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<div> <div> <div> Note 1: Nature of Business and Basis of Presentation Pismo Coast Village, Inc. (the "Company") owns and manages a recreational vehicle ("RV") camping resort. Its revenue streams originate primarily from camping site rentals, recreational vehicle storage, tow services, and retail sales through a general store. Its business is seasonal in nature with the fourth quarter, the summer, being its busiest quarter. Basis of Presentation The accompanying Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). The Company qualifies as a "smaller reporting company" as defined in Rule 12b-2 under the Securities Exchange Act of 1934, and, as such, may take advantage of specified reduced reporting requirements and deferred accounting standards adoption dates, and is relieved of other significant requirements that are otherwise generally applicable to other public companies. The Company operates in one operating segment, as an RV resort. We determine our operating segment considering our overall management structure, how forecasts are approved, how executive compensation is determined, as well as how our board of directors, who represent our chief operating decision maker, regularly review our operating results, assess performance, allocate resources, and make decisions regarding the Company's operations. Certain prior period amounts have been reclassified to conform to current year presentation. Namely, revenue from property leases are presented as a separate revenue line on the statement of comprehensive income. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect certain reported amounts and disclosures. We base our estimates on both positive and negative evidence, historical experience and information available to us at the time these estimates are made. Examples of such estimates include estimates of the useful life of long-lived assets, assessments of long-lived asset impairments and allowances for credit losses. Actual results could differ materially from these estimates. </div> </div> </div>

<div> <div> Note 2: Significant Accounting Policies <div> <div> Revenue from Contracts with Customers The Company recognizes revenue in accordance with Accounting Standards Codification ("ASC") 606, which requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The Company's revenue primarily consists of RV camping site rentals, RV storage fees, RV towing services, retail sales through the general store, and rent payments under property leases. <div> </div> Revenue is recognized as performance obligations are satisfied in each of its revenue streams, as follows: <ul style="padding-left: 0pt; margin-top: 0pt; list-style-type: disc;"> <li style="margin-left: 46.06pt; padding-left: 7.94pt; text-align: justify;"> RV camping site rentals are recognized daily at the rate paid by the guest for each day that a guest occupies the RV camp site, </li> <li style="margin-left: 46.06pt; padding-left: 7.94pt; text-align: justify;"> RV storage fees are recognized ratably over the time-period that the RV is stored, based upon the monthly rate paid for the storage, </li> <li style="margin-left: 46.06pt; padding-left: 7.94pt; text-align: justify;"> RV towing services are considered distinct from RV storage and are recognized at the rate paid for each tow when trailers are towed, </li> <li style="margin-left: 46.06pt; padding-left: 7.94pt; text-align: justify;"> Retail store and RV part sales are recognized at the price paid when goods are delivered to the guest, and </li> <li style="margin-left: 46.06pt; padding-left: 7.94pt; text-align: justify;"> Other ancillary services, such as fees for recreation activities, are purchased independently at standalone selling prices and are considered separate performance obligations, which are recognized as revenue when the related good or service is provided to the resort guest. </li> </ul> The revenue recognition rules under ASC 606 specifically exclude rental revenue. Rent payments under property leases are recognized in accordance with Leases (Topic 842) ("ASC 842".) See further discussion of leases later in this footnote. Disaggregated Revenue The following table summarizes disaggregated revenue totals and percentages of total income for the years ended September 30, 2024 and 2023: <div style="margin-left: 72pt;"> <table border="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="7" style="text-align: center; vertical-align: bottom; white-space: nowrap;">Year Ended September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">RV camping site rentals</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">6,671,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">69%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">6,500,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">67%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">RV storage & towing fees</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">1,896,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">19%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">1,951,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">20%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Retail store sales</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">734,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">8%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">700,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">7%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">RV parts sales</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">0%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">255,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">3%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Property lease income</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">236,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">2%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">147,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">1%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Other ancillary services</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">190,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">2%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">198,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">2%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">9,727,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">100%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">9,751,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">100%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table> </div> Customer Deposits Guests reserving camping sites must pay in advance. In addition, RV storage fees are billed annually or monthly in advance, and tow services are pre-paid when the towing reservation is made. The Company records a deferred revenue contract liability equal to the amounts that guests pay in advance for site reservations, storage fees and tow services ("Customer deposits"), and then recognizes the revenue when the guest stays at the resort, in the periods when the RV is stored, or in the period when the tow services are completed, respectively. Customer deposits are generally recognized as revenue within twelve months of receipt. The Company does not disclose the value of unsatisfied performance obligations for contracts with an expected length of one year or less. Cash payments received in advance of guests staying at the resort are refunded to guests if the guest cancels within the specified time-period, before any services are rendered. Due to the nature of the business, the Company's revenue is not significantly impacted by refunds. </div> <div> </div> Tourism Taxes Sales taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer to be remitted to the governmental authority, are excluded from revenue. As of both September 30, 2024 and 2023, the Company had $80,000 in Transient Occupancy Taxes (TOT) and Tourism Business Improvement District (TBID) assessments due to the City of Pismo Beach and the County of San Luis Obispo, which have been excluded from revenue and are included in accrued expenses on the balance sheet. </div> <div> Allowance for Credit Losses The Company accounts for credit losses under Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires the Company to recognize an estimate of expected credit losses as an allowance on financial instruments. The Company is exposed to credit losses on storage fees that are billed to customers and maintains allowances for estimated losses resulting from the inability of our customers to make required payments. If a previously billed storage fee is deemed to be uncollectible, it is charged-off against the allowance for credit losses. The Company's expected loss allowance methodology is developed considering historical collection experience, current and future economic and market conditions, and a review of the current status of customers' receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Estimates may change based on changing circumstances, including changes in the economy or in the circumstances of individual customers. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Allowance for credit losses at September 30, 2024 totaled $20,000. The provision for expected credit losses for the year ended September 30, 2024 totaled $5,000 and was recorded as an operating expense. The Company adopted ASU 2016-13 effective October 1, 2023 and recorded an initial $15,000 allowance for credit losses as a cumulative adjustment to retained earnings on October 1, 2023. Refer to "Recently Adopted Accounting Pronouncements" later in this footnote for further information. </div> <div> Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2024 and 2023, the Company had $10,786,000 and $9,293,000 of cash and cash equivalents, respectively. </div> <div> Cash Reserved for Capital Improvements and Deferred Maintenance The Company keeps separate funds reserved for capital improvements and deferred maintenance. Historically, the Company has not carried a high amount of debt. This separate reserve is kept in order to self-finance major capital improvements and to have cash available if needed. </div> <div> </div> Concentration of Credit Risk The Company maintains its cash at several commercial banks in the United States and has significantly more cash and cash equivalents than would be covered by FDIC insurance with one bank. To ensure that cash remains protected by FDIC insurance, the Company has placed its Cash Reserved for Capital Improvements and Deferred Maintenance in a Certificate of Deposit Account Registry Service ("CDARS") account. By using a CDARS account, the Company's large deposits are divided into smaller amounts and placed with multiple FDIC insured banks that are members of the CDARS network. Each member bank issues CDs in amounts under $250,000, so that the entire deposit balance is eligible for FDIC insurance. The Company keeps day-to-day operating cash with a single bank in a non-CDARS account. Due to large fluctuations in operating cash, there may be times when the amount of operating cash is above the $250,000 FDIC threshold. At September 30, 2024 the operating account balance was fully insured because it was less than the FDIC threshold. At September 30, 2023, the Company had $375,000 of operating cash that was in excess of the $250,000 federally insured limit. <div> Investments Investments in securities have been classified in the balance sheet according to management's intent, as securities available-for-sale. Available-for-sale securities consist of investment securities not classified as trading securities nor as held-to-maturity securities. Unrealized holding gains and losses, net of deferred taxes, on available-for-sale securities are reported as a net amount in a separate component of stockholders' equity until realized. Gains and losses on the sale of available-for-sale securities are determined using the specific identification method. </div> <div> Fair Value Measurements Our financial assets and liabilities consist principally of cash, cash equivalents, investments, accounts receivable, accounts payable, and rental deposits, and are reported at fair value. Fair value is determined using a three-tier hierarchy, which prioritizes the inputs used to determine fair value. Level 1: Observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2: Inputs that reflect quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3: Unobservable inputs to the extent that observable inputs are not available for the asset or liability at the measurement date. The estimated fair value of cash, cash equivalents, accounts receivable, accounts payable and rental deposits approximates their carrying value. The estimated fair value of our investments is based upon quoted market prices using Level 1 input. The fair value of US treasury instruments as of September 30, 2024 and 2023 were $1,098,000 and $1,042,000, respectively. During the fiscal year ended September 30, 2024 there was no material change in the items we measure and record at fair value on a recurring basis. Additionally, there were no transfers between levels of the fair value hierarchy during the year ended September 30, 2024. </div> <div> </div> <div> Inventories Inventories are comprised of products in the general store. Inventories have been valued at the lower of cost or net realizable value on a first-in, first-out basis. </div> <div> Prepaid Expenses Prepaid expenses primarily relate to commercial insurance, which is paid annually in advance and is recorded as an expense during the time periods covered by the insurance. </div> <div> Property and Equipment, net Property and equipment are recorded at cost, less accumulated depreciation in accordance with ASC 360, Property, Plant and Equipment. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. Depreciation rates are based upon the following estimated useful lives: <table border="0" cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tr> <td style="background-color: #e6efff;">Building and resort improvements</td> <td style="width: 30%; background-color: #e6efff;"> 5 to 40 years </td> </tr> <tr> <td>Furniture, fixtures and equipment</td> <td style="width: 30%;"> 5 to 15 years </td> </tr> <tr> <td style="background-color: #e6efff;">Transportation equipment</td> <td style="width: 30%; background-color: #e6efff;"> 5 years </td> </tr> </table> Assets under finance lease are amortized over the lesser of the lease term or the useful life of the assets. Repairs and maintenance are charged to expense as incurred. Costs of significant improvement projects, which extend the useful lives of existing property or equipment are capitalized and depreciated over the remaining estimated useful life of the asset. The cost of assets sold or retired, along with the related accumulated depreciation, are removed from the accounts and any resulting gain or loss is included other income and expense. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable based upon estimated future cash flows. The process of evaluating impairment requires estimates as to future events and conditions, which are subject to varying market and economic factors. Therefore, it is reasonably possible that a change in estimate resulting from judgments as to future events could occur which would affect the recorded amounts of the property. No impairment losses were recorded for the years ended September 30, 2024 and 2023. </div> <div> Advertising Advertising costs are expensed as incurred and are included in operating expenses. Advertising expenses were $61,000 and $71,000 for the years ended September 30, 2024 and 2023, respectively. </div> <div> Income Taxes The Company uses the asset-liability method of computing deferred income taxes in accordance with Accounting Standards Codification 740 ("ASC 740"), which requires, among other things, that the company recognize deferred income tax assets and liabilities based on differences between the financial statement and tax basis of assets and liabilities at the current enacted tax rates. In addition, ASC 740 requires that if income is expected for the entire year, but there is a net loss to date, a tax benefit is recognized based on the annual effective tax rate. Changes in deferred income tax assets and liabilities are included as a component of income tax expense. <div> </div> ASC 740 also requires the recognition and measurement of uncertain tax positions based on a "more likely than not" (likelihood greater than 50%) approach. As of September 30, 2024 and 2023, management considered its tax positions and concluded that the Company did not maintain any uncertain tax positions under this approach and, accordingly, all tax positions have been fully recorded in the provision for income taxes. Tax returns remain subject to examination by the Internal Revenue Service for fiscal years ending on or after September 30, 2019, and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2018. </div> <div> Comprehensive Income Comprehensive income is comprised of net income and other comprehensive income. Other comprehensive income consists of unearned gain on investments. Other comprehensive income is recorded as a component of stockholders equity and is excluded from net income. </div> <div> Earnings per share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. The computation of diluted net income per share is similar to the computation of basic net income per share except that the weighted-average number of common shares is increased to include the number of additional common shares that would have been outstanding if potential dilutive common shares had been issued. The basic and diluted earnings per share are the same for the fiscal years ended September 30, 2024 and 2023 because the Company had no additional potentially dilutive common shares. </div> <div> Leases The Company accounts for leases under ASU 842, which requires the Company to evaluate contracts to determine if they contain a lease, and then classify leases as operating, sales-type or direct finance leases for financial reporting purposes, beginning at the lease commencement date. The Company has elected to account for short-term leases, those with a lease term of 12 months or less, by recognizing lease payments in profit and loss on a straight-line basis over the term of the lease, and variable lease payments in the period in which the obligation for the payments is incurred. Lessee The Company is a lessee in a variety of lease contracts, such as land, transportation vehicles and other equipment. For leases with an initial term greater than 12 months, the Company records a right-of-use ("ROU") asset and a corresponding lease obligation. ROU assets represent the Company's right to use an underlying asset for the lease term, and lease obligations represent the Company's obligation to make fixed lease payments as stipulated by the lease. The present value of lease payments over the term of the leases is included in property and equipment as an ROU asset. Corresponding current and long-term finance lease liabilities represent the present value of lease payments not yet paid. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense using the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease ROU asset being amortized to amortization expense using the straight-line method over the term of the lease. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. <div> </div> Maintenance, insurance, and property tax expenses on leased assets are accounted for on an accrual basis as variable lease costs. Variable lease costs are recognized in the period when changes in facts and circumstances on which the variable lease payments are based occur. For more information on the Company's lease arrangements, refer to Note 5 - Finance Leases. Lessor The Company has various property leases under which it is the lessor. Upon lease commencement, the Company evaluates these leases to determine if they meet criteria set forth in lease accounting guidance for classification as sales-type leases or direct financing leases, and if a lease meets none of these criteria, the Company classifies the lease as an operating lease. The Company's property leases are accounted for as operating leases, whereby the underlying asset remains on our balance sheet and is depreciated consistently with other owned assets, with income recognized as it is earned over the term of the lease agreement. </div> <div> Recently Adopted Accounting Pronouncements ASU 2016-13 Credit Losses In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which replaces the incurred loss methodology with an expected loss methodology and requires companies to estimate expected credit losses based upon forward-looking information. The Company adopted ASU 2016-13 during its fiscal year ended September 30, 2024 on a modified retrospective basis, and recorded a $15,000 cumulative-effect decrease to retained earnings as of October 1, 2023. The Company's financial statements for periods prior to September 30, 2024 have not been revised to reflect this new accounting guidance. </div> <div> Accounting Pronouncements Issued But Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement -Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires additional disclosures about the nature of expenses included in the income statement, such as purchases of inventory, employee compensation and depreciation. ASU 2024-03 is effective for public business entities for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of ASU 2024-03 on its financial statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 expands income tax disclosures to provide information to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of ASU 2023-09 on its financial statements and related disclosures. <div> </div> In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands segment disclosures for public companies. ASU 2023-07 is effective for public business entities for annual periods beginning after December 15, 2023. The Company is currently evaluating the impact of ASU 2023-07 on its financial statements and related disclosures. </div> </div> </div>

<div> <div> Revenue from Contracts with Customers The Company recognizes revenue in accordance with Accounting Standards Codification ("ASC") 606, which requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The Company's revenue primarily consists of RV camping site rentals, RV storage fees, RV towing services, retail sales through the general store, and rent payments under property leases. <div> </div> Revenue is recognized as performance obligations are satisfied in each of its revenue streams, as follows: <ul style="padding-left: 0pt; margin-top: 0pt; list-style-type: disc;"> <li style="margin-left: 46.06pt; padding-left: 7.94pt; text-align: justify;"> RV camping site rentals are recognized daily at the rate paid by the guest for each day that a guest occupies the RV camp site, </li> <li style="margin-left: 46.06pt; padding-left: 7.94pt; text-align: justify;"> RV storage fees are recognized ratably over the time-period that the RV is stored, based upon the monthly rate paid for the storage, </li> <li style="margin-left: 46.06pt; padding-left: 7.94pt; text-align: justify;"> RV towing services are considered distinct from RV storage and are recognized at the rate paid for each tow when trailers are towed, </li> <li style="margin-left: 46.06pt; padding-left: 7.94pt; text-align: justify;"> Retail store and RV part sales are recognized at the price paid when goods are delivered to the guest, and </li> <li style="margin-left: 46.06pt; padding-left: 7.94pt; text-align: justify;"> Other ancillary services, such as fees for recreation activities, are purchased independently at standalone selling prices and are considered separate performance obligations, which are recognized as revenue when the related good or service is provided to the resort guest. </li> </ul> The revenue recognition rules under ASC 606 specifically exclude rental revenue. Rent payments under property leases are recognized in accordance with Leases (Topic 842) ("ASC 842".) See further discussion of leases later in this footnote. Disaggregated Revenue The following table summarizes disaggregated revenue totals and percentages of total income for the years ended September 30, 2024 and 2023: <div style="margin-left: 72pt;"> <table border="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="7" style="text-align: center; vertical-align: bottom; white-space: nowrap;">Year Ended September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">RV camping site rentals</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">6,671,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">69%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">6,500,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">67%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">RV storage & towing fees</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">1,896,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">19%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">1,951,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">20%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Retail store sales</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">734,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">8%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">700,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">7%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">RV parts sales</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">0%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">255,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">3%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Property lease income</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">236,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">2%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">147,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">1%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Other ancillary services</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">190,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">2%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">198,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">2%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">9,727,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">100%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">9,751,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">100%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table> </div> Customer Deposits Guests reserving camping sites must pay in advance. In addition, RV storage fees are billed annually or monthly in advance, and tow services are pre-paid when the towing reservation is made. The Company records a deferred revenue contract liability equal to the amounts that guests pay in advance for site reservations, storage fees and tow services ("Customer deposits"), and then recognizes the revenue when the guest stays at the resort, in the periods when the RV is stored, or in the period when the tow services are completed, respectively. Customer deposits are generally recognized as revenue within twelve months of receipt. The Company does not disclose the value of unsatisfied performance obligations for contracts with an expected length of one year or less. Cash payments received in advance of guests staying at the resort are refunded to guests if the guest cancels within the specified time-period, before any services are rendered. Due to the nature of the business, the Company's revenue is not significantly impacted by refunds. </div> <div> </div> Tourism Taxes Sales taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer to be remitted to the governmental authority, are excluded from revenue. As of both September 30, 2024 and 2023, the Company had $80,000 in Transient Occupancy Taxes (TOT) and Tourism Business Improvement District (TBID) assessments due to the City of Pismo Beach and the County of San Luis Obispo, which have been excluded from revenue and are included in accrued expenses on the balance sheet. </div>

<table border="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="7" style="text-align: center; vertical-align: bottom; white-space: nowrap;">Year Ended September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">RV camping site rentals</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">6,671,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">69%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">6,500,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">67%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">RV storage & towing fees</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">1,896,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">19%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">1,951,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">20%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Retail store sales</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">734,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">8%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">700,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">7%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">RV parts sales</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">0%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">255,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">3%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Property lease income</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">236,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">2%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">147,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">1%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Other ancillary services</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">190,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">2%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">198,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left;">2%</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">9,727,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">100%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">9,751,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: left; background-color: #e6efff;">100%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table>

6671000

0.69

6500000

0.67

1896000

0.19

1951000

0.20

734000

0.08

700000

0.07

255000

0.03

236000

0.02

147000

0.01

190000

0.02

198000

0.02

9727000

9751000

1 80000 80000 <div> Allowance for Credit Losses The Company accounts for credit losses under Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires the Company to recognize an estimate of expected credit losses as an allowance on financial instruments. The Company is exposed to credit losses on storage fees that are billed to customers and maintains allowances for estimated losses resulting from the inability of our customers to make required payments. If a previously billed storage fee is deemed to be uncollectible, it is charged-off against the allowance for credit losses. The Company's expected loss allowance methodology is developed considering historical collection experience, current and future economic and market conditions, and a review of the current status of customers' receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Estimates may change based on changing circumstances, including changes in the economy or in the circumstances of individual customers. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Allowance for credit losses at September 30, 2024 totaled $20,000. The provision for expected credit losses for the year ended September 30, 2024 totaled $5,000 and was recorded as an operating expense. The Company adopted ASU 2016-13 effective October 1, 2023 and recorded an initial $15,000 allowance for credit losses as a cumulative adjustment to retained earnings on October 1, 2023. Refer to "Recently Adopted Accounting Pronouncements" later in this footnote for further information. </div>

20000

5000

-15000

10786000

9293000

<div> Cash Reserved for Capital Improvements and Deferred Maintenance The Company keeps separate funds reserved for capital improvements and deferred maintenance. Historically, the Company has not carried a high amount of debt. This separate reserve is kept in order to self-finance major capital improvements and to have cash available if needed. </div>

Concentration of Credit Risk The Company maintains its cash at several commercial banks in the United States and has significantly more cash and cash equivalents than would be covered by FDIC insurance with one bank. To ensure that cash remains protected by FDIC insurance, the Company has placed its Cash Reserved for Capital Improvements and Deferred Maintenance in a Certificate of Deposit Account Registry Service ("CDARS") account. By using a CDARS account, the Company's large deposits are divided into smaller amounts and placed with multiple FDIC insured banks that are members of the CDARS network. Each member bank issues CDs in amounts under $250,000, so that the entire deposit balance is eligible for FDIC insurance. The Company keeps day-to-day operating cash with a single bank in a non-CDARS account. Due to large fluctuations in operating cash, there may be times when the amount of operating cash is above the $250,000 FDIC threshold. At September 30, 2024 the operating account balance was fully insured because it was less than the FDIC threshold. At September 30, 2023, the Company had $375,000 of operating cash that was in excess of the $250,000 federally insured limit.

250000

375000

250000

<div> Investments Investments in securities have been classified in the balance sheet according to management's intent, as securities available-for-sale. Available-for-sale securities consist of investment securities not classified as trading securities nor as held-to-maturity securities. Unrealized holding gains and losses, net of deferred taxes, on available-for-sale securities are reported as a net amount in a separate component of stockholders' equity until realized. Gains and losses on the sale of available-for-sale securities are determined using the specific identification method. </div>

1098000

1042000

<div> Inventories Inventories are comprised of products in the general store. Inventories have been valued at the lower of cost or net realizable value on a first-in, first-out basis. </div>

<div> Property and Equipment, net Property and equipment are recorded at cost, less accumulated depreciation in accordance with ASC 360, Property, Plant and Equipment. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets. Depreciation rates are based upon the following estimated useful lives: <table border="0" cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tr> <td style="background-color: #e6efff;">Building and resort improvements</td> <td style="width: 30%; background-color: #e6efff;"> 5 to 40 years </td> </tr> <tr> <td>Furniture, fixtures and equipment</td> <td style="width: 30%;"> 5 to 15 years </td> </tr> <tr> <td style="background-color: #e6efff;">Transportation equipment</td> <td style="width: 30%; background-color: #e6efff;"> 5 years </td> </tr> </table> Assets under finance lease are amortized over the lesser of the lease term or the useful life of the assets. Repairs and maintenance are charged to expense as incurred. Costs of significant improvement projects, which extend the useful lives of existing property or equipment are capitalized and depreciated over the remaining estimated useful life of the asset. The cost of assets sold or retired, along with the related accumulated depreciation, are removed from the accounts and any resulting gain or loss is included other income and expense. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable based upon estimated future cash flows. The process of evaluating impairment requires estimates as to future events and conditions, which are subject to varying market and economic factors. Therefore, it is reasonably possible that a change in estimate resulting from judgments as to future events could occur which would affect the recorded amounts of the property. No impairment losses were recorded for the years ended September 30, 2024 and 2023. </div>

<table border="0" cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tr> <td style="background-color: #e6efff;">Building and resort improvements</td> <td style="width: 30%; background-color: #e6efff;"> 5 to 40 years </td> </tr> <tr> <td>Furniture, fixtures and equipment</td> <td style="width: 30%;"> 5 to 15 years </td> </tr> <tr> <td style="background-color: #e6efff;">Transportation equipment</td> <td style="width: 30%; background-color: #e6efff;"> 5 years </td> </tr> </table>

P5Y

P40Y

P5Y

P15Y

P5Y

61000

71000

<div> Leases The Company accounts for leases under ASU 842, which requires the Company to evaluate contracts to determine if they contain a lease, and then classify leases as operating, sales-type or direct finance leases for financial reporting purposes, beginning at the lease commencement date. The Company has elected to account for short-term leases, those with a lease term of 12 months or less, by recognizing lease payments in profit and loss on a straight-line basis over the term of the lease, and variable lease payments in the period in which the obligation for the payments is incurred. Lessee The Company is a lessee in a variety of lease contracts, such as land, transportation vehicles and other equipment. For leases with an initial term greater than 12 months, the Company records a right-of-use ("ROU") asset and a corresponding lease obligation. ROU assets represent the Company's right to use an underlying asset for the lease term, and lease obligations represent the Company's obligation to make fixed lease payments as stipulated by the lease. The present value of lease payments over the term of the leases is included in property and equipment as an ROU asset. Corresponding current and long-term finance lease liabilities represent the present value of lease payments not yet paid. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense using the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease ROU asset being amortized to amortization expense using the straight-line method over the term of the lease. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. <div> </div> Maintenance, insurance, and property tax expenses on leased assets are accounted for on an accrual basis as variable lease costs. Variable lease costs are recognized in the period when changes in facts and circumstances on which the variable lease payments are based occur. For more information on the Company's lease arrangements, refer to Note 5 - Finance Leases. Lessor The Company has various property leases under which it is the lessor. Upon lease commencement, the Company evaluates these leases to determine if they meet criteria set forth in lease accounting guidance for classification as sales-type leases or direct financing leases, and if a lease meets none of these criteria, the Company classifies the lease as an operating lease. The Company's property leases are accounted for as operating leases, whereby the underlying asset remains on our balance sheet and is depreciated consistently with other owned assets, with income recognized as it is earned over the term of the lease agreement. </div>

<div> Recently Adopted Accounting Pronouncements ASU 2016-13 Credit Losses In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), which replaces the incurred loss methodology with an expected loss methodology and requires companies to estimate expected credit losses based upon forward-looking information. The Company adopted ASU 2016-13 during its fiscal year ended September 30, 2024 on a modified retrospective basis, and recorded a $15,000 cumulative-effect decrease to retained earnings as of October 1, 2023. The Company's financial statements for periods prior to September 30, 2024 have not been revised to reflect this new accounting guidance. </div>

-15000 <div> Accounting Pronouncements Issued But Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement -Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires additional disclosures about the nature of expenses included in the income statement, such as purchases of inventory, employee compensation and depreciation. ASU 2024-03 is effective for public business entities for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of ASU 2024-03 on its financial statements and related disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 expands income tax disclosures to provide information to better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of ASU 2023-09 on its financial statements and related disclosures. <div> </div> In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 expands segment disclosures for public companies. ASU 2023-07 is effective for public business entities for annual periods beginning after December 15, 2023. The Company is currently evaluating the impact of ASU 2023-07 on its financial statements and related disclosures. </div>

<div> <div> <div> <div> <table border="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; white-space: nowrap;">September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; border-bottom: 0.75pt solid transparent; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; border-bottom: 0.75pt solid transparent; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Land</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">11,609,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">11,609,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Building and resort improvements</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">13,382,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">13,262,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Furniture, fixtures and equipment</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,033,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">895,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Transportation equipment</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">1,062,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">979,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Operating lease right of use asset</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">85,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Construction in progress</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">147,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">150,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">27,318,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">26,895,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Less accumulated depreciation and amortization</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">(10,580,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;">)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">(10,883,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;">)</td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">16,738,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">16,012,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table> </div> </div> </div> </div>

11609000

13382000

13262000

1033000

895000

1062000

979000

85000

147000

150000

27318000

26895000

10580000

10883000

16738000

16012000

<table border="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; white-space: nowrap;">September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Trade accounts payable</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">73,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">56,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Accrued expenses</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">99,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Tourism taxes payable</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">80,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">80,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Property taxes payable</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">66,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 12%; text-align: right;">61,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Other</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">72,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">50,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 12%; text-align: right;">390,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 12%; text-align: right;">247,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> </table>

73000

56000

99000

80000 80000 66000 61000

72000

50000

390000

247000

<div> Note 4: Financing Transactions Insurance Financing During July 2024, the Company entered into an agreement to finance a portion of its 2024-5 commercial insurance premiums. The amount financed totaled $296,000 and carries a 12.9% interest rate. As of September 30, 2024, the amount of this note totaled $210,000, which is expected to be fully paid by May 2025. Interest expense associated with this agreement totaled $9,000 during the year ended September 30, 2024. Line of Credit The Company has a revolving line of credit with Pacific Premier Bank for $500,000, expiring April 1, 2025. There was no outstanding balance on the line of credit as of September 30, 2024 or 2023. </div>

296000

0.129

210000

9000

500000

2025-04-01

<div> <div> <div> Note 5: Leases </div> </div> <div> <div> The Company has both finance and operating leases. Finance leases are primarily for transportation equipment and are generally 60-84 months in duration with maturities through September 2031. The Company's one operating lease is for a storage lot and has a maturity date in 2026. The following table summarizes the future minimum payments under lease liabilities as of September 30, 2024. <div style="margin-left: 36pt;"> <table border="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;">For the Fiscal Year Ending Sept 30, </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; width: 15%; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; width: 15%; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; width: 15%; white-space: nowrap;">Finance Leases</td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; width: 15%; white-space: nowrap;">Operating Lease</td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="text-align: center; vertical-align: bottom; background-color: #e6efff;">2025</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">181,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">48,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="text-align: center; vertical-align: bottom; background-color: #ffffff;">2026</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">157,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">36,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="text-align: center; vertical-align: bottom; background-color: #e6efff;">2027</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">154,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="text-align: center; vertical-align: bottom; background-color: #ffffff;">2028</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">154,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="text-align: center; vertical-align: bottom; background-color: #e6efff;">2029</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">131,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="text-align: center; vertical-align: bottom; background-color: #ffffff;">Thereafter</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">108,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">-</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Total future minimum payments</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">885,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">84,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Less amount representing interest</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">(229,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;">)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">(9,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;">)</td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Total lease obligations</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">656,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">75,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Less current portion of lease obligations</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">(113,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;">)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">(41,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;">)</td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Lease obligations, net of current portion</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">543,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">34,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table> </div> The following table summarizes the components of the lease cost for the years ended September 30, 2024 and 2023, respectively. <table border="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; white-space: nowrap;">September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Finance lease cost:</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 8pt;">Amortization of ROU assets</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">68,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">54,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-left: 8pt;">Interest on lease liabilities</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">20,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">5,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Total finance lease cost</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">88,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">59,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Operating lease cost</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">11,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">-</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table> <div> </div> Supplemental balance sheet information related to finance leases as of September 30, 2024 and 2023 are as follows. <table border="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> <td colspan="4" style="text-align: center; vertical-align: bottom;">September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;">2024</td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;">2023</td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Right of use assets, gross</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">836,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">435,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Accumulated amortization</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">(210,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;">)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">(385,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;">)</td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">626,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">50,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Weighted average remaining lease term</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Finance leases</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: center; background-color: #ffffff;"> 4.5 years </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: center; background-color: #ffffff;"> 1.87 years </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Weighted average discount rate</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Finance leases</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: center; background-color: #e6efff;">8.68%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: center; background-color: #e6efff;">6.67%</td> </tr> </table> </div> </div> </div>

<table border="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;">For the Fiscal Year Ending Sept 30, </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; width: 15%; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; width: 15%; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; width: 15%; white-space: nowrap;">Finance Leases</td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; width: 15%; white-space: nowrap;">Operating Lease</td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="text-align: center; vertical-align: bottom; background-color: #e6efff;">2025</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">181,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">48,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="text-align: center; vertical-align: bottom; background-color: #ffffff;">2026</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">157,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">36,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="text-align: center; vertical-align: bottom; background-color: #e6efff;">2027</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">154,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="text-align: center; vertical-align: bottom; background-color: #ffffff;">2028</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">154,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="text-align: center; vertical-align: bottom; background-color: #e6efff;">2029</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">131,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="text-align: center; vertical-align: bottom; background-color: #ffffff;">Thereafter</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">108,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">-</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Total future minimum payments</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">885,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">84,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Less amount representing interest</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">(229,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;">)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">(9,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;">)</td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Total lease obligations</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">656,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">75,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Less current portion of lease obligations</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">(113,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;">)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #ffffff;">(41,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;">)</td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Lease obligations, net of current portion</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">543,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">34,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table>

181000

48000

157000

36000

154000

131000

108000

885000

84000

229000

9000

656000

75000

113000

41000

543000

34000

68000

54000

20000

5000

88000

59000

11000

<table border="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> <td colspan="4" style="text-align: center; vertical-align: bottom;">September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;">2024</td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;"> </td> <td style="text-align: center; vertical-align: bottom;">2023</td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Right of use assets, gross</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">836,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">435,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Accumulated amortization</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">(210,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;">)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">(385,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;">)</td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">626,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">50,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Weighted average remaining lease term</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Finance leases</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: center; background-color: #ffffff;"> 4.5 years </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: center; background-color: #ffffff;"> 1.87 years </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Weighted average discount rate</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Finance leases</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: center; background-color: #e6efff;">8.68%</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: center; background-color: #e6efff;">6.67%</td> </tr> </table>

836000

435000

210000

385000

626000

50000

P4Y6M

P1Y10M13D

0.0868

0.0667

<div> Note 6: Property Lease Income <div> <div> The Company is the lessor on various property leases, which currently represent approximately $19,000 in monthly income and extend over periods through 2038. These leases relate to two buildings, as well as several cell towers and a billboard on our storage properties. The leases have durations ranging from two to twenty years and are generally renewable for additional five-year durations. The following table summarizes the future minimum operating lease income under these leases. <table border="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom;">For the Twelve Months Ending September 30,</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; text-align: center;">2025</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">230,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: center;">2026</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;">193,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; text-align: center;">2027</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">153,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: center;">2028</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;">154,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; text-align: center;">2029</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">156,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: center;">Thereafter</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">717,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">1,603,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table> </div> </div> </div>

19000

<table border="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom;">For the Twelve Months Ending September 30,</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; text-align: center;">2025</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">230,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: center;">2026</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;">193,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; text-align: center;">2027</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">153,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: center;">2028</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;">154,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; text-align: center;">2029</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">156,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: center;">Thereafter</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">717,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">1,603,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table>

230000

193000

153000

154000

156000

717000

1603000

<div> Note 7: Common Stock Each share of stock is intended to provide the shareholder with free use of the resort for a maximum of 45 days per year. If the Company is unable to generate sufficient funds from the public, the Company may be required to charge shareholders for services. A shareholder is entitled to a pro-rata share of any dividends as well as a pro rata share of the assets of the Company in the event of its liquidation or sale. The shares are personal property and do not constitute an interest in real property. The ownership of a share does not entitle the owner to any interest in any particular site or camping period. </div>

P45D

<div> <div> <div> Note 8: Income Taxes The provisions for income taxes for the years ended September 30, 2024 and 2023 are comprised of the following: <table border="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; white-space: nowrap;">September 30</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; border-bottom: 0.75pt solid transparent; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Current:</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Federal</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">297,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">229,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">State</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">169,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">99,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">466,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">328,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Deferred:</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Federal</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;">41,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;">5,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">State</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(12,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">10,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">29,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">15,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> Total</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">495,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">343,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table> The provision for income taxes differs from the amount of income tax computed by applying the federal statutory income tax rate to income before taxes is a result of the following differences: <table cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; width: 70%; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; width: 423px;"> </td> <td colspan="1" style="vertical-align: bottom; width: 11px;"> </td> <td colspan="4" style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 384px;">Year Ended September 30,</td> <td colspan="1" style="vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 423px;"> </td> <td style="vertical-align: bottom; width: 11px;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid black; width: 186px;">2024</td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 13px;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10px;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid black; width: 180px;">2023</td> <td style="vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; width: 423px;">Statutory federal tax rate</td> <td style="vertical-align: bottom; width: 11px; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 186px; text-align: right; background-color: #e6efff;">338,000</td> <td style="vertical-align: bottom; width: 13px; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 10px; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 180px; text-align: right; background-color: #e6efff;">280,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 423px;">Non-deductible costs of shareholder usage</td> <td style="vertical-align: bottom; width: 11px; text-align: left;"> </td> <td style="vertical-align: bottom; width: 186px; text-align: right;">44,000</td> <td style="vertical-align: bottom; width: 13px; text-align: left;"> </td> <td style="vertical-align: bottom; width: 10px; text-align: left;"> </td> <td style="vertical-align: bottom; width: 180px; text-align: right;">40,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; width: 423px;">Provision to return adjustment</td> <td style="vertical-align: bottom; width: 11px; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 186px;">(2,000</td> <td style="vertical-align: bottom; background-color: #e6efff; width: 13px;">)</td> <td style="vertical-align: bottom; width: 10px; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 180px;">(63,000</td> <td style="vertical-align: bottom; background-color: #e6efff;">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 423px;">Impact of state taxes, net </td> <td style="vertical-align: bottom; width: 11px; text-align: left; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; width: 186px; text-align: right; border-bottom: 0.75pt solid #000000;">115,000</td> <td style="vertical-align: bottom; width: 13px; text-align: left; border-bottom: 0.75pt solid transparent;"> </td> <td style="vertical-align: bottom; width: 10px; text-align: left; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; width: 180px; text-align: right; border-bottom: 0.75pt solid #000000;">86,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; width: 423px;">Total</td> <td style="vertical-align: bottom; width: 11px; text-align: left; background-color: #e6efff; border-bottom: 2.25pt double #000000;">$</td> <td style="vertical-align: bottom; width: 186px; text-align: right; background-color: #e6efff; border-bottom: 2.25pt double #000000;">495,000</td> <td style="vertical-align: bottom; width: 13px; text-align: left; background-color: #e6efff; border-bottom: 2.25pt double transparent;"> </td> <td style="vertical-align: bottom; width: 10px; text-align: left; background-color: #e6efff; border-bottom: 2.25pt double #000000;">$</td> <td style="vertical-align: bottom; width: 180px; text-align: right; background-color: #e6efff; border-bottom: 2.25pt double #000000;">343,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 2.25pt double #000000;"> </td> </tr> </table> At September 30, 2024 and 2023, the deferred income tax liabilities consisted of the following: <table border="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; white-space: nowrap;">Year Ended September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Deferred tax assets (liabilities):</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Federal</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(423,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(382,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> </tr> <tr> <td style="vertical-align: bottom;">State</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">(45,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;">)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">(57,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;">)</td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Total</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(468,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(439,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> </tr> </table> Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. The majority of the balance is due to timing differences of depreciation expense, caused by the use of accelerated depreciation methods for tax calculations. At September 30, 2024 and 2023, the deferred income tax liabilities consisted of the following temporary differences: <table border="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; white-space: nowrap;">Year Ended September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Depreciation</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(565,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(479,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> </tr> <tr> <td style="vertical-align: bottom;"> Right-of-use asset </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;"> 116,000 </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;"> Lease liability </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(116,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Vacation accrual</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;">14,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;">1,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Allowances</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">38,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Federal benefit of state taxes</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;">45,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;">39,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(468,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(439,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> </tr> </table> There were no net operating loss or tax credit carryforwards for the years ended September 30, 2024 or 2023 for federal or state. <div> <div style="text-align: center;">35</div> </div> <div> <div> <hr style="break-after: page; text-align: center; height: 5px; color: #000000; background-color: #000000; width: 100%; margin-top: 10pt; margin-bottom: 5pt;"/> <div style="margin-bottom: 0pt;"> <div> <div style="margin-bottom: 10pt;">Pismo Coast Village, Inc. Notes to Financial Statements September 30, 2024 and 2023</div> </div> </div> </div> </div> </div> </div> </div>

<table border="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; white-space: nowrap;">September 30</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; border-bottom: 0.75pt solid transparent; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Current:</td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Federal</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">297,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">229,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">State</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">169,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">99,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">466,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">328,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Deferred:</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;">Federal</td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;">41,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;">5,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">State</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(12,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">10,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">29,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;">15,000</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> Total</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">495,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">343,000</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table>

297000

229000

169000

99000

466000

328000

41000

5000

-12000

10000

29000

15000

495000

343000

<table cellpadding="0" cellspacing="0" style="font-size: 10pt; border-collapse: collapse; width: 70%; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; width: 423px;"> </td> <td colspan="1" style="vertical-align: bottom; width: 11px;"> </td> <td colspan="4" style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 384px;">Year Ended September 30,</td> <td colspan="1" style="vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 423px;"> </td> <td style="vertical-align: bottom; width: 11px;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid black; width: 186px;">2024</td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 13px;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10px;"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; border-bottom: 1px solid black; width: 180px;">2023</td> <td style="vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; width: 423px;">Statutory federal tax rate</td> <td style="vertical-align: bottom; width: 11px; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 186px; text-align: right; background-color: #e6efff;">338,000</td> <td style="vertical-align: bottom; width: 13px; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 10px; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 180px; text-align: right; background-color: #e6efff;">280,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 423px;">Non-deductible costs of shareholder usage</td> <td style="vertical-align: bottom; width: 11px; text-align: left;"> </td> <td style="vertical-align: bottom; width: 186px; text-align: right;">44,000</td> <td style="vertical-align: bottom; width: 13px; text-align: left;"> </td> <td style="vertical-align: bottom; width: 10px; text-align: left;"> </td> <td style="vertical-align: bottom; width: 180px; text-align: right;">40,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; width: 423px;">Provision to return adjustment</td> <td style="vertical-align: bottom; width: 11px; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 186px;">(2,000</td> <td style="vertical-align: bottom; background-color: #e6efff; width: 13px;">)</td> <td style="vertical-align: bottom; width: 10px; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 180px;">(63,000</td> <td style="vertical-align: bottom; background-color: #e6efff;">)</td> </tr> <tr> <td style="vertical-align: bottom; width: 423px;">Impact of state taxes, net </td> <td style="vertical-align: bottom; width: 11px; text-align: left; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; width: 186px; text-align: right; border-bottom: 0.75pt solid #000000;">115,000</td> <td style="vertical-align: bottom; width: 13px; text-align: left; border-bottom: 0.75pt solid transparent;"> </td> <td style="vertical-align: bottom; width: 10px; text-align: left; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; width: 180px; text-align: right; border-bottom: 0.75pt solid #000000;">86,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff; width: 423px;">Total</td> <td style="vertical-align: bottom; width: 11px; text-align: left; background-color: #e6efff; border-bottom: 2.25pt double #000000;">$</td> <td style="vertical-align: bottom; width: 186px; text-align: right; background-color: #e6efff; border-bottom: 2.25pt double #000000;">495,000</td> <td style="vertical-align: bottom; width: 13px; text-align: left; background-color: #e6efff; border-bottom: 2.25pt double transparent;"> </td> <td style="vertical-align: bottom; width: 10px; text-align: left; background-color: #e6efff; border-bottom: 2.25pt double #000000;">$</td> <td style="vertical-align: bottom; width: 180px; text-align: right; background-color: #e6efff; border-bottom: 2.25pt double #000000;">343,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 2.25pt double #000000;"> </td> </tr> </table>

338000

280000

44000

40000

-2000

-63000

115000

86000

495000

343000

423000

382000

45000

57000

468000

439000

<table border="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td colspan="4" style="text-align: center; vertical-align: bottom; white-space: nowrap;">Year Ended September 30,</td> <td colspan="1" style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2024</td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;"> </td> <td style="text-align: center; vertical-align: bottom; white-space: nowrap;">2023</td> <td style="text-align: center; vertical-align: bottom;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;">Depreciation</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(565,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(479,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> </tr> <tr> <td style="vertical-align: bottom;"> Right-of-use asset </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;"> 116,000 </td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;"> Lease liability </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(116,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Vacation accrual</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;">14,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;">1,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;">Allowances</td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">38,000</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr style="background-color: #ffffff;"> <td style="vertical-align: bottom; background-color: #ffffff;">Federal benefit of state taxes</td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;">45,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #ffffff;"> </td> <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #ffffff;">39,000</td> <td style="border-bottom: 0.75pt solid transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #ffffff;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(468,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td> <td style="border-bottom: 2.25pt double #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;">(439,000</td> <td style="border-bottom: 2.25pt double transparent; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td> </tr> </table>

565000

479000

116000 -116000

14000

1000

38000

45000

39000

468000

439000

<div> <div> <div> Note 9: Employee Retirement Plans The Company is the sponsor of a 401(k) profit sharing pension plan, which covers substantially all full-time employees. Employer contributions are discretionary and are determined on an annual basis. The Company's matching portion of the 401(k) safe harbor plan was $106,000 and $94,000 for the years ended September 30, 2024 and 2023, respectively. </div> </div> </div>

106000

94000

<div> <div> <div> Note 10: Subsequent Events Events subsequent to September 30, 2024 have been evaluated through the date the financial statements were issued. Management did not identify any subsequent events that required disclosure. </div> </div> </div>