PRKA 10-K & 10-Q changes, risk factors and insider trading

The impact of economic conditions on consumer discretionary spending could adversely affect our financial performance.

The cost of admissions and spending while visiting our parks are discretionary expenditures that historically have been influenced by domestic economic conditions. Higher prices for consumer goods may result in less discretionary spending by consumers. Changes in consumer discretionary spending may result in reduced attendance to our parks and spending while at our parks.

Domestic conditions that have an effect on consumer discretionary spending include but may not be limited to: unemployment, general and industry-specific inflation, consumer confidence, consumer purchasing and saving habits, credit conditions, stock market performance, home values, population growth, household incomes and tax policies. Material changes to governmental policies related to domestic fiscal concerns, and/or changes in central bank policies with respect to monetary policy also could affect consumer discretionary spending. Any of these factors that affect consumer discretionary spending may further influence our customers’ purchasing preferences, potentially having a further material impact on our financial performance.

The high fixed cost structure of theme park operations can result in significantly lower margins, profitability and cash flows if attendance levels do not meet expectations.

A large portion of our expenses is relatively fixed because the costs for employees, maintenance, animal care, utilities, property taxes and insurance do not vary significantly with attendance. These fixed costs may increase and may not be able to be reduced at a rate proportional to ongoing attendance levels. If cost-cutting efforts are insufficient or are impractical, the Company could experience a material decline in margins, profitability and cash flows. Such effects can be especially pronounced during periods of economic contraction or slow economic growth.

Fluctuations and increases in the cost and availability of supplies and materials could adversely affect our business and results of operations.

The prices of supplies and materials may fluctuate based on a number of factors beyond our control, including commodity prices such as oil and fuel prices, changes in supply and demand, labor costs, competition, tariffs and government regulation. These fluctuations in the cost and availability of supplies and materials may result in an increase in our costs to purchase products from our vendors and could have an adverse effect on our cost of sales. Increases in our cost of supplies and materials may cause us to increase our prices, which may not be acceptable to our customers.

Bad or extreme weather conditions can adversely impact attendance at the parks, which in turn would reduce revenues.

Because most of the attractions at the parks are outdoors, attendance can be adversely affected by continuous and prolonged bad or extreme weather and by forecasts of bad or mixed weather conditions, which would negatively affect revenues. The ownership of our parks in different geographic locations reduces, but does not eliminate, the effect that adverse weather can have on consolidated results. This risk could be magnified by the effects of climate change, including more extreme temperatures, excessive precipitation or wind.

Our operating results are subject to seasonal fluctuations.

We historically have experienced and expect to continue to experience seasonal fluctuations in our annual theme park attendance and revenue, which are typically higher in our third and fourth fiscal quarters. As a result, approximately 60% of our attendance and revenues have been historically generated in the third and fourth fiscal quarters. In addition, the timing of school vacations may cause fluctuations in our quarterly theme park attendance and revenue. For example, revenues can shift between the second and third quarters due to the timing of Spring Break holidays.

Due to the seasonal fluctuations, there is only a limited period of time during which the impact of those conditions or events can be mitigated. Accordingly, such conditions or events may have a disproportionately adverse effect on our revenues and cash flow. In addition, historically most of our expenses for maintenance and costs of adding new attractions at our parks are incurred during the first fiscal quarter, which may increase the need for borrowing to fund those expenses during such periods.

There is a risk of accidents or other incidents occurring at our parks, which may reduce attendance and negatively impact revenues.

The safety of guests and employees is one of the Company’s top priorities. There are inherent risks involved with animals, and an accident or a serious injury at any of the parks could result in negative publicity that could reduce attendance and result in decreased revenues. In addition, accidents or injuries involving animals at other amusement parks could influence the general attitudes of customers and adversely affect attendance at the parks. Other types of incidents such as food borne illnesses, product recalls on items sold, and disruptive, negative guest behavior which have either been alleged or proved to be attributable to the parks or competitors could adversely affect attendance and revenues.

Due to the nature of the work we perform, we may be subject to significant liability claims and disputes.

We engage in services that can result in substantial injury or damages that may expose us to legal proceedings, investigations and disputes. For example, in the ordinary course of our business, we may be involved in legal disputes regarding personal injury and wrongful death claims, employee or labor disputes, professional liability claims, and general commercial disputes, as well as other claims. An unfavorable legal ruling against us or our subsidiaries could result in substantial monetary damages. Although we have adopted a range of insurance, risk management, safety, and risk avoidance programs designed to reduce potential liabilities, there can be no assurance that such programs will protect us fully from all risks and liabilities. If we sustain liabilities that exceed our insurance coverage or for which we are not insured, it could have a material adverse impact on our results of operations and financial condition.

Animals in our care are important to our parks, and they could be exposed to infectious diseases.

As part of our operations, guests have opportunities to interact with certain animals. Animals in our care play an essential role in our parks and safeguarding their health is a top priority. While all animals can encounter naturally occurring infectious agents, we implement comprehensive monitoring and prevention strategies designed to reduce these risks. Our animal care teams oversee rigorous health protocols designed to support the well-being of the animals in our care. These protocols are also structured to reduce the risk of guests coming into contact with potential health concerns. In addition, external veterinary professionals are engaged to provide specialized expertise and further strengthen the safety and welfare measures in place throughout the park. An outbreak of an infectious disease among any animals in our parks or the public’s perception that a certain disease could be harmful to human health may materially adversely affect our business, financial condition, and results of operations Working with living animals naturally involves certain inherent and sometimes unpredictable health-related risks, and not all factors are within full control of the parks or their staff. In the event of an animal-related health concern affecting a specific animal or group of animals, we follow established procedures to protect their well-being and maintain continuity of guest experiences. When needed, specific animal experiences may be temporarily modified to support best-practice care. Broader developments related to animal health, including those that influence public perception, may periodically affect our operations or financial outcomes. Even so, our proactive approach helps us responsibly manage and respond to these risks, while upholding the standards expected by our stakeholders.

We are subject to scrutiny by activists and other third-party groups and/or media who can pressure governmental agencies, vendors, guests and/or regulators, bring action in the courts or create negative publicity about us.

From time to time, animal activists and other third-party groups may make claims before government agencies, bring lawsuits against us, attempt to generate negative publicity associated with our business and/or attempt to influence guests to avoid our parks. Such activities sometimes are based on allegations that we do not properly care for some of our animals. On other occasions, such activities are specifically designed to change existing law or enact new law in order to impede our ability to retain, exhibit, acquire or breed animals. While we seek to structure our operations to comply with all applicable federal and state laws and vigorously defend ourselves when sued, there are no assurances as to the outcome of claims and lawsuits that could be brought against us or new laws or changes to existing laws that could negatively impact us. Even if they are not successful, these lawsuits or proposed changes to laws, can require deployment of our resources and can lead to negative publicity. Negative publicity created by activists or in the media could adversely affect our reputation and results of operations.

If we lose licenses and permits required to exhibit animals and/or violate laws and regulations, our business will be adversely affected.

We are required to hold government licenses and permits, some of which are subject to annual or periodic renewal, for possessing, exhibiting, and maintaining animals. Although our parks’ licenses and permits have always been renewed in the past, in the event that any of our licenses or permits are not renewed or any of our licenses or permits are revoked, the impacted park(s) might not be able to remain open to display or retain the animals covered by such license or permit. Such an outcome could materially adversely affect our business, financial condition, and results of operations.

In addition, we are subject to periodic inspections by federal and state agencies and the subsequent issuance of inspection reports. While we believe that we comply with, or exceed, requisite care and maintenance standards that apply to our animals, government inspectors can cite us for alleged statutory or regulatory violations. In unusual instances when we are cited for an alleged deficiency, we are generally given the opportunity to correct any purported deficiencies without penalty. It is possible, however, that in some cases a federal or state regulator could seek to impose monetary fines on us. In the past, when we have been subjected to governmental claims for fines, the amounts involved were not material to our business, financial condition or results of operations. However, while unlikely, we cannot predict whether any future fines that regulators might seek to impose would materially adversely affect our business, financial condition or results of operations. Moreover, many of the statutes under which we operate allow for the imposition of criminal sanctions. While neither of the foregoing situations is likely to occur, either could negatively affect the business, financial condition, or results of operations at our theme parks.

We are subject to particular risks associated with real estate ownership, which could result in unanticipated losses or expenses.

Our business is subject to many risks that are associated with the ownership of real estate. Risks that are associated with real estate acquisition and ownership include, without limitation, the following:

Focused Compounding Fund LP and its affiliates may significantly influence our decisions, and their interests may conflict with those of the Company or its stockholders in the future.

Focused Compounding Fund LP (“Focused Compounding”) owned approximately 41.27% of our total outstanding shares of common stock as of September 28, 2025. Focused Compounding is controlled by Geoffrey Gannon and Andrew Kuhn, who are each on the Company’s Board of Directors and Mr. Gannon serves as the Company’s President and Chief Executive Officer.

For so long as Focused Compounding designees remain on our Board, Focused Compounding will have influence with respect to our management, business plans and policies, including the appointment and removal of our officers, and nominees for director. In addition, for so long as Focused Compounding continues to own a significant percentage of our stock, Focused Compounding will be able to influence the composition of our Board of Directors and the approval of actions requiring stockholder approval. For example, for so long as Focused Compounding continues to own a significant percentage of our stock, Focused Compounding may be able to influence whether or not a change of control of our Company or a change in the composition of our Board of Directors occurs. The concentration of ownership could deprive you of an opportunity to receive a premium for your shares of common stock as part of a sale of our Company and ultimately might affect the market price of our common stock.

We may not be able to generate sufficient cash to service all of our indebtedness and fund our working capital and capital expenditures.

The Company had $3.24 million outstanding indebtedness as of September 28, 2025 (before reduction of debt issuance costs). We may be required to dedicate a substantial portion of cash flows from operations to the payment of principal and interest under our indebtedness. We generated net cash from operating activities of $2.11 million in Fiscal 2025 and ended Fiscal 2025 with $3.88 million of cash and cash equivalents on our balance sheet.

Our ability to make scheduled payments on our indebtedness depends upon our future operating performance and on our ability to generate cash flows in the future, which is subject to general economic, financial, business, competitive, legislative, regulatory, and other factors that are beyond our control. We cannot be certain that our business will generate sufficient cash flows from operations or that future borrowings will be available to us in an amount sufficient to enable us to fund our debt service obligations and other liquidity needs.

If our cash flows and capital resources are insufficient to service indebtedness, we may be forced to reduce or delay capital expenditures, sell assets, seek additional debt or equity financing, or restructure or refinance our indebtedness. These alternative measures may not be successful and may not allow us to meet our scheduled debt service obligations.

If we cannot make scheduled payments on our indebtedness, we will be in default and, as a result, our lenders could declare all outstanding principal and interest to be due and payable, could terminate their commitments to loan money to us, and could foreclose against any assets securing our indebtedness and we could be forced into bankruptcy or liquidation.

Failure to retain and/or to attract qualified new employees could adversely affect our business and results of operations.

Our success depends in part upon a number of employees, including our general managers at each park, as well as our ability to attract, train, motivate and retain qualified employees to keep pace with our needs, including employees with certain specialized skills in the field of animal training and care and other areas of institutional knowledge. We also employ a significant seasonal and part-time workforce which is critical to staffing our parks during peak periods. If we are unable to attract and retain adequate numbers of employees to staff our parks especially during peak periods, this could adversely affect our business and negatively impact our results of operations and the guest experience.

Increased competition for employees and labor market shortages may impact our ability to attract, recruit and retain employees for our parks. Many competitors or other businesses in the markets in which we operate have increased wages and/or offered enhanced benefit packages, which in some cases may be superior to ours. We may be unable to retain employees or to attract other highly qualified employees, particularly if we do not offer employment terms that are competitive with the current market and/or provide sufficient incentives to retain our existing and future employees. Also, if we fail to maintain a culture that makes our company an attractive place to work, employee morale may be diminished, and we may have difficulty retaining our workforce and recruiting new employees. Separately, minimum wage legislation impacts some of our markets, which adds additional pressure to our starting wages and increases the possibility of compression which may lead to the departure of experienced personnel.

As a smaller reporting company, we are subject to scaled disclosure requirements that may make it more challenging for investors to analyze and compare our results of operations and financial prospects.

Currently, we are a “smaller reporting company,” as defined by Rule 12b-2 of the Exchange Act. As a “smaller reporting company,” we are able to provide simplified executive compensation disclosures in our filings and have certain other decreased disclosure obligations in our filings with the SEC, including being required to provide only two years of audited financial statements in annual reports. Consequently, it may be more challenging for investors to analyze our results of operations and financial prospects.

Our share price may be volatile.

The market price of our common stock may fluctuate significantly due to several factors, some of which may be beyond our control, including:

Further, when the market price of a company’s common stock drops significantly, stockholders often initiate securities class action lawsuits against the company. A lawsuit against us could cause us to incur substantial costs and could divert the time and attention of our senior management and other resources.

The concentration of ownership of our capital stock limits your ability to influence corporate matters.

Our executive officers, directors, current 5% or greater stockholders and entities affiliated with them beneficially owned (as determined in accordance with the rules of the SEC) approximately 42.36% of our common stock outstanding as of September 28, 2025. This significant concentration of share ownership may adversely affect the trading price for our common stock because investors often perceive disadvantages in owning stock in companies with controlling stockholders. Also, these stockholders, acting together, may be able to control our management and affairs and matters requiring stockholder approval, including the election of directors and the approval of significant corporate transactions, such as mergers, consolidations or the sale of substantially all of our assets. Consequently, this concentration of ownership may have the effect of delaying or preventing a change of control, including a merger, consolidation or other business combination involving us, or discouraging a potential acquirer from making a tender offer or otherwise attempting to obtain control, even if that change of control would benefit our other stockholders.

You should read the following discussion in conjunction with the Consolidated Financial Statements and accompanying notes included elsewhere in this Annual Report on Form 10-K. Managements’ Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those made, projected or implied in forward-looking statements. See “Cautionary Statement Concerning Forward-Looking Statements” below and Item 1A, Risk Factors, in this Annual Report on Form 10-K for a discussion of the uncertainties, risks and assumptions associated with these statements.

This section discusses our results of operations for the year ended September 28, 2025 as compared to the year ended September 29, 2024.

As used in this Annual Report on Form 10-K, references to the “Company”, “Parks! America”, “we”, “us”, “our” and similar terms refer to Parks America, Inc. Our fiscal year ends on the Sunday closest to September 30.

Each 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 CEO, who is the Chief Operating Decision Maker (“CODM”) for review and as a basis for decision making.

Basis of Presentation

The Consolidated Financial Statements have been prepared in accordance with GAAP and include the accounts of Parks! America, Inc. and its subsidiaries. All intercompany transactions and balances have been eliminated.

Seasonality

On January 19, 2024, following Focused Compounding’s submission to the Company, we adopted a rights plan (the “Rights Plan”), which provided, among other things, that if specified events occurred, our stockholders would be entitled to purchase additional shares of our common stock. On January 18, 2025, the Rights Plan expired pursuant to its terms.

We engaged legal counsel specializing in activist stockholder matters, as well as several other consultants, during this proxy contest. In Fiscal 2025, contested proxy and related matters, net was a credit of $670,814 compared to contested proxy and related matters expense, net of $2.04 million in Fiscal 2024. The $670,814 credit in Fiscal 2025 consisted of $567,157 of insurance proceeds received 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. In addition, a credit of $103,657 was recognized in Third Quarter 2025 from the reversal of previously accrued contested proxy legal fees that were waived as part of the full settlement of outstanding invoices. See Note 3, Contested Proxy and Related Matters, to the Consolidated Financial Statements.

Reverse/Forward Stock Split

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.

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.

Effective on April 30, 2025, at 5:00 p.m. Eastern Time, the Company effected a 1-for-500 reverse stock split of the shares of the Company’s common stock, followed immediately by a 5-for-1 forward stock split of the shares of the Company’s common stock at 5:01 p.m. Eastern Time herein referenced as the Reverse/Forward Stock Split.

Prior to and on May 1, 2025, the Company’s common stock was 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, 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.”

No fractional shares were 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:

Results of Operations

Fiscal Year. Our fiscal year end is on the Sunday closest to September 30 each year. The fiscal periods in this report are presented as follows, unless the context otherwise requires:

The following table sets forth, for the periods indicated, selected income statement data.

Use of Non-GAAP Financial Measures

In addition to our net income (loss) determined in accordance with GAAP, for purposes of evaluating operating performance, we report the following non-GAAP measures: Adjusted net income (loss) and Adjusted EBITDA.

We believe presenting non-GAAP financial measures provides useful information to investors, allowing them to assess how the business performed excluding the effects of significant non-recurring and non-operational items. We believe the use of the non-GAAP financial measures facilitates comparing the results being reported against past and future results by eliminating amounts that we believe are not comparable between periods and assists investors in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s own methods for evaluating business performance.

The methods we use to calculate our non-GAAP financial measures may differ significantly from methods other companies use to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. Adjusted net income (loss) and Adjusted EBITDA should not be used by investors or other third parties as the sole basis for formulating investment decisions as these measures may exclude a number of important cash and non-cash recurring items.

Adjusted net income (loss) is defined as net income (loss) excluding significant non-recurring or non-operational items as set forth below. While adjusted net income (loss) is a non-GAAP measurement, management believes that it is an important indicator of operating performance and useful to investors. Other significant non-recurring and non-operational items, while periodically affecting our results, may vary significantly from period to period and have disproportionate effects in a given period, which affects comparability of results and are described below:

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:

While Adjusted EBITDA is a non-GAAP measurement, management believes that Adjusted EBITDA is a meaningful measure as it is widely used by analysts, investors and comparable companies in the entertainment and attractions industry to evaluate our operating performance on a consistent basis, as well as more easily compare our results with those of other companies in our industry. We also believe Adjusted EBITDA is a meaningful measure of park-level operating profitability. Adjusted EBITDA is a supplemental measure of our operating results and is not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under GAAP.

Other significant items, while periodically affecting our results, may vary significantly from period to period and have disproportionate effects in a given period, which affects comparability of results and are described below:

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

Discussion and Analysis

(1) The significant expense categories and amounts align with the segment -level information that is regularly provided to the CODM.

(2) Other revenue driven costs include credit card fees and other revenue processing costs driven by sales volume.

(3) Personnel costs include fixed and variable wages, benefits and employer taxes.

(4) Other segment expenses include all other operating expenses, including animal expenses, park and vehicle maintenance costs, insurance, utilities, outside services, operating supplies and other miscellaneous expenses.

(5) Unallocated corporate expenses include corporate personnel costs, directors fees and compensation, directors and officers insurance, computer software and services, professional fees and public company related expenses.

Results of Operations

Fiscal 2025 compared with Fiscal 2024

Total Revenue and Park Revenue

Total revenue was $10.47 million in Fiscal 2025, an increase of $559,315 or 5.6%, compared to $9.91 million in Fiscal 2024.

Park revenue was $10.28 million in Fiscal 2025, an increase of $597,593 or 6.2%, compared to $9.68 million in Fiscal 2024.

Animal sales were $194,656 in Fiscal 2025, a decrease of $38,278 or 16.4%, compared to $232,934 in Fiscal 2024. The decrease is primarily driven by the timing of animal sales at both our Texas Park and Georgia Park year over year.

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 Fiscal 2025 Park revenue increased by $650,472 or 6.8% compared to Fiscal 2024.

Georgia Park revenue was $5.82 million for Fiscal 2025, a decrease of $59,966 or 1.0% compared to $5.88 million during Fiscal 2024.The decrease was primarily driven by lower attendance due to adverse and rainy weather conditions during consecutive days and weeks during the third and fourth fiscal quarters. In addition, Fiscal 2025 excluded customer transaction fees in revenue due to the switch to a new ticketing platform. On a pro forma basis, adjusting to exclude customer transaction fees in Park revenue, our Fiscal 2025 Georgia Park revenue decreased by $20,503 or 0.4%.

Missouri Park revenue was $2.16 million for Fiscal 2025, an increase of $150,881 or 7.5% compared to $2.01 million in Fiscal 2024. The increase was primarily attributed to the effectiveness of new marketing strategies and a significant increase in our social media presence to drive ticket sales. In addition, our revenue from animal encounters increased approximately 65% compared to Fiscal 2024 due to concerted efforts of management to allocate staff resources to offer more animal encounters to guests coupled with increased social media centered around the animal encounters to promote awareness and excitement to customers. On a pro forma basis, adjusting to exclude customer transaction fees in Park revenue, our Fiscal 2025 Missouri Park revenue increased by $158,653 or 7.9%.

Texas Park revenue was $2.30 million for Fiscal 2025, an increase of $503,678 or 28.1% compared to $1.79 million during Fiscal 2024. The increase in revenue was driven by a positive response to new admission pass pricing in early May 2025 and effectiveness of new marketing strategies as well as higher attendance during the Spring Break season that continued over the summer months. On a pro forma basis, adjusting to exclude customer transaction fees in Park revenue, our Fiscal 2025 Texas Park revenue increased $512,322 or 28.7%.

Texas Park revenue was $615,121 in Third Quarter 2026, a decrease of $145,926 or 19.2% compared to $761,047 during Third Quarter 2025. The decrease is primarily due to lower admission revenue and gift shop revenue due to lower overall attendance compared to Third Quarter 2025. The decrease in attendance is primarily driven by the park being open to the public seven days a week for all but the last two weeks of Third Quarter 2025 compared to five days a week throughout the entire Third Quarter 2026. In addition, the marketing mix changed in Third Quarter 2026 which seemed to negatively impact overall attendance. On a pro-forma basis, adjusting for the change to exclude customer transaction processing fees in Texas Park revenue, our Park revenue was $607,909 in Third Quarter 2026, a decrease of $153,138 or 20.1% compared to $761,047 during Third Quarter 2025.

Georgia Park attendance increased approximately 0.1% during Third Quarter 2026 compared to Third Quarter 2025.

Texas Park attendance decreased approximately 40.7% in Third Quarter 2026 compared to Third Quarter 2025. The decrease in attendance is primarily driven by the park being open to the public seven days a week for all but the last two weeks of Third Quarter 2025 compared to five days a week throughout the entire Third Quarter 2026. In addition, the marketing mix changed in Third Quarter 2026 which seemed to negatively impact overall attendance. In Third Quarter 2025 increased attendance was driven by a positive response to new admission pass pricing in early May 2025 and effectiveness of new marketing strategies. The new admission pass pricing offered a safari pass that grants access only to the drive-thru safari and an adventure pass that grants access to both the drive-thru safari and walkabout adventure zoo. In addition, a family four pack was added that grants access to both the drive-thru safari and walkabout adventure zoo.

Consolidated other segment expenses were $489,714 in Third Quarter 2026, an increase of $22,934 or 4.9% compared to $466,780 during Third Quarter 2025. The increase was primarily driven by the addition of special events at the parks which are aligned with recognized animal awareness days and major holidays and high traffic weekends, higher park maintenance expense at our Texas park due to costs incurred for flood damage repairs on park grounds and higher animal expenses at our Georgia Park due to the cost of transporting a giraffe from our Missouri Park offset by lower insurance expenses at all three parks.

Missouri Park segment income was $309,079 in Third Quarter 2026, an increase of $92,330 or 42.6% from $216,749 during Third Quarter 2025. The increase was primarily driven by an increase in admission revenue and in-park guest spending on animal encounters offset by changes in significant other segment expenses, primarily higher personnel costs, higher events and promotions expenses, higher animal expenses, and higher other revenue driven costs due to the transaction processing fee paid to the new ticketing platform provider, offset by lower advertising and marketing costs and insurance expense compared to Third Quarter 2025.

Texas Park segment income was $224,134 in Third Quarter 2026, a decrease of $109,397 or 32.8% from $333,531 during Third Quarter 2025. The decrease was primarily driven by a decrease in admission revenue and in-park guest spending in the gift shop due to lower attendance and changes in significant other segment expenses, primarily higher park maintenance expenses due to costs incurred for flood damage repairs on park grounds, higher other revenue driven costs, due to the transaction processing fee paid to the new ticketing platform provider, offset by lower personnel costs, lower advertising and marketing costs and lower travel related costs compared to Third Quarter 2025.

Contested Proxy and Related Matters, net

Contested proxy and related matters, net was none in Third Quarter 2026 compared to a credit of $103,657 during Third Quarter 2025. The credit in Third Quarter 2025 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. See Note 3, Contested Proxy and Related Matters, to the Consolidated Financial Statements (Unaudited) included in this Quarterly Report for additional information.

Other operating income, net was none in Third Quarter 2026 compared to other operating expenses, net of $13,750 in Third Quarter 2025. Third Quarter 2025 included a loss on animal exhibit design costs that were abandoned at the Georgia Park.