2023 Q4 Form 10-K Financial Statement

#000149315223044561 Filed on December 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $2.853M $9.440M $10.74M
YoY Change -6.93% -12.11% -9.45%
Cost Of Revenue $355.3K $1.285M $1.447M
YoY Change -1.29% -11.18% -2.86%
Gross Profit $2.498M $8.155M $9.295M
YoY Change -7.68% -12.26% -10.4%
Gross Profit Margin 87.55% 86.39% 86.53%
Selling, General & Admin $1.843M $7.015M $7.218M
YoY Change 2.16% -2.81% 24.06%
% of Gross Profit 73.77% 86.02% 77.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $235.7K $866.0K $766.9K
YoY Change 15.11% 12.92% 8.93%
% of Gross Profit 9.44% 10.62% 8.25%
Operating Expenses $2.078M $7.015M $7.218M
YoY Change 3.48% -2.81% 10.67%
Operating Profit $419.6K -$430.3K $1.201M
YoY Change -39.83% -135.84% -68.83%
Interest Expense -$52.66K $222.4K $261.6K
YoY Change -10.97% -14.99% -181.26%
% of Operating Profit -12.55% 21.79%
Other Income/Expense, Net $15.52K $80.23K $91.28K
YoY Change -32.37% -12.11% 77.83%
Pretax Income $90.54K -$572.4K $1.030M
YoY Change -85.82% -155.56% -72.01%
Income Tax $87.22K -$88.68K $302.8K
% Of Pretax Income 96.33% 29.39%
Net Earnings $3.330K -$483.7K $727.5K
YoY Change -99.31% -166.49% -74.0%
Net Earnings / Revenue 0.12% -5.12% 6.77%
Basic Earnings Per Share $0.00 -$0.01 $0.01
Diluted Earnings Per Share $0.00 -$0.01 $9.676K
COMMON SHARES
Basic Shares Outstanding 75.52M shares 75.37K shares 75.19M shares
Diluted Shares Outstanding 75.58K shares 75.37K shares 75.19K shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.098M $4.098M $5.472M
YoY Change -25.1% -25.1% -17.77%
Cash & Equivalents $4.098M
Short-Term Investments $1.010M
Other Short-Term Assets $558.7K $558.7K $170.8K
YoY Change 227.13% 227.13% -2.55%
Inventory $419.1K $419.2K $542.0K
Prepaid Expenses $558.7K
Receivables $36.17K $36.17K $4.410K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.112M $5.112M $6.189M
YoY Change -17.4% -17.4% -13.42%
LONG-TERM ASSETS
Property, Plant & Equipment $14.91M $14.91M $14.81M
YoY Change 0.66% 0.66% 7.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.91K $20.91K $23.09K
YoY Change -9.45% -9.44% 44.58%
Total Long-Term Assets $14.98M $14.98M $14.91M
YoY Change 0.46% 0.46% 7.81%
TOTAL ASSETS
Total Short-Term Assets $5.112M $5.112M $6.189M
Total Long-Term Assets $14.98M $14.98M $14.91M
Total Assets $20.10M $20.10M $21.10M
YoY Change -4.78% -4.78% 0.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.35K $79.35K $267.6K
YoY Change -70.34% -70.34% 20.85%
Accrued Expenses $427.8K $427.8K $328.0K
YoY Change 30.45% 30.45% 13.47%
Deferred Revenue $143.5K
YoY Change -25.99%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $767.7K $767.7K $732.8K
YoY Change 4.76% 4.76% 4.76%
Total Short-Term Liabilities $1.418M $1.418M $1.522M
YoY Change -6.82% -6.82% 4.82%
LONG-TERM LIABILITIES
Long-Term Debt $3.460M $3.460M $4.227M
YoY Change -18.16% -18.16% -14.77%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.460M $3.460M $4.227M
YoY Change -18.16% -18.16% -14.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.418M $1.418M $1.522M
Total Long-Term Liabilities $3.460M $3.460M $4.227M
Total Liabilities $5.111M $5.111M $5.750M
YoY Change -11.12% -11.12% -10.34%
SHAREHOLDERS EQUITY
Retained Earnings $9.807M
YoY Change -4.7%
Common Stock $75.52K
YoY Change 0.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.99M $14.99M $15.35M
YoY Change
Total Liabilities & Shareholders Equity $20.10M $20.10M $21.10M
YoY Change -4.78% -4.78% 0.58%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income $3.330K -$483.7K $727.5K
YoY Change -99.31% -166.49% -74.0%
Depreciation, Depletion And Amortization $235.7K $866.0K $766.9K
YoY Change 15.11% 12.92% 8.93%
Cash From Operating Activities $1.446M $927.5K $1.541M
YoY Change 93.3% -39.8% -53.43%
INVESTING ACTIVITIES
Capital Expenditures $31.39K $1.558M $1.839M
YoY Change -108.93% -15.31% -286.0%
Acquisitions
YoY Change
Other Investing Activities -$4.670K -$4.670K -$17.45K
YoY Change -89.76% -73.24% -160.21%
Cash From Investing Activities -$36.06K -$1.563M -$1.857M
YoY Change -90.92% -15.85% 93.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -187.4K -$738.6K -$866.2K
YoY Change 4.78% -14.73% -27.83%
NET CHANGE
Cash From Operating Activities 1.446M $927.5K $1.541M
Cash From Investing Activities -36.06K -$1.563M -$1.857M
Cash From Financing Activities -187.4K -$738.6K -$866.2K
Net Change In Cash 1.223M -$1.374M -$1.182M
YoY Change 609.98% 16.18% -202.93%
FREE CASH FLOW
Cash From Operating Activities $1.446M $927.5K $1.541M
Capital Expenditures $31.39K $1.558M $1.839M
Free Cash Flow $1.415M -$630.4K -$298.7K
YoY Change 28.67% 111.06% -106.95%

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CY2023 us-gaap Nature Of Operations
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<p id="xdx_800_eus-gaap--NatureOfOperations_zQzeh3DwXfz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1. <span id="xdx_821_z3991uIs0pR1">ORGANIZATION</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 park in Pine Mountain, Georgia (the “Georgia Park”). Wild Animal – Missouri owns and operates the Wild Animal Safari park located in Strafford, Missouri (the “Missouri Park”). Aggieland Wild Animal – Texas owns and operates the Aggieland Wild Animal Safari 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company was originally incorporated on <span id="xdx_90D_edei--EntityIncorporationDateOfIncorporation_c20221003__20231001_z0VnFRvRz1n5" title="Date of incorporation">July 30, 1954</span> as Painted Desert Uranium &amp; Oil Co., Inc. in Washington State. On October 1, 2002, Painted Desert Uranium &amp; Oil Co., Inc. changed its name to Royal Pacific Resources, Inc. and its corporate domicile to the State of <span id="xdx_90E_edei--EntityIncorporationStateCountryCode_c20221003__20231001_zNBgOxU62hqg" title="Incorporation state code">Nevada</span>. On December 19, 2003, Royal Pacific Resources, Inc. acquired the assets of Great Western Parks LLC pursuant to a Share Exchange Agreement that resulted in the Company assuming control and changing the corporate name to Great American Family Parks, Inc. The acquisition was accounted for as a reverse acquisition in which Great Western Parks was considered the acquirer of Royal Pacific Resources for reporting purposes. On June 11, 2008, the Company changed its name from Great American Family Parks, Inc. to Parks! America, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1954-07-30
CY2023 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
CY2022 us-gaap Amortization Of Intangible Assets
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023 us-gaap Use Of Estimates
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<p id="xdx_844_eus-gaap--UseOfEstimates_z2u7RRYgsxDk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zxpAO717ErP3">Estimates and Assumptions</span>: </i></b>Management uses estimates and assumptions in preparing financial statements in accordance with GAAP. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Fiscal Period
FiscalPeriod
<p id="xdx_84C_eus-gaap--FiscalPeriod_zcgib6Aa68zl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zwITATb173ah">Fiscal Year End</span>: </i></b>The Company’s fiscal year-end is the Sunday closest to September 30, and its quarterly close dates are also determined by the Sunday closest to the end of each quarterly reporting period. For the 2023 fiscal year, October 1 was the closest Sunday, and for the 2022 fiscal year, October 2 was the closest Sunday. This fiscal calendar aligns the Company’s fiscal periods closely with the seasonality of its business. The high season typically ends after the Labor Day holiday weekend. The period from October through early March is geared towards maintenance and preparation for the next busy season, which typically begins in the latter half of March through early September.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_845_eus-gaap--ConcentrationRiskCreditRisk_zfR8O4jM4d84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_z3xhYak4Bwob">Financial and Concentrations Risk</span>: </i></b>The Company does not have any concentration or related financial credit risks. The Company maintains its cash in bank deposit accounts, which at times may exceed federally insured limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PARKS! AMERICA, INC. and SUBSIDIARIES</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 1, 2023</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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0 shares
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CY2023Q4 us-gaap Investments
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CY2023Q4 us-gaap Long Term Debt Noncurrent
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CY2022 us-gaap Legal Fees
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2023Q4 us-gaap Long Term Debt
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
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On February 2, 2023, the Company declared its annual compensation award to seven directors for their service on the Board of Directors. Seven directors were awarded $10,000 each and three directors received a total of $10,000 for serving as committee chairpersons and as a non-employee officer, with such compensation to be paid all in shares of the Company’s common stock, all in cash or a combination thereof, at each director’s election. Five directors elected to receive all shares, one director elected to receive 60% in shares and 40% in cash, and one director elected all cash. Based on the closing stock price of $0.40 per share on February 2, 2023, a total of 162,500 shares were issued on March 9, 2023. The total compensation award cost of $80,000 was reported as an expense in the three month period ended April 2, 2023
CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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0.004 pure
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prka-20231001_cal.xml Edgar Link unprocessable
prka-20231001_def.xml Edgar Link unprocessable
prka-20231001_pre.xml Edgar Link unprocessable
prka-20231001_lab.xml Edgar Link unprocessable
form10-k_htm.xml Edgar Link completed