What changed in this filing

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Item 1. Business

2025-12-12 compared with 2024-12-13 · 156 added, 51 removed, 43 unchanged (83% of the section changed)

America, Inc., through our wholly owned subsidiaries, owns and operates three regional safari parks and is in the business of acquiring,

developing and operating local and regional entertainment assets in the United States.

Our 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

We acquired our Georgia Park on June 13, 2005, our Missouri Park on March 5, 2008, and our Texas Park on April 27, 2020.

parks are open year round, but experience increased seasonal attendance, typically beginning in the latter half of March through early

Combined third and fourth quarter park revenues were 61.4% and 60.4% of annual park revenues for our 2024 and 2023 fiscal

years, respectively.

of our common stock trade on the OTC Markets Group OTCPink marketplace (“OTCPink”) under the symbol, “PRKA.”

an overview of our business operations, see MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

2005, we entered our current business with the purchase of an animal attraction in Pine Mountain, Georgia.

In 2008, the Company adopted

its current name “Parks!

America” and its current stock symbol “PRKA.” Parks!

America is domiciled in the state

of Nevada and its headquarters is in Pine Mountain, Georgia.

The Company’s shares trade on the OTCPink.

Company maintains a website at www.animalsafari.com.

Information included on the Company’s website is not incorporated by reference

into this Form 10-K.

used in this Annual Report on Form 10-K, references to the “Company”, “we”, “our”, “Parks!

America” and similar terms refer to Parks!

America, Inc.

and its wholly owned subsidiaries.

Our fiscal year ends on the Sunday

closest to September 30.

Other terms that are commonly used in this Annual Report on Form 10-K are defined as follows:

Term Loan” – Term loan credit agreement, dated as of April 27, 2020, between the Company

and First Financial Bank.

Term Loan” – Term loan credit agreement, dated as of June 18, 2021, between the Company

and Synovus Bank.

Term Loan” – Term loan credit agreement, dated as of September 30, 2024, between the Company

and Cendera Bank N.A.

EBITDA” – Net income (loss)

appearing on the Consolidated Statements of Operations net of Income tax expense/(benefit), Interest expense, Depreciation and amortization

and other significant items.

net income (loss)” – Net

income (loss) appearing on the Consolidated Statements of Operations excluding significant non-recurring or non-operational items.

Adjusted net income (loss) is also presented on a diluted per share basis.

Quarter 2025” – The 13 weeks

ended December 29, 2024.

Quarter 2024” – The 13 weeks

ended December 31, 2023.

2026” – The 52 weeks ending

September 27, 2026.

2025” – The 52 weeks ended

September 28, 2025.

2024” – The 52 weeks ended

September 29, 2024.

– Accounting principles generally accepted in the United States.

“Reverse/Forward Stock Split” –

1-for-500 reverse stock split immediately followed by 5-for-1 forward stock split effective on April 30, 2025.

Quarter 2025” – The 13 weeks

ended March 30, 2025.

– The United States Securities and Exchange Commission.

Quarter 2025” – The 13 weeks ended June 29, 2025.

America, Inc.

owns and operates 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”) acquired on June 13,2005, Wild Animal, Inc., a Missouri corporation

(“Wild Animal – Missouri”) acquired on March 5, 2008, and Aggieland-Parks, Inc., a Texas corporation (“Aggieland

Wild Animal – Texas”) acquired on April 27, 2020.

Animal – Georgia owns and operates a 500-acre safari park located in Pine Mountain, Georgia (the “Georgia Park”).

Animal – Missouri owns and operates a 255-acre safari park located in Strafford, Missouri (the “Missouri Park”).

Wild Animal – Texas owns and operates a 450-acre safari park located near Bryan/College Station, Texas (the “Texas Park”).

of the parks is overseen by a general manager and operates autonomously.

Management reviews operating results, evaluates performance

and makes operating decisions, including allocating resources, on a park-by-park basis.

Discrete financial information and operating

results are prepared at the individual park level for use by the President and CEO, who is the Chief Operating Decision Maker

identify our operating segments to be the individual parks:

Georgia Park, Missouri Park and Texas Park.

We have determined that each

of our operating segments share similar economic and other qualitative characteristics, but quantitative measures require the results

of our operating segments to be reported as three reportable segments.

Each of our three parks are located

The parks are local attractions in that guests usually drive less than one hour out of their way to visit us.

tend to be residents living within 100 miles of our parks, tourists staying within 100 miles of our parks and tourists driving on a road

near our parks.

Park guests are groups, almost never individuals and most often families, who seek away-from-home entertainment within

driving distance.

Management does not believe we compete with in-home entertainment or solo activities and therefore, the market is away-from-home

activity seekers within driving distance of our parks.

Nearby attractions can be either “complements” to our parks or “substitutes”

for our parks.

Nearby attractions (such as Callaway Gardens and Great Wolf Lodge near our Georgia Park) increase our attendance

because some guests of those attractions visit our parks as part of the same trip.

Animal Safari, Inc.

– Our Georgia Park

– Georgia Park

June 13, 2005, Wild Animal – Georgia acquired our Georgia Park.

10 unchanged sentences

section of the park, the walkabout adventure zoo.

– Our Missouri Park

– Missouri Park

March 5, 2008, Wild Animal – Missouri acquired our Missouri Park.

11 unchanged sentences

Aggieland-Parks,

– Our Texas Park

April 27, 2020, Aggieland Wild Animal – Texas acquired our Texas Park.

Our Texas Park is situated on 250 acres of a 450-acre property,

located approximately 25 miles northeast of Bryan/College Station, Texas and 120 miles northwest of downtown Houston.

On April 27, 2020, Aggieland

Wild Animal – Texas acquired our Texas Park.

Our Texas Park is situated approximately 25 miles northeast of Bryan/College Station, Texas and 120

miles northwest of downtown Houston on 250 acres of a 450-acre property.

Our Texas Park

features a two-and-a-half mile drive-through animal viewing area that opened in 2019.

It is home to approximately 600 animals, birds

and reptiles, comprised of approximately 80 species.

Most of the animals roam wild throughout a natural habitat.

Visitors can observe,

photograph and feed the animals along a crushed-gravel road that runs through the drive-through section of our Texas Park’s natural

habitat area.

Some animals are contained in special fenced-in exhibit areas within the drive-through section of our Texas Park, while

others are in a more traditional zoo-like walk through section of the park, the Walkabout Adventure Zoo.

features a two-and-a-half mile drive-thru safari and a 20-acre walkthrough adventure zoo that opened in 2019.

home to approximately 600 animals, comprised of approximately 80 species.

Animals in the drive-through safari roam in an open

natural habitat where visitors can observe, photograph and feed the animals along a crushed-gravel road.

In addition, some animals

are contained in special fenced-in exhibit areas within the drive-through portion of our Texas Park.

The walkthrough adventure zoo

is home to a variety of species within more traditional zoo enclosures for guest viewing, and a select number of experience style

exhibits for guest engagement.

Park Operations

revenues are primarily derived from admission fees, sales of animal food, animal encounters, vehicle rentals, gift shop and specialty

item sales, and food and beverage sales.

addition to the animal environments, each of our parks contains a gift shop, a restaurant or concessions areas, and picnic areas.

sell food and beverages in our restaurants or concession areas, and a variety of items in our gift shops, including shirts, hats, plush,

educational books, toys and novelty items, many of which are animal themed.

Approximately

98% of our revenue is generated from guests who visit our parks and approximately 2% is derived from payments

made by buyers of our animals.

revenues are derived primarily from admission fees, as well as sales of animal food, animal encounters, vehicle rentals,

gift shop and specialty item retail sales and food and beverage sales.

addition to the animal environments, each of our parks has a gift shop, a restaurant or concessions areas and picnic areas.

sell food and beverages in our restaurant or concession areas, and a variety of items in our gift shops, including shirts, hats,

plush toys, educational books, toys and novelty items, many of which are animal themed.

of the animals at each of our parks have been born on-site or domestically acquired.

13 unchanged sentences

standard of animal care and has passed all recent inspections.

Georgia Park has approximately 20 full-time employees and engages 24-40 additional part-time and seasonal employees.

Our Missouri Park

has approximately 12 full-time employees and engages 8-12 additional part-time and seasonal employees.

Our Texas Park has approximately

11 full-time employees and engages 15-20 additional part-time and seasonal employees.

We have no collective bargaining agreements with

our employees and believe our relations with our employees are good.

entered our current business in 2005 with the purchase of an animal attraction located in Pine Mountain, Georgia.

Company adopted its current name “Parks!

America” and its current stock symbol “PRKA.” Parks!

domiciled in the state of Nevada and its headquarters is in Pine Mountain, Georgia.

to and on May 1, 2025, the Company’s common stock traded on the OTC Pink Market.

Effective May 2, 2025, the Company’s

common stock began and continues to be traded on the OTCQX Market.

As a result of the Reverse/Forward Stock Split, effective on

April 30, 2025, the Company’s common stock was traded on a post-split basis under the symbol “PRKAD” for 20

trading days, including the effective date, after which it reverted to “PRKA.”

Company competes for discretionary spending with all aspects of the recreation industry within its primary market areas, including other

destination and regional attractions.

The Company also competes with other forms of entertainment and recreational activities, including

movies and sporting events, vacation travel and family entertainment centers.

The principal competitive factors in the amusement park

industry include the uniqueness and perceived quality of the attractions in a particular park, proximity to metropolitan areas, the atmosphere

and cleanliness of the park, and the quality and variety of the entertainment available.

parks are open year-round and we experience increased seasonal attendance, typically beginning in the latter half of March through

early September, and historically have realized a significant portion of our annual park revenue during our third and fourth fiscal

We generated approximately 64.0% and 61.4% of our annual park revenue in the third and fourth fiscal quarters of

Fiscal 2025 and Fiscal 2024, respectively.

and Promotion

Company attracts its guests through multichannel marketing and promotional programs at each of the parks, which are designed to increase

market penetration.

These programs are tailored to each market to maximize the impact of specific park attractions.

Capital Management

employ approximately 50 full-time employees and an additional 50-75 part-time and/or seasonal employees.

We have no collective bargaining

agreements with our employees and management believes it maintains good relations with our employees.

website address is www.parksamerica.com .

References to www.parksamerica.com do not constitute incorporation by

reference of the information at www.parksamerica.com , and such information is not part of this Annual Report on Form 10-K or

any other filings with the SEC, unless otherwise explicitly stated.

We file our Annual Report on Form 10-K, Quarterly Reports on

Form 10-Q and Current Reports on Form 8-K, and all amendments to those reports, as well as proxy and information statements,

electronically with the SEC, and they are available on the SEC’s website at ( www.sec.gov ).

We also make our

Annual Reports on Form 10-K, Quarterly Reports on 10-Q, Current Reports on Form 8-K and amendments to those reports available

through the Investor Relations section of our website, free of charge, as soon as reasonably practicable after we file such material

with, or furnish it to, the SEC.

Code of Conduct, Bylaws and Insider Trading Policy are available within the “Governance” section of website at www.parkasmerica.com

about our Executive Officers

following table sets forth information regarding our executive officers.

and Chief Executive Officer

Financial Officer

Gannon has served as a director of the Company since June 6, 2024, and as its President and Chief Executive Officer since June 14,

Since 2020, Mr.

Gannon is a Co-founder and Portfolio Manager of the Focused Compounding Fund (which owns 41.27% of our common stock)

and since 2018 is a Co-founder and Portfolio Manager of Focused Compounding Capital Management (which is the general partner of the Focused

Compounding Fund).

From 2005 to 2018, Mr.

Gannon was primarily

employed in writing at various sites and hosting various podcasts on value investing.

He continues to do both .

He has no relation

to John Gannon, who until February 29, 2024 was a director of the Company.

McGraw has served as the Chief Financial Officer of the Company since January 13, 2025.

Prior to joining the Company, she served

at Lands’ End, Inc.

from November 2020 to December 2024 as Assistant Controller – SEC Reporting and from November 1994

to September 2005 in various accounting and treasury managerial roles and from

October 2005 to October 2020 as Controller for the largest wholesale distributor of wine, distilled spirits, beer and non-alcoholic

beverages in the State of Wisconsin.

She started her career in public accounting working for McGladrey and Pullen and is a Certified

Public Accountant.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business