Cover
Cover - shares | 6 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
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 | 75,726,851 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Oct. 01, 2023 |
ASSETS | ||
Cash | $ 2,011,620 | $ 4,098,387 |
Short-term investments | 1,021,609 | |
Accounts receivable | 6,239 | 36,172 |
Inventory | 444,446 | 419,149 |
Prepaid expenses | 980,738 | 558,678 |
Total current assets | 4,464,652 | 5,112,386 |
Property and equipment, net | 14,891,050 | 14,910,097 |
Intangible assets, net | 38,199 | 52,331 |
Other assets | 20,909 | 20,909 |
Total assets | 19,414,810 | 20,095,723 |
Liabilities | ||
Accounts payable | 1,151,161 | 79,352 |
Other current liabilities | 494,057 | 571,343 |
Current portion of long-term debt, net | 783,447 | 767,675 |
Total current liabilities | 2,428,665 | 1,418,370 |
Long-term debt, net | 3,062,351 | 3,459,816 |
Deferred tax liability, net | 232,329 | 232,329 |
Total liabilities | 5,723,345 | 5,110,515 |
Stockholders’ equity | ||
Common stock; 300,000,000 shares authorized, at $.001 par value; 75,726,851 and 75,517,763 shares issued and outstanding, respectively | 75,727 | 75,518 |
Capital in excess of par | 5,178,098 | 5,102,471 |
Retained earnings | 8,437,640 | 9,807,219 |
Total stockholders’ equity | 13,691,465 | 14,985,208 |
Total liabilities and stockholders’ equity | $ 19,414,810 | $ 20,095,723 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Oct. 01, 2023 |
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 | 75,726,851 | 75,517,763 |
Common stock, shares outstanding | 75,726,851 | 75,517,763 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Total revenues | $ 1,958,200 | $ 1,875,465 | $ 3,855,825 | $ 3,736,844 |
Cost of sales | 314,985 | 282,881 | 610,919 | 555,501 |
Selling, general and administrative | 1,568,276 | 1,821,295 | 3,264,604 | 3,347,307 |
Depreciation and amortization | 218,593 | 209,449 | 441,796 | 426,633 |
Contested proxy and related matters | 1,164,612 | 1,291,252 | ||
Tornado expenses and write-offs, net | 632,372 | 632,372 | ||
Loss on asset disposals, net | 21,337 | 30,584 | 35,754 | 30,584 |
Loss from operations | (1,329,603) | (1,101,116) | (1,788,500) | (1,255,553) |
Other income, net | 34,026 | 31,666 | 69,913 | 61,279 |
Interest expense | (49,147) | (56,489) | (100,592) | (115,225) |
Loss before income taxes | (1,344,724) | (1,125,939) | (1,819,179) | (1,309,499) |
Income tax benefit | (344,400) | (279,800) | (449,600) | (310,400) |
Net loss | $ (1,000,324) | $ (846,139) | $ (1,369,579) | $ (999,099) |
Loss per share - basic | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.01) |
Loss per share - diluted | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.01) |
Weighted average shares outstanding (in 000's) - basic | 75,727 | 75,270 | 75,653 | 75,248 |
Weighted average shares outstanding (in 000's) - diluted | 75,727 | 75,270 | 75,653 | 75,248 |
Park [Member] | ||||
Total revenues | $ 1,924,240 | $ 1,857,565 | $ 3,733,474 | $ 3,675,144 |
Animals [Member] | ||||
Total revenues | $ 33,960 | $ 17,900 | $ 122,351 | $ 61,700 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance at Oct. 02, 2022 | $ 75,227 | $ 4,987,762 | $ 10,290,957 | $ 15,353,946 |
Beginning 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 |
Ending balance, shares at Jan. 01, 2023 | 75,227,058 | |||
Beginning balance at Oct. 02, 2022 | $ 75,227 | 4,987,762 | 10,290,957 | 15,353,946 |
Beginning 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 |
Ending balance, shares at Apr. 02, 2023 | 75,389,558 | |||
Beginning balance at Jan. 01, 2023 | $ 75,227 | 4,987,762 | 10,137,997 | 15,200,986 |
Beginning balance, shares at Jan. 01, 2023 | 75,227,058 | |||
Issuance of common stock to Directors | $ 162 | 64,838 | 65,000 | |
Issuance of common stock to Directors, shares | 162,500 | |||
Net loss | (846,139) | (846,139) | ||
Ending balance, value at Apr. 02, 2023 | $ 75,389 | 5,052,600 | 9,291,858 | 14,419,847 |
Ending balance, shares at Apr. 02, 2023 | 75,389,558 | |||
Beginning balance at Oct. 01, 2023 | $ 75,518 | 5,102,471 | 9,807,219 | 14,985,208 |
Beginning balance, shares at Oct. 01, 2023 | 75,517,763 | |||
Issuance of common stock to Directors | $ 209 | 57,290 | 57,499 | |
Issuance of common stock to Directors, shares | 209,088 | |||
Stock-based compensation | 9,169 | 9,169 | ||
Net loss | (369,255) | (369,255) | ||
Ending balance, value at Dec. 31, 2023 | $ 75,727 | 5,168,930 | 9,437,964 | 14,682,621 |
Ending balance, shares at Dec. 31, 2023 | 75,726,851 | |||
Beginning balance at Oct. 01, 2023 | $ 75,518 | 5,102,471 | 9,807,219 | 14,985,208 |
Beginning balance, shares at Oct. 01, 2023 | 75,517,763 | |||
Net loss | (1,369,579) | |||
Ending balance, value at Mar. 31, 2024 | $ 75,727 | 5,178,098 | 8,437,640 | 13,691,465 |
Ending balance, shares at Mar. 31, 2024 | 75,726,851 | |||
Beginning balance at Dec. 31, 2023 | $ 75,727 | 5,168,930 | 9,437,964 | 14,682,621 |
Beginning balance, shares at Dec. 31, 2023 | 75,726,851 | |||
Stock-based compensation | 9,168 | 9,168 | ||
Net loss | (1,000,324) | (1,000,324) | ||
Ending balance, value at Mar. 31, 2024 | $ 75,727 | $ 5,178,098 | $ 8,437,640 | $ 13,691,465 |
Ending balance, shares at Mar. 31, 2024 | 75,726,851 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 | Jan. 01, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | Oct. 01, 2023 | |
OPERATING ACTIVITIES: | |||||||
Net loss | $ (1,000,324) | $ (369,255) | $ (846,139) | $ (152,960) | $ (1,369,579) | $ (999,099) | |
Reconciliation of net loss to net cash used in operating activities: | |||||||
Depreciation and amortization expense | 218,593 | 209,449 | 441,796 | 426,633 | |||
Interest expense - debt financing cost amortization | 5,444 | 2,944 | |||||
Stock-based compensation | 75,836 | 65,000 | |||||
Accrued interest on certificates of deposit | (21,609) | ||||||
Tornado asset write-offs | 250,696 | $ 275,297 | |||||
Loss on asset disposals | 21,337 | 30,584 | 35,754 | 30,584 | |||
Changes in assets and liabilities | |||||||
(Increase) decrease in accounts receivable | 29,933 | 1,070 | |||||
(Increase) decrease in inventory | (25,297) | 9,843 | |||||
(Increase) decrease in prepaid expenses | (422,060) | (402,109) | |||||
Increase (decrease) in accounts payable | 1,071,809 | 355,667 | |||||
Increase (decrease) in other current liabilities | (77,286) | (27,606) | |||||
Net cash used in operating activities | (255,259) | (286,377) | |||||
INVESTING ACTIVITIES: | |||||||
Investments in certificates of deposit | (1,000,000) | ||||||
Acquisition of property and equipment | (484,872) | (952,640) | |||||
Investment in intangible assets | (5,466) | ||||||
Proceeds from the disposition of property and equipment | 40,875 | ||||||
Net cash used in investing activities | (1,443,997) | (958,106) | |||||
FINANCING ACTIVITIES: | |||||||
Line-of-credit fees | (5,000) | ||||||
Net cash used in financing activities | (387,511) | (365,921) | |||||
Net decrease in cash | (2,086,767) | (1,610,404) | |||||
Cash at beginning of period | $ 4,098,387 | $ 5,472,036 | 4,098,387 | 5,472,036 | 5,472,036 | ||
Cash at end of period | $ 2,011,620 | $ 3,861,632 | 2,011,620 | 3,861,632 | $ 4,098,387 | ||
Supplemental Cash Flow Information: | |||||||
Cash paid for interest | 95,516 | 112,040 | |||||
Cash paid for income taxes | 100,000 | ||||||
2020 Term Loan [Member] | |||||||
FINANCING ACTIVITIES: | |||||||
Payments on Term Loan | (248,737) | (236,957) | |||||
2021 Term Loan [Member] | |||||||
FINANCING ACTIVITIES: | |||||||
Payments on Term Loan | $ (133,774) | $ (128,964) |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Mar. 31, 2024 | |
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 safari parks and is in the business of acquiring, developing and operating local and regional entertainment assets 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 park revenues were 60.4% and 62.1% of annual park revenues for the Company’s 2023 and 2022 fiscal years, respectively. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2024 | |
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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Financial and Concentrations Risk Fair Value As of March 31, 2024 and October 1, 2023, the fair value of our long-term debt was $ 3.53 3.83 Cash and Cash Equivalents Short-term Investments 1.02 Note 5: LINES OF CREDIT Accounts Receivable 6,239 36,172 Inventory 444,446 419,149 Prepaid Expenses SCHEDULE OF BREAKDOWN OF PREPAID EXPENSES March 31, 2024 October 1, 2023 Prepaid income taxes $ 723,546 $ 459,957 Prepaid insurance 168,528 86,921 Prepaid advertising 85,048 - Other prepaid expenses 3,616 11,800 Total prepaid expenses $ 980,738 $ 558,678 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 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 March 31, 2024 October 1, 2023 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 3,079,051 2,941,958 7 25 Buildings and structures 3,839,123 3,812,223 10 39 Animal shelters and habitats 3,524,908 3,428,620 10 39 Park animals 1,274,080 1,279,080 5 25 Equipment - concession and related 554,858 509,078 3 15 Equipment and vehicles - yard and field 793,676 817,809 3 15 Vehicles - buses and rental 306,386 299,206 3 5 Rides and entertainment 172,154 172,154 5 7 Furniture and fixtures 27,160 27,160 5 10 Projects in process 278,164 212,248 Property and equipment, cost 20,515,030 20,165,006 Less accumulated depreciation (5,623,980 ) (5,254,909 ) Property and equipment, net $ 14,891,050 $ 14,910,097 Depreciation expense for the three months ended March 31, 2024 and April 2, 2023 totaled $ 215,590 204,965 435,790 417,665 Intangible Assets three ten years 3,003 4,484 6,006 8,968 Impairment of Long-Lived Assets Other Current Liabilities SCHEDULE OF BREAKDOWN OF OTHER CURRENT LIABILITIES March 31, 2024 October 1, 2023 Deferred revenue $ 188,102 $ 143,511 Accrued compensation 128,580 177,868 Accrued sales taxes 64,231 46,718 Accrued professional fees 22,040 59,638 Accrued property taxes 20,905 49,183 Other accrued liabilities 70,199 94,425 Other current liabilities $ 494,057 $ 571,343 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 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 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 $ 188,102 143,511 The Company periodically sells surplus animals created from the natural breeding process that occurs within the parks. 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 10: Business Segments Advertising and Marketing Costs 213,114 283,307 454,940 488,743 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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 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”) No. 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 |
Mar. 31, 2024 | |
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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 NOTE 3. TORNADO EXPENSES AND ASSET WRITE-OFFS (CONTINUED) For the three months and six months ended April 2, 2023, the Company recorded $ 381,676 250,696 780,941 275,297 The Company has also made capital investments of $ 615,000 110,642 60,000 The Company has been working with its insurance providers regarding tornado damage related coverage and insurance proceeds totaling $ 687,283 50,000 |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | NOTE 4. LONG-TERM DEBT On June 18, 2021 2021 Refinancing 1.95 3.75% payable in monthly installments 26,480 June 18, 2028 1,514 1.25 On April 27, 2020 7.1 5.0 2020 Term Loan 750,000 1.38 5.0% April 27, 2031 53,213 62,375 903,222 1.0 2.64 Interest expense of $ 49,147 56,489 1,472 1,472 100,592 115,225 2,944 2,944 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 NOTE 4. LONG-TERM DEBT (CONTINUED) The following table represents the aggregate of the Company’s outstanding long-term debt: SCHEDULE OF OUTSTANDING LONG TERM DEBT March 31, 2024 October 1, 2023 As of March 31, 2024 October 1, 2023 Loan principal outstanding $ 3,889,008 $ 4,271,521 Less: unamortized debt financing costs (43,210 ) (44,030 ) Gross long-term debt 3,845,798 4,227,491 Less current portion of long-term debt, net of unamortized costs (783,447 ) (767,675 ) Long-term debt $ 3,062,351 $ 3,459,816 As of March 31, 2024, 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 2024 $ 390,511 2025 810,111 2026 848,444 2027 888,624 2028 851,093 thereafter 100,225 Total $ 3,889,008 |
LINES OF CREDIT
LINES OF CREDIT | 6 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
LINES OF CREDIT | NOTE 5. LINES OF CREDIT On October 19, 2023, the Company, through its wholly owned subsidiary Aggieland Wild Animal – Texas, entered a line of credit of up to $ 350,000 October 11, 2024 5.6% 350,000 October 11, 2024 3.6% 500 On October 24, 2023, the Company, through its wholly owned subsidiary Wild Animal – Georgia, entered a line of credit of up to $ 450,000 October 24, 2024 7.75% 450,000 November 13, 2024 5.25% 4,500 As of March 31, 2024, the Company had not made any borrowings against either of these lines of credit. Interest expense for the three months ended March 31, 2024 and April 2, 2023, includes $ 1,250 0 2,500 0 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Mar. 31, 2024 | |
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 4, 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 0.275 209,088 79,999 57,499 22,500 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 65,000 15,000 Effective February 14, 2023, Lisa Brady the Company’s President and Chief Executive Officer vested in 128,205 50,000 Officers, directors and their controlled entities own approximately 33.4% |
SIGNIFICANT TRANSACTIONS WITH R
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | 6 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | NOTE 7. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES Employment Agreements: Effective November 14, 2022 the 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 75,000 135,135 0.37 45,045 5,000 five years 9,169 56,700 18,337 56,700 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 NOTE 7. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (CONTINUED) Effective June 1, 2022 100,000 50,000 Effective as of January 1, 2024 90,000 95,000 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 ($ 225,000 315,000 132,500 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8. INCOME TAXES For the six months ended March 31, 2024, the Company reported a pre-tax loss of $ 1.82 449,600 363,900 85,700 1.31 310,400 265,300 45,100 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9. 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 361st District Court of Brazos County, Texas (case no. 22-001839-CV-361), alleging the Company and Aggieland-Parks, Inc. committed several instances of employment discrimination. The Complaint seeks unspecified economic, compensatory and punitive damages, as well as attorney’s fees and costs. The Company is defending this claim. On March 1, 2024, Focused Compounding Fund, LP (“Focused Compounding”) filed a Complaint in the Eighth Judicial District Court of Clark County, Nevada (case no. A-24-888295-B) against the Company and each of the members of its Board of Directors, alleging that the defendants were contemplating efforts to entrench themselves as members of the Board of Directors. Simultaneously with filing its Complaint, Focused Compounding sought a Preliminary Injunction that would require the Company and its Directors to take various actions. On March 15, 2024, the Court denied Focused Compounding’s motion for a Preliminary Injunction. On April 30, 2024, the Company and the named defendants filed a motion asking the court to dismiss the Complaint with prejudice. The motion is pending before the Court. The Company intends to vigorously defend against Focused Compounding’s claims. 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) March 31, 2024 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Mar. 31, 2024 | |
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 measure used to allocate resources are Park earnings before interest, taxes, depreciation and amortization expenses. The following tables present financial information regarding each of the Company’s reportable segments: SCHEDULE OF REVENUE BY REPORTING SEGMENTS March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 For the three months ended For the six months ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Total revenues: Georgia $ 1,048,944 $ 1,050,455 $ 2,288,954 $ 2,389,596 Missouri 400,733 270,827 642,454 490,592 Texas 508,523 554,183 924,417 856,656 Consolidated $ 1,958,200 $ 1,875,465 $ 3,855,825 $ 3,736,844 Total revenues $ 1,958,200 $ 1,875,465 $ 3,855,825 $ 3,736,844 Income (loss) before income taxes: Georgia $ 185,645 $ 187,533 $ 551,487 $ 655,140 Missouri 50,940 (45,936 ) (55,828 ) (137,405 ) Texas 31,076 27,182 (4,949 ) (62,782 ) Segment income 267,661 168,779 490,710 454,953 Corporate (192,722 ) (397,490 ) (510,408 ) (620,917 ) Depreciation and amortization 218,593 209,449 441,796 426,633 Loss on asset disposals, net 21,337 30,584 35,754 30,584 Contested proxy and related matters 1,164,612 - 1,291,252 - Tornado expenses and write-offs, net - 632,372 - 632,372 Other income, net 34,026 31,666 69,913 61,279 Interest expense (49,147 ) (56,489 ) (100,592 ) (115,225 ) Consolidated $ (1,344,724 ) $ (1,125,939 ) $ (1,819,179 ) $ (1,309,499 ) Income (loss) before income taxes $ (1,344,724 ) $ (1,125,939 ) $ (1,819,179 ) $ (1,309,499 ) March 31, 2024 October 1, 2023 As of March 31, 2024 October 1, 2023 Total assets: Georgia $ 7,279,375 $ 8,519,619 Missouri 3,215,174 3,335,794 Texas 8,048,593 7,698,400 Corporate 871,668 541,910 Consolidated $ 19,414,810 $ 20,095,723 Total assets $ 19,414,810 $ 20,095,723 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 |
CONTESTED PROXY AND RELATED MAT
CONTESTED PROXY AND RELATED MATTERS | 6 Months Ended |
Mar. 31, 2024 | |
Contested Proxy And Related Matters | |
CONTESTED PROXY AND RELATED MATTERS | NOTE 11. CONTESTED PROXY AND RELATED MATTERS On December 22, 2023, Focused Compounding Fund, LP (together with the participants in its solicitation, “Focused Compounding”) submitted documents to the Company purporting to provide qualifying notice as to a demand that the Company hold a special meeting of stockholders (the “Special Meeting”). The Special Meeting was held for the purpose of asking stockholders to consider and vote upon five proposals, including a proposal for the removal of all directors currently serving on the Board of Directors and a proposal for the election of a new Board of Directors comprised entirely of Focused Compounding’s slate of three candidates. The Special Meeting was held on February 26, 2024 and each of Focused Compounding’s proposals failed, including its proposals to reconstitute the Board of Directors. The Board of Directors scheduled the annual meeting of stockholders to be held on June 6, 2024 (the “2024 Annual Meeting”). On January 26, 2024, Focused Compounding submitted documents to the Company purporting to provide qualifying notice to the Company of its intent to nominate four nominees at the 2024 Annual Meeting, seeking effective control of the Company. Subsequently, on April 5, 2024, Focused Compounding submitted documents to the Company purporting to provide qualifying notice to the Company of its intent to submit a business proposal at the 2024 Annual Meeting. On April 23, 2024, the Company filed its definitive proxy statement with respect to the 2024 Annual Meeting. Stockholders are strongly encouraged to read such proxy statement, the accompanying WHITE proxy card and all other documents filed with the Securities and Exchange Commission carefully as they contain important information relating to the 2024 Annual Meeting. The Board of Directors remains open to ongoing engagement with Focused Compounding. However, if the Company and Focused Compounding cannot reach an agreement in connection with Focused Compounding’s nominations and business proposal, and Focused Compounding complies with applicable rules and requirements, there will be a contested election at the Company’s 2024 Annual Meeting. On March 1, 2024, Focused Compounding filed a Complaint in the Eighth Judicial District Court of Clark County against the Company and each of the members of its Board of Directors, alleging that the defendants were contemplating efforts to entrench themselves as members of the Board. See “NOTE 9. COMMITMENTS AND CONTINGENCIES” for additional information. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12. SUBSEQUENT EVENTS The Company has analyzed its operations subsequent to March 31, 2024 to the date these financial statements were issued and has determined, 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 |
Mar. 31, 2024 | |
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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Financial and Concentrations Risk | Financial and Concentrations Risk |
Fair Value | Fair Value As of March 31, 2024 and October 1, 2023, the fair value of our long-term debt was $ 3.53 3.83 |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Short-term Investments | Short-term Investments 1.02 Note 5: LINES OF CREDIT |
Accounts Receivable | Accounts Receivable 6,239 36,172 |
Inventory | Inventory 444,446 419,149 |
Prepaid Expenses | Prepaid Expenses SCHEDULE OF BREAKDOWN OF PREPAID EXPENSES March 31, 2024 October 1, 2023 Prepaid income taxes $ 723,546 $ 459,957 Prepaid insurance 168,528 86,921 Prepaid advertising 85,048 - Other prepaid expenses 3,616 11,800 Total prepaid expenses $ 980,738 $ 558,678 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 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 March 31, 2024 October 1, 2023 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 3,079,051 2,941,958 7 25 Buildings and structures 3,839,123 3,812,223 10 39 Animal shelters and habitats 3,524,908 3,428,620 10 39 Park animals 1,274,080 1,279,080 5 25 Equipment - concession and related 554,858 509,078 3 15 Equipment and vehicles - yard and field 793,676 817,809 3 15 Vehicles - buses and rental 306,386 299,206 3 5 Rides and entertainment 172,154 172,154 5 7 Furniture and fixtures 27,160 27,160 5 10 Projects in process 278,164 212,248 Property and equipment, cost 20,515,030 20,165,006 Less accumulated depreciation (5,623,980 ) (5,254,909 ) Property and equipment, net $ 14,891,050 $ 14,910,097 Depreciation expense for the three months ended March 31, 2024 and April 2, 2023 totaled $ 215,590 204,965 435,790 417,665 |
Intangible Assets | Intangible Assets three ten years 3,003 4,484 6,006 8,968 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Other Current Liabilities | Other Current Liabilities SCHEDULE OF BREAKDOWN OF OTHER CURRENT LIABILITIES March 31, 2024 October 1, 2023 Deferred revenue $ 188,102 $ 143,511 Accrued compensation 128,580 177,868 Accrued sales taxes 64,231 46,718 Accrued professional fees 22,040 59,638 Accrued property taxes 20,905 49,183 Other accrued liabilities 70,199 94,425 Other current liabilities $ 494,057 $ 571,343 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 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 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 $ 188,102 143,511 The Company periodically sells surplus animals created from the natural breeding process that occurs within the parks. 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 10: Business Segments |
Advertising and Marketing Costs | Advertising and Marketing Costs 213,114 283,307 454,940 488,743 |
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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
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 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”) No. 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 |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF BREAKDOWN OF PREPAID EXPENSES | SCHEDULE OF BREAKDOWN OF PREPAID EXPENSES March 31, 2024 October 1, 2023 Prepaid income taxes $ 723,546 $ 459,957 Prepaid insurance 168,528 86,921 Prepaid advertising 85,048 - Other prepaid expenses 3,616 11,800 Total prepaid expenses $ 980,738 $ 558,678 |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT March 31, 2024 October 1, 2023 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 3,079,051 2,941,958 7 25 Buildings and structures 3,839,123 3,812,223 10 39 Animal shelters and habitats 3,524,908 3,428,620 10 39 Park animals 1,274,080 1,279,080 5 25 Equipment - concession and related 554,858 509,078 3 15 Equipment and vehicles - yard and field 793,676 817,809 3 15 Vehicles - buses and rental 306,386 299,206 3 5 Rides and entertainment 172,154 172,154 5 7 Furniture and fixtures 27,160 27,160 5 10 Projects in process 278,164 212,248 Property and equipment, cost 20,515,030 20,165,006 Less accumulated depreciation (5,623,980 ) (5,254,909 ) Property and equipment, net $ 14,891,050 $ 14,910,097 |
SCHEDULE OF BREAKDOWN OF OTHER CURRENT LIABILITIES | SCHEDULE OF BREAKDOWN OF OTHER CURRENT LIABILITIES March 31, 2024 October 1, 2023 Deferred revenue $ 188,102 $ 143,511 Accrued compensation 128,580 177,868 Accrued sales taxes 64,231 46,718 Accrued professional fees 22,040 59,638 Accrued property taxes 20,905 49,183 Other accrued liabilities 70,199 94,425 Other current liabilities $ 494,057 $ 571,343 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 October 1, 2023 As of March 31, 2024 October 1, 2023 Loan principal outstanding $ 3,889,008 $ 4,271,521 Less: unamortized debt financing costs (43,210 ) (44,030 ) Gross long-term debt 3,845,798 4,227,491 Less current portion of long-term debt, net of unamortized costs (783,447 ) (767,675 ) Long-term debt $ 3,062,351 $ 3,459,816 |
SCHEDULE OF MATURITIES OF LONG-TERM DEBT | As of March 31, 2024, 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 2024 $ 390,511 2025 810,111 2026 848,444 2027 888,624 2028 851,093 thereafter 100,225 Total $ 3,889,008 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 For the three months ended For the six months ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Total revenues: Georgia $ 1,048,944 $ 1,050,455 $ 2,288,954 $ 2,389,596 Missouri 400,733 270,827 642,454 490,592 Texas 508,523 554,183 924,417 856,656 Consolidated $ 1,958,200 $ 1,875,465 $ 3,855,825 $ 3,736,844 Total revenues $ 1,958,200 $ 1,875,465 $ 3,855,825 $ 3,736,844 Income (loss) before income taxes: Georgia $ 185,645 $ 187,533 $ 551,487 $ 655,140 Missouri 50,940 (45,936 ) (55,828 ) (137,405 ) Texas 31,076 27,182 (4,949 ) (62,782 ) Segment income 267,661 168,779 490,710 454,953 Corporate (192,722 ) (397,490 ) (510,408 ) (620,917 ) Depreciation and amortization 218,593 209,449 441,796 426,633 Loss on asset disposals, net 21,337 30,584 35,754 30,584 Contested proxy and related matters 1,164,612 - 1,291,252 - Tornado expenses and write-offs, net - 632,372 - 632,372 Other income, net 34,026 31,666 69,913 61,279 Interest expense (49,147 ) (56,489 ) (100,592 ) (115,225 ) Consolidated $ (1,344,724 ) $ (1,125,939 ) $ (1,819,179 ) $ (1,309,499 ) Income (loss) before income taxes $ (1,344,724 ) $ (1,125,939 ) $ (1,819,179 ) $ (1,309,499 ) March 31, 2024 October 1, 2023 As of March 31, 2024 October 1, 2023 Total assets: Georgia $ 7,279,375 $ 8,519,619 Missouri 3,215,174 3,335,794 Texas 8,048,593 7,698,400 Corporate 871,668 541,910 Consolidated $ 19,414,810 $ 20,095,723 Total assets $ 19,414,810 $ 20,095,723 |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) | 6 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of incorporation | Jul. 30, 1954 |
Incorporation state code | NV |
SCHEDULE OF BREAKDOWN OF PREPAI
SCHEDULE OF BREAKDOWN OF PREPAID EXPENSES (Details) - USD ($) | Mar. 31, 2024 | Oct. 01, 2023 |
Accounting Policies [Abstract] | ||
Prepaid income taxes | $ 723,546 | $ 459,957 |
Prepaid insurance | 168,528 | 86,921 |
Prepaid advertising | 85,048 | |
Other prepaid expenses | 3,616 | 11,800 |
Total prepaid expenses | $ 980,738 | $ 558,678 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2024 | Oct. 01, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 20,515,030 | $ 20,165,006 |
Less accumulated depreciation | (5,623,980) | (5,254,909) |
Property and equipment, net | $ 14,891,050 | 14,910,097 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 39 years | |
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 and equipment, estimated useful lives | 25 years | |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 3,079,051 | 2,941,958 |
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 | $ 3,839,123 | 3,812,223 |
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 | $ 3,524,908 | 3,428,620 |
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 | $ 1,274,080 | 1,279,080 |
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 | $ 554,858 | 509,078 |
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 | $ 793,676 | 817,809 |
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 | $ 306,386 | 299,206 |
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 | $ 172,154 | 172,154 |
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 | $ 27,160 | 27,160 |
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 | $ 278,164 | $ 212,248 |
SCHEDULE OF BREAKDOWN OF OTHER
SCHEDULE OF BREAKDOWN OF OTHER CURRENT LIABILITIES (Details) - USD ($) | Mar. 31, 2024 | Oct. 01, 2023 |
Accounting Policies [Abstract] | ||
Deferred revenue | $ 188,102 | $ 143,511 |
Accrued compensation | 128,580 | 177,868 |
Accrued sales taxes | 64,231 | 46,718 |
Accrued professional fees | 22,040 | 59,638 |
Accrued property taxes | 20,905 | 49,183 |
Other accrued liabilities | 70,199 | 94,425 |
Other current liabilities | $ 494,057 | $ 571,343 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | Oct. 01, 2023 | Feb. 01, 2005 | |
Property, Plant and Equipment [Line Items] | ||||||
Long term debt | $ 3,530,000 | $ 3,530,000 | $ 3,830,000 | |||
Short term investments | 1,021,609 | 1,021,609 | ||||
Accounts receivable | 6,239 | 6,239 | 36,172 | |||
Inventory | 444,446 | 444,446 | 419,149 | |||
Depreciation expenses | 215,590 | $ 204,965 | 435,790 | $ 417,665 | ||
Amortization of intangible assets | 3,003 | 4,484 | 6,006 | 8,968 | ||
Deferred revenue | 188,102 | 188,102 | $ 143,511 | |||
Advertising and marketing expense | $ 213,114 | 283,307 | $ 454,940 | 488,743 | ||
Stock options, number of shares authorized | 5,000,000 | |||||
Stock options, number of shares grants | 0 | 0 | ||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | 0 | ||
Unrecognized tax interests and penalties | $ 0 | $ 0 | ||||
Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 3 years | 3 years | ||||
Intangible assets amortization period | 3 years | 3 years | ||||
Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Property, Plant and Equipment, Useful Life | 39 years | 39 years | ||||
Intangible assets amortization period | 10 years | 10 years |
TORNADO EXPENSES AND ASSET WR_2
TORNADO EXPENSES AND ASSET WRITE-OFFS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | Oct. 01, 2023 | Mar. 27, 2023 | Mar. 26, 2023 | |
Tornado Expenses And Asset Write-offs | ||||||
Annual revenue, percentage | 15% | 10% | ||||
Tornado related expenses | $ 381,676 | $ 381,676 | $ 780,941 | |||
Tornado asset writeoffs | 250,696 | 275,297 | ||||
Investments | $ 110,642 | 60,000 | $ 110,642 | 615,000 | ||
Portion of anticipated damage proceeds received | $ 687,283 | |||||
Additional insurance proceeds expected | $ 50,000 |
SCHEDULE OF OUTSTANDING LONG TE
SCHEDULE OF OUTSTANDING LONG TERM DEBT (Details) - USD ($) | Mar. 31, 2024 | Oct. 01, 2023 |
Debt Disclosure [Abstract] | ||
Loan principal outstanding | $ 3,889,008 | $ 4,271,521 |
Less: unamortized debt financing costs | (43,210) | (44,030) |
Gross long-term debt | 3,845,798 | 4,227,491 |
Less current portion of long-term debt, net of unamortized costs | (783,447) | (767,675) |
Long-term debt | $ 3,062,351 | $ 3,459,816 |
SCHEDULE OF MATURITIES OF LONG-
SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) - USD ($) | Mar. 31, 2024 | Oct. 01, 2023 |
Debt Disclosure [Abstract] | ||
2024 | $ 390,511 | |
2025 | 810,111 | |
2026 | 848,444 | |
2027 | 888,624 | |
2028 | 851,093 | |
thereafter | 100,225 | |
Total | $ 3,889,008 | $ 4,271,521 |
LONG-TERM DEBT (Details Narrati
LONG-TERM DEBT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 18, 2021 | Apr. 27, 2020 | Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | Oct. 01, 2023 | |
Short-Term Debt [Line Items] | ||||||||
Debt instrument, face amount | $ 3,530,000 | $ 3,530,000 | $ 3,830,000 | |||||
Long-term debt outstanding | 3,889,008 | 3,889,008 | $ 4,271,521 | |||||
Interest expense | 49,147 | $ 56,489 | 100,592 | $ 115,225 | ||||
Interest expense amortization | 1,472 | $ 1,472 | 2,944 | $ 2,944 | ||||
Aggieland Wild Animal [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Asset acquisition, purchase price | $ 7,100,000 | |||||||
Payments to acquire businesses, cash | $ 1,380,000 | |||||||
2021 Term Loan [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt instrument, issuance date | Jun. 18, 2021 | |||||||
Debt instrument, description | 2021 Refinancing | |||||||
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 outstanding | 1,250,000 | 1,250,000 | ||||||
Aggieland Seller Note [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt instrument, issuance date | Apr. 27, 2020 | |||||||
Debt instrument, face amount | $ 750,000 | |||||||
2020 Term Loan [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt instrument, description | 2020 Term Loan | |||||||
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 outstanding | $ 2,640,000 | $ 2,640,000 | ||||||
Incremental proceeds of long term debt | $ 903,222 | |||||||
Prepayment of 2020 term loan | $ 1,000,000 |
LINES OF CREDIT (Details Narrat
LINES OF CREDIT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Oct. 24, 2023 | Oct. 19, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Line of Credit Facility [Line Items] | ||||||
Interest expense | $ 49,147 | $ 56,489 | $ 100,592 | $ 115,225 | ||
Line of Credit Fee Amortization [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest expense | $ 1,250 | $ 0 | $ 2,500 | $ 0 | ||
Aggieland Wild Animal Texas [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit | $ 350,000 | |||||
Line of credit maturity date | Oct. 11, 2024 | |||||
Debt instrument effective percentage rate | 5.60% | |||||
Secured deposit | $ 350,000 | |||||
Debt instrument maturity date | Oct. 11, 2024 | |||||
Interest income rate that secures line of credit | 3.60% | |||||
Debt instrument origination fee | $ 500 | |||||
Wild Animal Georgia [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit | $ 450,000 | |||||
Line of credit maturity date | Oct. 24, 2024 | |||||
Debt instrument effective percentage rate | 7.75% | |||||
Secured deposit | $ 450,000 | |||||
Debt instrument maturity date | Nov. 13, 2024 | |||||
Interest income rate that secures line of credit | 5.25% | |||||
Debt instrument origination fee | $ 4,500 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||
Feb. 02, 2024 | Dec. 04, 2023 | Mar. 09, 2023 | Feb. 14, 2023 | Feb. 02, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | Oct. 01, 2023 | Nov. 14, 2022 | |
Stock based compensation | $ 75,836 | $ 65,000 | ||||||||||
Officers And Director [Member] | ||||||||||||
Percentage of outstanding common stock owned | 33.40% | 33.40% | ||||||||||
Brady Employment Agreement [Member] | ||||||||||||
Stock price | $ 0.37 | $ 0.39 | ||||||||||
Stock based compensation | $ 9,169 | $ 56,700 | $ 18,337 | $ 56,700 | ||||||||
Seven Directors [Member] | ||||||||||||
Annual compensation award to each director | $ 10,000 | $ 10,000 | ||||||||||
Stock price | $ 0.275 | $ 0.40 | ||||||||||
Shares issued for annual compensation award | 209,088 | 162,500 | ||||||||||
Compensation expense | $ 79,999 | 80,000 | ||||||||||
Stock based compensation | 57,499 | 65,000 | ||||||||||
Payment for cash | $ 22,500 | 15,000 | ||||||||||
Three Directors [Member] | ||||||||||||
Annual compensation award to each director | $ 10,000 | $ 10,000 | ||||||||||
Chief Executive Officer [Member] | Brady Employment Agreement [Member] | ||||||||||||
Number of shares | 128,205 | |||||||||||
Compensation award cost expense | $ 50,000 |
SIGNIFICANT TRANSACTIONS WITH_2
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Mar. 01, 2024 | Jan. 01, 2024 | Sep. 29, 2023 | Feb. 14, 2023 | Nov. 14, 2022 | Jun. 01, 2022 | Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | May 31, 2024 | Oct. 01, 2023 | May 31, 2023 | |
Related Party Transaction [Line Items] | |||||||||||||
Share based compensation | $ 75,836 | $ 65,000 | |||||||||||
Without Cause [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Severance compensation | 225,000 | ||||||||||||
Change in Control [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Severance compensation | 315,000 | ||||||||||||
Disability and Death [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Severance compensation | 132,500 | ||||||||||||
2022 Van Voorhis Employment Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, date | Jun. 01, 2022 | ||||||||||||
Initial base annual compensation | $ 50,000 | $ 100,000 | |||||||||||
Two Thousand Twenty Four White Employment Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, date | Jan. 01, 2024 | ||||||||||||
Initial base annual compensation | $ 95,000 | $ 90,000 | |||||||||||
Employee agreement term | 2 years | ||||||||||||
Brady Employment Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, date | Nov. 14, 2022 | ||||||||||||
Related party transaction, description of transaction | the 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 | 45,045 | 128,205 | 135,135 | ||||||||||
Share price | $ 0.39 | $ 0.37 | |||||||||||
Sign on bonus | $ 5,000 | ||||||||||||
Employee agreement term | 5 years | ||||||||||||
Share based compensation | $ 9,169 | $ 56,700 | $ 18,337 | $ 56,700 | |||||||||
Brady Employment Agreement [Member] | Common Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of shares, value | $ 50,000 | ||||||||||||
Brady Employment Agreement [Member] | Common Stock One [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of shares, value | 60,000 | ||||||||||||
Brady Employment Agreement [Member] | Common Stock Two [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of shares, value | 70,000 | ||||||||||||
Brady Employment Agreement [Member] | Common Stock Three [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of shares, value | $ 75,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Pre-tax income (loss) | $ 1,344,724 | $ 1,125,939 | $ 1,819,179 | $ 1,309,499 |
Income tax expense (benefit) | $ (344,400) | $ (279,800) | (449,600) | (310,400) |
Domestic Tax Jurisdiction [Member] | ||||
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Income tax expense (benefit) | (363,900) | (265,300) | ||
State and Local Jurisdiction [Member] | ||||
Effective Income Tax Rate Reconciliation [Line Items] | ||||
Income tax expense (benefit) | $ (85,700) | $ (45,100) |
SCHEDULE OF REVENUE BY REPORTIN
SCHEDULE OF REVENUE BY REPORTING SEGMENTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | Oct. 01, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | $ 1,958,200 | $ 1,875,465 | $ 3,855,825 | $ 3,736,844 | |
Income (loss) before income taxes | (1,344,724) | (1,125,939) | (1,819,179) | (1,309,499) | |
Depreciation and amortization | 218,593 | 209,449 | 441,796 | 426,633 | |
Loss on asset disposals, net | 21,337 | 30,584 | 35,754 | 30,584 | |
Contested proxy and related matters | 1,164,612 | 1,291,252 | |||
Tornado expenses and write-offs, net | 632,372 | 632,372 | |||
Other income, net | 34,026 | 31,666 | 69,913 | 61,279 | |
Interest expense | (49,147) | (56,489) | (100,592) | (115,225) | |
Total assets | 19,414,810 | 19,414,810 | $ 20,095,723 | ||
Segment Total [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Income (loss) before income taxes | 267,661 | 168,779 | 490,710 | 454,953 | |
Corporate Segment [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Income (loss) before income taxes | (192,722) | (397,490) | (510,408) | (620,917) | |
Total assets | 871,668 | 871,668 | 541,910 | ||
GEORGIA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | 1,048,944 | 1,050,455 | 2,288,954 | 2,389,596 | |
Income (loss) before income taxes | 185,645 | 187,533 | 551,487 | 655,140 | |
Total assets | 7,279,375 | 7,279,375 | 8,519,619 | ||
MISSOURI | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | 400,733 | 270,827 | 642,454 | 490,592 | |
Income (loss) before income taxes | 50,940 | (45,936) | (55,828) | (137,405) | |
Total assets | 3,215,174 | 3,215,174 | 3,335,794 | ||
TEXAS | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Total revenues | 508,523 | 554,183 | 924,417 | 856,656 | |
Income (loss) before income taxes | 31,076 | $ 27,182 | (4,949) | $ (62,782) | |
Total assets | $ 8,048,593 | $ 8,048,593 | $ 7,698,400 |