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LONG TERM DEBT

9 Months Ended

Oct. 02, 2011

3. LONG-TERM DEBT

On March 10, 2011, the Company secured refinancing for its Georgia Park from Commercial Bank and Trust, a division of Synovus Bank (the “New Loan”). The New Loan bears interest at a rate of 6.5% per annum and is payable in monthly payments of $18,049 based on a fourteen year amortization. It matures on May 10, 2014 and required a loan fee of $2,500. The mortgage is secured by the Georgia Park land, buildings and improvements and most of the park’s assets. The loan is also guaranteed by Parks!


		October 2, 2011		December 26, 2010
The Commercial Bank and Trust of Troup County original loan was repaid in monthly installments of $19,250 based on a twenty year amortization schedule. The interest rate on the original loan was 7.75% for the first five years. The original loan matured on November 17, 2010, but terms continued on a month to month basis until March 2011. The new note requires monthly payments of $18,048.55 based on a 14 year amortization. The loan has a fixed interest rate of 6.5%, and a balloon payment due in June 2014. The loan is secured by a first priority security agreement and a first priority security deed on the Wild Animal Safari theme park assets.	$	1,935,043	$	1,987,853

In addition, Wild Animal Safari, Inc. maintains several lines of credit loans from Commercial Bank & Trust Company of Troup County (CB&T) for working capital purposes which total $600,000.These lines of credit are renewable annually, subject to the satisfactory performance by Wild Animal Safari theme park assets. The lines of credit were drawn down to $42,000 as of October 2, 2011 and $365,262 as of December 26, 2010. All advances are recorded as current liabilities.


On March 5, 2008 the Company’s wholly owned subsidiary Wild Animal, Inc. issued a note payable to Oak Oak, Inc. in the amount of $1,750,000 for debt incurred in the purchase of the Wild Animal theme park. The note bears interest at 8% and is payable in 36 monthly installments of $12,841, and a final balloon payment at the end of the 3 ^rdyear. In March, 2011Wild Animal, Inc. made an additional one-time lump sum payment of $50,000 that allowed it to extend the loan for an additional 2years on the same terms. full. The note is extended and has a final balloon payment due in full on the 60^thpayment in March 2013.		1,641,266		1,706,816

On March 5, 2008 the Company obtained a loan from Commercial Bank & Trust in the amount of $500,000 to improve and upgrade facilities of the Wild Animal theme park in Missouri. The bears interest at a rate of 7.25% and is payable in 60 monthly payments of $9,986.		169,591		247,739

Total Debt		3,745,900		3,942,408
Less current portion of long-term debt		(227,101)		(265,251)
Long-term Debt	$	3,518,799	$	3,677,157

At October 2, 2011 the scheduled future principal maturities for all notes are as follows:


Period Ending 10/2/2011
2012	$	227,101
2013		1,774,907
2014		1,743,892
2015		0
2016		0
thereafter		0
		3,745,900
Less: current portion		(227,101)
Long-term portion	$	3,518,799