NOTE 4. LONG-TERM DEBT

On June 18, 2021, the Company, through its wholly owned subsidiary Wild Animal – Georgia, completed a refinancing transaction with Synovus Bank. The 2021 Term Loan included an original principal amount of $1.95 million. The 2021 Term Loan bears interest at a rate of 3.75% per annum and is payable in monthly installments of approximately $26,480, based on a seven-year amortization period. The 2021 Term Loan has a maturity date of June 18, 2028. The 2021 Term Loan is secured by a security deed on the assets of Wild Animal – Georgia. The Company paid a total of approximately $1,514 in fees and expenses in connection with the 2021 refinancing transaction. The outstanding balance of the 2021 Term Loan was $0.68 million and $0.83 million as of March 29, 2026 and September 28, 2025, respectively.

On April 27, 2020, the Company, through its wholly owned subsidiary Aggieland-Parks Inc., acquired Aggieland Wild Animal – Texas. In part, this acquisition was financed with the 2020 Term Loan from First Financial Bank (“First Financial”). The 2020 Term Loan in the original principal amount of $5.0 million from First Financial is secured by substantially all the Aggieland Wild Animal – Texas assets, as well as guarantees from the Company and its subsidiaries. The 2020 Term Loan had an interest rate of 5.0% per annum, had a maturity date of April 27, 2031, and required interest only monthly payments through April 2021. The 2020 Term Loan required monthly payments of approximately $53,213 beginning in May 2021. The Company paid a total of approximately $62,375 in fees and expenses in connection with the 2020 Term Loan. On June 30, 2021, the Company used the incremental proceeds of the 2021 Term Loan, combined with additional funds, to pay down $1.0 million against the 2020 Term Loan, which had an outstanding balance of $2.39 million as of September 29, 2024. On September 30, 2024, the 2020 Term Loan with First Financial was fully paid off with the proceeds of the 2025 Term Loan.

On September 30, 2024, Aggieland-Parks, Inc. completed a refinancing transaction for the 2025 Term Loan with Cendera Bank N.A. The 2025 Term Loan provided an original principal amount of $2.5 million, the proceeds of which were used to repay all the indebtedness under the 2020 Term Loan and bears interest at a daily adjusted rate equal to the Prime Rate minus 0.50%. The initial interest rate was 7.50%. As of March 29, 2026, the effective interest rate was at 6.25%. 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 was $23,200 and has been reduced with the decrease in the effective interest rate to $21,619 as of March 29, 2026. Aggieland-Parks, Inc., paid approximately $60,716 of fees and expenses in connection with the 2025 Term Loan. The outstanding balance of the 2025 Term Loan was $2.36 million and $2.41 million as of March 29, 2026 and September 28, 2025, respectively.

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, L.P., with Cendera Bank N.A. Geoffrey Gannon and Andrew Kuhn control Focused Compounding Fund, L.P., and each serve on the Board of the Company, and Mr. Gannon serves as 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.

PARKS! AMERICA, INC. and SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 4. LONG-TERM DEBT (CONTINUED)

Interest expense of $45,859 and $54,709 for the 13 weeks ended March 29, 2026 and March 30, 2025, respectively, includes amortization of debt issuance costs of $1,572 and $1,572, respectively. Interest expense of $94,611 and $112,178 for the 26 weeks ended March 29, 2026 and March 30, 2025, respectively, includes amortization of debt issuance costs of $3,144 and $3,144, respectively.

The following table presents the aggregate of the Company’s outstanding long-term debt:

 SCHEDULE OF OUTSTANDING LONG TERM DEBT

As of March 29, 2026, the future scheduled principal maturities of the Company’s long-term debt by fiscal year are as follows:

SCHEDULE OF MATURITIES OF LONG-TERM DEBT