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LONG-TERM DEBT.

6 Months Ended

Mar. 31, 2013

3. LONG-TERM DEBT

On January 9, 2013 the Company completed a refinancing transaction (the “Refinancing Loan”) with Commercial Bank & Trust Co. as lender. The Refinancing Loan was for a principal amount of $3,752,000 and has a twenty year term. The Refinancing Loan bears interest at the rate of Prime Rate plus 2.50% (currently 5.75%) during the first five years of the Loan term. Thereafter, the interest rate will be re-priced every five years based on the then-Prime Rate plus 2.50%. During the first four months following the closing of the Refinancing Loan the Company may make interest-only payments. The estimated full monthly payment will be $26,112 during the first five years of the Loan term.

The closing costs for the Refinancing Loan totaled $175,369 and they are being amortized over the 20 year life of the loan. The Company used the proceeds from the Refinancing Loan to pay off all of its then outstanding debt (including the seller financing from the purchase of the Missouri Park) and will spend approximately $230,000 for new construction and renovations at the Parks.

During fiscal year 2012, the Company’s mortgages required total monthly payments of $40,876 (annual payments totaling $490,512) as compared to the new estimated annual payments of $313,344, or $26,112 monthly. The Company anticipates that the Refinancing Loan will reduce the Company’s total debt service payments by $177,168 annually.


		March 31, 2013		September 30, 2012
The Commercial Bank and Trust of Troup County loan required 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 was secured by a first priority security agreement and a first priority security deed on the assets of the Georgia Park. This note was retired on January 9, 2013,	$	Retired	$	1,843,278

In addition, the Company refinanced its revolving line of credit loan from Commercial Bank & Trust Company of Troup County (CB&T) for working capital purposes for $350,000. This revolving line of credit is for seven (7) years and the loan cost was $11,482 which will be amortized over the loan term. The LOC was not used as of September 30, 2012 and was drawn down to $350,000 as of March 31, 2013. All advances are recorded as current liabilities. The LOC interest rates are tied to prime but have a minimum rate of 5.25% for $350,000.

On March 5, 2008 the Company issued a note payable to Oak Oak, Inc. in the amount of $1,750,000 for debt incurred in the purchase of the Missouri 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, 2011, the Company made an additional one-time lump sum payment of $50,000 that allowed it to extend the loan for an additional 2 years on the same terms until March 2013. This note was repaid in full on January 9, 2013 and as part of the terms of the original note, the Company was entitled to a discount of $105,656 if this note was paid in full before maturity. This discount is recorded as a gain in other income.		Retired		1,617,622

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 Missouri Park. This loan bears interest at a rate of 7.25% and is payable in 60 monthly payments of $9,986. This loan was repaid in full on January 9, 2013.		Retired		58,538

On January 9, 2013 the Company completed a refinancing transaction with Commercial Bank & Trust Co. as lender. The Refinancing Loan was for a principal amount of $3,752,000 and has a twenty year term. The Refinancing Loan bears interest at the rate of Prime Rate plus 2.50% (currently 5.75%) during the first five years of the Loan term. Thereafter, the interest rate will be re-priced every five years based on the then-Prime Rate plus 2.50%. During the first four months of the Refinancing Loan the Company makes interest-only payments. The Company has $118,799 still available to draw on this loan for improvements being done at the parks. The estimated full monthly payment will be $26,112, after all funding is in place, during the first five years of the Loan term.		3,633,201		0

Total Debt		3,633,201		3,519,438
Less current portion of long-term debt		(83,113)		(1,773,935)
Long-term Debt	$	3,550,088	$	1,745,503

At March 31, 2013 the scheduled future principal maturities are as follows:


2013	$	83,113
2014		105,125
2015		111,331
2016		117,904
2017		124,865
thereafter		3,090,863
		3,633,201
Less: current portion		(83,113)
Long-term portion	$	3,550,088