372,639 Corporate (193,461 ) (178,560 ) (734,493 ) (677,848 ) Other income, net 22,030 16,996 68,322 44,315 Legal settlement (100,000 ) - (100,000 ) - Gain on extinguishment of debt - 64,617 - 189,988 Interest expense (65,804 ) (91,958 ) (202,475 ) (267,578 ) Consolidated $ 977,612 $ 1,659,133 $ 391,582 $ 2,661,516 Income (loss) before income taxes $ 977,612 $ 1,659,133 $ 391,582 $ 2,661,516 As of July 3, 2022 October 3, 2021 Total assets: Georgia $ 9,734,752 $ 9,785,396 Missouri 3,532,895 3,388,808 Texas 7,669,359 7,554,842 Corporate 283,715 252,930 Consolidated $ 21,220,721 $ 20,981,976 Total assets $ 21,220,721 $ 20,981,976 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jul. 03, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS The Company has analyzed its operations subsequent to July 3, 2022 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, except as follows: on August 5, 2022, the Company agreed to pay $ 100,000 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jul. 03, 2022 | |
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 3,877 4,469 |
Inventory | Inventory 587,674 314,103 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Property and Equipment | Property and Equipment : Property and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets, which range from three to thirty-nine years. A summary is included below. SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT As of July 3, 2022 October 3, 2021 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 2,760,874 2,637,050 7 25 Buildings and structures 3,923,844 3,827,827 10 39 Animal shelters and habitats 2,393,465 2,282,575 10 39 Park animals 1,231,383 1,143,133 5 25 Equipment - concession and related 484,743 349,849 3 15 Equipment and vehicles - yard and field 714,796 607,347 3 15 Vehicles - buses and rental 270,182 213,951 3 5 Rides and entertainment 199,731 228,009 5 7 Furniture and fixtures 53,938 28,694 5 10 Projects in process 786,119 126,755 Property and equipment, cost 19,484,545 18,110,660 Less accumulated depreciation (4,767,059 ) (4,303,792 ) Property and equipment, net $ 14,717,486 $ 13,806,868 Depreciation expense for the three months ended July 3, 2022 and July 4, 2021 totaled $ 192,575 183,883 578,225 523,890 |
Intangible Assets | Intangible Assets 15 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Other Current Liabilities | Other Current Liabilities : The following is a breakdown of other current liabilities: SCHEDULE OF OTHER CURRENT LIABILITIES As of July 3, 2022 October 3, 2021 Deferred revenue $ 221,755 $ 242,318 Accrued legal settlement 100,000 - Accrued sales taxes 79,470 64,396 Accrued wages and payroll taxes 75,470 81,160 Accrued property taxes 32,167 47,517 Other accrued liabilities 80,265 95,956 Other current liabilities $ 589,127 $ 531,347 |
Financial Instruments | Financial Instruments PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 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. 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 Deferred revenues from advance online admission tickets and related advance sales were $ 221,755 242,318 |
Advertising and Marketing Costs | Advertising and Marketing Costs 384,025 258,394 959,145 702,410 |
Leases | Leases Leases |
Paycheck Protection Program Loan Accounting Policy | Paycheck Protection Program Loan Accounting Policy PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 3, 2022 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
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 The Company follows the guidance in FASB ASC 740 with respect to accounting for uncertainty in income taxes. A tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than fifty percent likely of being realized on examination. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. The Company has no unrecognized tax benefits under guidance related to tax uncertainties. The Company does not anticipate 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 Credit Losses – Financial Instruments In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) 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. 03, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT As of July 3, 2022 October 3, 2021 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 2,760,874 2,637,050 7 25 Buildings and structures 3,923,844 3,827,827 10 39 Animal shelters and habitats 2,393,465 2,282,575 10 39 Park animals 1,231,383 1,143,133 5 25 Equipment - concession and related 484,743 349,849 3 15 Equipment and vehicles - yard and field 714,796 607,347 3 15 Vehicles - buses and rental 270,182 213,951 3 5 Rides and entertainment 199,731 228,009 5 7 Furniture and fixtures 53,938 28,694 5 10 Projects in process 786,119 126,755 Property and equipment, cost 19,484,545 18,110,660 Less accumulated depreciation (4,767,059 ) (4,303,792 ) Property and equipment, net $ 14,717,486 $ 13,806,868 |
SCHEDULE OF OTHER CURRENT LIABILITIES | SCHEDULE OF OTHER CURRENT LIABILITIES As of July 3, 2022 October 3, 2021 Deferred revenue $ 221,755 $ 242,318 Accrued legal settlement 100,000 - Accrued sales taxes 79,470 64,396 Accrued wages and payroll taxes 75,470 81,160 Accrued property taxes 32,167 47,517 Other accrued liabilities 80,265 95,956 Other current liabilities $ 589,127 $ 531,347 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Jul. 03, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF DEBT | The following table represents the aggregate of the Company’s outstanding long-term debt: SCHEDULE OF DEBT As of July 3, 2022 October 3, 2021 Loan principal outstanding $ 5,189,032 $ 5,715,466 Less: unamortized debt financing costs (51,387 ) (55,803 ) Gross long-term debt 5,137,645 5,659,663 Less current portion of long-term debt, net of unamortized costs and discount (724,239 ) (699,483 ) Long-term debt $ 4,413,406 $ 4,960,180 |
SCHEDULE OF MATURITIES OF LONG-TERM DEBT | As of July 3, 2022, 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 2022 $ 178,913 2023 738,666 2024 773,564 2025 810,140 2026 848,476 thereafter 1,839,273 Total $ 5,189,032 |
FINANCE LEASE (Tables)
FINANCE LEASE (Tables) | 9 Months Ended |
Jul. 03, 2022 | |
Finance Lease | |
SCHEDULE OF FINANCE LEASE | SCHEDULE OF FINANCE LEASE 2023 $ 160,863 2024 160,863 Total minimum lease payments 321,726 Less amount representing interest (10,054 ) Present value of minimum lease payments 311,672 Less current portion (158,852 ) Long-term portion of finance lease obligation $ 152,820 |
SCHEDULE OF FINANCE LEASE RIGHT OF USE ASSETS | The property under the finance lease at July 3, 2022 is included in the accompanying balance as follows: SCHEDULE OF FINANCE LEASE RIGHT OF USE ASSETS Christmas Light Display 464,492 Less accumulated amortization (154,831 ) Right of use asset, net $ 309,661 |
SCHEDULE OF FINANCE PURCHASE LEASE PERIOD RIGHT OF USE ASSET | The Company has the right to purchase the right of use asset during and at the end of the lease period, as follows: SCHEDULE OF FINANCE PURCHASE LEASE PERIOD RIGHT OF USE ASSET Current $ 357,228 After 2023 display 196,365 After 2024 display 35,502 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Jul. 03, 2022 | |
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 For the three months ended For the nine months ended July 3, 2022 July 4, 2021 July 3, 2022 July 4, 2021 Total net sales: Georgia $ 2,517,848 $ 2,724,847 $ 5,166,869 $ 5,903,635 Missouri 537,189 618,185 1,040,003 1,157,862 Texas 589,288 531,068 1,468,785 1,515,985 Consolidated $ 3,644,325 $ 3,874,100 $ 7,675,657 $ 8,577,482 Total net sales $ 3,644,325 $ 3,874,100 $ 7,675,657 $ 8,577,482 Income (loss) before income taxes: Georgia $ 1,286,953 $ 1,721,101 $ 2,068,758 $ 3,401,355 Missouri 76,589 158,419 (498,443 ) (1,768 ) Texas (48,695 ) (31,482 ) (210,087 ) (26,948 ) Segment total 1,314,847 1,848,038 1,360,228 3,372,639 Corporate (193,461 ) (178,560 ) (734,493 ) (677,848 ) Other income, net 22,030 16,996 68,322 44,315 Legal settlement (100,000 ) - (100,000 ) - Gain on extinguishment of debt - 64,617 - 189,988 Interest expense (65,804 ) (91,958 ) (202,475 ) (267,578 ) Consolidated $ 977,612 $ 1,659,133 $ 391,582 $ 2,661,516 Income (loss) before income taxes $ 977,612 $ 1,659,133 $ 391,582 $ 2,661,516 As of July 3, 2022 October 3, 2021 Total assets: Georgia $ 9,734,752 $ 9,785,396 Missouri 3,532,895 3,388,808 Texas 7,669,359 7,554,842 Corporate 283,715 252,930 Consolidated $ 21,220,721 $ 20,981,976 Total assets $ 21,220,721 $ 20,981,976 |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) | 9 Months Ended |
Jul. 03, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity, date of iIncorporation | Jul. 30, 1954 |
Entity, state or country code | NV |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | 9 Months Ended | |
Jul. 03, 2022 | Oct. 03, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 19,484,545 | $ 18,110,660 |
Less accumulated depreciation | (4,767,059) | (4,303,792) |
Property and equipment, net | 14,717,486 | 13,806,868 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 6,389,470 | 6,389,470 |
Property and equipment, estimated useful lives | not applicable | |
Mineral Rights [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 276,000 | 276,000 |
Property, plant and equipment, useful life | 25 years | |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 2,760,874 | 2,637,050 |
Land Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 7 years | |
Land Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 years | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 3,923,844 | 3,827,827 |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 39 years | |
Animal Shelters and Habitats [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 2,393,465 | 2,282,575 |
Animal Shelters and Habitats [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Animal Shelters and Habitats [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 39 years | |
Park Animals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 1,231,383 | 1,143,133 |
Park Animals [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Park Animals [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 25 years | |
Equipment Concession and Related [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 484,743 | 349,849 |
Equipment Concession and Related [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Equipment Concession and Related [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 15 years | |
Equipment and Vehicles Yard and Field [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 714,796 | 607,347 |
Equipment and Vehicles Yard and Field [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Equipment and Vehicles Yard and Field [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 15 years | |
Vehicles Buses and Rental [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 270,182 | 213,951 |
Vehicles Buses and Rental [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Vehicles Buses and Rental [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Rides and Entertainment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 199,731 | 228,009 |
Rides and Entertainment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Rides and Entertainment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 7 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 53,938 | 28,694 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Projects In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 786,119 | $ 126,755 |
SCHEDULE OF OTHER CURRENT LIABI
SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($) | Jul. 03, 2022 | Oct. 03, 2021 |
Accounting Policies [Abstract] | ||
Deferred revenue | $ 221,755 | $ 242,318 |
Accrued legal settlement | 100,000 | |
Accrued sales taxes | 79,470 | 64,396 |
Accrued wages and payroll taxes | 75,470 | 81,160 |
Accrued property taxes | 32,167 | 47,517 |
Other accrued liabilities | 80,265 | 95,956 |
Other current liabilities | $ 589,127 | $ 531,347 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | Oct. 03, 2021 | Feb. 01, 2005 | |
Accounting Policies [Abstract] | ||||||
Accounts receivable | $ 3,877 | $ 3,877 | $ 4,469 | |||
Inventory | 587,674 | 587,674 | 314,103 | |||
Depreciation expenses | 192,575 | $ 183,883 | $ 578,225 | $ 523,890 | ||
Intangible assets amortization period | 15 years | |||||
Deferred revenue | 221,755 | $ 221,755 | 242,318 | |||
Advertising and marketing expense | $ 384,025 | $ 258,394 | $ 959,145 | $ 702,410 | ||
Stock options, number of shares authorized | 5,000,000 | |||||
Stock options, number of shares grants | 0 | 0 | ||||
Unrecognized tax benefits, penalties and interest accrued | $ 0 | $ 0 | $ 0 |
SCHEDULE OF DEBT (Details)
SCHEDULE OF DEBT (Details) - USD ($) | Jul. 03, 2022 | Oct. 03, 2021 |
Debt Disclosure [Abstract] | ||
Loan principal outstanding | $ 5,189,032 | $ 5,715,466 |
Less: unamortized debt financing costs | (51,387) | (55,803) |
Gross long-term debt | 5,137,645 | 5,659,663 |
Less current portion of long-term debt, net of unamortized costs and discount | (724,239) | (699,483) |
Long-term debt | $ 4,413,406 | $ 4,960,180 |
SCHEDULE OF MATURITIES OF LONG-
SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) | Jul. 03, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 178,913 |
2023 | 738,666 |
2024 | 773,564 |
2025 | 810,140 |
2026 | 848,476 |
thereafter | 1,839,273 |
Total | $ 5,189,032 |
LONG-TERM DEBT (Details Narrati
LONG-TERM DEBT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||||
Jun. 30, 2021 | Jun. 18, 2021 | Apr. 27, 2020 | Apr. 16, 2020 | Apr. 14, 2020 | Jul. 11, 2018 | Jul. 03, 2022 | Jul. 04, 2021 | Apr. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 5,189,032 | $ 5,189,032 | |||||||||
Gain on extinguishment of debt | $ 64,617 | $ 189,988 | |||||||||
Interest expense | 65,804 | 91,958 | 202,475 | 267,578 | |||||||
Amoritization cost | 1,472 | 10,937 | 4,416 | 14,894 | |||||||
Interest expense - financing lease | 3,016 | 8,043 | |||||||||
Loan discount amortization | 4,706 | $ 13,985 | |||||||||
Aggieland Wild Animal [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Asset acquisition, purchase price | $ 7,100,000 | ||||||||||
Payments to acquire businesses, cash | $ 1,380,000 | ||||||||||
2021 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, issuance date | Jun. 18, 2021 | ||||||||||
Debt instrument, face amount | $ 1,950,000 | ||||||||||
Interest Rate | 3.75% | ||||||||||
Periodic payment description | payable in monthly installments | ||||||||||
Periodic payment of term loan | $ 26,480 | ||||||||||
Debt Instrument, Maturity Date | Jun. 18, 2028 | ||||||||||
Debt instrument, fee amount | $ 1,514 | ||||||||||
Long-term debt | 1,700,000 | 1,700,000 | |||||||||
2018 Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, issuance date | Jul. 11, 2018 | ||||||||||
Debt instrument, face amount | $ 1,600,000 | ||||||||||
Interest Rate | 5% | ||||||||||
Periodic payment of term loan | $ 22,672 | ||||||||||
Debt instrument, fee amount | $ 15,680 | ||||||||||
Debt instrument, maturity date, description | 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. | ||||||||||
Repayment of debt | $ 1,020,000 | ||||||||||
Aggieland Seller Note [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, issuance date | Apr. 27, 2020 | ||||||||||
Debt instrument, face amount | $ 750,000 | ||||||||||
Debt Instrument, Maturity Date | Jun. 30, 2021 | ||||||||||
Debt instrument discount rate | 2.50% | ||||||||||
Debt, fair value | $ 728,500 | ||||||||||
Debt discount | 21,500 | ||||||||||
2020 Term Loan From First Financial [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 5,000,000 | ||||||||||
Interest Rate | 5% | ||||||||||
Periodic payment of term loan | $ 53,213 | ||||||||||
Debt Instrument, Maturity Date | Apr. 27, 2031 | ||||||||||
Debt instrument, fee amount | $ 62,375 | ||||||||||
Long-term debt | $ 3,490,000 | $ 3,490,000 | |||||||||
Debt instrument, description | 2020 Term Loan | ||||||||||
Prepayment of the 2020 term loan | $ 1,000,000 | ||||||||||
Paycheck Protection Program (PPP) Loans [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, face amount | $ 188,087 | $ 188,087 | |||||||||
Interest Rate | 1% | 1% | |||||||||
Debt instrument term | 2 years | 2 years | |||||||||
Gain on extinguishment of debt | $ 64,617 | $ 125,371 |
LINE OF CREDIT (Details Narrati
LINE OF CREDIT (Details Narrative) - 2018 Refinancing With Synovus [Member] | Jul. 11, 2018 USD ($) |
Short-Term Debt [Line Items] | |
Debt instrument, issuance date | Jul. 11, 2018 |
Debt instrument, description | 2018 Refinancing with Synovus. |
Line of credit, maximum borrowing capacity | $ 350,000 |
Maturity date | Jul. 11, 2021 |
Debt instrument option to renew term, description | three-year term |
SCHEDULE OF FINANCE LEASE (Deta
SCHEDULE OF FINANCE LEASE (Details) - USD ($) | Jul. 03, 2022 | Oct. 03, 2021 |
Finance Lease | ||
2023 | $ 160,863 | |
2024 | 160,863 | |
Total minimum lease payments | 321,726 | |
Less amount representing interest | (10,054) | |
Present value of minimum lease payments | 311,672 | |
Less current portion | (158,852) | |
Long-term portion of finance lease obligation | $ 152,820 |
SCHEDULE OF FINANCE LEASE RIGHT
SCHEDULE OF FINANCE LEASE RIGHT OF USE ASSETS (Details) - USD ($) | Jul. 03, 2022 | Oct. 03, 2021 |
Finance Lease | ||
Christmas Light Display | $ 464,492 | |
Less accumulated amortization | (154,831) | |
Right of use asset, net | $ 309,661 |
SCHEDULE OF FINANCE PURCHASE LE
SCHEDULE OF FINANCE PURCHASE LEASE PERIOD RIGHT OF USE ASSET (Details) | Jul. 03, 2022 USD ($) |
Finance Lease | |
Current | $ 357,228 |
After 2023 display | 196,365 |
After 2024 display | $ 35,502 |
FINANCE LEASE (Details Narrativ
FINANCE LEASE (Details Narrative) | 9 Months Ended |
Jul. 03, 2022 USD ($) | |
Finance Lease | |
Weighted Average Remaining Lease Term | 18 months |
Weighted Average Discount Rate | 3.75% |
Operating Lease, Cost | $ 63,070 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||||||
Feb. 21, 2022 | Dec. 13, 2021 | Jan. 11, 2021 | Dec. 18, 2020 | Jan. 02, 2022 | Jan. 03, 2021 | Jul. 03, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Annual Compensation award description | On December 13, 2021, the Company declared its annual compensation award to seven Directors for their service on the Board of Directors. Five Directors were awarded $10,000 each, two new Directors were awarded $2,222 each, and two Directors received a total of $7,500 for serving as committee chairpersons and as a non-employee officer, with such compensation to be paid all in shares of the Company’s common stock, all in cash or a combination thereof, at each Director’s election. Five Directors elected to receive all shares, one Director elected to receive 60% in shares and 40% in cash, and one Director elected all cash. Based on the closing stock price of $0.553 per share on December 13, 2021, a total of 84,888 shares were distributed on February 21, 2022. The total compensation award cost of $61,944 was reported as an expense in the three month period ended January 2, 2022. | On December 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, with such compensation to be paid all in shares of the Company’s common stock, all in cash or a combination thereof, at each Director’s election. 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. | |||||
Stock price | $ 0.4388 | ||||||
Shares issued for annual compensation award | 102,550 | ||||||
Compensation expense | $ 60,000 | ||||||
Officers Directors And Controlled Entities [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Percentage of outstanding common stock owned | 53.30% | ||||||
Five Directors [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Annual compensation award to each director | $ 10,000 | ||||||
Two Directors [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Annual compensation award to each director | 2,222 | ||||||
Chairperson And Non Employees Officer [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Additional aggregate compensation | $ 7,500 | ||||||
Seven Director [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock price | $ 0.553 | ||||||
Shares issued for annual compensation award | 84,888 | ||||||
Director [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Compensation expense | $ 61,944 | ||||||
Non Director Officer [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Annual compensation award to each director | $ 10,000 | ||||||
Stock price | $ 0.553 | ||||||
Shares issued for annual compensation award | 18,083 | ||||||
Compensation expense | $ 10,000 | ||||||
Director Six [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Annual compensation award to each director | $ 10,000 |
SIGNIFICANT TRANSACTIONS WITH_2
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (Details Narrative) - USD ($) | 11 Months Ended | 12 Months Ended | |||||
Jun. 01, 2022 | Jan. 01, 2022 | May 01, 2020 | May 01, 2018 | May 31, 2023 | May 31, 2024 | Jul. 03, 2022 | |
2020 Van Voorhis Employment Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, date | Jun. 01, 2022 | ||||||
Related party transaction, description of transaction | Company and Dale Van Voorhis, the Company’s Chairman of the Board, entered into an employment agreement | ||||||
2020 Van Voorhis Employment Agreement [Member] | Subsequent Event [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Initial base annual compensation | $ 100,000 | $ 50,000 | |||||
2022 White Employment Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, date | Jan. 01, 2022 | ||||||
Related party transaction, description of transaction | the Company and Todd R. White, the Company’s Chief Financial Officer, entered into an employment agreement (the “2022 White Employment Agreement”). | ||||||
Initial base annual compensation | $ 90,000 | ||||||
Employee agreement term | 2 years | ||||||
Newman Employment Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, date | May 01, 2018 | ||||||
Related party transaction, description of transaction | the 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 | ||||||
Resignation date | Oct. 31, 2021 | ||||||
2020 Van Voorhis Employment Agreement and 2022 White Employment Agreement [Member] | Terminated Early Without Cause [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Potential future obligation | $ 191,667 | ||||||
2020 Van Voorhis Employment Agreement and 2022 White Employment Agreement [Member] | Change in Control [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Potential future obligation | 231,667 | ||||||
2020 Van Voorhis Employment Agreement and 2022 White Employment Agreement [Member] | Disability and Death [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Potential future obligation | $ 136,667 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
IncomeTaxLineItems [Line Items] | ||||
Pre-tax income | $ 977,612 | $ 1,659,133 | $ 391,582 | $ 2,661,516 |
Effective federal and state income tax rate | 29.40% | |||
Income tax expense (benefit) | $ 258,900 | $ 392,300 | $ 146,500 | 628,700 |
Domestic Tax Authority [Member] | ||||
IncomeTaxLineItems [Line Items] | ||||
Income tax expense (benefit) | 70,300 | 484,900 | ||
State of Georgia [Member] | ||||
IncomeTaxLineItems [Line Items] | ||||
Income tax expense (benefit) | $ 76,200 | $ 143,800 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Aug. 05, 2022 | Feb. 17, 2021 |
Loss Contingencies [Line Items] | ||
Payment to plaintiffs | $ 100,000 | |
Insurance Claims [Member] | ||
Loss Contingencies [Line Items] | ||
Purchase at least | $ 540,000 | |
Damages sought, value | $ 540,000 |
SCHEDULE OF REVENUE BY REPORTIN
SCHEDULE OF REVENUE BY REPORTING SEGMENTS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | Oct. 03, 2021 | |
Segment Reporting Information [Line Items] | |||||
Total net sales | $ 3,644,325 | $ 3,874,100 | $ 7,675,657 | $ 8,577,482 | |
Income (loss) before income taxes | 977,612 | 1,659,133 | 391,582 | 2,661,516 | |
Other income, net | 22,030 | 16,996 | 68,322 | 44,315 | |
Legal settlement | (100,000) | (100,000) | |||
Gain on extinguishment of debt | 64,617 | 189,988 | |||
Interest expense | (65,804) | (91,958) | (202,475) | (267,578) | |
Total assets | 21,220,721 | 21,220,721 | $ 20,981,976 | ||
Georgia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 2,517,848 | 2,724,847 | 5,166,869 | 5,903,635 | |
Income (loss) before income taxes | 1,286,953 | 1,721,101 | 2,068,758 | 3,401,355 | |
Total assets | 9,734,752 | 9,734,752 | 9,785,396 | ||
Missouri [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 537,189 | 618,185 | 1,040,003 | 1,157,862 | |
Income (loss) before income taxes | 76,589 | 158,419 | (498,443) | (1,768) | |
Total assets | 3,532,895 | 3,532,895 | 3,388,808 | ||
Texas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 589,288 | 531,068 | 1,468,785 | 1,515,985 | |
Income (loss) before income taxes | (48,695) | (31,482) | (210,087) | (26,948) | |
Total assets | 7,669,359 | 7,669,359 | 7,554,842 | ||
Segment Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | 1,314,847 | 1,848,038 | 1,360,228 | 3,372,639 | |
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | (193,461) | $ (178,560) | (734,493) | $ (677,848) | |
Total assets | $ 283,715 | $ 283,715 | $ 252,930 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 05, 2022 | Jul. 03, 2022 | Jul. 04, 2021 | Jul. 03, 2022 | Jul. 04, 2021 | |
Subsequent Event [Line Items] | |||||
Legal settlement | $ 100,000 | $ 100,000 | |||
Subsequent Event [Member] | Officer [Member] | |||||
Subsequent Event [Line Items] | |||||
Legal settlement | $ 100,000 |