PARKS AMERICA, INC

Previous wording

All share and per share information contained in this Quarterly Report gives effect to the Reverse/Forward Stock Split that became effective on April 30, 2025.

Current wording

All prior period share and per share information contained in this Quarterly Report gives effect to the Reverse/Forward Stock Split that became effective on April 30, 2025.

Previous wording

We engaged legal counsel specializing in activist stockholder matters, as well as several other consultants, during this proxy contest and for the fiscal year ended September 29, 2024, we incurred $2,040,810 of associated expenses, net. We have been engaged in discussions with our directors and officers insurance carrier regarding potential insurance coverage related to the expenses associated with the contested proxy and related matters. During the 13 weeks ending March 30, 2025, we received approximately $567,100 of insurance proceeds under our directors and officers insurance, which we used to pay certain bills associated with the contested proxy and related matters. As of March 30, 2025, we had approximately $360,500 of unpaid bills associated with the contested proxy and related matters. See Note 3,Contested Proxy and Related Matters, of the Notes to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.

Current wording

We engaged legal counsel specializing in activist stockholder matters, as well as several other consultants, during this proxy contest. During Fiscal 2024, we incurred $2,040,810 of contested proxy and related matter expenses, net. We received $567,157 of insurance proceeds under our directors and officers insurance related to this matter during First Quarter 2025. These proceeds were used to pay certain legal bills associated with the contested proxy and related matters. As of June 29, 2025, total accounts payable include approximately $6,500 of unpaid bills associated with the contested proxy and related matters. See Note 3,Contested Proxy and Related Matters, to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.

Previous wording

At the annual shareholder meeting held on March 7, 2025, the stockholders voted to approve the amendments to the Company’s Amended and Restated Articles of Incorporation to effect a 1 for 500 reverse stock split of the Company’s common stock followed immediately by an amendment to the Company’s Restated Articles of Incorporate to effect a 5 for 1 forward stock split of the Company’s Common Stock, herein referred to as the “Reverse/Forward Stock Split”.

Current wording

At the annual shareholder meeting held on March 7, 2025, the stockholders voted to approve the amendments to the Company’s Articles of Incorporation to effect a 1 for 500 reverse stock split of the Company’s common stock followed immediately by an amendment to the Company’s Restated Articles of Incorporation to effect a 5 for 1 forward stock split of the Company’s Common Stock, herein referred to as the “Reverse/Forward Stock Split”.

Previous wording

The immediate goal of the Reverse/Forward Stock Split is to reduce excessive administrative costs associated with having a disproportionately large number of stockholders who own relatively few shares.

Current wording

The immediate goal of the Reverse/Forward Stock Split was to reduce excessive administrative costs associated with having a disproportionately large number of stockholders who owned relatively few shares.

Previous wording

Prior to and on May 1, 2025, the Company’s common stock was traded on the OTCPink market. Effective May 2, 2025, the Company’s common stock is traded on the OTCQX market. As a result of the Reverse/Forward Stock Split, the Company’s common stock will trade on a post-split basis under the symbol “PRKAD” for 20 trading days, including the effective date of April 30, 2025, after which it will revert to “PRKA.”

Current wording

Prior to and on May 1, 2025, the Company’s common stock was traded on the OTCPink market. Effective May 2, 2025, the Company’s common stock is traded on the OTCQX market. As a result of the Reverse/Forward Stock Split, the Company’s common stock traded on a post-split basis under the symbol “PRKAD” for 20 trading days, including the effective date of April 30, 2025, after which it reverted to “PRKA.”

Previous wording

No fractional shares will be issued in connection with the Reverse/Forward Stock Split. Instead, the Company will pay cash (without interest) to any stockholder who would be entitled to receive a fractional share as a result of the Reverse/Forward Stock Split:

Current wording

No fractional shares will be issued in connection with the Reverse/Forward Stock Split. Instead, the Company paid cash (without interest) to any stockholder who would be entitled to receive a fractional share as a result of the Reverse/Forward Stock Split:

Previous wording

Consolidated and Segment Results of Operations for Second Quarter 2025 as Compared to Second Quarter 2024

Current wording

Consolidated and Segment Results of Operations for Third Quarter 2025 as Compared to Third Quarter 2024

Previous wording

We manage our operations on an individual park location basis. Discrete financial information is maintained for each park and provided to our President, as Chief Operating Decision Maker (“CODM”), for review and as a basis for decision making. The primary performance measures used by the CODM to allocate resources is segment income/(loss), defined as park earnings before interest, tax, depreciation and amortization, as well as free cash flow. We use segment income/(loss) and free cash flow as a measure of profitability to gauge segment performance because we believe this measure is the most indicative of performance trends and overall earnings potential of each segment.

Current wording

We manage our operations on an individual park location basis. Discrete financial information is maintained for each park and provided to our President, as Chief Operating Decision Maker (“CODM”), for review and as a basis for decision making. The primary performance measures used by the CODM to allocate resources is segment income/(loss), defined as park earnings before interest, tax, depreciation and amortization, and free cash flow. We use segment income/(loss) and free cash flow as a measure of profitability to gauge segment performance because we believe these measures are the most indicative of performance trends and overall earnings potential of each segment.

Previous wording

In mid-January 2024 we completed the strategic switch to a new ticketing platform which we believe improves the guest experience while also providing improved functionality for our park customer services teams. While this change had a net neutral impact on our profitability, we no longer directly upcharge customer transaction fees which we previously reported in Park revenue. Excluding customer transaction fees had an immaterial impact on our total Park revenue during Second Quarter 2024, therefore we did not present pro-forma Park revenue for Second Quarter 2024 compared to Second Quarter 2025. We did present pro-forma Park revenue excluding customer transaction fees for Year-to-Date 2024 for comparison to Year-to-Date 2025.

Current wording

In mid-January 2024 we completed the strategic switch to a new ticketing platform which we believe improves the guest experience while also providing improved functionality for our park customer services teams. While this change had a net neutral impact on our profitability, we no longer directly upcharge customer transaction fees which we previously reported in Park revenue. Total Park revenue during Third Quarter 2025 and Third Quarter 2024 excluded customer transaction fees, therefore we did not present pro-forma Park revenue for Third Quarter 2024 compared to Third Quarter 2025. We did present pro-forma Park revenue, excluding customer transaction fees, for Year-to-Date 2024 in comparison to Year-to-Date 2025.

Previous wording

The following table presents our consolidated and segment operating results for Second Quarter 2025 and Second Quarter 2024:

Current wording

The following table presents consolidated and segment operating results for the periods indicated:

Previous wording

Animal sales were $22,676 in Second Quarter 2025, a decrease of $11,284 or 33.2%, compared to $33,960 in Second Quarter 2024. The decrease is driven by a decrease in animal sales at our Texas Park offset by an increase in animal sales at our Missouri Park due to timing of animal sales year over year.

Current wording

Animal sales were $78,262 in Third Quarter 2025, a decrease of $13,759 or 15.0%, compared to $92,021 in Third Quarter 2024. The decrease is driven by the timing of animal sales at our Georgia Park year over year.

Previous wording

Our Georgia Park attendance decreased approximately 11.9% during Second Quarter 2025 compared to Second Quarter 2024. During Second Quarter 2025, our Georgia Park experienced adverse weather conditions and a two-day power outage that required the park to remain closed as well as rainy and colder than average weather temperatures that negatively impacted attendance. The shift of the strongest attendance days during the seasonal Spring Break dates into Third Quarter 2025 also negatively impacted attendance.

Current wording

Georgia Park attendance decreased approximately 16.2% during Third Quarter 2025 compared to Third Quarter 2024. During Third Quarter 2025, the strongest attendance days during the seasonal Spring Break dates shifted into Third Quarter 2025 and increased attendance by approximately 2,200 customers but this increase was not sustained as the Georgia Park experienced rainy weather conditions over consecutive days and weeks that negatively impacted attendance.

Previous wording

Other income, net was $25,323 in Second Quarter 2025, a decrease of $8,703 from $34,026 in Second Quarter 2024. The decrease is driven by lower interest income related to the maturity of certificates of deposit during the First Quarter 2025 and lower average money market balances compared to Second Quarter 2024.

Current wording

Other income, net was $18,345 in Third Quarter 2025, a decrease of $13,067 from $31,412 in Third Quarter 2024. The decrease is driven by lower interest income, related to the maturity of certificates of deposit during First Quarter 2025, and lower average money market balances compared to Third Quarter 2024.

Previous wording

Interest expense was $54,709 in Second Quarter 2025, an increase of $5,562 from $49,147 in Second Quarter 2024. The increase is driven by a higher interest rate on the 2025 Term Loan refinanced during the First Quarter 2025 offset by a decrease in the 2021 Term Loan interest expense due to lower principal balances.

Current wording

Interest expense was $53,970 in Third Quarter 2025, an increase of $7,047 from $46,923 in Third Quarter 2024. The increase is driven by a higher interest rate on the 2025 Term Loan refinanced during First Quarter 2025 offset by a decrease in the 2021 Term Loan interest due to lower principal balances.

Previous wording

As a result of the above factors, Net loss was $247,762 or $0.33 per basic share and per fully diluted share in Second Quarter 2025 compared to Net loss of $1,000,324 or $1.32 per basic share and per fully diluted share in Second Quarter 2024.

Current wording

As a result of the above factors, Net income was $824,380 or $1.09 per basic and diluted share in Third Quarter 2025 compared to Net income of $67,870 or $.09 per basic and diluted share in Third Quarter 2024.

Previous wording

The following table presents our consolidated and segment operating results for Year-to-Date 2025 and Year-to-Date 2024:

Current wording

The following table presents consolidated and segment operating results for the periods indicated:

Previous wording

Animal sales were $74,104 for Year-to-Date 2025, a decrease of $48,247 compared to $122,351 during Year-to-Date 2024 primarily driven by a decrease in animal sales at our Texas Park due to timing of animal sales.

Current wording

Animal sales were $152,366 for Year-to-Date 2025, a decrease of $62,006 compared to $214,372 during Year-to-Date 2024 primarily driven by the timing of animal sales at our Texas Park year over year.

Previous wording

In mid-January 2024 we completed the strategic switch to a new ticketing platform which we believe improves the guest experience while also providing improved functionality for our park customer services teams. While this change had a net neutral impact on our profitability, we no longer directly upcharge customer transaction fees which we previously reported in Park revenue. On a pro forma basis, adjusting for the change to exclude customer transaction fees in Park revenue, our total Park revenue Year-to-date 2025 decreased by approximately $17,701 or 0.5% compared to Year-to-Date 2024.

Current wording

In mid-January 2024 we completed the strategic switch to a new ticketing platform which we believe improves the guest experience while also providing improved functionality for our park customer services teams. While this change had a net neutral impact on our profitability, we no longer directly upcharge customer transaction fees which we previously reported in Park revenue. On a pro forma basis, adjusting for the change to exclude customer transaction fees in Park revenue, our total Park revenue Year-to-date 2025 increased by $58,716 or 0.8% compared to Year-to-Date 2024.

Previous wording

On a pro forma basis, adjusting to exclude customer transaction fees in Park revenue, Year-to-Date 2025 our Georgia Park revenue decreased by $94,126 or 4.2%. The Missouri Park revenue increased by $19,578 or 3.2% and our Texas Park revenue increased $92,249 or 10.9%.

Current wording

Missouri Park revenue was $1.29 million for both Year-to-Date 2025 and Year-to-Date 2024. On a pro forma basis, adjusting to exclude customer transaction fees in Park revenue, Year-to-Date 2025 the Missouri Park revenue increased by $7,671 or 0.6%.

Previous wording

Our Missouri Park attendance during Year-to-Date 2025 increased by approximately 2.3% compared to Year-to-Date 2024.

Current wording

Missouri Park attendance during Year-to-Date 2025 increased by approximately 2.6% compared to Year-to-Date 2024. The increase was primarily attributed to an increase in field trip and group attendance during Third Quarter 2025.

Previous wording

Our Texas Park provided customers with free attendance promotions during First Quarter 2025 and we do not believe Year-to-Date 2025 attendance is comparable to Year-to-Date 2024.

Current wording

Texas Park provided customers with free attendance promotions during First Quarter 2025 and we do not believe Year-to-Date 2025 attendance is comparable to Year-to-Date 2024.

Previous wording

Our Georgia Park segment income was $482,488 for Year-to-Date 2025, a decrease of $68,999, from $551,487 during Year-to-Date 2024. The decrease is driven by lower Park revenue and higher park maintenance costs, offset by lower operating expenses, primarily advertising, transaction processing fees and outside services.

Current wording

Georgia Park segment income was $1.47 million for Year-to-Date 2025, a decrease of $252,860 from $1.72 million during Year-to-Date 2024. The decrease is primarily driven by lower Park revenue and animal sales, higher staffing costs offset by lower operating expenses, primarily advertising, transaction processing fees and outside services.

Previous wording

Our Texas Park segment income was $15,074 for Year-to-Date 2024, an increase of $20,023, from segment loss of $4,949 during Year-to-Date 2024. The increase is driven by increased Park revenue, primarily during Spring Break, lower operating expense primarily advertising, park maintenance costs and outside services offset by higher staffing costs and higher animal expenses primarily due to an animal insurance policy purchased for a limited policy period for the transportation of a giraffe.

Current wording

Texas Park segment income was $348,605 for Year-to-Date 2024, an increase of $246,468 from segment income of $102,137 during Year-to-Date 2024. The increase is primarily driven by an increase in Park revenue, lower cost of sales, primarily animal food, lower operating expenses, primarily advertising, park maintenance and outside services, offset by higher staffing costs and higher animal expenses primarily due to an animal insurance policy purchased for a limited policy period for the transportation of a giraffe.

Previous wording

Corporate expenses were $571,834 for Year-to-Date 2025, an increase of $61,426 compared to $510,408 during Year-to-Date 2024. The increase was driven by higher professional fees, offset by lower salaries and wages, lower director fees and stock-based compensation expense.

Current wording

Corporate expenses were $849,710 for Year-to-Date 2025, a decrease of $61,780 compared to $911,490 during Year-to-Date 2024. The decrease was driven by higher professional fees, due to timing of accruals, offset by lower salaries and wages due to severance costs in Year-to-Date 2024, as well as lower director fees and travel expenses.

Previous wording

Depreciation and amortization expense was $428,863 for Year-to-Date 2025, a decrease of $12,933 from $441,796 during Year-to-Date 2024. The decrease was driven by lower depreciation expense for our Texas Park and Missouri Park due to assets becoming fully depreciated and asset disposals in Fiscal 2024.

Current wording

Depreciation and amortization expense was $659,619 for Year-to-Date 2025, a decrease of $13,029 from $672,648 during Year-to-Date 2024. The decrease was driven by lower depreciation expense for our Texas Park and Missouri Park due to assets becoming fully depreciated and asset disposals in Fiscal 2024 offset slightly by higher depreciation expense for our Georgia Park for assets placed in service during Fiscal 2025.

Previous wording

Contested Proxy and Related Matters, net was a credit of $567,157 for Year-to-Date 2025 resulting from the receipt of insurance proceeds from our directors and officers insurance policy associated with the contested proxy and related matters in the amount of $567,157 during First Quarter 2025. Year-to-date 2024, we recorded contested proxy and related matters, net expense of $1,291,252. See Note 3,*Contested Proxy and Related Matters,*of the Notes to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.

Current wording

Contested Proxy and Related Matters, net was a credit of $670,814 for Year-to-Date 2025 primarily from the receipt of insurance proceeds from our directors and officers insurance policy associated with the contested proxy and related matters in the amount of $567,157 during First Quarter 2025. The remaining credit of $103,657 was from the reversal of previously accrued contested proxy legal fees that were waived as part of the full settlement of outstanding invoices during Third Quarter 2025. Year-to-date 2024, we recorded contested proxy and related matters, net expense of $2.04 million. See Note 3,*Contested Proxy and Related Matters,*to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.

Previous wording

Gain on asset disposals, net was $52 for Year-to-Date 2025 compared to Loss on assets disposals, net of $35,754 during Year-to-Date 2024. Year-to-Date 2024 primarily includes animal deaths prior to the end of their estimated life expectancy and disposal of certain assets no longer useful to the business or deemed too costly to maintain or repair.

Current wording

Other operating expenses, net was $13,698 for Year-to-Date 2025, a decrease of $22,056 from $35,754 during Year-to-Date 2024. Year-to-Date 2025 includes the loss on animal exhibit design costs that were abandoned at our Georgia Park. Year-to-Date 2024 primarily includes animal deaths prior to the end of their estimated life expectancy and disposal of certain assets no longer useful to the business or deemed too costly to maintain or repair.

Previous wording

Other income, net was $38,705 for Year-to-Date 2025, a decrease of $31,208 from $69,913 during Year-to-Date 2024. The decrease is driven by lower interest income related to the maturity of certificates of deposit during First Quarter 2025 and lower average money market balances compared to Year-to-Date 2024 and lower non-operating expenses.

Current wording

Other income, net was $57,050 for Year-to-Date 2025, a decrease of $44,275 from $101,325 during Year-to-Date 2024. The decrease is driven by lower interest income related to the maturity of certificates of deposit during First Quarter 2025 and lower average money market balances compared to Year-to-Date 2024 and higher non-operating expenses.

Previous wording

Interest expense was $112,178 for Year-to-Date 2025, an increase of $11,586 from $100,592 in Year-to-Date 2024. The increase is driven by a higher interest rate on the 2025 Term Loan refinanced during First Quarter 2025 offset by a decrease in the 2021 Term Loan due to lower principal balances.

Current wording

Interest expense was $166,148 for Year-to-Date 2025, an increase of $18,633 from $147,515 in Year-to-Date 2024. The increase is driven by a higher interest rate on the 2025 Term Loan refinanced during First Quarter 2025 offset by a decrease in the 2021 Term Loan interest due to lower principal balances.

Previous wording

As a result of the above factors, Net loss was $54,721 or $0.07 per basic share and per fully diluted share for Year-to-Date 2025 compared to Net loss of $1,369,579 or $1.81 per basic share and per fully diluted share for Year-to-Date 2024.

Current wording

As a result of the above factors, Net income was $0.77 million or $1.02 per basic and diluted share for Year-to-Date 2025 compared to Net loss of $1.3 million or $1.72 per basic and diluted share for Year-to-Date 2024.

Previous wording

The following table sets forth, for the periods indicated, a reconciliation of Net loss to Adjusted net loss and Adjusted diluted net loss per share:

Current wording

The following table sets forth, for the periods indicated, a reconciliation of Net income (loss) to Adjusted net income and Adjusted diluted net income per share:

Previous wording

The following table sets forth, for the periods indicated, selected income statement data and a reconciliation of our Net loss to Adjusted EBITDA:

Current wording

The following table sets forth, for the periods indicated, selected income statement data and a reconciliation of our Net income (loss) to Adjusted EBITDA:

Previous wording

Our working capital was $1.22 million as of March 30, 2025, compared to $1.60 million as of September 29, 2024. The decrease in working capital primarily reflects a reduction in accounts payable as a result of the contested proxy insurance proceeds, offset by cash used for capital spending and scheduled term loan payments.

Current wording

Our working capital was $2.23 million as of June 29, 2025, compared to $1.60 million as of September 29, 2024. The increase in working capital primarily reflects a reduction in accounts payable as a result of the contested proxy insurance proceeds, offset by cash used for capital spending and scheduled term loan payments.

Previous wording

Total long-term debt, including current maturities, as of March 30, 2025 was $3.37 million compared to $3.50 million as of September 29, 2024. The decrease in total long-term debt is primarily the result of scheduled term loan principal payments paid during Year-to-Date 2025.

Current wording

Total long-term debt, including current maturities, as of June 29, 2025 was $3.28 million compared to $3.50 million as of September 29, 2024. The decrease in total long-term debt is primarily the result of scheduled term loan principal payments paid during Year-to-Date 2025.

Previous wording

As of March 30, 2025, we had stockholders’ equity of $13.89 million and total loan debt of $3.37 million, resulting in a debt-to-equity ratio of 0.24 to 1.0, compared to stockholders’ equity of $13.95 million and total loan debt of $3.50 million resulting in a debt-to-equity ratio of 0.25 to 1.0 as of September 29, 2024.

Current wording

As of June 29, 2025, we had stockholders’ equity of $14.59 million and total loan debt of $3.28 million, resulting in a debt-to-equity ratio of 0.22 to 1.0, compared to stockholders’ equity of $13.95 million and total loan debt of $3.50 million resulting in a debt-to-equity ratio of 0.25 to 1.0 as of September 29, 2024.

Previous wording

Net cash used in operating activities was $162,671 during Year-to-Date 2025, compared to $255,259 during Year-to-Date 2024. The $92,588 decrease in cash used in operating was attributed to the $1.3 million decrease in net loss offset by changes in cash used for working capital includes the change in prepaid assets related to the Federal income tax refund received during Second Quarter 2025 as well as accounts payable, as our directors and officers insurance proceeds gain was used to pay down accounts payable associated with the contested proxy and related matters. See Note 3,Contested Proxy and Related Matters, of the Notes to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.

Current wording

Net cash provided by operating activities was $882,885 during Year-to-Date 2025, compared to net cash used in operating activities of $63,742 during Year-to-Date 2024. The $946,627 increase in cash provided by operating was attributed to the $2.07 million increase in net income and changes in cash working capital including non-cash change in deferred taxes and year over year change in prepaid assets related to the federal income tax refund received during Second Quarter 2025 offset by the decrease in accounts payable for payments and settlement of accounts payable associated with the contested proxy and related matters. See Note 3,Contested Proxy and Related Matters, to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.

Previous wording

Net cash used in investing activities was $223,943 during Year-to-Date 2025, compared to $1,443,997 during Year-to-Date 2024 resulting in a net decrease of $1,220,054. Our investing activity Year-to-Date 2025 included cash provided of $838,442 from the maturity of short-term investments in certificates of deposit during First Quarter 2025. Our investing activity for Year-to-Date 2024 included cash used of $1.0 million for the purchase of short-term investments in certificates of deposit during First Quarter 2024. Our capital spending for Year-to-Date 2025 was $1.1 million compared to $0.5 million during Year-to-Date 2024. The increase in capital spending is attributed to capital improvements, primarily construction of a new restroom facility and animal exhibit improvements, at our Georgia Park.

Current wording

Net cash used in investing activities was $319,407 during Year-to-Date 2025, compared to $1.43 million during Year-to-Date 2024 resulting in a net decrease of $1,107,551. Our investing activity Year-to-Date 2025 included cash provided of $838,442 from the maturity of short-term investments in certificates of deposit during First Quarter 2025. Our investing activity for Year-to-Date 2024 included cash used of $1.0 million for the purchase of short-term investments in certificates of deposit during First Quarter 2024. Our capital spending for Year-to-Date 2025 was $1.18 million compared to $0.67 million during Year-to-Date 2024. The increase in capital spending is attributed to capital improvements, primarily construction of a new restroom facility and animal exhibit improvements, at our Georgia Park.

Previous wording

Net cash used in financing activities was $129,129 during Year-to-Date 2025, compared to $387,511 during Year-to-Date 2024 resulting in a decrease of $258,382. During Year-to-Date 2025, the 2020 Term Loan was refinanced with the 2025 Term Loan during First Quarter 2025 resulting in net cash provided of $110,456 offset by payments of $239,585 for scheduled term loan principal payments and term loan refinancing fees. Year-to-Date 2024 primarily included payments of $382,511 for scheduled term loan principal payments.

Current wording

Net cash used in financing activities was $365,111 during Year-to-Date 2025, compared to $581,603 during Year-to-Date 2024 resulting in a decrease of $216,492. During Year-to-Date 2025, the 2020 Term Loan was refinanced with the 2025 Term Loan during First Quarter 2025 resulting in net cash provided of $110,456 offset by payments of $334,399 for scheduled term loan principal payments and term loan refinancing fees. Year-to-Date 2025 also includes cash used during Third Quarter 2025 of $141,168 for the payments of the fractional shares as part of the Reverse/Forward Stock Split. Year-to-Date 2024 primarily included payments of $576,603 for scheduled term loan principal payments.

Previous wording

On September 30, 2024, Aggieland-Parks, Inc. completed a refinancing transaction (the “2025 Refinancing”) with Cendera Bank N.A. (“Cendera”). The 2025 Refinancing included a term loan in the original principal amount of $2.5 million (the “2025 Term Loan). The 2025 Term Loan bears interest at a daily adjusted rate equal to the Prime Rate minus 0.5%. As of March 30, 2025 the effective interest rate was at 7.0%. The 2025 Term Loan has a term of 10 years, with a 15-year amortization, and a balloon payment of the outstanding principal balance due September 30, 2034. The initial monthly loan payment is $23,200. Aggieland-Parks, Inc., paid approximately $60,716 of fees and expenses in connection with the 2025 Term Loan. The 2025 Term Loan is secured by substantially all the assets of Aggieland-Parks, Inc., as well as a cash collateral reserve of $2.5 million established by Focused Compounding Fund, LP, with Cendera. Geoffrey Gannon and Andrew Kuhn control Focused Compounding Fund, LP, and each serve on the Board of the Company, and Mr. Gannon is the Company’s President. Focused Compounding did not receive a fee or any other benefit in connection with establishing the above-described cash collateral reserve. See Note 4,Long-term Debt, of the Notes to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.

Current wording

On September 30, 2024, Aggieland-Parks, Inc. completed a refinancing transaction (the “2025 Refinancing”) with Cendera Bank N.A. (“Cendera”). The 2025 Refinancing included a term loan in the original principal amount of $2.5 million (the “2025 Term Loan). The 2025 Term Loan bears interest at a daily adjusted rate equal to the Prime Rate minus 0.5%. As of June 29, 2025 the effective interest rate was at 7.0%. The 2025 Term Loan has a term of 10 years, with a 15-year amortization, and a balloon payment of the outstanding principal balance due September 30, 2034. The initial monthly loan payment is $23,200. Aggieland-Parks, Inc., paid approximately $60,716 of fees and expenses in connection with the 2025 Term Loan. The 2025 Term Loan is secured by substantially all the assets of Aggieland-Parks, Inc., as well as a cash collateral reserve of $2.5 million established by Focused Compounding Fund, LP, with Cendera. Geoffrey Gannon and Andrew Kuhn control Focused Compounding Fund, LP, and each serve on the Board of the Company, and Mr. Gannon is the Company’s President. Focused Compounding did not receive a fee or any other benefit in connection with establishing the above-described cash collateral reserve. See Note 4,Long-term Debt to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.