Cover
Cover - shares | 9 Months Ended | |
Jul. 02, 2023 | Aug. 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 02, 2023 | |
Document Fiscal Period Focus | Q3 | |
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 | |
Trading Symbol | PRKA | |
Title of 12(g) Security | Common Stock | |
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 | 75,517,763 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 02, 2023 | Oct. 02, 2022 |
ASSETS | ||
Cash | $ 2,875,889 | $ 5,472,036 |
Accounts receivable | 673,956 | 4,405 |
Inventory | 469,343 | 541,986 |
Prepaid expenses | 760,078 | 170,782 |
Total current assets | 4,779,266 | 6,189,209 |
Property and equipment, net | 15,397,446 | 14,811,742 |
Intangible assets, net | 71,723 | 79,565 |
Other assets | 20,909 | 23,090 |
Total assets | 20,269,344 | 21,103,606 |
Liabilities | ||
Accounts payable | 139,372 | 267,567 |
Other current liabilities | 463,733 | 521,872 |
Current portion of long-term debt, net | 758,724 | 732,779 |
Total current liabilities | 1,361,829 | 1,522,218 |
Long-term debt, net | 3,654,738 | 4,227,442 |
Deferred tax liability, net | 270,895 | |
Total liabilities | 5,287,462 | 5,749,660 |
Stockholders’ equity | ||
Common stock; 300,000,000 shares authorized, at $.001 par value; 75,517,763 and 75,227,058 shares issued and outstanding, respectively | 75,518 | 75,227 |
Capital in excess of par | 5,102,471 | 4,987,762 |
Retained earnings | 9,803,893 | 10,290,957 |
Total stockholders’ equity | 14,981,882 | 15,353,946 |
Total liabilities and stockholders’ equity | $ 20,269,344 | $ 21,103,606 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 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 | 75,517,763 | 75,227,058 |
Common stock, shares outstanding | 75,517,763 | 75,227,058 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jul. 02, 2023 | Jul. 03, 2022 | |
Income Statement [Abstract] | ||||
Park revenues | $ 2,801,512 | $ 3,619,240 | $ 6,476,656 | $ 7,645,743 |
Sale of animals | 48,620 | 25,085 | 110,320 | 29,914 |
Total revenues | 2,850,132 | 3,644,325 | 6,586,976 | 7,675,657 |
Cost of sales | 374,131 | 461,086 | 929,632 | 1,086,763 |
Selling, general and administrative | 1,825,033 | 1,880,438 | 5,172,340 | 5,414,094 |
Depreciation and amortization | 222,124 | 192,575 | 648,757 | 578,225 |
Tornado expenses and write-offs, net | (268,776) | 363,596 | ||
Legal settlement | 100,000 | 100,000 | ||
(Gain) loss on disposal of operating assets | (11,160) | 30,584 | (29,160) | |
Income (loss) from operations | 697,620 | 1,021,386 | (557,933) | 525,735 |
Other income, net | 3,429 | 22,030 | 64,708 | 68,322 |
Interest expense | (54,514) | (65,804) | (169,739) | (202,475) |
Income (loss) before income taxes | 646,535 | 977,612 | (662,964) | 391,582 |
Income tax expense (benefit) | 134,500 | 258,900 | (175,900) | 146,500 |
Net income (loss) | $ 512,035 | $ 718,712 | $ (487,064) | $ 245,082 |
Income (loss) per share - basic | $ 0.01 | $ 0.01 | $ (0.01) | $ 0 |
Income (loss) per share - diluted | $ 0.01 | $ 0.01 | $ (0.01) | $ 0 |
Weighted average shares outstanding (in 000's) - basic | 75,444 | 75,168 | 75,314 | 75,146 |
Weighted average shares outstanding (in 000's) - diluted | 75,444 | 75,168 | 75,314 | 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 income 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 income loss | 245,082 | ||||
Ending balance, value at Jul. 03, 2022 | $ 75,227 | 4,987,762 | 9,808,548 | 14,871,537 | |
Balance, shares at Jul. 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 income 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 | ||||
Net income loss | 718,712 | 718,712 | |||
Ending balance, value at Jul. 03, 2022 | $ 75,227 | 4,987,762 | 9,808,548 | 14,871,537 | |
Balance, shares at Jul. 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 income 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 income loss | (487,064) | ||||
Ending balance, value at Jul. 02, 2023 | $ 75,518 | 5,102,471 | 9,803,893 | 14,981,882 | |
Balance, shares at Jul. 02, 2023 | 75,517,763 | ||||
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 income loss | (846,139) | (846,139) | |||
Issuance of common stock to Directors and an Officer | $ 163 | 64,837 | 65,000 | ||
Issuance of common stock, shares | 162,500 | ||||
Ending balance, value at Apr. 02, 2023 | $ 75,390 | 5,052,599 | 9,291,858 | 14,419,847 | |
Balance, shares at Apr. 02, 2023 | 75,389,558 | ||||
Net income loss | 512,035 | 512,035 | |||
Issuance of common stock to Directors and an Officer | $ 128 | 49,872 | 50,000 | ||
Issuance of common stock, shares | 128,205 | ||||
Ending balance, value at Jul. 02, 2023 | $ 75,518 | $ 5,102,471 | $ 9,803,893 | $ 14,981,882 | |
Balance, shares at Jul. 02, 2023 | 75,517,763 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jul. 02, 2023 | Jul. 03, 2022 | |
OPERATING ACTIVITIES: | ||
Net (loss) income | $ (487,064) | $ 245,082 |
Reconciliation of net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization expense | 648,757 | 578,225 |
Amortization of right of use asset | 154,831 | |
Interest expense - debt financing cost amortization | 4,416 | 4,416 |
Interest expense - financing lease | 8,043 | |
Stock-based compensation | 115,000 | 56,903 |
Deferred tax liability | 270,895 | |
Tornado asset write-offs | 271,424 | |
Loss (gain) loss on disposal of assets | 30,584 | (29,160) |
Changes in assets and liabilities | ||
(Increase) decrease in accounts receivable | (669,551) | 592 |
(Increase) decrease in inventory | 72,643 | (273,571) |
(Increase) decrease in prepaid expenses | (589,296) | (99,811) |
Increase (decrease) in accounts payable | (128,195) | 89,326 |
Increase (decrease) in other current liabilities | (58,139) | 57,780 |
Net cash (used in) provided by operating activities | (518,526) | 792,656 |
INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (1,520,980) | (1,488,020) |
Investment in tradenames | (5,466) | |
Proceeds from the disposition of property and equipment | 28,161 | |
Net cash used in investing activities | (1,526,446) | (1,459,859) |
FINANCING ACTIVITIES: | ||
Payments on 2020 Term Loan | (357,038) | (339,497) |
Payments on 2021 Term Loan | (194,137) | (186,936) |
Principal payments on finance lease obligation | (160,863) | |
Net cash used in financing activities | (551,175) | (687,296) |
Net decrease in cash | (2,596,147) | (1,354,499) |
Cash at beginning of period | 5,472,036 | 6,654,348 |
Cash at end of period | 2,875,889 | 5,299,849 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 165,863 | 198,839 |
Cash paid for income taxes | 125,000 | 260,000 |
Supplemental Disclosure of Noncash Investing and Financing Activities: | ||
Right of use asset obtained in exchange for finance lease liability | $ 464,492 |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Jul. 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 July 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 | 9 Months Ended |
Jul. 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) July 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fair Value Accounts Receivable 673,956 4,405 587,253 Inventory 469,343 541,986 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 July 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 2,980,253 2,797,694 7 25 Buildings and structures 3,801,962 3,922,106 10 39 Animal shelters and habitats 3,222,539 2,479,832 10 39 Park animals 1,347,265 1,247,777 5 25 Equipment - concession and related 523,342 464,988 3 15 Equipment and vehicles - yard and field 810,029 766,149 3 15 Vehicles - buses and rental 304,993 267,483 3 5 Rides and entertainment 177,155 106,247 5 7 Furniture and fixtures 27,160 28,694 5 10 Projects in process 591,133 808,526 Property and equipment, cost 20,451,301 19,554,966 Less accumulated depreciation (5,053,855 ) (4,743,224 ) Property and equipment, net $ 15,397,446 $ 14,811,742 Depreciation expense for the three months ended July 2, 2023 and July 3, 2022 totaled $ 217,640 192,300 635,306 574,400 Intangible Assets 4,484 275 13,451 825 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Impairment of Long-Lived Assets During the nine months period ended July 2, 2023 the Company recorded long-lived asset impairment charges of $ 271,424 Other Current Liabilities : The following is a breakdown of other current liabilities: SCHEDULE OF OTHER CURRENT LIABILITIES July 2, 2023 October 2, 2022 Deferred revenue $ 186,499 $ 193,912 Accrued wages and payroll taxes 83,732 122,265 Accrued sales taxes 65,766 49,123 Accrued property taxes 35,918 46,814 Other accrued liabilities 91,818 109,758 Other current liabilities $ 463,733 $ 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 $ 186,499 193,912 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 9: Business Segments PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Advertising and Marketing Costs 341,398 384,025 830,141 949,145 Leases Leases In October 2021, the Company entered 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 8,043 Stock Based Compensation A Stock Option and Award Plan (the “Plan”) providing for incentive stock options and performance bonus awards for executives, employees, and directors was approved by the Company’s Board of Directors on February 1, 2005, however, the Plan has not been submitted to the stockholders for approval. The Plan sets aside five million ( 5,000,000 no Income Taxes PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Income Taxes (continued): No Basic and Diluted Net Income (Loss) Per Share Basic and diluted net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the applicable weighted average number of common shares outstanding in each period. Dividend Policy Recent Accounting Pronouncements Credit Losses – Financial Instruments In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) Except as noted, the Company does not expect recently issued accounting standards or interpretations to have a material impact on the Company’s financial position, results of operations, cash flows or financial statement disclosures. |
TORNADO EXPENSES AND ASSET WRIT
TORNADO EXPENSES AND ASSET WRITE-OFFS | 9 Months Ended |
Jul. 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 nine month period ended July 2, 2023, the Company incurred $ 779,425 271,424 549,383 185,000 Management been working with its insurance providers regarding tornado damage related coverage and insurance proceeds totaling $ 687,253 587,253 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 2, 2023 |
LONG-TERM DEBT
LONG-TERM DEBT | 9 Months Ended |
Jul. 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 1.45 On July 27, 2020 5.0 5.0 July 27, 2031 53,213 62,375 903,222 1.0 3.01 Interest expense of $ 54,514 65,804 1,472 169,739 202,475 4,416 3,016 8,043 The following table represents the aggregate of the Company’s outstanding long-term debt: SCHEDULE OF OUTSTANDING LONG-TERM DEBT As of July 2, 2023 October 2, 2022 Loan principal outstanding $ 4,458,964 $ 5,010,136 Less: unamortized debt financing costs (45,502 ) (49,915 ) Gross long-term debt 4,413,462 4,960,221 Less current portion of long-term debt, net of unamortized costs and discount (758,724 ) (732,779 ) Long-term debt $ 3,654,738 $ 4,227,442 As of July 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 $ 187,452 2024 773,561 2025 810,137 2026 848,473 2027 888,654 thereafter 950,687 Total $ 4,458,964 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 2, 2023 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Jul. 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 53.8 |
SIGNIFICANT TRANSACTIONS WITH R
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES | 9 Months Ended |
Jul. 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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 2, 2023 NOTE 6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (CONTINUED) Employment Agreements (continued): Effective June 1, 2022 100,000 50,000 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 ($ 270,833 360,833 157,500 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Jul. 02, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7. INCOME TAXES For the nine month period ended July 2, 2023, the Company reported a pre-tax loss of $ 662,964 175,900 157,000 18,900 391,582 146,500 70,300 76,200 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jul. 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 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 vigorously defending this claim. 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) July 2, 2023 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 9 Months Ended |
Jul. 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 For the three months ended For the nine months ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Total revenues: Georgia $ 1,713,536 $ 2,517,848 $ 4,103,132 $ 5,166,869 Missouri 570,888 537,189 1,061,480 1,040,003 Texas 565,708 589,288 1,422,364 1,468,785 Consolidated $ 2,850,132 $ 3,644,325 $ 6,586,976 $ 7,675,657 Total revenues $ 2,850,132 $ 3,644,325 $ 6,586,976 $ 7,675,657 Income (loss) before income taxes: Georgia $ 629,989 $ 1,286,953 $ 1,130,854 $ 2,068,758 Missouri 94,662 76,589 (182,039 ) (498,443 ) Texas 12,512 (48,695 ) (213,366 ) (210,087 ) Segment total 737,163 1,314,847 735,449 1,360,228 Corporate (308,319 ) (193,461 ) (929,786 ) (734,493 ) Tornado expenses and write-offs, net (268,776 ) - 363,596 - Legal settlement - 100,000 - 100,000 Other income, net 3,429 22,030 64,708 68,322 Interest expense (54,514 ) (65,804 ) (169,739 ) (202,475 ) Consolidated $ 646,535 $ 977,612 $ (662,964 ) $ 391,582 Income (loss) before income taxes $ 646,535 $ 977,612 $ (662,964 ) $ 391,582 As of July 2, 2023 October 2, 2022 Total assets: Georgia $ 8,445,755 $ 9,402,877 Missouri 3,169,692 3,468,730 Texas 7,957,349 8,074,421 Corporate 696,548 157,578 Consolidated $ 20,269,344 $ 21,103,606 Total assets $ 20,269,344 $ 21,103,606 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Jul. 02, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 10. FAIR VALUE MEASUREMENTS As of July 2, 2023 and October 2, 2022, the fair value of our long-term debt was $ 4.03 million and $ 4.61 million, respectively. The measurement of the fair value of long-term debt is based upon inquiries of the financial institutions holding the respective loans and is considered a Level 2 fair value measurement. 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 | 9 Months Ended |
Jul. 02, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS The Company has analyzed its operations subsequent to July 2, 2023 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) | 9 Months Ended |
Jul. 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) July 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Fair Value | Fair Value |
Accounts Receivable | Accounts Receivable 673,956 4,405 587,253 |
Inventory | Inventory 469,343 541,986 |
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 July 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 2,980,253 2,797,694 7 25 Buildings and structures 3,801,962 3,922,106 10 39 Animal shelters and habitats 3,222,539 2,479,832 10 39 Park animals 1,347,265 1,247,777 5 25 Equipment - concession and related 523,342 464,988 3 15 Equipment and vehicles - yard and field 810,029 766,149 3 15 Vehicles - buses and rental 304,993 267,483 3 5 Rides and entertainment 177,155 106,247 5 7 Furniture and fixtures 27,160 28,694 5 10 Projects in process 591,133 808,526 Property and equipment, cost 20,451,301 19,554,966 Less accumulated depreciation (5,053,855 ) (4,743,224 ) Property and equipment, net $ 15,397,446 $ 14,811,742 Depreciation expense for the three months ended July 2, 2023 and July 3, 2022 totaled $ 217,640 192,300 635,306 574,400 |
Intangible Assets | Intangible Assets 4,484 275 13,451 825 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets During the nine months period ended July 2, 2023 the Company recorded long-lived asset impairment charges of $ 271,424 |
Other Current Liabilities | Other Current Liabilities : The following is a breakdown of other current liabilities: SCHEDULE OF OTHER CURRENT LIABILITIES July 2, 2023 October 2, 2022 Deferred revenue $ 186,499 $ 193,912 Accrued wages and payroll taxes 83,732 122,265 Accrued sales taxes 65,766 49,123 Accrued property taxes 35,918 46,814 Other accrued liabilities 91,818 109,758 Other current liabilities $ 463,733 $ 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 $ 186,499 193,912 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 9: Business Segments PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Advertising and Marketing Costs | Advertising and Marketing Costs 341,398 384,025 830,141 949,145 |
Leases | Leases Leases In October 2021, the Company entered 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 8,043 |
Stock Based Compensation | Stock Based Compensation A Stock Option and Award Plan (the “Plan”) providing for incentive stock options and performance bonus awards for executives, employees, and directors was approved by the Company’s Board of Directors on February 1, 2005, however, the Plan has not been submitted to the stockholders for approval. The Plan sets aside five million ( 5,000,000 no |
Income Taxes | Income Taxes PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) July 2, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Income Taxes (continued): No |
Basic and Diluted Net Income (Loss) Per Share | Basic and Diluted Net Income (Loss) Per Share Basic and diluted net income (loss) per share is computed by dividing net income (loss) available to common stockholders by the applicable weighted average number of common shares outstanding in each period. |
Dividend Policy | Dividend Policy |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Credit Losses – Financial Instruments In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) Except as noted, the Company does not expect recently issued accounting standards or interpretations to have a material impact on the Company’s financial position, results of operations, cash flows or financial statement disclosures. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Jul. 02, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT July 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 2,980,253 2,797,694 7 25 Buildings and structures 3,801,962 3,922,106 10 39 Animal shelters and habitats 3,222,539 2,479,832 10 39 Park animals 1,347,265 1,247,777 5 25 Equipment - concession and related 523,342 464,988 3 15 Equipment and vehicles - yard and field 810,029 766,149 3 15 Vehicles - buses and rental 304,993 267,483 3 5 Rides and entertainment 177,155 106,247 5 7 Furniture and fixtures 27,160 28,694 5 10 Projects in process 591,133 808,526 Property and equipment, cost 20,451,301 19,554,966 Less accumulated depreciation (5,053,855 ) (4,743,224 ) Property and equipment, net $ 15,397,446 $ 14,811,742 |
SCHEDULE OF OTHER CURRENT LIABILITIES | SCHEDULE OF OTHER CURRENT LIABILITIES July 2, 2023 October 2, 2022 Deferred revenue $ 186,499 $ 193,912 Accrued wages and payroll taxes 83,732 122,265 Accrued sales taxes 65,766 49,123 Accrued property taxes 35,918 46,814 Other accrued liabilities 91,818 109,758 Other current liabilities $ 463,733 $ 521,872 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 9 Months Ended |
Jul. 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 As of July 2, 2023 October 2, 2022 Loan principal outstanding $ 4,458,964 $ 5,010,136 Less: unamortized debt financing costs (45,502 ) (49,915 ) Gross long-term debt 4,413,462 4,960,221 Less current portion of long-term debt, net of unamortized costs and discount (758,724 ) (732,779 ) Long-term debt $ 3,654,738 $ 4,227,442 |
SCHEDULE OF MATURITIES OF LONG-TERM DEBT | As of July 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 $ 187,452 2024 773,561 2025 810,137 2026 848,473 2027 888,654 thereafter 950,687 Total $ 4,458,964 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 9 Months Ended |
Jul. 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 For the three months ended For the nine months ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Total revenues: Georgia $ 1,713,536 $ 2,517,848 $ 4,103,132 $ 5,166,869 Missouri 570,888 537,189 1,061,480 1,040,003 Texas 565,708 589,288 1,422,364 1,468,785 Consolidated $ 2,850,132 $ 3,644,325 $ 6,586,976 $ 7,675,657 Total revenues $ 2,850,132 $ 3,644,325 $ 6,586,976 $ 7,675,657 Income (loss) before income taxes: Georgia $ 629,989 $ 1,286,953 $ 1,130,854 $ 2,068,758 Missouri 94,662 76,589 (182,039 ) (498,443 ) Texas 12,512 (48,695 ) (213,366 ) (210,087 ) Segment total 737,163 1,314,847 735,449 1,360,228 Corporate (308,319 ) (193,461 ) (929,786 ) (734,493 ) Tornado expenses and write-offs, net (268,776 ) - 363,596 - Legal settlement - 100,000 - 100,000 Other income, net 3,429 22,030 64,708 68,322 Interest expense (54,514 ) (65,804 ) (169,739 ) (202,475 ) Consolidated $ 646,535 $ 977,612 $ (662,964 ) $ 391,582 Income (loss) before income taxes $ 646,535 $ 977,612 $ (662,964 ) $ 391,582 As of July 2, 2023 October 2, 2022 Total assets: Georgia $ 8,445,755 $ 9,402,877 Missouri 3,169,692 3,468,730 Texas 7,957,349 8,074,421 Corporate 696,548 157,578 Consolidated $ 20,269,344 $ 21,103,606 Total assets $ 20,269,344 $ 21,103,606 |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) | 9 Months Ended |
Jul. 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 ($) | Jul. 02, 2023 | Oct. 02, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, cost | $ 20,451,301 | $ 19,554,966 |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Land [Member] | |
Less accumulated depreciation | $ (5,053,855) | (4,743,224) |
Property and equipment, net | 15,397,446 | 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 | $ 2,980,253 | 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 | $ 3,801,962 | 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 | $ 3,222,539 | 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 | $ 1,347,265 | 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 | $ 523,342 | 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 | $ 810,029 | 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 | $ 304,993 | 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 | $ 177,155 | 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 | $ 27,160 | 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 | $ 591,133 | $ 808,526 |
SCHEDULE OF OTHER CURRENT LIABI
SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($) | Jul. 02, 2023 | Oct. 02, 2022 |
Accounting Policies [Abstract] | ||
Deferred revenue | $ 186,499 | $ 193,912 |
Accrued wages and payroll taxes | 83,732 | 122,265 |
Accrued sales taxes | 65,766 | 49,123 |
Accrued property taxes | 35,918 | 46,814 |
Other accrued liabilities | 91,818 | 109,758 |
Other current liabilities | $ 463,733 | $ 521,872 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 27, 2022 | Jul. 02, 2023 | Jul. 03, 2022 | Jul. 02, 2023 | Jul. 03, 2022 | Oct. 02, 2022 | Feb. 01, 2005 | |
Lessee, Lease, Description [Line Items] | |||||||
Accounts receivable | $ 673,956 | $ 673,956 | $ 4,405 | ||||
Accounts receivable insurance recovery proceeds | 587,253 | 587,253 | |||||
Inventory | 469,343 | 469,343 | 541,986 | ||||
Depreciation expenses | 217,640 | $ 192,300 | 635,306 | $ 574,400 | |||
Amortization of intangible assets | 4,484 | 275 | 13,451 | 825 | |||
Impairment charges of long-lived assets | 271,424 | ||||||
Deferred revenue | 186,499 | 186,499 | 193,912 | ||||
Advertising and marketing expense | 341,398 | 384,025 | 830,141 | 949,145 | |||
Financing lease interest expense | $ 3,016 | 8,043 | |||||
Amortization of right of use asset | $ 154,831 | ||||||
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 |
TORNADO EXPENSES AND ASSET WR_2
TORNADO EXPENSES AND ASSET WRITE-OFFS (Details Narrative) - USD ($) | 9 Months Ended | |||||
Jul. 24, 2023 | Jul. 02, 2023 | Jul. 03, 2022 | Oct. 01, 2023 | Mar. 27, 2023 | Mar. 26, 2023 | |
Subsequent Event [Line Items] | ||||||
Annual revenue, percentage | 15% | 10% | ||||
Tornado related expenses | $ 779,425 | |||||
Tornado asset writeoffs | 271,424 | |||||
Investments | 549,383 | |||||
Portion of anticipated damage proceeds received | $ 687,253 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Investments | $ 185,000 | |||||
Portion of anticipated damage proceeds received | $ 587,253 |
SCHEDULE OF OUTSTANDING LONG-TE
SCHEDULE OF OUTSTANDING LONG-TERM DEBT (Details) - USD ($) | Jul. 02, 2023 | Oct. 02, 2022 |
Debt Disclosure [Abstract] | ||
Loan principal outstanding | $ 4,458,964 | $ 5,010,136 |
Less: unamortized debt financing costs | (45,502) | (49,915) |
Gross long-term debt | 4,413,462 | 4,960,221 |
Less current portion of long-term debt, net of unamortized costs and discount | (758,724) | (732,779) |
Long-term debt | $ 3,654,738 | $ 4,227,442 |
SCHEDULE OF MATURITIES OF LONG-
SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) | Jul. 02, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 187,452 |
2024 | 773,561 |
2025 | 810,137 |
2026 | 848,473 |
2027 | 888,654 |
thereafter | 950,687 |
Total | $ 4,458,964 |
LONG-TERM DEBT (Details Narrati
LONG-TERM DEBT (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jun. 30, 2021 | Jun. 18, 2021 | Apr. 27, 2020 | May 31, 2021 | Jul. 02, 2023 | Jul. 03, 2022 | Jul. 02, 2023 | Jul. 03, 2022 | |
Short-Term Debt [Line Items] | ||||||||
Debt instrument periodic payment | $ 4,416 | $ 4,416 | ||||||
Long-term debt | $ 4,458,964 | 4,458,964 | ||||||
Interest expense debt | 54,514 | $ 65,804 | 169,739 | 202,475 | ||||
Interest expense debt financing cost amortization | 1,472 | 1,472 | 4,416 | 4,416 | ||||
Finance lease interest expense | $ 3,016 | $ 8,043 | ||||||
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 | |||||||
Debt instrument periodic payment | $ 26,480 | |||||||
Debt instrument, maturity date | Jun. 18, 2028 | |||||||
Debt instrument, fee amount | $ 1,514 | |||||||
Long-term debt | 1,450,000 | 1,450,000 | ||||||
2020 Term Loan [Member] | ||||||||
Short-Term Debt [Line Items] | ||||||||
Debt instrument, issuance date | Jul. 27, 2020 | |||||||
Debt instrument, face amount | $ 5,000,000 | |||||||
Debt instrument, interest rate | 5% | |||||||
Debt instrument periodic payment | $ 53,213 | |||||||
Debt instrument, maturity date | Jul. 27, 2031 | |||||||
Debt instrument, fee amount | $ 62,375 | |||||||
Long-term debt | $ 3,010,000 | $ 3,010,000 | ||||||
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 | 6 Months Ended | |||||||
Mar. 09, 2023 | Feb. 14, 2023 | Feb. 02, 2023 | Dec. 13, 2021 | Jul. 02, 2023 | Apr. 03, 2022 | Jan. 02, 2022 | Apr. 02, 2023 | Nov. 14, 2023 | |
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 July 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 | 53.80% | ||||||||
Brady Employment Agreement [Member] | |||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||
Stock price | $ 0.39 | ||||||||
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 | 9 Months Ended | 12 Months Ended | ||||||||
Feb. 14, 2023 | Nov. 14, 2022 | Jun. 01, 2022 | Jan. 01, 2022 | Jul. 02, 2023 | Apr. 02, 2023 | Apr. 03, 2022 | Jul. 02, 2023 | May 31, 2024 | May 31, 2023 | Nov. 14, 2023 | |
Related Party Transaction [Line Items] | |||||||||||
Number of shares, value | $ 50,000 | $ 65,000 | $ 56,903 | ||||||||
Without Cause [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Severance compensation | $ 270,833 | ||||||||||
Change in Control [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Severance compensation | 360,833 | ||||||||||
Disability and Death [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Severance compensation | $ 157,500 | ||||||||||
2022 Van Voorhis Employment Agreement [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party transaction, date | Jun. 01, 2022 | ||||||||||
Initial base annual compensation | $ 100,000 | ||||||||||
2022 Van Voorhis Employment Agreement [Member] | Forecast [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Initial base annual compensation | $ 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, value | $ 128 | $ 163 | $ 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, 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 | 9 Months Ended | ||
Jul. 02, 2023 | Jul. 03, 2022 | Jul. 02, 2023 | Jul. 03, 2022 | |
Operating Loss Carryforwards [Line Items] | ||||
Pre-tax income (loss) | $ 646,535 | $ 977,612 | $ (662,964) | $ 391,582 |
Income Tax Expense (Benefit) | $ 134,500 | $ 258,900 | (175,900) | 146,500 |
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Expense (Benefit) | (157,000) | 70,300 | ||
State of Georgia [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Expense (Benefit) | $ (18,900) | $ 76,200 |
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 | 9 Months Ended | |||
Jul. 02, 2023 | Jul. 03, 2022 | Jul. 02, 2023 | Jul. 03, 2022 | Oct. 02, 2022 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 2,850,132 | $ 3,644,325 | $ 6,586,976 | $ 7,675,657 | |
Income (loss) before income taxes | 646,535 | 977,612 | (662,964) | 391,582 | |
Tornado expenses and write-offs, net | (268,776) | 363,596 | |||
Legal settlement | 100,000 | 100,000 | |||
Other income, net | 3,429 | 22,030 | 64,708 | 68,322 | |
Interest expense | (54,514) | (65,804) | (169,739) | (202,475) | |
Total assets | 20,269,344 | 20,269,344 | $ 21,103,606 | ||
Georgia [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,713,536 | 2,517,848 | 4,103,132 | 5,166,869 | |
Income (loss) before income taxes | 629,989 | 1,286,953 | 1,130,854 | 2,068,758 | |
Total assets | 8,445,755 | 8,445,755 | 9,402,877 | ||
Missouri [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 570,888 | 537,189 | 1,061,480 | 1,040,003 | |
Income (loss) before income taxes | 94,662 | 76,589 | (182,039) | (498,443) | |
Total assets | 3,169,692 | 3,169,692 | 3,468,730 | ||
Texas [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 565,708 | 589,288 | 1,422,364 | 1,468,785 | |
Income (loss) before income taxes | 12,512 | (48,695) | (213,366) | (210,087) | |
Total assets | 7,957,349 | 7,957,349 | 8,074,421 | ||
Segment Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | 737,163 | 1,314,847 | 735,449 | 1,360,228 | |
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Income (loss) before income taxes | (308,319) | $ (193,461) | (929,786) | $ (734,493) | |
Total assets | $ 696,548 | $ 696,548 | $ 157,578 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($) $ in Thousands | Jul. 02, 2023 | Oct. 02, 2022 |
Fair Value Disclosures [Abstract] | ||
Long-Term Debt, Fair Value | $ 4,030 | $ 4,610 |