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STOCKHOLDERS’ EQUITY
 6 Months Ended
Mar. 29, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 6. STOCKHOLDERS’ EQUITY

 

Common Stock

 

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”.

 

On April 1, 2025, the Board of Directors authorized the implementation of the Reverse Forward Stock Split.

 

On April 10, 2025, the Company filed a certificate of amendment to the Company’s Articles of Incorporation (“Charter”) with the Secretary of State of the State of Nevada to effect a 1-for-500 reverse stock split of the shares of the Company’s common stock, par value $0.001 per share followed immediately by the filing of a certificate of amendment to the Charter with the Secretary of State of the State of Nevada to effect a 5-for-1 forward stock split of the Company Common Stock.

 

 

PARKS! AMERICA, INC. and SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

NOTE 6. STOCKHOLDERS’ EQUITY (CONTINUED)

 

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.

 

The Company did not issue fractional shares 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 as follows:

 

  (i) Stockholders who held fewer than 500 shares immediately prior to the Reverse Stock Split were paid in cash (without interest) an amount equal to such number of shares of Company Common Stock held multiplied by the average of the closing sales prices of the Company Common Stock quoted on the OTC Pink market for the five consecutive trading days immediately preceding the Effective Date of the Reverse Stock Split; and
  (ii) Any remaining stockholders who would have been entitled to receive fractions of a share as a result of the Reverse Forward Stock Split were paid in cash (without interest) an amount equal to such fractions multiplied by the average of the closing sales prices of the Company Common Stock quoted on the OTC Pink market for the five consecutive trading days immediately preceding the effective date of the Reverse Forward Stock Split (with such average closing sales prices being adjusted to give effect to the Reverse Forward Stock Split).

 

Share Repurchase Program

 

On December 17, 2025, the Company announced that its Board of Directors authorized a share repurchase program (“2025 Share Repurchase Program”) allowing the Company to repurchase up to the lesser of 75,000 shares (9.95% of shares outstanding on December 17, 2025) or $3.0 million of the Company’s common stock.

 

Under the 2025 Share Repurchase Program, the Company may repurchase its common stock from time to time using a variety of methods which may include open market purchases, privately negotiated transactions, or other methods in compliance with all of the conditions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The specific timing, price and size of purchases will be at the discretion of management and will depend on a number of factors, including prevailing stock prices, general economic and market conditions, and other considerations. The Company retains the right to limit, terminate, suspend, discontinue or extend the share repurchase program at any time without prior notice or discretion.

 

The following table summarizes the Company’s share repurchases for the 13 and 26 weeks ended March 29, 2026 and March 30, 2025 under the 2025 Share Repurchase Program:

 

   March 29, 2026   March 30, 2025   March 29, 2026   March 30, 2025 
   For the 13 weeks ended   For the 26 weeks ended 
   March 29, 2026   March 30, 2025   March 29, 2026   March 30, 2025 
Number of shares repurchased  1,000   —   1,000   — 
Total cost  $39,700   $—   $39,700   $— 
Average per share cost (1)  $39.70   $—   $39.70   $— 

 

(1)Average price paid per share excludes excise taxes.

 

The Company plans to retire all shares that were repurchased through the 2025 Share Repurchase Program during the 13 and 26 weeks ended March 29, 2026. In accordance with the FASB ASC 505-Equity, when the shares are retired the par value of the share retired will be charged against common stock and the remaining purchase price charged against retained earnings.

 

Stock-based compensation

 

Shares of common stock issued for service to the Company are valued based on market price on the date of the award and vest immediately. There were no shares of common stock issued for service to the Company for the 13 and 26 weeks ended March 29, 2026 and March 30, 2025, respectively.

 

Officers, directors and their controlled entities own approximately 42.36% of the outstanding common stock of the Company as of March 29, 2026.