PARKS AMERICA, INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>PARKS AMERICA, INC. filed its quarterly report (10-Q) on May 14, 2024, detailing financial information for the period ending March 31, 2024.</b>

AI Summary

PARKS AMERICA, INC (PRKA) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. PARKS AMERICA, INC. filed a 10-Q report for the period ending March 31, 2024. The filing covers the fiscal quarter ending March 31, 2024. The company's principal business is classified under SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]. The company was formerly known as GREAT AMERICAN FAMILY PARKS INC, with a name change date of July 21, 2004. The filing was made on May 14, 2024.

Why It Matters

For investors and stakeholders tracking PARKS AMERICA, INC, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position as of the end of the first fiscal quarter of 2024. Understanding the details within this report is crucial for assessing the company's operational health, revenue streams, and any potential risks or opportunities in the amusement and recreation sector.

Risk Assessment

Risk Level: low — PARKS AMERICA, INC shows low risk based on this filing. The filing is a standard 10-Q, which typically contains routine financial disclosures and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Monitor future 10-Q filings for trends in revenue, net income, and debt levels to assess the company's growth trajectory and financial stability.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 7990 — SIC Code (Services-Miscellaneous Amusement & Recreation)
• 2004-07-21 — Date of Name Change (From GREAT AMERICAN FAMILY PARKS INC)

Key Players & Entities

• PARKS AMERICA, INC. (company) — Filer name
• GREAT AMERICAN FAMILY PARKS INC (company) — Former company name
• 7990 (other) — Standard Industrial Classification code
• NV (other) — State of incorporation
• GA (other) — State of business address
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial reporting period for the 10-Q
• 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position during the quarter.)

SIC Code

Standard Industrial Classification code, used to classify businesses. (Helps categorize Parks America, Inc. within the amusement and recreation industry.)

Filing Documents

• form10-q.htm (10-Q) — 803KB
• ex31-1.htm (EX-31.1) — 20KB
• ex31-2.htm (EX-31.2) — 21KB
• ex32-1.htm (EX-32.1) — 11KB
• 0001493152-24-019320.txt (&nbsp;) — 4185KB
• prka-20240331.xsd (EX-101.SCH) — 29KB
• prka-20240331_cal.xml (EX-101.CAL) — 46KB
• prka-20240331_def.xml (EX-101.DEF) — 123KB
• prka-20240331_lab.xml (EX-101.LAB) — 250KB
• prka-20240331_pre.xml (EX-101.PRE) — 192KB
• form10-q_htm.xml (XML) — 565KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION: Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

Signatures

Signatures 34 2 PARKS! AMERICA, INC. and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of March 31, 2024 (UNAUDITED) and October 1, 2023 March 31, 2024 October 1, 2023 ASSETS Cash $ 2,011,620 $ 4,098,387 Short-term investments 1,021,609 - Accounts receivable 6,239 36,172 Inventory 444,446 419,149 Prepaid expenses 980,738 558,678 Total current assets 4,464,652 5,112,386 Property and equipment, net 14,891,050 14,910,097 Intangible assets, net 38,199 52,331 Other assets 20,909 20,909 Total assets $ 19,414,810 $ 20,095,723 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Accounts payable $ 1,151,161 $ 79,352 Other current liabilities 494,057 571,343 Current portion of long-term debt, net 783,447 767,675 Total current liabilities 2,428,665 1,418,370 Long-term debt, net 3,062,351 3,459,816 Deferred tax liability, net 232,329 232,329 Total liabilities 5,723,345 5,110,515 Stockholders' equity Common stock; 300,000,000 shares authorized, at $ .001 par value; 75,726,851 and 75,517,763 shares issued and outstanding, respectively 75,727 75,518 Capital in excess of par 5,178,098 5,102,471 Retained earnings 8,437,640 9,807,219 Total stockholders' equity 13,691,465 14,985,208 Total liabilities and stockholders' equity $ 19,414,810 $ 20,095,723 The accompanying notes are an integral part of these consolidated financial statements. 3 PARKS! AMERICA, INC. and SUBSIDIARIES CONSOLIDATED For the Three Months and Six Months Ended March 31, 2024 and April 2, 2023 March 31, 2024 April 2,6 2023 March 31, 2024 April 2, 2023 For the three months ended For the six months ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Park revenues $ 1,924,240 $ 1,857,565 $ 3,733,474 $ 3,675,144 Sale of animals 33,960 17,900 122,351 61,700 Total revenues 1,958,200 1,875,465 3,855,825 3,736,844 Cost of sales 314

View Full Filing

View this 10-Q filing on SEC EDGAR