Cover
Cover - shares | 3 Months Ended | |
Dec. 31, 2023 | Feb. 10, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
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 ($) | Dec. 31, 2023 | Oct. 01, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 2,595,974 | $ 4,098,387 |
Short-term investments | 1,010,040 | |
Accounts receivable | 13,938 | 36,172 |
Inventory | 431,546 | 419,149 |
Prepaid expenses | 626,176 | 558,678 |
Total current assets | 4,677,674 | 5,112,386 |
Property and equipment, net | 14,900,272 | 14,910,097 |
Intangible assets, net | 41,203 | 52,331 |
Other assets | 20,909 | 20,909 |
Total assets | 19,640,058 | 20,095,723 |
Liabilities | ||
Accounts payable | 131,056 | 79,352 |
Other current liabilities | 558,510 | 571,343 |
Current portion of long-term debt, net | 773,383 | 767,675 |
Total current liabilities | 1,462,949 | 1,418,370 |
Long-term debt, net | 3,262,159 | 3,459,816 |
Deferred tax liability, net | 232,329 | 232,329 |
Total liabilities | 4,957,437 | 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 | 5,168,930 | 5,102,471 |
Retained earnings | 9,437,964 | 9,807,219 |
Total stockholders’ equity | 14,682,621 | 14,985,208 |
Total liabilities and stockholders’ equity | $ 19,640,058 | $ 20,095,723 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | 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 ($) | 3 Months Ended | |
Dec. 31, 2023 | Jan. 01, 2023 | |
Total revenues | $ 1,897,625 | $ 1,861,379 |
Cost of sales | 295,934 | 272,620 |
Selling, general and administrative | 1,822,968 | 1,526,012 |
Depreciation and amortization | 223,203 | 217,184 |
(Gain) loss on asset disposals, net | 14,417 | |
Loss from operations | (458,897) | (154,437) |
Other income, net | 35,887 | 29,613 |
Interest expense | (51,445) | (58,736) |
Loss before income taxes | (474,455) | (183,560) |
Income tax benefit | (105,200) | (30,600) |
Net loss | $ (369,255) | $ (152,960) |
Income (loss) per share - basic | $ 0 | $ 0 |
Income (loss) per share - diluted | $ 0 | $ 0 |
Weighted average shares outstanding (in 000's) - basic | 75,579 | 75,227 |
Weighted average shares outstanding (in 000's) - diluted | 75,579 | 75,227 |
Park [Member] | ||
Total revenues | $ 1,809,234 | $ 1,817,579 |
Animals [Member] | ||
Total revenues | $ 88,391 | $ 43,800 |
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 |
Balance at Oct. 02, 2022 | $ 75,227 | $ 4,987,762 | $ 10,290,957 | $ 15,353,946 |
Balance, shares at Oct. 02, 2022 | 75,227,058 | |||
Net loss | (152,960) | (152,960) | ||
Balance at Jan. 01, 2023 | $ 75,227 | 4,987,762 | 10,137,997 | 15,200,986 |
Balance, shares at Jan. 01, 2023 | 75,227,058 | |||
Balance at Oct. 01, 2023 | $ 75,518 | 5,102,471 | 9,807,219 | 14,985,208 |
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) | ||
Balance at Dec. 31, 2023 | $ 75,727 | $ 5,168,930 | $ 9,437,964 | $ 14,682,621 |
Balance, shares at Dec. 31, 2023 | 75,726,851 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Jan. 01, 2023 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (369,255) | $ (152,960) |
Reconciliation of net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 223,203 | 217,184 |
Interest expense - debt financing cost amortization | 2,722 | 1,472 |
Stock-based compensation | 66,668 | |
Loss (gain) loss on asset disposals | 14,417 | |
Changes in assets and liabilities | ||
(Increase) decrease in accounts receivable | 22,234 | 1,070 |
(Increase) decrease in inventory | (12,397) | (161) |
(Increase) decrease in prepaid expenses | (67,498) | (87,202) |
Increase (decrease) in accounts payable | 51,704 | (191,906) |
Increase (decrease) in other current liabilities | (12,833) | (168,717) |
Net cash used in operating activities | (81,035) | (381,220) |
INVESTING ACTIVITIES: | ||
Acquisition of property and equipment | (230,166) | (181,741) |
Investment in intangible assets | (5,466) | |
Proceeds from the disposition of property and equipment | 13,998 | |
Net cash used in investing activities | (216,168) | (187,207) |
FINANCING ACTIVITIES: | ||
Line-of-credit fees | (5,000) | |
Net cash used in financing activities | (195,170) | (181,621) |
Net decrease in cash | (492,373) | (750,048) |
Cash at beginning of period | 4,098,387 | 5,472,036 |
Cash at end of period | 3,606,014 | 4,721,988 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 48,906 | 57,073 |
Cash paid for income taxes | ||
2020 Term Loan [Member] | ||
FINANCING ACTIVITIES: | ||
Payments on Term Loan | (123,597) | (117,517) |
2021 Term Loan [Member] | ||
FINANCING ACTIVITIES: | ||
Payments on Term Loan | $ (66,573) | $ (64,104) |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Dec. 31, 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 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 | 3 Months Ended |
Dec. 31, 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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Financial and Concentrations Risk Fair Value As of December 31, 2023 and October 1, 2023, the fair value of our long-term debt was $ 3.68 3.83 Cash and Cash Equivalents Short-term Investments 1.01 Note 5: LINES OF CREDIT Accounts Receivable 13,938 36,172 Inventory 431,546 419,149 Prepaid Expenses SCHEDULE OF PREPAID EXPENSES December 31, 2023 October 1, 2023 Prepaid income taxes $ 374,347 $ 459,957 Prepaid insurance 250,296 86,921 Other prepaid expenses 1,533 11,800 Total prepaid expenses $ 626,176 $ 558,678 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Property and Equipment SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT December 31, 2023 October 1, 2023 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 2,941,958 2,941,958 7 25 Buildings and structures 3,812,223 3,812,223 10 39 Animal shelters and habitats 3,498,692 3,428,620 10 39 Park animals 1,291,580 1,279,080 5 25 Equipment - concession and related 524,828 509,078 3 15 Equipment and vehicles - yard and field 780,707 817,809 3 15 Vehicles - buses and rental 299,206 299,206 3 5 Rides and entertainment 172,154 172,154 5 7 Furniture and fixtures 27,160 27,160 5 10 Projects in process 314,638 212,248 Property and equipment, cost 20,328,616 20,165,006 Less accumulated depreciation (5,428,344 ) (5,254,909 ) Property and equipment, net $ 14,900,272 $ 14,910,097 Depreciation expense for the three months ended December 31, 2023 and January 1, 2023 totaled $ 220,200 212,700 Intangible Assets three ten years 3,003 4,484 Impairment of Long-Lived Assets Other Current Liabilities SCHEDULE OF OTHER CURRENT LIABILITIES December 31, 2023 October 1, 2023 Deferred revenue $ 173,557 $ 143,511 Accrued professional fees 145,232 59,638 Accrued compensation 92,119 177,868 Accrued sales taxes 35,458 46,718 Accrued property taxes 16,985 49,183 Other accrued liabilities 95,159 94,425 Other current liabilities $ 558,510 $ 571,343 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 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 $ 173,557 143,511 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 241,826 205,435 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) December 31, 2023 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 unrecognized tax benefits under guidance related to tax uncertainties. The Company does not anticipate the unrecognized tax benefits will significantly change in the next twelve months. Any tax penalties or interest expense will be recognized in income tax expense. No interest and penalties related to unrecognized tax benefits were accrued as of December 31, 2023 or October 1, 2023. 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 | 3 Months Ended |
Dec. 31, 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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 NOTE 3. TORNADO EXPENSES AND ASSET WRITE-OFFS (CONTINUED) For the year ended October 1, 2023, the Company incurred $ 780,941 275,297 The Company has also made capital investments of $ 615,000 31,500 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 | 3 Months Ended |
Dec. 31, 2023 | |
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 1.31 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 2.77 Interest expense of $ 51,445 58,736 1,472 1,472 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 NOTE 4. LONG-TERM DEBT (CONTINUED) The following table represents the aggregate of the Company’s outstanding long-term debt: SCHEDULE OF LONG TERM DEBT December 31, 2023 October 1, 2023 As of December 31, 2023 October 1, 2023 Loan principal outstanding $ 4,081,349 $ 4,271,521 Less: unamortized debt financing costs (45,807 ) (44,030 ) Gross long-term debt 4,035,542 4,227,491 Less current portion of long-term debt, net of unamortized costs (773,383 ) (767,675 ) Long-term debt $ 3,262,159 $ 3,459,816 As of December 31, 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 2024 $ 624,888 2025 810,136 2026 848,472 2027 888,654 2028 850,959 thereafter 58,240 Total $ 4,081,349 |
LINES OF CREDIT
LINES OF CREDIT | 3 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023, the Company had not made any borrowings against either of these lines of credit. Interest expense for the three month periods ended December 31, 2023 and January 1, 2023, includes $ 1,250 0 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Dec. 31, 2023 | |
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 | 3 Months Ended |
Dec. 31, 2023 | |
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 0 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 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 ($ 245,833 335,833 157,500 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8. INCOME TAXES For the three month period ended December 31, 2023, the Company reported a pre-tax loss of $ 474,455 105,200 97,500 7,700 183,560 30,600 40,400 9,800 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Dec. 31, 2023 | |
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. 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) December 31, 2023 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 3 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 January 1, 2023 For the three months ended December 31, 2023 January 1, 2023 Total revenues: Georgia $ 1,240,010 $ 1,339,141 Missouri 241,721 219,765 Texas 415,894 302,473 Consolidated $ 1,897,625 $ 1,861,379 Total revenues $ 1,897,625 $ 1,861,379 Income (loss) before income taxes: Georgia $ 365,842 $ 467,607 Missouri (106,768 ) (91,469 ) Texas (36,025 ) (89,964 ) Segment EBITDA 223,049 286,174 Corporate (444,326 ) (223,427 ) Depreciation and amortization 223,203 217,184 (Gain) loss on asset disposals, net 14,417 - Other income, net 35,887 29,613 Interest expense (51,445 ) (58,736 ) Consolidated $ (474,455 ) $ (183,560 ) Income (loss) before income taxes $ (474,455 ) $ (183,560 ) December 31, 2023 October 1, 2023 As of December 31, 2023 October 1, 2023 Total assets: Georgia $ 7,801,055 $ 8,519,619 Missouri 3,172,304 3,335,794 Texas 8,078,510 7,698,400 Corporate 588,189 541,910 Consolidated $ 19,640,058 $ 20,095,723 Total assets $ 19,640,058 $ 20,095,723 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 |
SPECIAL MEETING OF SHAREHOLDERS
SPECIAL MEETING OF SHAREHOLDERS AND CONTESTED PROXY | 3 Months Ended |
Dec. 31, 2023 | |
Special Meeting Of Shareholders And Contested Proxy | |
SPECIAL MEETING OF SHAREHOLDERS AND CONTESTED PROXY | NOTE 11. SPECIAL MEETING OF SHAREHOLDERS AND CONTESTED PROXY 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 (the “Purported Notice”) as to a demand that the Company hold a special meeting of stockholders (if held, including any adjournment, postponement or rescheduling thereof, the “Special Meeting”). Pursuant to the Purported Notice, the Special Meeting would be held for the purpose of asking stockholders to consider and vote upon a number of proposals, including a proposal for the removal of all directors currently serving on our Board and a proposal for the election of a new Board comprised entirely of Focused Compounding’s slate of three candidates. The Special Meeting is currently scheduled to be held on February 26, 2024. Stockholders of record at the close of business on February 8, 2024 are entitled to notice of and to vote at the Special Meeting. In addition, the Company’s Board of Directors has called an annual meeting of stockholders to be held on June 6, 2024 (the “2024 Annual Meeting”). At the 2024 Annual Meeting, stockholders will have an opportunity to, among other things, vote on the election of directors to the Board. Stockholders who wish to present a proposal for inclusion in the Company’s proxy statement for the 2024 Annual Meeting must ensure that the proposal is received by the Secretary of the Company at its principal executive offices at 1300 Oak Grove Road, Pine Mountain, Georgia 31822 no later than February 25, 2024 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12. SUBSEQUENT EVENTS The Company has analyzed its operations subsequent to December 31, 2023 to the date these financial statements were issued and has determined, except for matters disclosed in “NOTE 7. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES” and “NOTE 11. SPECIAL MEETING OF SHAREHOLDERS AND CONTESTED PROXY” no material subsequent events have occurred from the date of these unaudited consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 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 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Financial and Concentrations Risk | Financial and Concentrations Risk |
Fair Value | Fair Value As of December 31, 2023 and October 1, 2023, the fair value of our long-term debt was $ 3.68 3.83 |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Short-term Investments | Short-term Investments 1.01 Note 5: LINES OF CREDIT |
Accounts Receivable | Accounts Receivable 13,938 36,172 |
Inventory | Inventory 431,546 419,149 |
Prepaid Expenses | Prepaid Expenses SCHEDULE OF PREPAID EXPENSES December 31, 2023 October 1, 2023 Prepaid income taxes $ 374,347 $ 459,957 Prepaid insurance 250,296 86,921 Other prepaid expenses 1,533 11,800 Total prepaid expenses $ 626,176 $ 558,678 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Property and Equipment | Property and Equipment SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT December 31, 2023 October 1, 2023 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 2,941,958 2,941,958 7 25 Buildings and structures 3,812,223 3,812,223 10 39 Animal shelters and habitats 3,498,692 3,428,620 10 39 Park animals 1,291,580 1,279,080 5 25 Equipment - concession and related 524,828 509,078 3 15 Equipment and vehicles - yard and field 780,707 817,809 3 15 Vehicles - buses and rental 299,206 299,206 3 5 Rides and entertainment 172,154 172,154 5 7 Furniture and fixtures 27,160 27,160 5 10 Projects in process 314,638 212,248 Property and equipment, cost 20,328,616 20,165,006 Less accumulated depreciation (5,428,344 ) (5,254,909 ) Property and equipment, net $ 14,900,272 $ 14,910,097 Depreciation expense for the three months ended December 31, 2023 and January 1, 2023 totaled $ 220,200 212,700 |
Intangible Assets | Intangible Assets three ten years 3,003 4,484 |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Other Current Liabilities | Other Current Liabilities SCHEDULE OF OTHER CURRENT LIABILITIES December 31, 2023 October 1, 2023 Deferred revenue $ 173,557 $ 143,511 Accrued professional fees 145,232 59,638 Accrued compensation 92,119 177,868 Accrued sales taxes 35,458 46,718 Accrued property taxes 16,985 49,183 Other accrued liabilities 95,159 94,425 Other current liabilities $ 558,510 $ 571,343 PARKS! AMERICA, INC. and SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) December 31, 2023 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 $ 173,557 143,511 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 241,826 205,435 |
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) December 31, 2023 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 unrecognized tax benefits under guidance related to tax uncertainties. The Company does not anticipate the unrecognized tax benefits will significantly change in the next twelve months. Any tax penalties or interest expense will be recognized in income tax expense. No interest and penalties related to unrecognized tax benefits were accrued as of December 31, 2023 or October 1, 2023. |
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) | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF PREPAID EXPENSES | SCHEDULE OF PREPAID EXPENSES December 31, 2023 October 1, 2023 Prepaid income taxes $ 374,347 $ 459,957 Prepaid insurance 250,296 86,921 Other prepaid expenses 1,533 11,800 Total prepaid expenses $ 626,176 $ 558,678 |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT December 31, 2023 October 1, 2023 Depreciable Lives Land $ 6,389,470 $ 6,389,470 not applicable Mineral rights 276,000 276,000 25 Ground improvements 2,941,958 2,941,958 7 25 Buildings and structures 3,812,223 3,812,223 10 39 Animal shelters and habitats 3,498,692 3,428,620 10 39 Park animals 1,291,580 1,279,080 5 25 Equipment - concession and related 524,828 509,078 3 15 Equipment and vehicles - yard and field 780,707 817,809 3 15 Vehicles - buses and rental 299,206 299,206 3 5 Rides and entertainment 172,154 172,154 5 7 Furniture and fixtures 27,160 27,160 5 10 Projects in process 314,638 212,248 Property and equipment, cost 20,328,616 20,165,006 Less accumulated depreciation (5,428,344 ) (5,254,909 ) Property and equipment, net $ 14,900,272 $ 14,910,097 |
SCHEDULE OF OTHER CURRENT LIABILITIES | SCHEDULE OF OTHER CURRENT LIABILITIES December 31, 2023 October 1, 2023 Deferred revenue $ 173,557 $ 143,511 Accrued professional fees 145,232 59,638 Accrued compensation 92,119 177,868 Accrued sales taxes 35,458 46,718 Accrued property taxes 16,985 49,183 Other accrued liabilities 95,159 94,425 Other current liabilities $ 558,510 $ 571,343 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LONG TERM DEBT | The following table represents the aggregate of the Company’s outstanding long-term debt: SCHEDULE OF LONG TERM DEBT December 31, 2023 October 1, 2023 As of December 31, 2023 October 1, 2023 Loan principal outstanding $ 4,081,349 $ 4,271,521 Less: unamortized debt financing costs (45,807 ) (44,030 ) Gross long-term debt 4,035,542 4,227,491 Less current portion of long-term debt, net of unamortized costs (773,383 ) (767,675 ) Long-term debt $ 3,262,159 $ 3,459,816 |
SCHEDULE OF MATURITIES OF LONG-TERM DEBT | As of December 31, 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 2024 $ 624,888 2025 810,136 2026 848,472 2027 888,654 2028 850,959 thereafter 58,240 Total $ 4,081,349 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 3 Months Ended |
Dec. 31, 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 December 31, 2023 January 1, 2023 For the three months ended December 31, 2023 January 1, 2023 Total revenues: Georgia $ 1,240,010 $ 1,339,141 Missouri 241,721 219,765 Texas 415,894 302,473 Consolidated $ 1,897,625 $ 1,861,379 Total revenues $ 1,897,625 $ 1,861,379 Income (loss) before income taxes: Georgia $ 365,842 $ 467,607 Missouri (106,768 ) (91,469 ) Texas (36,025 ) (89,964 ) Segment EBITDA 223,049 286,174 Corporate (444,326 ) (223,427 ) Depreciation and amortization 223,203 217,184 (Gain) loss on asset disposals, net 14,417 - Other income, net 35,887 29,613 Interest expense (51,445 ) (58,736 ) Consolidated $ (474,455 ) $ (183,560 ) Income (loss) before income taxes $ (474,455 ) $ (183,560 ) December 31, 2023 October 1, 2023 As of December 31, 2023 October 1, 2023 Total assets: Georgia $ 7,801,055 $ 8,519,619 Missouri 3,172,304 3,335,794 Texas 8,078,510 7,698,400 Corporate 588,189 541,910 Consolidated $ 19,640,058 $ 20,095,723 Total assets $ 19,640,058 $ 20,095,723 |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) | 3 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of incorporation | Jul. 30, 1954 |
Incorporation state code | NV |
SCHEDULE OF PREPAID EXPENSES (D
SCHEDULE OF PREPAID EXPENSES (Details) - USD ($) | Dec. 31, 2023 | Oct. 01, 2023 |
Accounting Policies [Abstract] | ||
Prepaid income taxes | $ 374,347 | $ 459,957 |
Prepaid insurance | 250,296 | 86,921 |
Other prepaid expenses | 1,533 | 11,800 |
Total prepaid expenses | $ 626,176 | $ 558,678 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Oct. 01, 2023 | Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | $ 20,328,616 | $ 20,165,006 | |
Less accumulated depreciation | (5,428,344) | (5,254,909) | |
Property and equipment, net | 14,900,272 | 14,910,097 | |
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 | $ 2,941,958 | 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 | $ 3,812,223 | 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 | $ 3,498,692 | 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 | $ 1,291,580 | 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 | $ 524,828 | 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 | $ 780,707 | 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 | $ 299,206 | 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 | $ 314,638 | $ 212,248 |
SCHEDULE OF OTHER CURRENT LIABI
SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($) | Dec. 31, 2023 | Oct. 01, 2023 |
Accounting Policies [Abstract] | ||
Deferred revenue | $ 173,557 | $ 143,511 |
Accrued professional fees | 145,232 | 59,638 |
Accrued compensation | 92,119 | 177,868 |
Accrued sales taxes | 35,458 | 46,718 |
Accrued property taxes | 16,985 | 49,183 |
Other accrued liabilities | 95,159 | 94,425 |
Other current liabilities | $ 558,510 | $ 571,343 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |||
Dec. 31, 2023 | Jan. 01, 2023 | Oct. 01, 2023 | Feb. 01, 2005 | |
Property, Plant and Equipment [Line Items] | ||||
Long term debt | $ 3,680,000 | $ 3,830,000 | ||
Short term investments | 1,010,040 | |||
Accounts receivable | 13,938 | 36,172 | ||
Inventory | 431,546 | 419,149 | ||
Depreciation expenses | 220,200 | $ 212,700 | ||
Amortization of intangible assets | 3,003 | 4,484 | ||
Deferred revenue | 173,557 | $ 143,511 | ||
Advertising and marketing expense | $ 241,826 | $ 205,435 | ||
Stock options, number of shares authorized | 5,000,000 | |||
Stock options, number of shares grants | 0 | |||
Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Intangible assets amortization period | 3 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Intangible assets amortization period | 10 years |
TORNADO EXPENSES AND ASSET WR_2
TORNADO EXPENSES AND ASSET WRITE-OFFS (Details Narrative) - USD ($) | 12 Months Ended | |||
Oct. 01, 2023 | Dec. 31, 2023 | Mar. 27, 2023 | Mar. 26, 2023 | |
Tornado Expenses And Asset Write-offs | ||||
Annual revenue, percentage | 15% | 10% | ||
Tornado related expenses | $ 780,941 | |||
Tornado asset writeoffs | 275,297 | |||
Investments | 615,000 | $ 31,500 | ||
Portion of anticipated damage proceeds received | 687,283 | |||
Additional insurance proceeds expected | $ 50,000 |
SCHEDULE OF LONG TERM DEBT (Det
SCHEDULE OF LONG TERM DEBT (Details) - USD ($) | Dec. 31, 2023 | Oct. 01, 2023 |
Debt Disclosure [Abstract] | ||
Loan principal outstanding | $ 4,081,349 | $ 4,271,521 |
Less: unamortized debt financing costs | (45,807) | (44,030) |
Gross long-term debt | 4,035,542 | 4,227,491 |
Less current portion of long-term debt, net of unamortized costs | (773,383) | (767,675) |
Long-term debt | $ 3,262,159 | $ 3,459,816 |
SCHEDULE OF MATURITIES OF LONG-
SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) - USD ($) | Dec. 31, 2023 | Oct. 01, 2023 |
Debt Disclosure [Abstract] | ||
2024 | $ 624,888 | |
2025 | 810,136 | |
2026 | 848,472 | |
2027 | 888,654 | |
2028 | 850,959 | |
thereafter | 58,240 | |
Total | $ 4,081,349 | $ 4,271,521 |
LONG-TERM DEBT (Details Narrati
LONG-TERM DEBT (Details Narrative) - USD ($) | 3 Months Ended | |||||
Jun. 30, 2021 | Jun. 18, 2021 | Apr. 27, 2020 | Dec. 31, 2023 | Jan. 01, 2023 | Oct. 01, 2023 | |
Short-Term Debt [Line Items] | ||||||
Debt instrument, face amount | $ 3,680,000 | $ 3,830,000 | ||||
Long-term debt | 4,081,349 | $ 4,271,521 | ||||
Interest expense | 51,445 | $ 58,736 | ||||
Interest expense amortization | 1,472 | $ 1,472 | ||||
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 | 1,310,000 | |||||
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 | $ 2,770,000 | |||||
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 | |||
Oct. 24, 2023 | Oct. 19, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Line of Credit Facility [Line Items] | ||||
Interest expense | $ 51,445 | $ 58,736 | ||
Line Of Credit Fee Amortization [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest expense | $ 1,250 | $ 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 | |||
line of credit maturity date | 5.60% | |||
Secured deposit | $ 350,000 | |||
Debt instrument maturity date | Oct. 11, 2024 | |||
Debt instrument effective percentage | 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 | |||
line of credit maturity date | 7.75% | |||
Secured deposit | $ 450,000 | |||
Debt instrument maturity date | Nov. 13, 2024 | |||
Debt instrument effective percentage | 5.25% | |||
Debt instrument origination fee | $ 4,500 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||||||||||
Feb. 02, 2024 | Dec. 04, 2023 | Mar. 09, 2023 | Feb. 14, 2023 | Feb. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Apr. 02, 2023 | Jan. 01, 2023 | Oct. 01, 2023 | Nov. 14, 2022 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Stock based compensation | $ 66,668 | ||||||||||
Officers And Director [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Percentage of outstanding common stock owned | 33.40% | 33.40% | |||||||||
Brady Employment Agreement [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Stock price | $ 0.37 | $ 0.39 | |||||||||
Stock based compensation | $ 9,169 | $ 0 | |||||||||
Seven Directors [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Annual compensation award to each director | $ 10,000 | $ 10,000 | |||||||||
Stock price | $ 0.275 | $ 0.40 | |||||||||
Shares issued for annual compensation award | 162,500 | ||||||||||
Compensation expense | $ 79,999 | $ 80,000 | |||||||||
Stock based compensation | $ 57,499 | 65,000 | |||||||||
Payment for cash | $ 22,500 | 15,000 | |||||||||
Seven Directors [Member] | Subsequent Event [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Shares issued for annual compensation award | 209,088 | ||||||||||
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 | $ 10,000 | |||||||||
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 |
SIGNIFICANT TRANSACTIONS WITH_2
SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 01, 2024 | Jan. 01, 2024 | Sep. 29, 2023 | Feb. 14, 2023 | Nov. 14, 2022 | Jun. 01, 2022 | Dec. 31, 2023 | Jan. 01, 2023 | May 31, 2024 | Oct. 01, 2023 | May 31, 2023 | |
Related Party Transaction [Line Items] | |||||||||||
Share based compensation | $ 66,668 | ||||||||||
Without Cause [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Severance compensation | 245,833 | ||||||||||
Change in Control [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Severance compensation | 335,833 | ||||||||||
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 | $ 50,000 | $ 100,000 | |||||||||
Two Thousand Twenty Four White Employment Agreement [Member] | Subsequent Event [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 | $ 0 | |||||||||
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 | ||
Dec. 31, 2023 | Jan. 01, 2023 | Jan. 01, 2023 | |
Operating Loss Carryforwards [Line Items] | |||
Pre-tax income (loss) | $ 474,455 | $ 183,560 | $ 183,560 |
Income tax expense (benefit) | 105,200 | 30,600 | 30,600 |
Income tax expense (benefit) | (105,200) | $ (30,600) | (30,600) |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax expense (benefit) | (97,500) | (40,400) | |
Income tax expense (benefit) | 97,500 | 40,400 | |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax expense (benefit) | (7,700) | (9,800) | |
Income tax expense (benefit) | $ 7,700 | $ 9,800 |
SCHEDULE OF REVENUE BY REPORTIN
SCHEDULE OF REVENUE BY REPORTING SEGMENTS (Details) - USD ($) | 3 Months Ended | |||
Dec. 31, 2023 | Jan. 01, 2023 | Jan. 01, 2023 | Oct. 01, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | $ 1,897,625 | $ 1,861,379 | ||
Income (loss) before income taxes | (474,455) | (183,560) | $ (183,560) | |
Depreciation and amortization | 223,203 | 217,184 | ||
(Gain) loss on asset disposals, net | 14,417 | |||
Other income, net | 35,887 | 29,613 | ||
Interest expense | (51,445) | (58,736) | ||
Total assets | 19,640,058 | $ 20,095,723 | ||
Segment Total [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Income (loss) before income taxes | 223,049 | 286,174 | ||
Corporate Segment [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Income (loss) before income taxes | (444,326) | (223,427) | ||
Total assets | 588,189 | 541,910 | ||
GEORGIA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 1,240,010 | 1,339,141 | ||
Income (loss) before income taxes | 365,842 | 467,607 | ||
Total assets | 7,801,055 | 8,519,619 | ||
MISSOURI | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 241,721 | 219,765 | ||
Income (loss) before income taxes | (106,768) | (91,469) | ||
Total assets | 3,172,304 | 3,335,794 | ||
TEXAS | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 415,894 | 302,473 | ||
Income (loss) before income taxes | (36,025) | $ (89,964) | ||
Total assets | $ 8,078,510 | $ 7,698,400 |