Cover
Cover - shares | 6 Months Ended | |
Apr. 02, 2023 | May 12, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Apr. 02, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --10-01 | |
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 | 75,389,558 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 02, 2023 | Oct. 02, 2022 |
ASSETS | ||
Cash | $ 3,861,632 | $ 5,472,036 |
Accounts receivable | 3,335 | 4,405 |
Inventory | 532,143 | 541,986 |
Prepaid expenses | 572,891 | 170,782 |
Total current assets | 4,970,001 | 6,189,209 |
Property and equipment, net | 15,067,473 | 14,811,742 |
Intangible assets, net | 76,207 | 79,565 |
Other assets | 20,909 | 23,090 |
Total assets | 20,134,590 | 21,103,606 |
Liabilities | ||
Accounts payable | 623,234 | 267,567 |
Other current liabilities | 494,266 | 521,872 |
Current portion of long-term debt, net | 749,879 | 732,779 |
Total current liabilities | 1,867,379 | 1,522,218 |
Long-term debt, net | 3,847,364 | 4,227,442 |
Total liabilities | 5,714,743 | 5,749,660 |
Stockholders’ equity | ||
Common stock; 300,000,000 shares authorized, at $.001 par value; 75,389,558 and 75,227,058 shares issued and outstanding, respectively | 75,389 | 75,227 |
Capital in excess of par | 5,052,600 | 4,987,762 |
Retained earnings | 9,291,858 | 10,290,957 |
Total stockholders’ equity | 14,419,847 | 15,353,946 |
Total liabilities and stockholders’ equity | $ 20,134,590 | $ 21,103,606 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 02, 2023 | Oct. 02, 2022 |
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 | 75,389,558 | 75,227,058 |
Common stock, shares outstanding | 75,389,558 | 75,227,058 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2023 | Apr. 03, 2022 | Apr. 02, 2023 | Apr. 03, 2022 | |
Income Statement [Abstract] | ||||
Park revenues | $ 1,857,565 | $ 2,084,452 | $ 3,675,144 | $ 4,026,503 |
Sale of animals | 17,900 | 2,122 | 61,700 | 4,829 |
Total revenues | 1,875,465 | 2,086,574 | 3,736,844 | 4,031,332 |
Cost of sales | 282,881 | 342,641 | 555,501 | 625,677 |
Selling, general and administrative | 1,821,295 | 1,556,859 | 3,347,307 | 3,533,656 |
Depreciation and amortization | 209,449 | 192,575 | 426,633 | 385,650 |
Tornado expenses and write-offs | 632,372 | 632,372 | ||
(Gain) loss on disposal of operating assets | 30,584 | 30,584 | (18,000) | |
Loss from operations | (1,101,116) | (5,501) | (1,255,553) | (495,651) |
Other income, net | 31,666 | 19,386 | 61,279 | 46,292 |
Interest expense | (56,489) | (67,775) | (115,225) | (136,671) |
Loss before income taxes | (1,125,939) | (53,890) | (1,309,499) | (586,030) |
Income tax benefit | (279,800) | (2,200) | (310,400) | (112,400) |
Net loss | $ (846,139) | $ (51,690) | $ (999,099) | $ (473,630) |
Loss per share - basic and diluted | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
Weighted average shares outstanding (in 000’s) - basic and diluted | 75,270 | 75,168 | 75,248 | 75,146 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Oct. 03, 2021 | $ 75,124 | $ 4,934,212 | $ (3,250) | $ 9,563,466 | $ 14,569,552 |
Balance, shares at Oct. 03, 2021 | 75,124,087 | ||||
Net loss | (421,940) | (421,940) | |||
Ending balance, value at Jan. 02, 2022 | $ 75,124 | 4,934,212 | (3,250) | 9,141,526 | 14,147,612 |
Balance, shares at Jan. 02, 2022 | 75,124,087 | ||||
Beginning balance, value at Oct. 03, 2021 | $ 75,124 | 4,934,212 | (3,250) | 9,563,466 | 14,569,552 |
Balance, shares at Oct. 03, 2021 | 75,124,087 | ||||
Net loss | (473,630) | ||||
Ending balance, value at Apr. 03, 2022 | $ 75,227 | 4,987,762 | 9,089,836 | 14,152,825 | |
Balance, shares at Apr. 03, 2022 | 75,227,058 | ||||
Beginning balance, value at Jan. 02, 2022 | $ 75,124 | 4,934,212 | (3,250) | 9,141,526 | 14,147,612 |
Balance, shares at Jan. 02, 2022 | 75,124,087 | ||||
Net loss | (51,690) | (51,690) | |||
Issuance of common stock to Directors and an Officer | $ 103 | 56,800 | 56,903 | ||
Issuance of common stock, shares | 102,971 | ||||
Retirement of Treasury Stock | (3,250) | 3,250 | |||
Ending balance, value at Apr. 03, 2022 | $ 75,227 | 4,987,762 | 9,089,836 | 14,152,825 | |
Balance, shares at Apr. 03, 2022 | 75,227,058 | ||||
Beginning balance, value at Oct. 02, 2022 | $ 75,227 | 4,987,762 | 10,290,957 | 15,353,946 | |
Balance, shares at Oct. 02, 2022 | 75,227,058 | ||||
Net loss | (152,960) | (152,960) | |||
Ending balance, value at Jan. 01, 2023 | $ 75,227 | 4,987,762 | 10,137,997 | 15,200,986 | |
Balance, shares at Jan. 01, 2023 | 75,227,058 | ||||
Beginning balance, value at Oct. 02, 2022 | $ 75,227 | 4,987,762 | 10,290,957 | 15,353,946 | |
Balance, shares at Oct. 02, 2022 | 75,227,058 | ||||
Net loss | (999,099) | ||||
Ending balance, value at Apr. 02, 2023 | $ 75,389 | 5,052,600 | 9,291,858 | 14,419,847 | |
Balance, shares at Apr. 02, 2023 | 75,389,558 | ||||
Beginning balance, value at Jan. 01, 2023 | $ 75,227 | 4,987,762 | 10,137,997 | 15,200,986 | |
Balance, shares at Jan. 01, 2023 | 75,227,058 | ||||
Net loss | (846,139) | (846,139) | |||
Issuance of common stock to Directors and an Officer | $ 162 | 64,838 | 65,000 | ||
Issuance of common stock, shares | 162,500 | ||||
Ending balance, value at Apr. 02, 2023 | $ 75,389 | $ 5,052,600 | $ 9,291,858 | $ 14,419,847 | |
Balance, shares at Apr. 02, 2023 | 75,389,558 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Apr. 02, 2023 | Apr. 03, 2022 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (999,099) | $ (473,630) |
Reconciliation of net loss to net cash provided by operating activities: | ||
Depreciation and amortization expense | 426,633 | 385,650 |
Amortization of right of use asset | 154,831 | |
Interest expense - debt financing cost amortization | 2,944 | 2,944 |
Interest expense - financing lease | 5,027 | |
Stock-based compensation | 65,000 | 56,903 |
Tornado asset write-offs | 250,696 | |
Loss (gain) loss on disposal of assets | 30,584 | (18,000) |
Changes in assets and liabilities | ||
(Increase) decrease in accounts receivable | 1,070 | (6,461) |
(Increase) decrease in inventory | 9,843 | (248,188) |
(Increase) decrease in prepaid expenses | (402,109) | (271,687) |
Increase (decrease) in accounts payable | 355,667 | 71,682 |
Increase (decrease) in other current liabilities | (27,606) | 17,841 |
Net cash used in operating activities | (286,377) | (323,088) |
INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (952,640) | (1,164,176) |
Investment in tradenames | (5,466) | |
Proceeds from the disposition of property and equipment | 18,000 | |
Net cash used in investing activities | (958,106) | (1,146,176) |
FINANCING ACTIVITIES: | ||
Payments on 2020 Term Loan | (236,957) | (225,392) |
Payments on 2021 Term Loan | (128,964) | (124,211) |
Principal payments on finance lease obligation | (160,863) | |
Net cash used in financing activities | (365,921) | (510,466) |
Net decrease in cash | (1,610,404) | (1,979,730) |
Cash at beginning of period | 5,472,036 | 6,654,348 |
Cash at end of period | 3,861,632 | 4,674,618 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 112,040 | 133,576 |
Cash paid for income taxes | 100,000 | 200,000 |
Supplemental Disclosure of Noncash Investing and Financing Activities: | ||
Right of use asset obtained in exchange for finance lease liability | $ 464,492 |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Apr. 02, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | NOTE 1. ORGANIZATION Parks! America, Inc. (“Parks!” or 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 was originally incorporated on July 30, 1954 Nevada The Company’s Parks are open year-round, but experience increased seasonal attendance, typically beginning in the latter half of March through early September. Combined third and fourth quarter attendance based net sales were 62.1% and 60.3% of annual attendance based net sales for the Company’s 2022 and 2021 fiscal years, respectively. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Apr. 02, 2023 | |
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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fair Value Accounts Receivable 3,335 4,405 Inventory 532,143 541,986 Property and Equipment SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT April 2, 2023 October 2, 2022 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 2,893,046 2,797,694 7 25 Buildings and structures 3,670,659 3,922,106 10 39 Animal shelters and habitats 2,828,970 2,479,832 10 39 Park animals 1,305,793 1,247,777 5 25 Equipment - concession and related 470,135 464,988 3 15 Equipment and vehicles - yard and field 795,599 766,149 3 15 Vehicles - buses and rental 304,992 267,483 3 5 Rides and entertainment 177,154 106,247 5 7 Furniture and fixtures 27,159 28,694 5 10 Projects in process 766,175 808,526 Property and equipment, cost 19,905,152 19,554,966 Less accumulated depreciation (4,837,679 ) (4,743,224 ) Property and equipment, net $ 15,067,473 $ 14,811,742 Depreciation expense for the three months ended April 2, 2023 and April 3, 2022 totaled $ 204,965 192,300 417,665 385,100 Intangible Assets 4,484 275 8,968 550 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Impairment of Long-Lived Assets During the three months and six months period ended April 2, 2023 the Company recorded long-lived asset impairment charges of $ 250,696 Other Current Liabilities SCHEDULE OF OTHER CURRENT LIABILITIES April 2, 2023 October 2, 2022 Deferred revenue $ 193,356 $ 193,912 Accrued wages and payroll taxes 169,046 122,265 Accrued sales taxes 45,624 49,123 Accrued property taxes 17,291 46,814 Other accrued liabilities 68,949 109,758 Other current liabilities $ 494,266 $ 521,872 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 revenues for annual passes and memberships are deferred and recognized as revenue on a pro-rata basis over the term of the pass or membership. Park admission fee revenues from advance online ticket purchases are deferred until the customers’ visit to the parks. Advance online tickets can generally be used anytime during the one year period from the date of purchase. 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, and season passes and memberships were $ 193,356 193,912 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 transfers 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 9: Business Segments Advertising and Marketing Costs 283,307 267,247 488,743 575,120 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Leases Leases 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. Effective September 27, 2022, the Company terminated this financing lease, acquiring the leased property related to the Christmas Lights display for $ 85,000 2,011 3,016 154,831 5,027 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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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. |
TORNADO EXPENSES AND ASSET WRIT
TORNADO EXPENSES AND ASSET WRITE-OFFS | 6 Months Ended |
Apr. 02, 2023 | |
Tornado Expenses And Asset Write-offs | |
TORNADO EXPENSES AND ASSET WRITE-OFFS | NOTE 3. TORNADO EXPENSES AND ASSET WRITE-OFFS During March 26-27, 2023, the Company’s Georgia Park experienced extensive damage, caused by an EF-3 tornado and over nine inches of rain, resulting in more than 4,500 fallen trees and damage to many of the Park’s animal enclosures, fencing and other infrastructure. The Walkabout Adventure Zoo (“Walkabout”) portion of the property was particularly hard hit. The Georgia Park was closed for 20 days, including for most of its traditionally busy spring break period, which has historically comprised approximately 10 15 For the three month and six month periods ended April 2, 2023, the Company recorded $ 381,676 250,696 490,000 The Company also recorded initial capital investments of $ 110,642 through April 2, 2023 related to tornado damage rebuilding projects and approximately $ 500,000 700,000 , factoring in deductibles and co-insurance. The Company is also working with local, state, and federal agencies to explore options to assist with offsetting tornado related clean-up, repair and rebuilding costs. PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Apr. 02, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | NOTE 4. LONG-TERM DEBT On June 18, 2021 1.95 3.75 payable in monthly installments 26,480 June 18, 2028 1,514 1.51 On April 27, 2020 5.0 5.0 April 27, 2031 53,213 62,375 903,222 1.0 3.13 Interest expense of $ 56,489 and $ 67,775 for the three month periods ended April 2, 2023 and April 3, 2022, respectively, includes $ 1,472 of debt closing costs amortization in each period. Interest expense of $ 115,225 and $ 136,671 for the six month periods ended April 2, 2023 and April 3, 2022, respectively, includes $ 2,944 of debt closing costs amortization in each period. Interest expense for the three month period and six month period ended April 3, 2022 also includes financial lease cost amortization of $ 3,016 and $ 5,027 , respectively. The following table represents the aggregate of the Company’s outstanding long-term debt: SCHEDULE OF OUTSTANDING LONG-TERM DEBT April 2, 2023 October 2, 2022 As of April 2, 2023 October 2, 2022 Loan principal outstanding $ 4,644,216 $ 5,010,136 Less: unamortized debt financing costs (46,973 ) (49,915 ) Gross long-term debt 4,597,243 4,960,221 Less current portion of long-term debt, net of unamortized costs and discount (749,879 ) (732,779 ) Long-term debt $ 3,847,364 $ 4,227,442 As of April 2, 2023, 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 2023 $ 372,728 2024 773,562 2025 810,139 2026 848,474 2027 888,655 thereafter 950,658 Total $ 4,644,216 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Apr. 02, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 5. 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 February 2, 2023, the Company declared its annual compensation award to seven directors for their service on the Board of Directors. Seven directors were awarded $ 10,000 10,000 0.40 162,500 80,000 Effective February 14, 2023, Lisa Brady the Company’s President and Chief Executive Officer vested in 128,205 50,000 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 0.553 61,944 On December 13, 2021, the Company awarded a non-director officer $ 10,000 18,083 0.553 10,000 Officers, directors and their controlled entities own approximately 53.7 |
SIGNIFICANT TRANSACTIONS WITH R
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | 6 Months Ended |
Apr. 02, 2023 | |
Related Party Transactions [Abstract] | |
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | NOTE 6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES Employment Agreements: Effective November 14, 2022 Company and Ms. Brady, entered into an employment agreement (the “Brady Employment Agreement”) 175,000 25 50,000 128,205 0.39 50,000 60,000 70,000 75,000 5,000 five years Effective June 1, 2022 100,000 50,000 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 NOTE 6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (CONTINUED) Employment Agreements: Effective as of January 1, 2022 90,000 two years 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 ($ 291,667 381,667 174,167 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Apr. 02, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7. INCOME TAXES For the six month period ended April 2, 2023, the Company reported a pre-tax loss of $ 1.31 310,400 265,300 45,100 586,030 112,400 125,800 13,400 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Apr. 02, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8. COMMITMENTS AND CONTINGENCIES On December 16, 2022, the Company received notice that on August 10, 2022 a former employee of Aggieland Wild Animal – Texas, filed a Complaint in the 361 st 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 $ 540,000 540,000 100,000 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) April 2, 2023 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Apr. 02, 2023 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | NOTE 9. 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 April 2, 2023 April 3, 2022 April 2, 2023 April 3, 2022 For the three months ended For the six months ended April 2, 2023 April 3, 2022 April 2, 2023 April 3, 2022 Total revenues: Georgia $ 1,050,455 $ 1,340,581 $ 2,389,596 $ 2,649,021 Missouri 270,827 232,712 490,592 502,814 Texas 554,183 513,281 856,656 879,497 Consolidated $ 1,875,465 $ 2,086,574 $ 3,736,844 $ 4,031,332 Total revenues $ 1,875,465 $ 2,086,574 $ 3,736,844 $ 4,031,332 Income (loss) before income taxes: Georgia $ 117,091 $ 383,035 $ 505,189 $ 781,805 Missouri (114,132 ) (169,123 ) (276,701 ) (575,032 ) Texas (69,614 ) (30,987 ) (225,878 ) (161,392 ) Segment total (66,655 ) 182,925 2,610 45,381 Corporate (402,089 ) (188,426 ) (625,791 ) (541,032 ) Tornado expenses and write-offs (632,372 ) - (632,372 ) - Other income, net 31,666 19,386 61,279 46,292 Interest expense (56,489 ) (67,775 ) (115,225 ) (136,671 ) Consolidated $ (1,125,939 ) $ (53,890 ) $ (1,309,499 ) $ (586,030 ) Income (loss) before income taxes $ (1,125,939 ) $ (53,890 ) $ (1,309,499 ) $ (586,030 ) April 2, 2023 October 2, 2022 As of April 2, 2023 October 2, 2022 Total assets: Georgia $ 8,502,978 $ 9,402,877 Missouri 3,045,963 3,468,730 Texas 8,050,138 8,074,421 Corporate 535,511 157,578 Consolidated $ 20,134,590 $ 21,103,606 Total assets $ 20,134,590 $ 21,103,606 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Apr. 02, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 10. FAIR VALUE MEASUREMENTS As of April 2, 2023 and October 2, 2022, the fair value of our long-term debt was $ 4.29 4.61 The respective carrying values of cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short maturity of these instruments. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Apr. 02, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS The Company has analyzed its operations subsequent to April 2, 2023 to the date these financial statements were issued and has determined, except for the matters disclosed in “NOTE 3. TORNADO EXPENSES AND ASSET WRITE-OFFS,” no material subsequent events have occurred from the date of these unaudited consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Apr. 02, 2023 | |
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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Fair Value | Fair Value |
Accounts Receivable | Accounts Receivable 3,335 4,405 |
Inventory | Inventory 532,143 541,986 |
Property and Equipment | Property and Equipment SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT April 2, 2023 October 2, 2022 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 2,893,046 2,797,694 7 25 Buildings and structures 3,670,659 3,922,106 10 39 Animal shelters and habitats 2,828,970 2,479,832 10 39 Park animals 1,305,793 1,247,777 5 25 Equipment - concession and related 470,135 464,988 3 15 Equipment and vehicles - yard and field 795,599 766,149 3 15 Vehicles - buses and rental 304,992 267,483 3 5 Rides and entertainment 177,154 106,247 5 7 Furniture and fixtures 27,159 28,694 5 10 Projects in process 766,175 808,526 Property and equipment, cost 19,905,152 19,554,966 Less accumulated depreciation (4,837,679 ) (4,743,224 ) Property and equipment, net $ 15,067,473 $ 14,811,742 Depreciation expense for the three months ended April 2, 2023 and April 3, 2022 totaled $ 204,965 192,300 417,665 385,100 |
Intangible Assets | Intangible Assets 4,484 275 8,968 550 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets During the three months and six months period ended April 2, 2023 the Company recorded long-lived asset impairment charges of $ 250,696 |
Other Current Liabilities | Other Current Liabilities SCHEDULE OF OTHER CURRENT LIABILITIES April 2, 2023 October 2, 2022 Deferred revenue $ 193,356 $ 193,912 Accrued wages and payroll taxes 169,046 122,265 Accrued sales taxes 45,624 49,123 Accrued property taxes 17,291 46,814 Other accrued liabilities 68,949 109,758 Other current liabilities $ 494,266 $ 521,872 |
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 revenues for annual passes and memberships are deferred and recognized as revenue on a pro-rata basis over the term of the pass or membership. Park admission fee revenues from advance online ticket purchases are deferred until the customers’ visit to the parks. Advance online tickets can generally be used anytime during the one year period from the date of purchase. 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, and season passes and memberships were $ 193,356 193,912 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 transfers 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 9: Business Segments |
Advertising and Marketing Costs | Advertising and Marketing Costs 283,307 267,247 488,743 575,120 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Leases | Leases Leases 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. Effective September 27, 2022, the Company terminated this financing lease, acquiring the leased property related to the Christmas Lights display for $ 85,000 2,011 3,016 154,831 5,027 |
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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) April 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
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) | 6 Months Ended |
Apr. 02, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT April 2, 2023 October 2, 2022 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 2,893,046 2,797,694 7 25 Buildings and structures 3,670,659 3,922,106 10 39 Animal shelters and habitats 2,828,970 2,479,832 10 39 Park animals 1,305,793 1,247,777 5 25 Equipment - concession and related 470,135 464,988 3 15 Equipment and vehicles - yard and field 795,599 766,149 3 15 Vehicles - buses and rental 304,992 267,483 3 5 Rides and entertainment 177,154 106,247 5 7 Furniture and fixtures 27,159 28,694 5 10 Projects in process 766,175 808,526 Property and equipment, cost 19,905,152 19,554,966 Less accumulated depreciation (4,837,679 ) (4,743,224 ) Property and equipment, net $ 15,067,473 $ 14,811,742 |
SCHEDULE OF OTHER CURRENT LIABILITIES | SCHEDULE OF OTHER CURRENT LIABILITIES April 2, 2023 October 2, 2022 Deferred revenue $ 193,356 $ 193,912 Accrued wages and payroll taxes 169,046 122,265 Accrued sales taxes 45,624 49,123 Accrued property taxes 17,291 46,814 Other accrued liabilities 68,949 109,758 Other current liabilities $ 494,266 $ 521,872 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Apr. 02, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF OUTSTANDING LONG-TERM DEBT | The following table represents the aggregate of the Company’s outstanding long-term debt: SCHEDULE OF OUTSTANDING LONG-TERM DEBT April 2, 2023 October 2, 2022 As of April 2, 2023 October 2, 2022 Loan principal outstanding $ 4,644,216 $ 5,010,136 Less: unamortized debt financing costs (46,973 ) (49,915 ) Gross long-term debt 4,597,243 4,960,221 Less current portion of long-term debt, net of unamortized costs and discount (749,879 ) (732,779 ) Long-term debt $ 3,847,364 $ 4,227,442 |
SCHEDULE OF MATURITIES OF LONG-TERM DEBT | As of April 2, 2023, 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 2023 $ 372,728 2024 773,562 2025 810,139 2026 848,474 2027 888,655 thereafter 950,658 Total $ 4,644,216 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Apr. 02, 2023 | |
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 April 2, 2023 April 3, 2022 April 2, 2023 April 3, 2022 For the three months ended For the six months ended April 2, 2023 April 3, 2022 April 2, 2023 April 3, 2022 Total revenues: Georgia $ 1,050,455 $ 1,340,581 $ 2,389,596 $ 2,649,021 Missouri 270,827 232,712 490,592 502,814 Texas 554,183 513,281 856,656 879,497 Consolidated $ 1,875,465 $ 2,086,574 $ 3,736,844 $ 4,031,332 Total revenues $ 1,875,465 $ 2,086,574 $ 3,736,844 $ 4,031,332 Income (loss) before income taxes: Georgia $ 117,091 $ 383,035 $ 505,189 $ 781,805 Missouri (114,132 ) (169,123 ) (276,701 ) (575,032 ) Texas (69,614 ) (30,987 ) (225,878 ) (161,392 ) Segment total (66,655 ) 182,925 2,610 45,381 Corporate (402,089 ) (188,426 ) (625,791 ) (541,032 ) Tornado expenses and write-offs (632,372 ) - (632,372 ) - Other income, net 31,666 19,386 61,279 46,292 Interest expense (56,489 ) (67,775 ) (115,225 ) (136,671 ) Consolidated $ (1,125,939 ) $ (53,890 ) $ (1,309,499 ) $ (586,030 ) Income (loss) before income taxes $ (1,125,939 ) $ (53,890 ) $ (1,309,499 ) $ (586,030 ) April 2, 2023 October 2, 2022 As of April 2, 2023 October 2, 2022 Total assets: Georgia $ 8,502,978 $ 9,402,877 Missouri 3,045,963 3,468,730 Texas 8,050,138 8,074,421 Corporate 535,511 157,578 Consolidated $ 20,134,590 $ 21,103,606 Total assets $ 20,134,590 $ 21,103,606 |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) | 6 Months Ended |
Apr. 02, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of incorporation | Jul. 30, 1954 |
Incorporation state code | NV |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Apr. 02, 2023 | Oct. 02, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 19,905,152 | $ 19,554,966 |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Land [Member] | |
Less accumulated depreciation | $ (4,837,679) | (4,743,224) |
Property and equipment, net | 15,067,473 | 14,811,742 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | 6,389,470 | 6,389,470 |
Mineral Rights [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 276,000 | 276,000 |
Property and equipment, estimated useful lives | 25 years | |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 2,893,046 | 2,797,694 |
Land Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 7 years | |
Land Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 25 years | |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 3,670,659 | 3,922,106 |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 10 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 39 years | |
Animal Shelters and Habitats [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 2,828,970 | 2,479,832 |
Animal Shelters and Habitats [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 10 years | |
Animal Shelters and Habitats [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 39 years | |
Park Animals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 1,305,793 | 1,247,777 |
Park Animals [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 5 years | |
Park Animals [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 25 years | |
Equipment - Concession and Related [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 470,135 | 464,988 |
Equipment - Concession and Related [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Equipment - Concession and Related [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 15 years | |
Equipment and Vehicles - Yard and Field [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 795,599 | 766,149 |
Equipment and Vehicles - Yard and Field [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Equipment and Vehicles - Yard and Field [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 15 years | |
Vehicles - Buses and Rental [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 304,992 | 267,483 |
Vehicles - Buses and Rental [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Vehicles - Buses and Rental [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 5 years | |
Rides and Entertainment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 177,154 | 106,247 |
Rides and Entertainment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 5 years | |
Rides and Entertainment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 7 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 27,159 | 28,694 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 5 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 10 years | |
Projects in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 766,175 | $ 808,526 |
SCHEDULE OF OTHER CURRENT LIABI
SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($) | Apr. 02, 2023 | Oct. 02, 2022 |
Accounting Policies [Abstract] | ||
Deferred revenue | $ 193,356 | $ 193,912 |
Accrued wages and payroll taxes | 169,046 | 122,265 |
Accrued sales taxes | 45,624 | 49,123 |
Accrued property taxes | 17,291 | 46,814 |
Other accrued liabilities | 68,949 | 109,758 |
Other current liabilities | $ 494,266 | $ 521,872 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Sep. 27, 2022 | Apr. 02, 2023 | Apr. 03, 2022 | Apr. 02, 2023 | Apr. 03, 2022 | Oct. 02, 2022 | Feb. 01, 2005 | |
Lessee, Lease, Description [Line Items] | |||||||
Accounts receivable | $ 3,335 | $ 3,335 | $ 4,405 | ||||
Inventory | 532,143 | 532,143 | 541,986 | ||||
Depreciation expenses | 204,965 | $ 192,300 | 417,665 | $ 385,100 | |||
Amortization of intangible assets | 4,484 | 275 | 8,968 | 550 | |||
Impairment charges of long-lived assets | 250,696 | 250,696 | |||||
Deferred revenue | 193,356 | 193,356 | 193,912 | ||||
Advertising and marketing expense | 283,307 | 267,247 | 488,743 | 575,120 | |||
Interest Expense | 56,489 | 67,775 | 115,225 | 136,671 | |||
Amortization of right of use asset | 154,831 | ||||||
Financing lease interest expense | 3,016 | $ 5,027 | |||||
Stock options, number of shares authorized | 5,000,000 | ||||||
Stock options, number of shares grants | 0 | ||||||
Unrecognized tax benefits, penalties and interest accrued | $ 0 | $ 0 | $ 0 | ||||
Christmas Lights Display [Member] | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Payment to acquire equipment on lease | $ 85,000 | ||||||
Gain on termination of lease | $ 2,011 | ||||||
Interest Expense | $ 3,016 |
TORNADO EXPENSES AND ASSET WR_2
TORNADO EXPENSES AND ASSET WRITE-OFFS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 02, 2023 | Oct. 01, 2023 | Apr. 02, 2023 | Apr. 03, 2022 | Mar. 27, 2023 | Mar. 26, 2023 | |
Subsequent Event [Line Items] | ||||||
Annual revenue, percentage | 15% | 10% | ||||
Tornado related expenses | $ 381,676 | $ 381,676 | ||||
Tornado asset writeoffs | 250,696 | 250,696 | ||||
Investments | $ 110,642 | $ 500,000 | 110,642 | |||
Maximum cost of damage coverage and anticipated proceeds | $ 700,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Repair and reopening expenses | $ 490,000 |
SCHEDULE OF OUTSTANDING LONG-TE
SCHEDULE OF OUTSTANDING LONG-TERM DEBT (Details) - USD ($) | Apr. 02, 2023 | Oct. 02, 2022 |
Debt Disclosure [Abstract] | ||
Loan principal outstanding | $ 4,644,216 | $ 5,010,136 |
Less: unamortized debt financing costs | (46,973) | (49,915) |
Gross long-term debt | 4,597,243 | 4,960,221 |
Less current portion of long-term debt, net of unamortized costs and discount | (749,879) | (732,779) |
Long-term debt | $ 3,847,364 | $ 4,227,442 |
SCHEDULE OF MATURITIES OF LONG-
SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) | Apr. 02, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 372,728 |
2024 | 773,562 |
2025 | 810,139 |
2026 | 848,474 |
2027 | 888,655 |
thereafter | 950,658 |
Total | $ 4,644,216 |
LONG-TERM DEBT (Details Narrati
LONG-TERM DEBT (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 18, 2021 | Apr. 27, 2020 | May 31, 2021 | Apr. 02, 2023 | Apr. 03, 2022 | Apr. 02, 2023 | Apr. 03, 2022 | |
Short-Term Debt [Line Items] | ||||||||
Periodic payment of term loan | $ 2,944 | |||||||
Long-term debt | $ 4,644,216 | $ 4,644,216 | ||||||
Interest Expense, Debt | 56,489 | $ 67,775 | 115,225 | 136,671 | ||||
[custom:InterestExpenseDebtFinancingCostAmortization] | 1,472 | 2,944 | 2,944 | |||||
Finance Lease, Interest Expense | $ 3,016 | $ 5,027 | ||||||
2021 Term Loan [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt instrument, issuance date | Jun. 18, 2021 | |||||||
Debt instrument, face amount | $ 1,950,000 | |||||||
Debt instrument, 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 | 1,510,000 | 1,510,000 | ||||||
2020 Term Loan [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt instrument, issuance date | Apr. 27, 2020 | |||||||
Debt instrument, face amount | $ 5,000,000 | |||||||
Debt instrument, 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 | $ 3,130,000 | $ 3,130,000 | ||||||
Proceeds from 2021 term loan | $ 903,222 | |||||||
Prepayment of 2020 term loan | $ 1,000,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||||||
Mar. 09, 2023 | Feb. 14, 2023 | Feb. 02, 2023 | Dec. 13, 2021 | Apr. 02, 2023 | Apr. 03, 2022 | Jan. 02, 2022 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Annual compensation award description | On February 2, 2023, the Company declared its annual compensation award to seven directors for their service on the Board of Directors. Seven directors were awarded $10,000 each and three directors received a total of $10,000 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 $0.40 per share on February 2, 2023, a total of 162,500 shares were issued on March 9, 2023. The total compensation award cost of $80,000 was reported as an expense in the three month period ended April 2, 2023 | ||||||
Annual compensation award to each director | |||||||
Officers Directors and Controlled Entities [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Percentage of outstanding common stock owned | 53.70% | ||||||
Brady Employment Agreement [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Stock price | $ 0.39 | ||||||
Number of shares | 128,205 | ||||||
Seven Directors [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [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 issued 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 | ||||||
Annual compensation award to each director | $ 10,000 | ||||||
Stock price | $ 0.40 | $ 0.553 | |||||
Shares issued for annual compensation award | 162,500 | ||||||
Three Directors [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Annual compensation award to each director | $ 10,000 | ||||||
Director [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Compensation expense | $ 80,000 | $ 61,944 | |||||
Chief Executive Officer [Member] | Brady Employment Agreement [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Number of shares | 128,205 | ||||||
Compensation award cost expense | $ 50,000 | ||||||
Five Directors [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Annual compensation award to each director | $ 10,000 | ||||||
Two New Directors [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||
Annual compensation award to each director | 2,222 | ||||||
Non Director Officer [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [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 |
SIGNIFICANT TRANSACTIONS WITH_2
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Feb. 14, 2023 | Nov. 14, 2022 | Jun. 01, 2022 | Jan. 01, 2022 | Apr. 02, 2023 | Apr. 03, 2022 | Apr. 02, 2023 | May 31, 2023 | May 31, 2024 | |
Related Party Transaction [Line Items] | |||||||||
Number of shares | $ 65,000 | $ 56,903 | |||||||
Without Cause [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Severance compensation | $ 291,667 | ||||||||
Change in Control [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Severance compensation | 381,667 | ||||||||
Disability and Death [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Severance compensation | $ 174,167 | ||||||||
2022 Van Voorhis Employment Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, date | Jun. 01, 2022 | ||||||||
2022 Van Voorhis Employment Agreement [Member] | Forecast [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 | ||||||||
Initial base annual compensation | $ 90,000 | ||||||||
Employee agreement term | 2 years | ||||||||
Common Stock [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares | 162,500 | 102,971 | |||||||
Number of shares | $ 162 | $ 103 | |||||||
Brady Employment Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, date | Nov. 14, 2022 | ||||||||
Related party transaction, description of transaction | Company and Ms. Brady, entered into an employment agreement (the “Brady Employment Agreement”) | ||||||||
Initial base annual compensation | $ 175,000 | ||||||||
Percentage of annual performance incentive | 25% | ||||||||
Revenue remaining performance obligation | $ 50,000 | ||||||||
Number of shares | 128,205 | ||||||||
Share price | $ 0.39 | ||||||||
Sign on bonus | $ 5,000 | ||||||||
Employee agreement term | 5 years | ||||||||
Brady Employment Agreement [Member] | Common Stock [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares | $ 50,000 | ||||||||
Brady Employment Agreement [Member] | Common Stock One [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares | 60,000 | ||||||||
Brady Employment Agreement [Member] | Common Stock Two [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares | 70,000 | ||||||||
Brady Employment Agreement [Member] | Common Stock Three [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of shares | $ 75,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 02, 2023 | Apr. 03, 2022 | Apr. 02, 2023 | Apr. 03, 2022 | |
Operating Loss Carryforwards [Line Items] | ||||
Pre-tax loss | $ 1,125,939 | $ 53,890 | $ 1,309,499 | $ 586,030 |
Income tax benefit | $ 279,800 | $ 2,200 | 310,400 | 112,400 |
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax benefit | 265,300 | 125,800 | ||
State of Georgia [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax benefit | $ 45,100 | $ 13,400 |
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 life insurance | $ 540,000 | |
Damages sought, value | $ 540,000 |
SCHEDULE OF REVENUE BY REPORTIN
SCHEDULE OF REVENUE BY REPORTING SEGMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 02, 2023 | Apr. 03, 2022 | Apr. 02, 2023 | Apr. 03, 2022 | Oct. 02, 2022 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 1,875,465 | $ 2,086,574 | $ 3,736,844 | $ 4,031,332 | |
Income (loss) before income taxes | (1,125,939) | (53,890) | (1,309,499) | (586,030) | |
Other income, net | 31,666 | 19,386 | 61,279 | 46,292 | |
Interest expense | (56,489) | (67,775) | (115,225) | (136,671) | |
Total assets | 20,134,590 | 20,134,590 | $ 21,103,606 | ||
Georgia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,050,455 | 1,340,581 | 2,389,596 | 2,649,021 | |
Income (loss) before income taxes | 117,091 | 383,035 | 505,189 | 781,805 | |
Total assets | 8,502,978 | 8,502,978 | 9,402,877 | ||
Missouri [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 270,827 | 232,712 | 490,592 | 502,814 | |
Income (loss) before income taxes | (114,132) | (169,123) | (276,701) | (575,032) | |
Total assets | 3,045,963 | 3,045,963 | 3,468,730 | ||
Texas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 554,183 | 513,281 | 856,656 | 879,497 | |
Income (loss) before income taxes | (69,614) | (30,987) | (225,878) | (161,392) | |
Total assets | 8,050,138 | 8,050,138 | 8,074,421 | ||
Segment Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | (66,655) | 182,925 | 2,610 | 45,381 | |
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | (402,089) | (188,426) | (625,791) | (541,032) | |
Total assets | 535,511 | 535,511 | $ 157,578 | ||
Tornado Expenses and Write-offs [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | $ (632,372) | $ (632,372) |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($) $ in Thousands | Apr. 02, 2023 | Oct. 02, 2022 |
Fair Value Disclosures [Abstract] | ||
Long term debt | $ 4,290 | $ 4,610 |