UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

[X]	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the fiscal year ended September 30, 2025

	OR

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 30, 2024

[ ] )TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________

Commission file number 0-8463

PISMO COAST VILLAGE, INC.

(Exact name of registrant as specified in its charter)

California	95-2990441
(State or other jurisdiction of incorporation or organization)	(IRS Employer ID No.)

165 South Dolliver Street, Pismo Beach, CA	93449
(Address of Principal Executive Offices)	(Zip Code)

(805) 773-5649

Registrant's telephone number, including area code.

Securities registered pursuant to Section 12(b) of the Act:

	Name of Each Exchange
Title of Each Class	on Which Registered
N/A	N/A

Securities registered pursuant to Section 12(g) of the Act:

Common Stock

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
YES [ ] NO [X]

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.
YES [ ] NO [X]

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
YES [X] NO [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Subsection 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES [X] NO [ ]

Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large, accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

[ ] Large accelerated filer

[ ] Accelerated filer

[X] Non-accelerated filer

[X] Smaller reporting company

[ ] Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. [ ]

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. [ ]

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES [ ] NO [X]

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. $~~103~~106,000,000

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13, or 15 (d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. YES [ ] NO [ ]

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. 1,774

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's Notice of ~~2024~~2025 Definitive Proxy Statement for the Annual Meeting of Shareholders to be held January 1817, ~~2025~~2026, are incorporated by reference into Part III.

Table of Contents

PART I	4
ITEM 1. BUSINESS.	4
ITEM 1. BUSINESS	4
ITEM 1A. RISK FACTORS.	7
ITEM 1A. RISK FACTORS	7
ITEM 1B. REMOVED AND RESERVED.	8
ITEM 1B. REMOVED AND RESERVED	8
ITEM 1C. CYBERSECURITY.	8
ITEM 1C. CYBERSECURITY	8
ITEM 2. PROPERTIES.	9
ITEM 2. PROPERTIES	9
ITEM 3. LEGAL PROCEEDINGS.	10
ITEM 3. LEGAL PROCEEDINGS	10
ITEM 4. (REMOVED AND RESERVED).	10
ITEM 4. (REMOVED AND RESERVED)	10
PART II	10
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.	10
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	10
ITEM 6. SELECTED FINANCIAL DATA.	11
ITEM 6. SELECTED FINANCIAL DATA	11
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.	11
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	11
ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	1718
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.	18
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	19
ITEM 9A. CONTROLS AND PROCEDURES.	38
ITEM 9A. CONTROLS AND PROCEDURES	40
ITEM 9B. OTHER INFORMATION.	39
ITEM 9B. OTHER INFORMATION	41
PART III	3942
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.	39
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE	42
ITEM 11. EXECUTIVE COMPENSATION.	46
ITEM 11. EXECUTIVE COMPENSATION	47
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.	46
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	49
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.	48
EMPLOYMENT AGREEMENTS	49
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.	49
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES	50
ITEM 15. EXHIBITS.	5051
SIGNATURES	5152

FORWARD LOOKING STATEMENTS

This Annual Report on Form 10-K and certain information incorporated by reference herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Many of the forward-looking statements are located in "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements relate to future events, anticipated expenses, capital spending, financing sources or our future financial performance based on certain assumptions. In some cases, you can identify forward-looking statements by words such as "may," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms, or comparable terminology. These risks and uncertainties include, but are not limited to, those relating to competitive industry conditions, California tourism and weather conditions, dependence on existing management, leverage and debt service, the regulation of the recreational vehicle industry, domestic or global economic conditions, and changes in federal or state tax laws or the administration of such laws. Actual events or results may differ materially from those expressed or implied in these forward-looking statements.

Forward-looking statements are not guarantees of future results, events, levels of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. In evaluating these statements, you should specifically consider various factors, including the risks outlined in Item 1A, Risk Factors, in this Annual Report on Form 10-K, and elsewhere in this report, including our disclosures of Critical Accounting Estimates in Item 7, as well as in our Financial Statements and related footnotes. We are under no duty to update any of the forward-looking statements after the date of this Annual Report on Form 10-K to conform such statements to actual results or to changes in expectations. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law.

In this Annual Report on Form 10-K, each of the terms "Pismo Coast Village," "Company," "us," "we," and "our" refers to Pismo Coast Village, Inc.

PART I

ITEM 1. BUSINESS.

BUSINESS DEVELOPMENT

Pismo Coast Village, Inc., the "Registrant" or the "Company," was incorporated under the laws of the State of California on April 2, 1975. The Company's sole business is owning and operating Pismo Coast Village RV Resort, a recreational vehicle resort (hereinafter the "Resort") in Pismo Beach, California. The Resort has continued to enhance its business by upgrading facilities and services to better serve customers.

BUSINESS OF ISSUER

The company exclusively operates within the realm of owning and managing Pismo Coast Village RV Resort. Its revenue streams originate primarily from camping site rentals, recreational vehicle storage, tow services and retail sales through a general store. Pismo Coast Village RV Resort stands as a comprehensive, full-service facility featuring 400 spaces for recreational vehicles, as well as a video arcade, laundromat, restaurant and general store.

PUBLIC AND SHAREHOLDER USERS

The policy of the Company is to offer each shareholder the opportunity for 45 nights of free use of sites at the Resort; 25 nights may be used during prime time and 20 nights during non-prime time. The free use of sites by shareholders is managed by designating the nights of the year as prime time and non-prime time. A prime-time night is one that is most in demand, for example, Memorial Day Weekend and the period from June 1 until Labor Day. Non-prime time is that time with the least demand. Each shareholder is furnished annually a calendar that designates the prime and non-prime time nights; it also provides a schedule of when reservations can be made and the procedure for making reservations. Over the past 30 years, the shareholder's free use of nights has averaged approximately 2330% of total occupied sites. Shareholder use during the fiscal year ended September 30, ~~2024~~2025 was consistent with this average.

SEASONAL ASPECTS OF BUSINESS

The business of the Company is seasonal and is concentrated during prime days of the year which are defined as follows: President's Day Weekend, Easter week, Memorial Day Weekend, summer vacation months, Labor Day, Thanksgiving Weekend and Christmas vacation.

WORKING CAPITAL REQUIREMENTS

By accumulating reserves during the prime seasons, the Company is generally able to meet its working capital needs during the off-season. Industry practice is to accumulate funds during the prime season, and use such funds, as necessary, in the off-season. The Company has arranged, but not used, a $500,000 line of credit to ensure funds are available, if necessary, in the off-season.

COMPETITION

The Company faces competition from nine other RV parks within a five-mile radius, but its distinct advantage lies in being the sole property adjacent to the beach. Recognized as a recreational vehicle resort, it stands out for its upgraded facilities and amenities, including a restaurant, general store, satellite TV, high-speed wireless internet, a heated pool, miniature golf course, and a comprehensive recreational program. Industry travel guides consistently rate Pismo Coast Village RV Resort highly for its appearance, facilities, and recreational offerings, earning it the prestigious designation of "Best of Pismo Beach - RV Resort" in September 2023.

In the competitive tourist market of the Central Coast of California, the Resort actively collaborates with the City of Pismo Beach, Chamber of Commerce, Conference and Visitors Bureau, participating as major sponsors in joint events and advertising initiatives. Ongoing marketing efforts include placements in trade publications, industry directories, and collaboration with RV-related companies. Leveraging the effectiveness of its website and social media, the Resort successfully engages with its target audience.

The marketing strategy extends to groups and clubs, offering incentives such as group discounts, meeting facilities, and ~~catering~~use ~~services~~of our on-site amenities. The Company has allocated approximately $6670,000 to its marketing plan for the 2026 fiscal year ~~2024-2025~~, demonstrating our commitment to sustaining high occupancy rates. Emphasizing customer service and high-quality recreational facilities, the Resort has cultivated a robust source of repeat business, underlining its success in building lasting relationships with patrons.

ENVIRONMENTAL REGULATION

The Company is affected by federal, state, and local antipollution laws and regulations. Due to the nature of its business operations (camping, RV storage and small retail store sales), the discharge of materials into the environment is not considered to be of a significant concern, and the EPA has not designated the Company as a potentially responsible party for cleanup of hazardous waste.

The main property of the Resort is located within the boundaries of those lands under the review and purview of the Coastal Commission of the State of California and the City of Pismo Beach. The water and sewer systems are serviced by the City of Pismo Beach. The Company was subject to state and federal regulations regarding the fiscal year 1996 reconstruction of an outflow structure that empties into Pismo Creek at the north boundary of the Resort. Because the Resort is within the wetlands area, the California Coastal Commission required permits for repair and construction to be reviewed by the following agencies: City of Pismo Beach, State Lands Commission, Regional Water Quality Board, State of California, California Department of Fish and Game, State Department of Parks and Recreation and the Army Corps of Engineers.

EMPLOYEES

As of September 30, ~~2024~~2025, the Company employed 6360 people, with 1420 of these on a part-time basis and 4940 on a full-time basis. Due to the seasonal nature of the business, additional staff are needed during peak periods and fewer during the off-season. Staffing levels during the fiscal year ranged from 5660 to 6368 employees. Management considers its labor relations to be good.

ADDITIONAL INFORMATION

The Company has remained conservative when considering rates and rate increases. As a result of experiencing increasing operational expenses and conducting a local comparative rate study, during September ~~2024~~2025 the Board of Directors ~~(Board)~~ voted to increase ~~our~~prime ~~storage~~time ~~base~~site ~~rate~~rates $520 per ~~month~~night ~~and~~effective ~~trailer~~January ~~towing~~1, ~~fees~~2026, $5and ~~per~~during ~~tow~~November ~~transfer~~2025 ~~effective~~the ~~January~~Board 1,of ~~2025,~~Directors ~~and~~voted ~~also~~ to increase ~~all~~non-prime ~~nightly~~time site rates $520 per night effective ~~October~~January 1, ~~2024~~2026. It is anticipated that these rate increases should not negatively impact the Company's ability to capture an optimum market share since they are still highly competitive with the rates from other nearby RV resorts.

REPORTS TO SECURITY HOLDERS

Pismo Coast Village, Inc. files quarterly reports, an annual report, and periodic reports, providing the public with current information about the Company and its operations with the Securities and Exchange Commission.

The Company makes available on its website, www.pismocoastvillage.com, access to its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission.

The public may read and copy any materials filed with the Securities and Exchange Commission, on official business days during the hours of 10:00 a.m. to 3:00 p.m., at the SEC's Public Reference Room located at 100 F Street, N. E., Washington, D.C. 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC on 1-800-SEC-0330. The SEC maintains an internet site (http://www.sec.gov) that contains reports, proxy statements, and other information that the Company files electronically with the SEC.

ITEM 1A. RISK FACTORS.

A number of factors, many of which are common to the lodging industry and beyond our control, could affect our business, including the following:

increased gas prices;

increased competition from new resorts in our market;

increases in operating costs due to inflation, labor costs, workers' compensation and healthcare related costs, utility costs, insurance, and unanticipated costs such as acts of nature and their consequences and other factors that may not be offset by increased rates;

changes in interest rates, cost, and terms of debt financing;

changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance with laws and regulations, fiscal policies, and ordinances;

adverse effects of market conditions, which may diminish the desire for leisure travel; and

adverse effects of a downturn in the leisure industry.

The leisure and travel business is seasonal and seasonal variations in revenue at our Resort can be expected to cause quarterly fluctuations in our revenue. Our revenue is generally highest in the third and fourth quarters. Quarterly revenue also may be harmed by events beyond our control, such as extreme weather conditions, terrorist attacks or alerts, contagious diseases, economic factors, and other considerations affecting travel. To the extent that cash flow from operations is insufficient during any quarter due to temporary or seasonal fluctuations in revenue, we rely upon our cash reserves and may have to rely on our short-term line of credit for operations. Recent events beyond our control, such as the economic slowdown and extreme weather conditions in 2023, harmed the operating performance of the Central Coast leisure industry generally. If these or similar events occur again, our operating and financial results may be harmed by declines in average daily rates or occupancy.

Our Resort has a need for ongoing renovations and potentially significant capital expenditures in connection with improvements, and the costs of such renovations or improvements may exceed our expectations.

Occupancy and the rates we are able to charge are often affected by the maintenance and capital improvements at a resort, especially in the event that the maintenance of improvements is not completed on schedule, or if the improvements result in the closure of the general store or a significant number of sites. The costs of necessary capital expenditures could harm our financial condition and reduce amounts available for operations. Capital improvements may also give rise to additional risks including:

construction cost overruns and delays;

a possible shortage of available cash to fund capital improvements and the related possibility that financing of these expenditures may not be available to us on favorable terms;

uncertainties as to market demand or a loss of market demand after capital improvements have begun;

disruption in service and site availability causing reduced demand, occupancy, and rates; and

possible environmental issues.

We rely on our executive officers and management team, the loss of whom could significantly harm our business.

Our continued success depends, to a significant extent, on the efforts and abilities of our General Manager, Charles Amian. Mr. Amian is important to our business and strategy and to the extent that were he to depart and not replaced with an experienced substitute, Mr. Amian's departure could harm our operations, financial condition, and operating results.

Uninsured and underinsured losses could harm our financial condition, and the results of operations.

In the event of a catastrophic loss, our insurance coverage may not be sufficient to cover the full current market value or replacement cost of our lost properties. Should an uninsured loss or a loss in excess of insured limits occur, we could lose all or a portion of the capital we have invested in the Resort, as well as the anticipated future revenue from the Resort. In that event, we might nevertheless remain obligated for any notes payable or other financial obligations related to the property. Inflation, changes in building codes and ordinances, environmental considerations and other factors might also keep us from using insurance proceeds to replace or renovate the Resort after it has been damaged or destroyed. Under these circumstances, the insurance proceeds we receive might be inadequate to restore our economic position on the damaged or destroyed property.

ITEM 1B. REMOVED AND RESERVED.

ITEM 1C. CYBERSECURITY.

Disclosure of cybersecurity risk management, & strategy

Management is responsible for the oversight and administration of cyber security protocols. Our strategy is to mitigate risks preventatively through cybersecurity strategies and preventative measures carried out by third-party providers. The Company regularly assesses, identifies, and manages these material risks in partnership with its third-party providers.

Our management team relies on our third-party providers to administer cybersecurity assessments and to identify, manage, mitigate, and respond to cybersecurity threats. Management of the cybersecurity environment also includes patch management, and a managed network, security, and 24/7 support. Management updates the Board as necessary, regarding any significant cybersecurity occurrences. Pismo Coast Village is not aware of any material cybersecurity incidents in the ~~2024~~2025 fiscal year.

ITEM 2. PROPERTIES.

Owned Properties

The Company's principal asset consists of the Resort, which is located at 165 South Dolliver Street in Pismo Beach, California. The Resort is built on a 26-acre site and includes 400 campsites with full hookups and nearby restrooms with showers and common facilities, such as a video arcade, recreation hall, restaurant, general store, swimming pool, laundromat, and three playgrounds.

The Company also has numerous parcels of real property, listed below:

Property address	Property Size	Property Use
RV Storage Yards
2180 Arriba Place in Arroyo Grande, California	19.3 acres	RV storage yard - 900 units Cell tower
1295 Sand Dollar Avenue, Oceano, California	5.5 acres	RV storage yard - 400 units
974 Sheridan Road, Arroyo Grande, California	6.4 acres	RV storage yard - 200 units
2030 Front Street in Oceano, California	2.2 acres	RV storage yard - 200 units
2250 22nd Street, Oceano, California	2.1 acres	RV storage yard - 100 units Cell tower
424 South Dolliver Street, Pismo Beach, California	3.3 acres	RV storage yard - 100 units Cell tower
255 N. Oak Glen Avenue in Nipomo, California	4.42 acres	Pending development
Fountain Avenue in Oceano, California⁽¹⁾	4.7 acres	Pending development
Properties Leased to 3^rd Parties
180 South Dolliver Street, Pismo Beach, California	0.6 acres	Storefront with parking RV maintenance bay
2096 Nipomo Street in Oceano, California	0.4 acres	RV Repair & Service Facility

(1) The construction permit to develop this property, which was granted by the County of San Luis Obispo, was contingent upon permit approval by the California Coastal Commission. In January 2006, the Commission denied the permit based on wetland conditions. The property is currently being considered for another use or possibly liquidation.

There is no deferred maintenance on any of the Resort's facilities. The Company's facilities are in good condition and adequate to meet the needs of the shareholder users as well as the public users. The Company continues to develop sufficient revenue from general public sites sales to support a continued positive maintenance program and to meet the demands of shareholders use of free sites.

Management considers the Company's insurance policies adequate coverage for risk and liability exposure.

Leased Properties

Property address	Property Size	Property Use
RV Storage Yards
1909 Delta Lane, Oceano, California	6.3 acres	RV storage yard - 200 units

ITEM 3. LEGAL PROCEEDINGS.

No pending legal proceedings against the Company other than routine litigation incidental to the business.

ITEM 4. (REMOVED AND RESERVED).

PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.

a. MARKET INFORMATION

There is no market for the Company's common stock, and there are only limited or sporadic transactions in its stock. Ms. Jeanne E. Sousa, a licensed broker/dealer, handled sales of the Company's shares as Pismo Coast Investments. The following table sets forth for the indicated periods the high and low sales prices per share for our common stock:

Year ended September 30, 2023, quarters ended:			Low			High
Year ended September 30, 2024, quarters ended:		Low			High
December 31, 2022		$	50,000		$	50,000
December 31, 2023	$	58,000		$	58,000
March 31, 2023		$	50,000		$	52,500
March 31, 2024	$	58,000		$	58,800
June 30, 2023		$	52,500		$	55,000
June 30, 2024	$	58,000		$	59,000
September 30, 2023		$	57,000		$	58,000
September 30, 2024	$	55,000		$	59,000
Year ended September 30, 2024, quarters ended:			Low			High
Year ended September 30, 2025, quarters ended:		Low			High
December 31, 2023		$	58,000		$	58,000
December 31, 2024	$	58,000		$	59,000
March 31, 2024		$	58,000		$	58,800
March 31, 2025	$	59,000		$	60,000
June 30, 2024		$	58,000		$	59,000
June 30, 2025	$	60,000		$	60,000
September 30, 2024		$	55,000		$	59,000
September 30, 2025	$	60,000		$	60,000

The last transaction during the fiscal year ended September 30, ~~2024~~2025 occurred September 1220, ~~2024~~2025, at a price of $5960,000 for one share conveyed.

b. HOLDERS

The approximate number of holders of the Company's common stock on December 21, ~~2024~~2025, was 1,~~496~~495.

c. DIVIDENDS

The Company has paid no dividends since it was organized in 1975, and although there is no legal restriction impairing the right of the Company to pay dividends, the Company does not intend to pay dividends in the foreseeable future. The Company selects to invest its available working capital to enhance the facilities at the Resort or develop properties supporting the Resort operations.

d. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

The Company does not currently have securities authorized for issuance under equity compensation plans.

e. RECENT SALES OF UNREGISTERED SECURITIES: USE OF PROCEEDS FROM REGISTERED SECURITIES

The Company does not have sales of unregistered securities.

ITEM 6. SELECTED FINANCIAL DATA.

Not applicable to smaller reporting companies. See Management's Discussion and Analysis.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following analysis discusses the Company's financial condition as of September 30, ~~2024~~2025, compared with September 30, ~~2023~~2024. The discussion should be read in conjunction with the audited financial statements and the related notes to the financial statements included elsewhere in this Form 10-K. This section is organized as follows:

Overview: A discussion of the Company's business operations.

Liquidity and Capital Resources: An analysis of changes in our balance sheets and cash flows, and a discussion of our financial condition and potential sources of liquidity.

Results of Operations: An analysis and discussion of our financial results comparing our results of operations for the current fiscal year to the prior fiscal year, and of the prior fiscal year compared to the previous fiscal year.

Critical Accounting Estimates: A discussion of the accounting estimates that we believe are most important to understand the assumptions and judgments incorporated in our reported financial results and forecasts, as well as recent accounting pronouncements that have had or are expected to have a material impact on our results of operations.

Contractual Obligations: Disclosures related to our contractual obligations, contingent liabilities, commitments and off-balance sheet arrangements as of September 30, ~~2024~~2025.

OVERVIEW

Pismo Coast Village, Inc. operates as a 400-space recreational vehicle resort located along the coast of Central California. The resort offers a full range of services, such as a general store, video arcade, laundromat, and an RV storage operation.

The Company is authorized to issue 1,800 shares of one class, all with equal voting rights and all being without par value. Transfers of shares are restricted by Company bylaws. One such restriction is that transferees must acquire shares with intent to hold the same for the purpose of enjoying camping rights and other benefits to which a shareholder is entitled. Each share of stock is intended to provide the shareholder with the opportunity for 45 nights of free site use per year. However, if the Company is unable to generate sufficient funds from the public, the Company may be required to charge shareholders for services.

Management is charged with the task of developing sufficient funds to operate the Resort through site sales to general public guests by allocating a minimum of 175 sites for general public use and allocating a maximum of 225 sites for shareholder free use. The other service centers are expected to generate sufficient revenue to support themselves and/or produce a profit.

The Company continues to promote and depend upon recreational vehicle camping as the primary source of revenue. The rental of campsites to the general public provides income to cover expenses, complete capital improvements, and allow shareholders up to 45 free nights camping annually. Additional revenues come from RV storage and spotting, an on-site convenience store, property leases and other ancillary activities such as a restaurant, laundromat, arcade, and recreational activities.

The Central Coast remains a highly sought-after destination for RV enthusiasts actively seeking quality accommodations. RVing continues to provide an affordable and immersive outdoor experience, and the Company is proud to deliver top-tier facilities and services in this popular location.

~~According~~The to2025 KOA Marketing Hospitality Report reveals a strong growth in the ~~2024~~camping ~~KOA~~industry, ~~Camping~~driven &by ~~Outdoor~~younger ~~Hospitality~~generations ~~Report~~and evolving traveler preferences. Key insights include generational Influence, ~~the~~rise ~~outlook~~in ~~for~~glamping experiences, economics of camping with modern amenities and a focus on wellness. Gen Z and millennials constitute 61% of new campers, with Gen Z spending the ~~industry~~most ~~remains~~per ~~strong~~day ($266), surpassing baby boomers ($34). Glamping continues to gain popularity, attracting 34% of new campers. Campers spend approximately $49 billion in local communities, with ~~eight~~an ~~out~~average daily spend of ~~ten~~$156 per person. Wi-Fi is now considered the most important amenity by many campers, with 48% indicating ~~plans~~its toimportance ~~either~~when ~~maintain~~choosing ora ~~increase~~campground. ~~their~~And ~~camping~~a ~~trips~~significant innumber ~~2024~~of campers seek wellness experiences, with activities like forest bathing (83%) and water-based activities (70%) being popular.

~~Private~~These ~~campgrounds~~findings ~~are~~reflect ~~ranked~~a asdynamic ~~the~~shift ~~top~~in ~~choice~~camping ~~for~~and outdoor hospitality, ~~providers.~~emphasizing ~~Key~~the ~~elements~~importance of ~~the~~modern ~~outdoor~~amenities, ~~hospitality~~diverse ~~experience~~experiences, ~~include~~and ~~spending~~ the ~~majority~~growing ofeconomic ~~time~~impact ~~outdoors~~of ~~(50%),~~the ~~access~~industry. KOA's to2025 ~~classic~~report ~~camping~~provides ~~amenities~~essential ~~such~~insights asinto ~~fire~~the ~~pits~~outdoor and ~~outdoor~~hospitality ~~seating (48%)~~sectors, ~~and~~shaping ~~accommodations~~the ~~that~~travel ~~reflect~~industry ~~traditional~~today ~~camping~~and ~~environments,~~into ~~whether~~the ~~in RVs or tents (43%)~~future.

~~Despite~~RV ~~the~~storage ~~robust~~remains in demand and a primary revenue source for ~~advance~~the ~~bookings~~Company. As of November 2025, ~~economic~~the ~~challenges~~waitlist ~~are~~for ~~influencing~~new ~~travelers'~~storage ~~decisions~~clients exceeds 370. ATo ~~recent~~meet ~~quarterly~~this ~~survey~~demand, ~~highlights~~the ~~that~~Company ~~many~~is ~~campers~~progressing ~~report~~with plans to develop an estimated 150-unit storage facility on a ~~decline~~new 4.42 acre property in ~~their~~Nipomo. ~~personal~~RV ~~financial~~storage ~~situation~~offers ~~since~~customers ~~early~~several ~~2024~~advantages, ~~with~~including ~~inflation~~eliminating ~~and~~the ~~economic~~stress ~~concerns~~of towing, reducing ~~overall~~the ~~disposable~~need ~~income.~~to ~~These~~own ~~factors~~a ~~are~~tow ~~shaping~~vehicle, ~~travelers'~~enabling ~~spending~~shared ~~patterns~~use among family members, and ~~choices~~providing ~~for~~added ~~accommodations~~convenience.

RV storage remains in demand and a primary revenue source for the Company. As of November 2024, the waitlist for new storage clients exceeds 560. To meet this demand, the Company is progressing with plans to develop an estimated 150-unit storage facility on a new 4.42 acre property in Nipomo. RV storage offers customers several advantages, including eliminating the stress of towing, reducing the need to own a tow vehicle, enabling shared use among family members, and providing added convenience.

Continued investment in resort enhancements remains a top priority to ensure a premier experience for both guests and shareholders. The resort is recognized as a leader in the industry, with accolades from reputable organizations such as Good Sam for its exceptional facilities and high standards. The Company's dedication to quality, value, and customer satisfaction is reflected in its success, driven by repeat business, positive word of mouth, and guest referrals.

The Company's marketing strategy focuses on digital platforms, social media content, advertising in national directories, and placements in leading trade magazines. These initiatives are designed to strengthen the Company's visibility and ensure sustained growth in the highly competitive outdoor hospitality market.

LIQUIDITY AND CAPITAL RESOURCES

The Company's policy is to use its ability to generate operating cash flow to meet its expected future needs for internal growth. The Company has continued to maintain sufficient cash so as to not require the use of a short-term line of credit during the off-season period, and the Company expects to be able to do so (although no assurance of continued cash flow can be given).

Net cash provided by operating activities ~~exceeded~~was approximately $2.21 million in the fiscal year ended September 30, ~~2024~~2025, compared to $12.2 million for the fiscal year ended September 30, ~~2023~~2024. The $1.0.1 million ~~increase~~decrease in net cash provided by operating activities can largely be attributed to ~~increased customer deposits and~~ the timing of ~~vendor~~ payments.

Working capital increased to $910.4 million at the end of fiscal year ~~2024~~2025, compared to $89.54 million at the end of fiscal year ~~2023~~2024. This increase is primarily a result of additional cash from ongoing operations that has been reserved for capital improvements and deferred maintenance.

The Company plans approximately $1.48 million of capital expenditures in fiscal year ~~2025~~2026 to further enhance the Resort facilities and services. The most significant capital project is continued development of the 4.42 acre property in Nipomo for RV Storage. In addition, the Company plans to re-gravel ~~some~~additional campsites, ~~slurry~~ and ~~stripe~~repair the asphalt on resort roads, ~~and renovate the mini golf course~~ as part of its ongoing facility maintenance programs. Funding for these projects is expected to come from normal operating cash flows and cash reserves. These capital expenditures are expected to increase the Resort's value to its shareholders and the general public.

With the possibility of requiring additional funds for planned capital improvements and the winter season, the Company maintains a $500,000 Line of Credit to ensure funds will be available if required. In anticipation of future large projects, the Board of Directors has instructed management to build operational cash balances. The Company has no other liabilities to creditors other than current accounts payable arising from its normal day-to-day operations and advance Resort rental reservation deposits, none of which are in arrears.

The Board of Directors continues its previously established policy of adopting a stringent conservative budget for fiscal year ~~2025~~2026, which projects a positive cash flow of approximately $1.0 million from operations. This projection is based on paid site occupancy reflecting similar occupancy as experienced in fiscal year ~~2024~~2025. The ~~2024~~2025-26 budget plan includes a $520 per night increase for ~~all~~ site rentals ~~effective October 1, 2024, $5 per month increase in our base storage rate and $5 per tow increase in towing fees effective January 1, 2025~~. While the Company projects a positive cash flow, this cannot be assured for fiscal year ~~2025~~2026.

RESULTS OF OPERATIONS

The Company's revenue streams originate primarily from three sources: (a) RV camping site rentals, (b) RV storage & towing fees, and (c) retail sales through a general store. In addition, the Company generates revenue from leases of real property, such as our RV retail storefront, RV repair facility and cell towers on our real property and from other ancillary services, such as our restaurant, arcade and laundromat.

The business of the Company is seasonal and is concentrated on prime days of the year which are defined as follows: President's Day weekend, Easter week, Memorial Day weekend, summer vacation months, Labor Day weekend, Thanksgiving week, and Christmas/New Year's week. Occupancy is impacted by weather patterns, as demand decreases during the rainy season and also in years with more rain.

~~2024~~2025 Compared to ~~2023~~2024

		Year Ended September 30,
		Year ended September 30,
		2024			2023
		2025			2024
RV camping site rentals	$	6,~~671~~881,000	69%	$	6,~~500~~671,000	6769%
RV storage & towing fees		1,896,000	19%		1,951,000	20%
RV storage and towing fees		2,013,000	20%		1,896,000	19%
Retail store sales		~~734~~735,000	87%		~~700~~734,000	78%
RV parts sales		-	0%		255,000	3%
Property lease income		230,000	2%		236,000	2%
Property lease income		236,000	2%		147,000	1%
Other ancillary services		223,000	2%		190,000	2%
Other ancillary services		190,000	2%		198,000	2%
	$	10,082,000	100%	$	9,727,000	100%
	$	9,727,000	100%	$	9,751,000	100%

RV camping site rental revenues increased $~~171~~210,000 during the year ended September 30, ~~2024~~2025 compared to ~~2023~~2024, a 3% increase, primarily due to a $5 per night rate increase that was effective October 1, ~~2023~~2024. This increase was partially offset by the impact of 43% lower occupancy during ~~2024~~2025 than ~~2023~~2024. Occupancy was lower in ~~2024~~2025 than ~~2023~~2024 due to weather and the timing of prime holidays~~, such as Easter week~~. The mix of public guest versus shareholder occupancy was consistent each year.

	Year Ended September 30,
	Year ended September 30,
	2024		2023
	2025		2024
Paid RV camping site nights	7672,~~100~~420	7069%	7976,~~627~~100	70%
Unpaid shareholder nights	32,~~807~~893	3031%	3332,~~423~~807	30%
Total Occupancy	~~108~~105,~~907~~313	100%	~~113~~108,~~050~~907	100%
Occupancy %	7572%		7775%
Sites Not Occupied	40,687	28%	37,093	25%
Total Capacity	146,000		146,000

RV storage & towing fees ~~decreased~~increased $55117,000 or 36% during the year ended September 30, ~~2024~~2025 compared to ~~2023~~2024 asdue ~~the~~to ~~demand~~a $5 per month rate increase for storage and $5 per one-way towing ~~fluctuates~~that ~~depending~~was ~~upon~~effective ~~occupancy~~January 1, 2025.

Retail store ~~revenues~~revenue ~~increased~~was ~~$34,000~~relatively orflat 5% year over year. The company runs the store as a convenience to our guests and strives to maintain consistent pricing, which leads to stable revenue and moderate margins across staples such as groceries, ice, wood, and RV parts. ~~Demand for logo-based merchandise drove up revenue as guests purchased newly offered premium apparel items.~~

RVProperty ~~parts~~lease ~~revenue was zero in 2024~~income, ~~compared~~which tois ~~$255,000~~primarily inassociated ~~2023,~~with ~~because~~rental of the ~~company discontinued delivering~~ RV repair ~~services~~facilities, ~~during~~was ~~April~~relatively ~~2023.~~flat Asyear ofover ~~that~~year ~~date,~~since the ~~company~~facilities ~~transitioned~~available ~~its~~for RVlease ~~service business to Trailer Hitch RV, who~~ have ~~leased~~not ~~the Company's service facilities~~changed.

Property lease income, which is primarily associated with rental of the RV repair facilities, increased $89,000 year over year due to the lease of the RV service facilities to Trailer Hitch during April 2023.

~~Cost~~Operating ofexpenses ~~goods~~for ~~sold~~year ~~decreased~~ended September 30, 2025 increased $32673,000 ~~year~~compared ~~over~~to the prior year. The increase is primarily ~~because~~due ~~the~~to ~~decrease~~increased inprofessional ~~costs~~service fees associated with ~~discontinuing~~conducting ~~the~~our RVrequired ~~parts~~PCAOB ~~business~~audit ~~were~~and ~~partially~~legal ~~offset~~matters, bywhich ~~the~~increased ~~costs~~$453,000 ofyear ~~increased~~over ~~retail~~year, ~~store~~as ~~sales~~well ~~and~~as ~~inventory~~utility ~~reserves~~costs, ~~taken~~which ~~during~~increased ~~2024~~$73,000 asyear ~~management~~over ~~implemented~~year aand ~~new~~general ~~automated~~insurance, ~~point~~which ofincreased ~~sale~~$62,000 ~~and~~year ~~inventory~~over ~~system~~year.

~~Operating~~Cost ~~expenses~~of ~~for~~goods ~~year~~sold ~~ended September 30, 2024~~ decreased $37127,000 ~~compared~~year toover ~~the prior~~ year~~. The~~ ~~decrease is~~ primarily due ~~a $257,000 reduction in operating expenses related~~ to ~~the~~improved ~~discontinued~~inventory RV repair service business, which were offset by a $63,000 increase in utilities costs and a $150,000 increase in general and administrative costs associated primarily with increased corporate insurance and advisory service costs, as well as an increase in employee wage and related costs company-widecontrol.

Depreciation and amortization expense ~~was~~increased ~~flat~~$104,000 year over year as ~~increased~~a ~~depreciation~~result ~~expense~~of ~~from~~ new ~~property~~truck ~~and~~leases ~~equipment~~entered ~~was~~into ~~offset~~during bylate ~~decreases in depreciation expense on assets that reached the end of their lives or were disposed~~2024.

Other income and expense, net increased $~~232~~24,000 year over year, primarily because of additional interest on increased cash reserves, as well as ~~increased~~fluctuating interest rates in ~~2024~~2025 compared to ~~2023~~2024.

Although the supply-demand balance generally remains favorable, future-operating results could be impacted by changes in inflation and the economy that lead to increases or decreases in demand. Depending on the nature of business and economic cycles and trends, rates may be adjusted accordingly, if deemed necessary. Changes in demand could limit the Company's ability to pass through inflationary increases in operating costs as higher rates.

Additionally, increases in transportation and fuel costs or sustained recessionary periods could unfavorably impact future results. However, the Company believes that its financial strength and market presence will enable it to remain extremely competitive. The company intends to continue to market site usage at its highest value and believes that currently this will not negatively impact the Company's ability to capture an optimum market share.

SEASONALITY

Occupancy is impacted by weather patterns, as demand decreases during the rainy season and also in years with more rain. Additionally, occupancy within any particular quarter is impacted by the timing of weekends and holidays within that calendar quarter.

Due the seasonal impact, fall and winter months have lower occupancy and derive less revenue and profit than the rest of the year, as illustrated by the following table which depicts quarterly revenue, occupancy and income (loss) from operations for the past eleven quarters:

Revenue for the three months ended
		2025			2024			2023
March 31	$	1,966,000		$	1,935,000		$	2,013,000
June 30	$	2,911,000		$	2,680,000		$	2,701,000
September 30	$	3,152,000		$	3,027,000		$	2,875,000
December 31				$	2,053,000		$	2,085,000

Paid Occupancy for the three months ended
		2025			2024			2023
March 31		14,571			14,958			15,833
June 30		19,800			20,339			22,665
September 30		22,128			22,914			22,961
December 31					15,921			17,889

Income (loss) from operations for the three months ended
		2025			2024			2023
March 31	$	(187,000	)	$	(13,000	)	$	(33,000	)
June 30	$	810,000		$	832,000		$	653,000
September 30	$	483,000		$	481,000		$	537,000
December 31				$	(161,000	)	$	(60,000	)

Occupancy during the three months ended September 30, 2025 was slightly less than the same period of 2024 due primarily to the timing of weekends, holidays and our prime time season. Revenue for the three months ended September 30, 2025 was slightly up from the same period of 2024, due primarily to the $5 per night rate increase established during 2024. Income from operations for the three months ended September 30, 2025 increased compared to the same period of 2024 due primarily to increased professional advisor fees in late 2024 associated with the change of our annual independent auditor.

Occupancy during the quarter ending December 31, 2025 is expected to be seasonally lower than the three months ended September 30, 2025, because the summer season traditionally ends as of the Labor Day weekend in early-September.

CRITICAL ACCOUNTING ESTIMATES

The Company's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles, which requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, as well as related disclosure of contingent assets and liabilities. In some cases, management could reasonably have used different accounting policies and estimates. In some cases, changes in the accounting estimates are reasonably likely to occur from period to period. Accordingly, actual results could differ materially from our estimates. To the extent that there are material differences between these estimates and actual results, the Company's financial condition or results of operations will be affected. Management bases estimates upon past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. We refer to accounting estimates of this type as critical accounting policies and estimates, which we discuss further below. We have reviewed our critical accounting policies and estimates with the audit committee of our board of directors.

Please see Note 2 of Part II, Item 8 of this Annual Report on Form 10-K for the summary of significant accounting policies.

Inventory Allowance

We value our inventory based on our cost. We adjust the value of our inventory to the extent our management determines that our cost cannot be recovered due to obsolescence or other factors. Management considers estimates of future demand and sales prices for each product to determine appropriate inventory reserves and to make corresponding reductions in inventory values to reflect expected net realizable value. In the event of a sudden significant decrease in demand for our products, we could be required to increase our inventory reserve, which would increase our cost of product sales and decrease our gross profit.

Income Taxes

Judgment is required in addressing the future tax consequences of events that have been recognized in our financial statements or tax returns (e.g., realization of deferred tax assets, changes in tax laws, or interpretations thereof). In addition, we are subject to examination of our income tax returns by the IRS and other tax authorities. A change in the assessment of the outcomes of such matters could materially impact our financial statements. We evaluate tax positions taken or expected to be taken on a tax return to determine whether they are more likely than not of being sustained, assuming that the tax reporting positions will be examined by taxing authorities with full knowledge of all relevant information, prior to recording the related tax benefit in our financial statements. If a position does not meet the more likely than not standard, the benefit cannot be recognized. Assumptions, judgment, and the use of estimates are required in determining if the "more likely than not" standard has been met when developing the provision for income taxes. A change in the assessment of the "more likely than not" standard with respect to a position could materially impact our financial statements.

Property and equipment

Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Management uses judgment to determine whether indications of impairment exist and considers the fact that the company has a long history of profit from the resort operation, which comprises the majority of our land assets, as well as steady profit from our RV storage business and property leases, which use the remainder of our land and building assets. Management also considers factors such as the camping industry, location of the property, market conditions, and property-specific information available at the time of the assessment. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. An impairment loss would be recognized when the estimated undiscounted future cash flows generated from the assets are less than their carrying amount. Measurement of an impairment loss would be based on the excess of the carrying amount of the asset group over its estimated fair value. Changes in economic and operating conditions impacting the judgments used could result in impairments to our long-lived assets in future periods. Historically, changes in estimates used in the property and equipment and definite-lived intangible assets impairment assessment process have not resulted in impairment charges. There were no indicators of impairment on property and equipment, and accordingly no impairment losses recorded, for the years ended September 30, ~~2024~~2025 and ~~2023~~2024.

1617

CONTRACTUAL OBLIGATIONS

The following table summarizes our contractual obligations as of September 30, ~~2024~~2025:

			Total		Less than 1 year		1 - 32 years		3 - 5 years		Over 5 years
Operating lease obligations (1)		$	84,000	$	48,000	$	36,000	$	-	$	-
Operating lease obligations 1		$	32,000	$	32,000	$	-	$	-	$	-
Finance lease obligations(1)			885,000		181,000		311,000		285,000		108,000
Finance lease obligations 1			859,000		181,000		354,000		305,000		19,000
Notes Payable(2)			210,000		210,000		-		-		-
	Total contractual obligations	$	891,000	$	213,000	$	354,000	$	305,000	$	19,000
	Total contractual obligations	$	1,179,000	$	439,000	$	347,000	$	285,000	$	108,000

~~(1)~~¹ For further information refer to Note 5 in Part II of this Annual Report on Form 10-K.~~(2) For further information refer to Note 4 in Part II of this Annual Report on Form 10-K.~~

OFF-BALANCE SHEET ARRANGEMENTS

The Company has no material off balance sheet arrangements.

ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable to smaller reporting companies.

1718

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

Pismo Coast Village, Inc. is responsible for the information and representations contained in this report. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which we considered appropriate in the circumstances and include some amounts based on our best estimates and judgments. Other financial information in this report is consistent with these financial statements.

1819

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders ~~ofPismo Coast Village, Inc.~~

Pismo Coast Village, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance ~~sheet~~sheets of Pismo Coast Village, Inc. (the “Company”) as of September 30, 2025 and 2024, and the related statements of comprehensive income, changes in stockholders’ equity, and cash flows for the ~~year~~years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of ~~Pismo~~the ~~Coast~~Company ~~Village, Inc.~~ as of September 30, 2025 and 2024, and the results of its operations and its cash flows for each of the ~~year~~two ~~then~~years in the period ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the entity’s management. Our responsibility is to express an opinion on ~~the~~these ~~entity’s~~ financial statements based on our ~~audit~~audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to Pismo Coast Village, Inc. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our ~~audit~~audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Pismo Coast Village, Inc. is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our ~~audit~~audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion.

Our ~~audit~~audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our ~~audit~~audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our ~~audit~~audits ~~provides~~provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Revenue Recognition – Refer to note 2 to the financial statements

Critical Audit Matter DescriptionThe Company derives revenue from three revenue streams which include (i) resort operations which include RV camping site rentals, storage and towing, and other ancillary services, (ii) retail operations, and (iii), property leasing.Description

The Company derives revenue from three revenue streams which include (i) resort operations which include RV camping site rentals, storage and towing, and other ancillary services, (ii) retail operations, and (iii) property leasing.

The Company recognizes revenue for the first revenue stream at a point in time as site rentals occur and services are provided. The Company recognizes revenue for the second revenue stream at a point in time when control of goods is transferred to the customer. The Company recognizes revenue for the third revenue stream over time based on the signed contract terms.

In determining revenue recognition for these customer agreements, the Company performs the following five steps: (i) identify the contract with customer (ii) identify the performance obligation in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when the Company satisfies a performance obligation.

We identified revenue recognition as a critical audit matter due to the significant impact revenue has on the operations of the Company. The nature of how revenue is recorded is not overly complex, however since the resort collects deposits up to six months in advance, there are monthly entries management must record to appropriately record deferred revenue (customer deposits) and then the subsequent recognition of revenue over the appropriate period of time. This required a high degree of auditor judgment and effort in performing procedures to evaluate the accuracy of both revenue and customer deposits.

How the Critical Audit Matter Was Addressed in the ~~AuditOur principal audit procedures related to the Company’s revenue recognition for these revenue streams included the following:~~Audit

Our principal audit procedures related to the Company’s revenue recognition for these revenue streams included the following:

Resort Operations
- We performed a walkthrough to test the design effectiveness and implementation of internal controls with respect to the revenue and cash receipts cycle.
- We selected a sample of resort reservations, monthly and annual storage agreements, towing invoices, and other ancillary service agreements and performed the following procedures:
  - Obtained and inspected a sample of reservation agreements or invoices for each selection;
  - Obtained an understanding of the performance obligation associated with the reservations or invoices;
  - Tested the revenue amounts for each reservation or invoice, which was represented by daily, or service rate by tracing reservation details including revenues from the sales journals to reservation information within the reservation booking systems;
  - Determined that the allocation of the service was allocated to a single performance obligation;
  - Tested the appropriateness of the revenue recognized within the terms of the reservation by tracing daily revenues for the applicable rates by service dated to revenues recorded in the ledger for the period; and
  - Tested cash receipts by performing analytical procedures related to proof of cash over revenues.
- We tested the mathematical accuracy of management’s schedule of customer deposits (deferred revenue) and resort revenue to determine that the timing of revenue recognized in the financial statements was appropriate.
Retail Operations
- We performed a walkthrough to test the design effectiveness and implementation of internal controls with respect to the Company’s revenue and cash receipts cycle.
- We selected a sample of retail sales transactions and performed the following procedures:
  - Obtained daily sales reports listing revenue by retail area (grocery, apparel, etc.).
  - Tested the daily retail area level amounts by reconciling the amounts recorded from the total daily sales reports to the general ledger for each period related to the sample selected.
  - Determined that the allocation of the transaction was to a single performance obligation.
  - Tested cash receipts by performing analytical procedures related to proof of cash over revenues.
- We tested the mathematical accuracy of management’s schedule of retail revenue.
Property Leasing We performed a walkthrough to test the design effectiveness and implementation of internal controls with respect to the Company’s revenue and cash receipts cycle. We selected a sample of customer lease agreements and performed the following procedures: Obtained and inspected a copy of the contract for each selection as well as any amendments; We obtained an understanding of the performance obligations associated with the Company’s revenue contract; Tested the transaction amounts recorded by agreeing the details within the lease contract to an exhibit of recorded lease revenue, recalculating the monthly lease revenue and reconciling the revenue to the general ledger; Determined that the allocation of the transaction price was to a single performance obligation; and Tested the appropriateness of recognized revenue within the terms of the contract by determining whether revenue was recognized ratably over the term of the lease. Tested cash receipts by performing analytical procedures related to proof of cash over revenues. We tested the mathematical accuracy of management’s schedule of ~~property~~space lease revenue and the associated timing of revenue recognized in the financial statements.

/s/ WithumSmith+Brown, PC

We have served as Pismo Coast Village's auditor since 2024.

~~Auditor Firm ID: #100~~ Irvine, ~~CaliforniaJanuary 14, 2025~~ California

19December 18, 2025PCAOB ID Number 100

Report of Independent Registered Public Accounting Firm

To the Board of Directors and ShareholdersPismo Coast Village, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Pismo Coast Village, Inc. (the Company) as of September 30, 2023, and 2022; the related statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the two-year period ended September 30, 2023; and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2023, and 2022, and the results of its operations and its cash flows for each of the years in the two-year period ended September 30, 2023 and 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) are especially challenging, subjective, or involve complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Income Taxes

Management’s estimates of the deferred tax assets, liabilities, and provisions disclosed in Note 7 are based primarily on the differences between depreciation measurements on a tax basis versus accounting principles generally accepted in the United States of America (GAAP) basis, and timing of vacation expense recognition and shareholder site usage. We evaluated the key factors and assumptions used to develop the estimates of income tax provisions in determining that they are reasonable in relation to the financial statements taken as a whole.

We identified the evaluation of the Company’s income tax provisions as a critical audit matter because the application of tax law and timing of recognition of income tax expense and benefits is complex and involves subjective judgment.

We served as the Company’s auditor from 2005 to 2023.

BROWN ARMSTRONGACCOUNTANCY CORPORATION

Auditor Firm ID: #237Bakersfield, CaliforniaDecember 13, 2023

Pismo Coast Village, Inc.

Balance Sheetsas of September 30, 2024 and 2023

		September 30,
		2024		2023
Assets
Current assets
Cash and cash equivalents	$	333,000	$	885,000
Cash reserved for capital improvements and deferred maintenance		10,453,000		8,408,000
Investments		1,098,000		1,042,000
Accounts receivable, net of allowance for credit losses of $20,000 and zero, respectively		45,000		56,000
Inventories		81,000		121,000
Prepaid income taxes		396,000		395,000
Prepaid expenses		389,000		334,000
Total current assets		12,795,000		11,241,000
Property and equipment, net		16,738,000		16,012,000
Total assets	$	29,533,000	$	27,253,000
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued liabilities	$	390,000	$	247,000
Accrued wages and related		304,000		310,000
Customer deposits		2,310,000		2,084,000
Notes payable		210,000		-
Current portion of operating lease obligations		41,000		-
Current portion of finance lease obligations		113,000		64,000
Total current liabilities		3,368,000		2,705,000
Long-term liabilities
Deferred income taxes		468,000		439,000
Building security deposits		25,000		25,000
Operating lease obligations, net of current portion		34,000		-
Finance lease obligations, net of current portion		543,000		60,000
Total liabilities		4,438,000		3,229,000
Stockholders' equity
Common stock - no par value, 1,800 shares authorized, 1,774 shares issued and outstanding		5,566,000		5,566,000
Retained earnings		19,523,000		18,423,000
Accumulated other comprehensive income		6,000		35,000
Total stockholders' equity		25,095,000		24,024,000
Total liabilities and stockholders' equity	$	29,533,000	$	27,253,000

The accompanying notes are an integral part of these financial statements.

Pismo Coast Village, Inc.

~~Statements~~Balance Sheetsas of ~~Comprehensive Incomefor the years ended~~ September 30, ~~2024~~2025 and ~~2023~~2024

		Year Ended September 30,
						September 30,
		2024			2023
						2025		2024
Revenue
Assets
Resort operations	$	8,757,000		$	8,649,000
	Current assets
Retail operations		734,000			955,000
		Cash and cash equivalents			$	1,348,000	$	333,000
Property lease income		236,000			147,000
		Cash reserved for capital improvements
Total revenue		9,727,000			9,751,000
			and deferred maintenance			11,935,000		10,453,000
Cost and expenses
		Investments				-		1,098,000
Operating expenses		7,516,000			7,553,000
		Accounts receivable, net of allowance for credit
Cost of goods sold		513,000			545,000
			losses of $29,000 and $20,000, respectively			35,000		45,000
Depreciation and amortization		458,000			460,000
		Inventories, net				75,000		81,000
Total cost and expenses		8,487,000			8,558,000
		Prepaid income taxes				100,000		396,000
Income from operations		1,240,000			1,193,000
		Prepaid expenses				448,000		389,000
Other income and expense, net		370,000			138,000
			Total current assets			13,941,000		12,795,000
Income before provision for income tax		1,610,000			1,331,000
	Property and equipment, net					16,588,000		16,738,000
Income tax provision		495,000			343,000
			Total assets		$	30,529,000	$	29,533,000
Net income	$	1,115,000		$	988,000
Liabilities and Stockholders' Equity
Weighted average shares (basic & diluted)		1,774			1,774
	Current liabilities
Net income per share (basic & diluted)	$	629		$	557
		Accounts payable and accrued liabilities			$	450,000	$	390,000
Other Comprehensive Income
		Accrued wages and related				295,000		304,000
Unearned gain (loss) on investments		(29,000	)		35,000
		Customer deposits				2,596,000		2,310,000
Comprehensive income	$	1,086,000		$	1,023,000
		Notes payable				-		210,000
Total comprehensive income per share	$	612		$	577
		Current portion of operating lease obligation				31,000		41,000
		Current portion of finance lease obligations				113,000		113,000
			Total current liabilities			3,485,000		3,368,000
	Long-term liabilities
		Deferred income taxes				483,000		468,000
		Building security deposits				25,000		25,000
		Operating lease obligation, net of current portion				-		34,000
		Finance lease obligations, net of current portion				539,000		543,000
			Total liabilities			4,532,000		4,438,000
	Stockholders' equity
		Common stock - no par value, 1,800 shares authorized,
			1,774 shares issued and outstanding			5,566,000		5,566,000
		Retained earnings				20,431,000		19,523,000
		Accumulated other comprehensive income				-		6,000
			Total stockholders' equity			25,997,000		25,095,000
				Total liabilities and stockholders' equity	$	30,529,000	$	29,533,000

The accompanying notes are an integral part of these financial statements.

Pismo Coast Village, Inc.

Statements of ~~Changes~~Comprehensive inIncomefor ~~Stockholders' Equityfor~~ the years ended September 30, ~~2024~~2025 and ~~2023~~2024

											Accumulated
				Year ended September 30,
											Other
				2025			2024
		Common Stock						Retained			Comprehensive
Revenue
		Shares			Amount			Earnings			Income			Total
	Resort operations		$	9,117,000		$	8,757,000
Balance - September 30, 2022		1,774		$	5,566,000		$	17,435,000					$	23,001,000
	Retail operations			735,000			734,000
Net Income								988,000						988,000
	Property lease income			230,000			236,000
Other Comprehensive Income											35,000			35,000
		Total revenue		10,082,000			9,727,000
Balance - September 30, 2023		1,774			5,566,000			18,423,000			35,000			24,024,000
Cost and expenses
Cumulative change due to adoption of ASU 2016-13 (Note 2)								(15,000	)					(15,000	)
	Operating expenses			8,189,000			7,516,000
Net Income								1,115,000						1,115,000
	Cost of goods sold			386,000			513,000
Other Comprehensive Income											(29,000	)		(29,000	)
	Depreciation and amortization			562,000			458,000
Balance - September 30, 2024		1,774		$	5,566,000		$	19,523,000		$	6,000		$	25,095,000
		Total cost and expenses		9,137,000			8,487,000
	Income from operations			945,000			1,240,000
Other income and expense, net				394,000			370,000
Income before provision for income tax				1,339,000			1,610,000
Income tax provision				431,000			495,000
Net income			$	908,000		$	1,115,000
Weighted average shares (basic and diluted)				1,774			1,774
Net income per share (basic and diluted)			$	512		$	629
Net income			$	908,000		$	1,115,000
Other comprehensive income (loss)
	Change in unearned gain on investments			(6,000	)		(29,000	)
Comprehensive income			$	902,000		$	1,086,000
Total comprehensive income per share			$	508		$	612

The accompanying notes are an integral part of these financial statements.

Pismo Coast Village, Inc.

Statements of ~~Cash~~Changes ~~Flowsfor~~in Stockholders' Equityfor the years ended September 30, ~~2024~~2025 and ~~2023~~2024

		Year ended September 30
											Accumulated
		2024			2023
											Other
Cash flows from operating activities
		Common Stock						Retained			Comprehensive
Net income	$	1,115,000		$	988,000
		Shares			Amount			Earnings			Income (Loss)			Total
Adjustments to reconcile net income to net cash provided by operating activities:
Balance - September 30, 2023		1,774		$	5,566,000		$	18,423,000		$	35,000		$	24,024,000
Depreciation and amortization		458,000			460,000
Cumulative change due to adoption of ASU 2016-13 (Note 2)		-			-			(15,000	)		-			(15,000	)
Deferred income tax expense		29,000			15,000
Net income		-			-			1,115,000			-			1,115,000
Other non-cash expenses		91,000			-
Other comprehensive income (loss)		-			-			-			(29,000	)		(29,000	)
Changes in operating assets and liabilities:
Balance - September 30, 2024		1,774		$	5,566,000		$	19,523,000		$	6,000		$	25,095,000
Accounts receivable		(9,000	)		(7,000	)
Net income		-			-			908,000			-			908,000
Inventories		40,000			96,000
Other comprehensive income (loss)		-			-			-			(6,000	)		(6,000	)
Prepaid income taxes		(7,000	)		(72,000	)
Balance - September 30, 2025		1,774		$	5,566,000		$	20,431,000		$	-		$	25,997,000
Prepaid expenses		163,000			8,000
Accounts payable and accrued liabilities		143,000			(19,000	)
Accrued wages and related		(6,000	)		(122,000	)
Customer deposits		226,000			(185,000	)
Operating lease obligation		(10,000	)		-
Building security deposits		-			25,000
Net cash provided by operating activities		2,233,000			1,187,000
Cash flows from investing activities
Capital expenditures		(524,000	)		(1,412,000	)
Purchase of Investments, net		(85,000	)		(1,007,000	)
Net cash used in investing activities		(609,000	)		(2,419,000	)
Cash flows from financing activities:
Principal payments on finance lease obligations		(131,000	)		(61,000	)
Net cash used in financing activities		(131,000	)		(61,000	)
Net increase (decrease) in cash and cash equivalents		1,493,000			(1,293,000	)
Cash and cash equivalents - beginning of period		9,293,000			10,586,000
Cash and cash equivalents - end of period	$	10,786,000		$	9,293,000
Reconciliation of Cash and Cash Equivalents Per Balance Sheets:
Cash and equivalents		333,000			885,000
Cash reserved for capital improvements		10,453,000			8,408,000
Cash and cash equivalents per statement of cash flows	$	10,786,000		$	9,293,000
Schedule of payments of interest and taxes:
Cash paid for income tax	$	473,000		$	400,000
Cash paid for interest	$	27,000		$	15,000
Supplemental schedule of non-cash activities
Financed annual insurance	$	210,000		$	-
Assets acquired under finance leases	$	663,000		$	-

The accompanying notes are an integral part of these financial statements.

Pismo Coast Village, Inc.~~Notes to Financial StatementsSeptember 30, 2024 and 2023~~

Statements of Cash Flows
for the years ended September 30, 2025 and 2024

								Year ended September 30,
								2025			2024
Cash flows from operating activities
	Net income						$	908,000		$	1,115,000
		Adjustments to reconcile net income to net cash
			provided by operating activities:
				Depreciation and amortization				562,000			458,000
				Deferred income tax expense				15,000			29,000
				Amortization of operating lease right-of-use asset				43,000			-
				Other non-cash expenses				24,000			91,000
				Changes in operating assets and liabilities:
					Accounts receivable			1,000			(9,000	)
					Inventories			6,000			40,000
					Prepaid income taxes			296,000			(7,000	)
					Prepaid expenses			(59,000	)		163,000
					Accounts payable and accrued liabilities			60,000			143,000
					Accrued wages and related			(9,000	)		(6,000	)
					Customer deposits			286,000			226,000
					Operating lease liability			(44,000	)		(10,000	)
						Net cash provided by operating activities		2,089,000			2,233,000

Cash flows from investing activities
	Capital expenditures							(359,000	)		(524,000	)
	Redemption (purchase) of investments, net							1,092,000			(85,000	)
				Net cash provided by (used in) investing activities				733,000			(609,000	)

Cash flows from financing activities
	Principal payments on finance lease obligations							(115,000	)		(131,000	)
	Principal payments on notes payable							(210,000	)		-
				Net cash used in financing activities				(325,000	)		(131,000	)

				Net increase in cash and cash equivalents				2,497,000			1,493,000

Cash and cash equivalents - beginning of period								10,786,000			9,293,000

Cash and cash equivalents - end of period							$	13,283,000		$	10,786,000

Reconciliation of Cash and Cash Equivalents Per Balance Sheets:
	Cash and equivalents							1,348,000			333,000
	Cash reserved for capital improvements							11,935,000			10,453,000
	Cash and cash equivalents per statement of cash flows							13,283,000		$	10,786,000

Schedule of payments of interest and taxes
	Cash paid for income tax						$	127,000		$	473,000
	Cash paid for interest						$	78,000		$	27,000

Supplemental schedule of non-cash investing and financing activities
	Financed annual insurance						$	-		$	210,000
	Assets acquired under finance leases						$	111,000		$	663,000

The accompanying notes are an integral part of these financial statements.

Pismo Coast Village, Inc.

Notes to Financial Statements

September 30, 2025 and 2024

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 reporting unit and 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 (“CODM”), regularly review our operating results, assess performance, allocate resources, and make decisions regarding the Company's operations.

~~Certain~~SeasonalityThe ~~prior~~Company's ~~period~~business ~~amounts~~is ~~have~~seasonal ~~been~~in ~~reclassified~~nature towith ~~conform~~the tothree ~~current~~months ~~year~~ending ~~presentation.~~September ~~Namely~~30, ~~revenue~~the ~~from~~summer, ~~property~~being ~~leases~~its ~~are~~busiest ~~presented~~quarter, as aillustrated ~~separate~~by ~~revenue~~the ~~line~~following ontable ~~the~~which ~~statement~~depicts ofquarterly ~~comprehensive~~revenue and income. (loss) from operations for the past eleven quarters:

Revenue for the three months ended
		2025		2024		2023
March 31	$	1,966,000	$	1,935,000	$	2,013,000
June 30	$	2,911,000	$	2,680,000	$	2,701,000
September 30	$	3,152,000	$	3,027,000	$	2,875,000
December 31			$	2,053,000	$	2,085,000

Paid Occupancy for the three months ended
		2025		2024		2023
March 31		14,571		14,958		15,833
June 30		19,800		20,339		22,665
September 30		22,128		22,914		22,961
December 31				15,921		17,889

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.

Note 2: Significant Accounting Policies

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. Revenue is recognized as performance obligations are satisfied in each of its revenue streams, as follows:

Pismo Coast Village, Inc.Notes to Financial StatementsSeptember 30, 2024 and 2023

Revenue is recognized as performance obligations are satisfied in each of its revenue streams, as follows:

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,
RV storage fees are recognized ratably over the time-period that the RV is stored, based upon the monthly rate paid for the storage,
RV towing services are considered distinct from RV storage and are recognized at the rate paid for each tow when trailers are towed,
Retail store and RV part sales are recognized at the price paid when goods are delivered to the guest, and
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.

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~~2025 and ~~2023~~2024:

		Year Ended September 30,
		Year ended September 30,
		2024			2023
		2025			2024
RV camping site rentals	$	6,~~671~~881,000	69%	$	6,~~500~~671,000	6769%
RV storage & towing fees		1,896,000	19%		1,951,000	20%
RV storage and towing fees		2,013,000	20%		1,896,000	19%
Retail store sales		~~734~~735,000	87%		~~700~~734,000	78%
RV parts sales		-	0%		255,000	3%
Property lease income		230,000	2%		236,000	2%
Property lease income		236,000	2%		147,000	1%
Other ancillary services		223,000	2%		190,000	2%
Other ancillary services		190,000	2%		198,000	2%
	$	10,082,000	100%	$	9,727,000	100%
	$	9,727,000	100%	$	9,751,000	100%

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.

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.

26As of October 1, 2024 and 2023, the portion of resort operations revenue that was included in customer deposits was $2,310,000 and $2,084,000, respectively.

Pismo Coast Village, Inc.Notes to Financial StatementsSeptember 30, 2024 and 2023

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~~2025 and ~~2023~~2024, the Company had $82,000 and $80,000, respectively, 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.

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, 2025 and 2024 totaled $29,000 and $20,000, respectively. The provision for expected credit losses for the ~~year~~years ended September 30, 2025 and 2024 totaled $9,000 and $5,000, respectively, 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. As of October 1, 2023, the balance of accounts receivable, net of allowance for credit losses was $56,000. Refer to "Recently Adopted Accounting Pronouncements" later in this footnote for further information.

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~~2025 and ~~2023~~2024, the Company had $1013,~~786~~283,000 and $910,~~293~~786,000 of cash and cash equivalents, respectively.

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.

Pismo Coast Village, Inc.Notes to Financial StatementsSeptember 30, 2024 and 2023

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, 2025 and 2024 the operating account balance was fully insured because it was less than the FDIC threshold.

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.

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.

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~~was ~~2023 were~~ $1,098,000 ~~and $1,042,000, respectively~~. During the fiscal year ended September 30, ~~2024~~2025, ~~there~~management ~~was~~changed ~~no material change in~~ the ~~items~~tenure weof ~~measure~~investments ~~and~~such ~~record~~that atthey ~~fair~~now ~~value~~qualify onas acash ~~recurring basis~~equivalents. ~~Additionally,~~There ~~there~~ were no transfers between levels of the fair value hierarchy during the year ended September 30, ~~2024~~2025.

Pismo Coast Village, Inc.Notes to Financial StatementsSeptember 30, 2024 and 2023

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.

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.

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:

Building and resort improvements	5 to 40 years
Furniture, fixtures and equipment	5 to 15 years
Transportation equipment	5 to 7 years

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.

~~Repairs~~The ~~and~~Company ~~maintenance~~reviews ~~are~~property ~~charged~~and toequipment ~~expense~~for asimpairment ~~incurred.~~whenever ~~Costs~~events ofor ~~significant~~changes ~~improvement~~in ~~projects,~~circumstances ~~which~~indicate ~~extend~~that the ~~useful~~carrying ~~lives~~amount of ~~existing~~an ~~property~~asset orgroup ~~equipment~~may ~~are~~not ~~capitalized~~be ~~and~~recoverable ~~depreciated~~based ~~over~~upon ~~the~~estimated ~~remaining~~future ~~estimated~~cash ~~useful~~flows. ~~life~~The process of ~~the~~evaluating ~~asset.~~impairment ~~The~~requires ~~cost~~estimates ofas ~~assets~~to ~~sold~~future orevents ~~retired~~and conditions, ~~along~~which ~~with~~are ~~the~~subject ~~related~~to ~~accumulated~~varying ~~depreciation~~market and economic factors. Therefore, ~~are~~it ~~removed~~is reasonably possible that a change in estimate resulting from judgments as to future events could occur which would affect the ~~accounts~~recorded ~~and~~amounts ~~any~~of ~~resulting~~the ~~gain~~property. orNo ~~loss~~impairment islosses ~~included~~were ~~other~~recorded ~~income~~for the years ended September 30, 2025 and ~~expense~~2024.

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.

Advertising

Advertising costs are expensed as incurred and are included in operating expenses. Advertising expenses were $6133,000 and $7161,000 for the years ended September 30, ~~2024~~2025 and ~~2023~~2024, respectively.

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.

2930

~~Pismo~~ASC ~~Coast~~740 ~~Village,~~also ~~Inc~~requires the recognition and measurement of uncertain tax positions based on a "more likely than not" (likelihood greater than 50%) approach.~~Notes~~ toAs ~~Financial~~of ~~StatementsSeptember~~September 30, 2025 and 2024, management considered its tax positions and ~~2023~~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.

~~ASC~~Tax ~~740~~returns ~~also~~remain ~~requires~~subject ~~the~~to ~~recognition~~examination ~~and~~by ~~measurement~~the ofInternal ~~uncertain~~Revenue ~~tax~~Service ~~positions~~for ~~based~~fiscal onyears aending ~~"more~~on ~~likely~~or ~~than~~after ~~not" (likelihood greater than 50%) approach. As of~~ September 30, ~~2024 and 2023~~2020, ~~management considered its tax positions~~ and ~~concluded~~by ~~that~~ the ~~Company~~California ~~did~~Franchise ~~not~~Tax ~~maintain~~Board ~~any~~for ~~uncertain~~fiscal ~~tax~~years ~~positions~~ending ~~under~~on ~~this~~or ~~approach~~after ~~and,~~September ~~accordingly~~30, ~~all tax positions have been fully recorded in the provision for income taxes~~2019.

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.

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.

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~~2025 and ~~2023~~2024 because the Company had no additional potentially dilutive common shares.

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.

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.

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.31

Pismo Coast Village, Inc.Notes to Financial StatementsSeptember 30, 2024 and 2023

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.

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.~~

ASU 2023-07 Segment Disclosures

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, by requiring public companies to disclose significant segment expenses that are regularly reviewed by the company's chief operating decision maker. The Company has adopted ASU 2023-07 as of September 30, 2025 and has provided retrospective disclosures of additional segment information in Note 10.

Accounting Pronouncements Issued But Not Yet Adopted

InASU ~~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 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. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2024-03 on its financial statements and related disclosures.

ASU 2023-09 Income Taxes

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.

Pismo Coast Village, Inc.Notes to Financial StatementsSeptember 30, 2024 and 2023

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.

Note 3: Balance Sheet Components

Property and equipment

At September 30, ~~2024~~2025 and ~~2023~~2024, property and equipment included the following:

		September 30,			September 30,
		2024			2023
		2025			2024
Land	$	11,609,000		$	11,609,000
Building and resort improvements		13,~~382~~531,000			13,~~262~~382,000
Furniture, fixtures and equipment		1,~~033~~105,000			~~895~~1,033,000
Transportation equipment		1,~~062~~092,000			~~979~~1,062,000
Operating lease right of use asset		85,000			-
Operating lease right-of-use asset		85,000			85,000
Construction in progress		~~147~~171,000			~~150~~147,000
		27,318,000			26,895,000
		27,593,000			27,318,000
Less accumulated depreciation and amortization		(1011,~~580~~005,000	)		(10,~~883~~580,000	)
	$	16,~~738~~588,000		$	16,~~012~~738,000

Transportation equipment includes assets under finance leases. Refer to Note 5 for additional information.

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities include trade payables, tourism taxes payable, property taxes payable, and other liabilities. The following table summarizes the Accounts payable and accrued liabilities as of September 30, ~~2024~~2025 and ~~2023~~2024:

		September 30,		September 30,
		2024		2023
		2025		2024
Trade accounts payable	$	73111,000	$	5673,000
Accrued expenses		99127,000		-99,000
Tourism taxes payable		8082,000		80,000
Property taxes payable		6668,000		6166,000
Other		7262,000		5072,000
	$	~~390~~450,000	$	~~247~~390,000

Accrued expenses in the table above relate primarily to accrued utilities and other accrued operating expenses. Other accrued liabilities in the table above relate primarily to unclaimed property and gift certificates.

Accrued Wages and Related

Accrued wages and related are primarily related to the Company's annual bonus and employee vacation liabilities.

Pismo Coast Village, Inc.Notes to Financial StatementsSeptember 30, 2024 and 2023

Note 4: Financing Transactions

Insurance Financing

During July 2024, the Company entered into an agreement to finance a portion of its 2024-525 commercial insurance premiums. The amount financed totaled $296,000 and ~~carries~~carried a 12.9% interest rate. This note was paid in full in May 2025. 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 both of the ~~year~~years ended September 30, 2025 and 2024.

Line of Credit

The Company has a revolving line of credit with Pacific Premier Bank for $500,000, expiring April 1, ~~2025~~2026. There was no outstanding balance on the line of credit as of September 30, ~~2024~~2025 or ~~2023~~2024.

Note 5: Leases

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~~2025.

For the Fiscal Year Ending Sept 30,
For the Fiscal Year Ending September 30,		Finance Leases			Operating Lease
		Finance Leases			Operating Lease
2026	$	181,000		$	32,000
2025	$	181,000		$	48,000
2027		177,000		$	-
2026		157,000			36,000
2028		177,000			-
2027		154,000			-
2029		153,000			-
2028		154,000			-
2030		83,000			-
2029		131,000			-
Thereafter		88,000			-
Thereafter		108,000			-
Total future minimum payments		859,000			32,000
Total future minimum payments		885,000			84,000
Less amount representing interest		(207,000	)		(1,000	)
Less amount representing interest		(229,000	)		(9,000	)
Total lease obligations		652,000			31,000
Total lease obligations		656,000			75,000
Less current portion of lease obligations		(113,000	)		(31,000	)
Less current portion of lease obligations		(113,000	)		(41,000	)
Lease obligations, net of current portion	$	539,000		$	-
Lease obligations, net of current portion	$	543,000		$	34,000

The following table summarizes the components of the lease cost for the years ended September 30, ~~2024~~2025 and ~~2023~~2024, respectively.

		September 30,
		Year ended September 30,
		2024		2023
		2025		2024
Finance lease cost:
Amortization of ROU assets	$	68,000	$	54,000
Amortization of right-of-use assets	$	137,000	$	68,000
Interest on lease liabilities		2069,000		520,000
Total finance lease cost	$	88206,000	$	5988,000
Operating lease cost	$	1146,000	$	-11,000

33Supplemental balance sheet information related to leases as of September 30, 2025 and 2024 are as follows.

Pismo Coast Village, Inc.Notes to Financial StatementsSeptember 30, 2024 and 2023

		September 30,			September 30,
		2025			2024

Right-of-use assets, gross	$	784,000		$	836,000
Accumulated amortization		(184,000	)		(210,000	)
Net asset value included in property and equipment, net	$	600,000		$	626,000

Supplemental balance sheet information related to finance leases as of September 30, 2024 and 2023 are as follows.

Weighted-average remaining lease term
Finance leases	5.0 years	4.5 years
Operating lease	0.75 years	1.75 years


Weighted-average discount rate
Finance leases	11.4%	8.7%
Operating lease	12.0%	12.0%

		September 30,
		2024			2023
Right of use assets, gross	$	836,000		$	435,000
Accumulated amortization		(210,000	)		(385,000	)
	$	626,000		$	50,000
Weighted average remaining lease term
Finance leases		4.5 years			1.87 years
Weighted average discount rate
Finance leases		8.68%			6.67%

Note 6: Property Lease Income

The Company is the lessor on various property leases, which currently represent approximately $1916,000 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.

For the Twelve Months Ending September 30,
For the Fiscal Year Ending September 30,
2025	$	230,000
2026	$	194,000
2026		193,000
2027		154,000
2027		153,000
2028		155,000
2028		154,000
2029		156,000
Thereafter		717,000
2030		156,000
	$	1,603,000
Thereafter		564,000
	$	1,379,000

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.

Pismo Coast Village, Inc.Notes to Financial StatementsSeptember 30, 2024 and 2023

Note 8: Income Taxes

The Company's income before income taxes was $1,339,000 and $1,610,000 for the years ended September 30, 2025 and 2024, respectively, and this income originated entirely in Pismo Beach, California. The provisions for income taxes for the years ended September 30, ~~2024~~2025 and ~~2023~~2024 are comprised of ~~the~~federal ~~following~~income taxes and California state income taxes as follows:

		September 30
		September 30,
		2024			2023
		2025			2024
Current:
Federal	$	~~297~~284,000		$	~~229~~297,000
State		~~169~~132,000			99169,000
		466,000			328,000
		416,000			466,000
Deferred:
Federal		4110,000			541,000
State		~~(12~~5,000	)		10(12,000	)
		29,000			15,000
		15,000			29,000
Total	$	~~495~~431,000		$	~~343~~495,000

~~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:~~ 36

		Year Ended September 30,
		2024			2023
Statutory federal tax rate		338,000			280,000
Non-deductible costs of shareholder usage		44,000			40,000
Provision to return adjustment		(2,000	)		(63,000	)
Impact of state taxes, net		115,000			86,000
Total	$	495,000		$	343,000

The provision for income taxes differs from the amount of income tax computed by applying the federal statutory income tax rate to income before income taxes is a result of the following differences:

At September 30, 2024 and 2023, the deferred income tax liabilities consisted of the following:

		Year ended September 30
		2025				2024
Statutory federal tax rate		281,000		21%		338,000		21%
Non-deductible costs of shareholder usage		50,000		4%		44,000		3%
Provision to return adjustment		(4,000	)	-1%		(2,000	)	0%
Impact of state taxes, net		104,000		8%		115,000		7%
Total	$	431,000		32%	$	495,000		31%

		Year Ended September 30,
		2024			2023
Deferred tax assets (liabilities):
Federal		(423,000	)		(382,000	)
State		(45,000	)		(57,000	)
Total	$	(468,000	)	$	(439,000	)

At September 30, 2025 and 2024, the deferred income tax liabilities consisted of the following:

		Year ended September 30
		2025			2024
Deferred tax assets (liabilities):
Federal		(433,000	)		(423,000	)
State		(50,000	)		(45,000	)
Total	$	(483,000	)	$	(468,000	)

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~~2025 and ~~2023~~2024, ~~the~~a ~~deferred~~summary ~~income~~of ~~tax~~the ~~liabilities~~significant ~~consisted~~components of the ~~following~~deferred ~~temporary~~tax ~~differences~~assets and liabilities are as follows:

		Year Ended September 30,
		Year ended September 30
		2024			2023
		2025			2024
Depreciation	$	(~~565~~575,000	)	$	(~~479~~565,000	)
Right-of-use asset		~~116~~(186,000	)		-116,000
Lease liability		~~(116~~204,000	)		-(116,000	)
Vacation accrual		1410,000			114,000
Allowances		3827,000			-38,000
Federal benefit of state taxes		45,000			39,000
State taxes		37,000			45,000
	$	(~~468~~483,000	)	$	(~~439~~468,000	)

~~There~~The ~~were~~Company nohas ~~net~~reviewed ~~operating~~the ~~loss~~impact orof ~~tax~~the ~~credit~~"One ~~carryforwards~~Big ~~for~~Beautiful ~~the~~Bill ~~years~~Act" ~~ended~~that ~~September~~was 30enacted on July 4, ~~2024~~2025. orBased ~~2023~~upon ~~for~~our ~~federal~~review, orwe ~~state~~do not expect that this new law will have a material impact on the financial statements.

35The Company has reviewed its tax positions and determined that no material uncertain tax positions exist for any of the reporting periods presented in these finacial statements. Accordingly, no liability for unrecognized tax benefits has been recorded in the accompanying balance sheets.

~~Pismo~~There ~~Coast~~were ~~Village,~~no ~~Inc.Notes~~net tooperating ~~Financial~~loss ~~StatementsSeptember~~or tax credit carryforwards for the years ended September 30, 2025 or 2024 ~~and~~for ~~2023~~federal or state. The Company has no open tax audits with any taxing authority as of September 30, 2025.

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~~76,000 and $94106,000 for the years ended September 30, ~~2024~~2025 and ~~2023~~2024, respectively.

~~Note 10: Subsequent Events~~37

~~Events~~Note ~~subsequent~~10: toSegment ~~September 30, 2024 have been evaluated through the date the financial statements were issued. Management did not identify any subsequent events that required disclosure.~~Disclosures

36The Company’s single reportable segment derives revenues from customers as summarized at Note 2, “Revenue from Contracts with Customers.”

The accounting policies of the Company’s single reporting segment are described in the summary of significant accounting policies herein.

The CODM assesses performance, establishes management compensation and decides how to allocate resources for the single reporting segment, primarily by monitoring actual results compared to the annual planned budget, based on revenues, income from operations and net income as reported in the Statements of Comprehensive Income.

The significant expenses reviewed by the CODM are employee, resort and general and administrative expenses that make up operating expenses; cost of goods sold, and non-cash depreciation and amortization expense, as presented in the Statements of Comprehensive Income. Specifically, employee labor and related taxes and benefits, utility costs, professional accounting services, business insurance, and credit card transaction fees within operating expenses are significant within the reporting segment.

Note 11: Subsequent Events

Events subsequent to September 30, 2025 have been evaluated through December 18, 2025, which is the date the financial statements were issued. Management did not identify any subsequent events that required adjustment or disclosure in the financial statements.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

On August 9, 2024, Brown Armstrong Accountancy Corporation declined to stand for re-appointment as the independent registered public accounting firm for the Company effective September 30, 2024. The decision was not the result of any disagreement between the Company and Brown Armstrong Accountancy Corporation on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

The reports of Brown Armstrong on the Company's financial statements for the fiscal years ended September 30, 2023 and 2022 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. In connection with the audits of the Company's financial statements for the fiscal years ended September 30, 2023 and 2022, and in the subsequent interim period through August 9, 2024, there were no disagreements with Brown Armstrong on any matters of accounting principles or practices, financial statement disclosure or auditing scope and procedures which, if not resolved to the satisfaction of Brown Armstrong, would have caused Brown Armstrong to make reference to the matter in their report. There were no reportable events (as that term is described in Item 304(a)(1)(v) of Regulation S-K) during the two fiscal years ended September 30, 2023 and 2022, or in the subsequent period through August 9, 2024.

Following Brown Armstrong's resignation, the Audit Committee of the Board of Directors of the Company approved the appointment of Marcum LLP as the Company's new independent registered public accounting firm for the fiscal year ending September 30, 2024. However, on November 1, 2024, CBIZ Inc. acquired Marcum LLP. CompuData Inc., a wholly owned subsidiary of CBIZ, Inc., performed Managed IT services for the Company throughout the fiscal year ended September 30, 2024. Because CBIZ Inc. now owns both Marcum LLP and CompuData Inc., Marcum LLP ceased to be independent of the Company when the acquisition closed on November 1, 2024.

Accordingly, on November 15, 2024, Marcum LLP resigned as the independent registered public accounting firm for the Company, effective immediately. The decision was not the result of any disagreement between the Company and Marcum LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. Marcum LLP did not issue reports on any years of the Company's financial statements.

Following Marcum's resignation, on November 15, 2024, the Committee approved the appointment of WithumSmith+Brown, PC as the Company's new independent registered public accounting firm for the fiscal year ended September 30, 2024.

During the two most recent fiscal years and in the subsequent interim period through November 15, 2024, neither the Company, nor anyone on its behalf, has consulted with WithumSmith+Brown, PC with respect to the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that would have been rendered on the Company's financial statements, or any other matters set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K.

3739

ITEM 9A. CONTROLS AND PROCEDURES.

MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing internal control over financial reporting ("ICFR") as defined in Rules 13a-I5(f) and 15(d)-15(f) under the 1934 Act. Our ICFR is intended to be designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Our ICFR is expected to include policies and procedures that management believes are necessary that:

1. pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company.

2. provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and our directors; and

3. provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

Management recognizes that there are inherent limitations in the effectiveness of any system of internal control, and accordingly, even effective internal control can provide only reasonable assurance with respect of financial statement preparation and may not prevent or detect misstatements. In addition, effective internal control at a point in time may become ineffective in future periods because of changes in conditions or due to deterioration in the degree of compliance with our established policies and procedures.

As of September 30, ~~2024~~2025, management with the participation of our CEO, Acting General Manager and CFO, assessed the effectiveness of the Company's internal control over financial reporting (ICFR) based on the criteria for effective ICFR established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and SEC guidance on conducting such assessments by smaller reporting companies and non-accelerated filers. Based on that assessment, management concluded that our disclosure controls and procedures were not effective during periods covered by this report (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).

MATERIAL WEAKNESS

In connection with our management’'s assessment of controls over financial reporting during the years ended September 30, ~~2023~~2025 and 2024, we identified a material weakness. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

The material weakness that we identified is that we did not have sufficient qualified internal resources related to internal controls over financial reporting. To address this material weakness, ~~during the first quarter of 2024~~ we have evaluated our ongoing staffing requirements,. During November 2025 we appointed a new ~~CFO~~accounting ~~and~~manager ~~implemented additional review controls to ensure timely~~ and ~~accurate~~in ~~reconciliations, as well as proper financial reporting. During the quarter ended~~ September ~~30,~~ 2024, ~~management~~we ~~further~~retained ~~supplemented the company’s internal accounting resources with~~ an experienced ~~temporary~~part-time controller consultant who ~~was~~has been responsible for reviewing our internal control processes ~~and performing second level reviews of financial reporting under the oversight of the recently appointed Chief Financial Officer~~. As of September 30, ~~2024~~2025, we conclude that we have not sufficiently remediated this control deficiency because the additional ~~controls~~personnel ~~have~~had not been ~~operating effectively for a sufficient period of time~~hired.

ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM

This Annual Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. The management's report was not subject to attestation by our independent registered public accounting firm pursuant to rules of the SEC that permit us to provide only the management's report in this Annual Report on Form 10-K.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

Except for the remediation efforts described above, there were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION.

No disclosure is required under this item.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.

Directors

The Company's Directors were chosen at the Shareholders' ~~Annual~~Continuance Meeting held ~~February~~May 1817, ~~2024~~2025. The Directors serve for one year, or until their successors are elected. The names, ages, background, and other information concerning the Directors, including other offices held by the Directors with the Company, are set forth below.

~~DAVID~~JUSTIN ~~BESSOM~~ANDREWS, Director Aged 7544

~~David~~Justin ~~Bessom~~is ~~attended~~an ~~Bakersfield~~accomplished ~~Jr.~~public-sector ~~College~~leader inserving ~~Bakersfield,~~as ~~CA,~~a ~~receiving~~Prison anIndustry ~~Associate~~Administrator inat ~~Arts~~CALPIA, ~~degree~~a indivision ~~1968.~~of ~~That~~the ~~Summer~~California heDepartment ~~started~~of ~~working~~Corrections ~~for~~and ~~the~~Rehabilitation ~~Santa~~(CDCR). FeMr. ~~Railroad~~Andrews asmanages a ~~brakeman,~~$20 ~~and~~million inbudget, ~~the~~oversees ~~Fall~~a ~~started~~staff ~~attending~~of ~~San~~85, ~~Jose~~and ~~State~~leads ~~College.~~more Hethan ~~received~~400 aincarcerated ~~Bachelor~~individuals ofparticipating ~~Arts degree~~ in ~~1970~~CALPIA ~~while~~programs. ~~continuing~~With to11 ~~work~~years inof ~~the~~CALPIA ~~railroad~~experience, ~~industry.~~ Mr. ~~Bessom~~Andrews ~~was~~specializes ~~employed~~in ~~with~~production ~~the~~enterprises, ~~Santa~~staffing, Fehuman ~~Railroad for 42 years~~resources, ofEqual ~~which~~Employment ~~approximately~~Opportunity 14(EEO), ~~years~~and ofEmployee ~~that~~Relations ~~time~~Office hematters ~~was~~(ERO). asPreviously, aMr. ~~full-time~~Andrews ~~elected~~held ~~representative~~hospitality ~~for~~management ~~the~~roles ~~Conductors,~~with ~~Brakeman~~Hyatt and ~~Yardman~~Hilton ~~for~~Hotels, ~~the~~where ~~states~~he ofled ~~California,~~facilities ~~Arizona~~ and ~~New~~maintenance ~~Mexico~~operations. HeMr. ~~retired~~Andrews inhas served on the ~~Fall~~Board of ~~2008.~~Directors Hesince ~~and~~May ~~his wife~~2025, ~~Linda,~~currently ~~were~~serving ~~married~~on inthe ~~1999,~~Personnel ~~currently~~and ~~reside~~Compensation/Benefits, inCapital ~~Huntington~~Assets ~~Beach,~~and CAAcquisitions, and ~~have~~Environmental, ~~four~~Health ~~sons~~and ~~between~~Safety ~~them.~~Advisory MrCommittees. ~~Bessom has served on the Board of Directors since November 2017.~~

~~SAM~~DAVID ~~BLANK~~BESSOM, Director Aged 7877

~~Sam~~David ~~Blank~~Bessom ~~served~~attended asBakersfield ~~a public-school teacher and administrator for more than 30 years~~Jr. HeCollege ~~earned~~in ~~Associate~~Bakersfield, ~~Bachelor's~~CA, ~~Master's,~~receiving ~~and~~an ~~Doctoral~~Associate ~~degrees~~in ~~from~~Arts ~~Citrus~~degree ~~College,~~in ~~CSU Fullerton, Whittier College, and Brigham Young University, respectively~~1968. HeThat ~~holds~~Summer ~~lifetime~~he ~~California~~started ~~teaching~~working ~~and~~for ~~administrative~~the ~~credentials.~~Santa ~~Mr.~~Fe ~~Blank~~Railroad ~~began his career in 1967~~ as a ~~middle~~brakeman, ~~school~~and ~~teacher~~ in the ~~West~~Fall ~~Covina~~started ~~USD.~~attending HeSan ~~soon~~Jose ~~became~~State ~~an assistant principal in the neighboring Charter Oak USD~~College. InHe ~~1979,~~received hea ~~joined~~Bachelor ~~Poway USD, where he served as principal~~ of ~~elementary~~Arts ~~and~~degree ~~middle schools until he retired~~ in ~~2001.~~1970 Hewhile ~~has~~continuing ~~been~~to ~~principal~~work ofin ~~schools~~the ~~that~~railroad ~~received~~industry. ~~California~~Mr. ~~Distinguished~~Bessom ~~Schools~~was ~~and~~employed ~~National~~with ~~Blue-Ribbon~~the ~~Schools~~Santa ~~honors.~~Fe ~~Following~~Railroad ~~his~~for ~~retirement~~42 ~~from public education~~years, ~~Mr.~~of ~~Blank~~which ~~obtained~~approximately a14 ~~real~~years ~~estate~~of ~~salesperson's~~that ~~license~~time ~~and~~he was ~~affiliated~~as ~~with~~a ~~Coldwell Banker Realty from 2001~~full-~~2023.~~time Heelected ~~and~~representative ~~his~~for ~~wife,~~the ~~Bonnie~~Conductors, ~~have~~Brakeman ~~been married since 1968~~ and ~~have~~Yardman ~~resided~~for inthe ~~Escondido~~states ~~since 1979. Bonnie is also retired with more than 25 years~~ of ~~service~~California, asArizona ~~a teacher~~ and ~~high~~New ~~school counselor~~Mexico. ~~Their~~He ~~married~~retired ~~daughter and two grandsons live~~ in the ~~North~~Fall ~~Bay~~of ~~Area~~2008. Mr. ~~Blank~~Bessom has served on the ~~Environmental,~~Board ~~Health~~of &Directors ~~Safety,~~since ~~Finance,~~November ~~Audit~~2017, ~~Operations,~~currently ~~and~~serving ~~Nominating~~on ~~Committees. He was~~ the ~~chairperson~~Environmental, ofHealth ~~the~~and ~~EHSA~~Safety ~~committee~~Advisory, ~~for~~Nominating, ~~2024~~ and aNatural ~~member~~Disaster ofPlan ~~the~~(Chair) ~~Finance and Nominating~~ Committees. ~~He has served on the Board of Directors since November 2016.~~

~~BARBARA~~SAM ~~BOSWELL~~BLANK, Director Aged 6380

~~Barbara~~Mr. ~~Boswell~~Sam ~~holds~~Blank is a ~~Master~~respected ofeducator ~~Public~~and ~~Administration~~school ~~degree~~administrator ~~from~~with ~~California~~over ~~State~~30 ~~University,~~years ~~Dominguez~~of ~~Hills,~~public ~~and~~education ~~bachelor's~~leadership. He began his career in ~~business~~1967 ~~administration,~~as ~~with~~a anmiddle ~~emphasis~~school inteacher ~~accounting~~and advanced to principal roles, ~~from~~notably ~~Woodbury~~at ~~University.~~elementary Inand ~~2016~~middle ~~she~~schools ~~retired~~within ~~from~~Poway ~~the~~Unified ~~City~~School ofDistrict, ~~Lancaster~~retiring ~~where~~in ~~she~~2001. Mr. Blank was ~~Finance~~a ~~Director/City~~principal ~~Treasurer~~of ~~from~~schools ~~2004~~that toreceived ~~2016,~~California Distinguished Schools and ~~established~~National ~~Bayshore~~Blue-Ribbon ~~Consulting~~Schools’ ~~Group,~~honors. ~~Inc~~Mr. AsBlank aholds ~~partner~~an inAssociate, ~~Bayshore~~Bachelor’s, ~~she~~Master’s, ~~provides~~and ~~energy~~Doctoral ~~consulting~~degrees ~~services~~from toCitrus ~~cities~~College, ~~throughout~~CSU ~~California~~Fullerton, ~~currently~~Whittier ~~serving~~College, asand ~~Chief~~Brigham ~~Executive~~Young ~~Officer~~University, ~~for~~respectively, ~~Clean~~and ~~Energy~~holds ~~Alliance~~Lifetime inCalifornia ~~North~~teaching ~~San~~and ~~Diego~~administrative ~~County~~credentials. ~~Prior~~He toobtained ~~her~~his ~~tenure~~real atestate ~~Lancaster,~~salesperson ~~she~~license post-retirement and was ~~employed~~affiliated ~~from~~with ~~1991~~Coldwell toBanker ~~2004~~Realty as(2001–2023). Mr. ~~Accounting~~Blank ~~Manager~~has ~~with~~served on the ~~City~~Board of ~~Santa~~directors ~~Clarita~~since 2016. InHe ~~her~~is ~~free~~currently ~~time~~the Chair of the Environmental, ~~Mrs.~~Health ~~Boswell~~and ~~enjoys~~Safety ~~spending~~Advisory ~~time~~Committee ~~with~~and ~~her~~a ~~husband~~member of the Finance and ~~family,~~Nominating ~~including~~Committees. ~~stays~~He athas ~~Pismo~~served ~~Coast~~previously ~~Village~~on the Operations and Audit Committees.

DEON BOZZO, Director Aged 67

Deon K. Bozzo brings a diverse background as a retired cosmologist of 49 years, 25 years in the financial industry and 20 years in Risk Management/Environmental Health & Safety and 15 years as an OSHA Outreach Instructor-trainer for Federal and California State recognizing workplace hazards, CPR Certified and many other certifications associated in the Construction Industry. She was employed with Golden 1 Credit Union for 17 years, initially as a part time teller, advancing to a Senior Statewide Consumer Lending Officer to being promoted to Satellite Branch Manager. Deon left Golden 1 Credit Union to work for Heritage Credit Union, formerly known as Mather Credit Union, as Consumer Lending Manager to being promoted to Assistant Vice President of Consumer Lending holding that position for the next 5 years graduating from Western CUNA Management School in Pomona California, however due to the unforeseen economic downturn she shifted professions to begin working in the construction-engineering industry. Deon worked for Bechtel Engineering Corporation over the next 5 years as a Document Control Manager managing and overseeing proprietary legal construction and engineering documents then elevating her career into an Environmental Safety & Health Specialist combined with working in public relations in San Francisco and Sacramento. Deon accepted employment with Arrow Construction as a Risk Manager-Safety Officer specializing in directional drilling and underground utility system construction for commercial businesses and utility companies in Northern and Central California ,she was responsible for occupational health policies and procedures while ensuring compliance with Federal, State, and local safety laws and regulations, also in charge for controlling & mitigating Workers Compensation claims, General Liability and Auto Liability claims, along with analyzing and assessing potential accident/incident trends for the next 20 years. Deon served on the Board of her family's Fish Company, Meredith Fish Company in Sacramento, California for 5 years till it was sold to California Shellfish Company. Deon is retired and residing in Sacramento California with her husband Robert of 33 years, they have a blended family of 5 children, 8 grandchildren, 6 great grandchildren and 3 Fur-babies.

HARRY BUCHAKLIAN, Director Aged 91

Harry Buchaklian has a B.A. degree from California State University, Fresno, in industrial arts, and a secondary level teaching credential in laboratory electronics and small engine repair. His career included employment as an assistant manager with Western Auto Stores, electronics instructor at Fresno Technical College. At Sear's, he managed the Television Department, high tech center, mechanical shop, and was responsible for thirty-four technicians. He retired from Sears Roebuck in 1994. He has been a member of the Board from March 1981 to January 1992 and from September 1995 to present, serving one year as Executive Vice President, and as a chairman of the Policy, Audit and Environmental, Health and Safety Advisory Committees.

SUZANNE M. COLVIN, Director & Chief Financial Officer Aged 61

Ms. Colvin has over 25 years' financial leadership experience in rapidly growing, global, industry-leading technology companies, both public and private. She is currently Chief Financial Officer at PLACE Inc., a full- service real estate and technology platform that provides the best of class back-office support to the top real estate teams. Previously, she was CFO of Egnyte, an industry leading software as a service company that provides content security and governance, and she was CFO at Napster (NASDAQ: NAPS), the first digital music subscription service. Ms. Colvin began her career as an independent auditor at Price Waterhouse, is a Certified Public Accountant and has a bachelor's degree in business with a concentration in Accounting from Cal Poly San Luis Obispo. Ms. Colvin lives in San Jose, California and has been a Pismo Coast Village shareholder for sixteen years. Ms. Colvin has been a member of the Board of Directors since 2022 and is currently serving as Chief Financial Officer and Vice-President - Finance and Chair of the Finance Committee.

KIM DOUGHERTY, Director Aged 62

Kim Dougherty received her bachelor's degree in Humanities and Business from Chapman University in 1984. From 1984 to 1989, she was employed with the City of Newport Beach and the Newport Harbor Chamber of Commerce where she created recreational classes, planned extensive city-wide special events, and served as Executive Secretary. Kim took some time off to be a full-time mom to two children and returned to the work world, creating her own successful tutoring business for homeschool and public-school children. In 2016, she married her husband Randy and began working for Maier & Dougherty Pump & Supply, Inc. where she served as Human Resources Manager. Kim enjoys gardening, sewing, fishing, and traveling with her husband and family. Kim's family has camped at the resort for over 30 years, and her father, Kurt Brittain, previously served on the Board of Directors. Kim has served on the PCV Board of Directors since 2024.

RODNEY ENNS, Director & Vice President - Operations Aged 70

Rodney Enns has a B.S. degree in computer engineering from California State University, Fresno, and a secondary math teaching credential from the State of California. He was president, owned and operated, Ennsbrook Ent., an incorporated poultry enterprise, from 1975 to 1995. Mr. Enns then worked as an electrical engineer at Voltage Multipliers, Inc., and was promoted to senior engineer before leaving in August 2005. He taught high school mathematics and engineering for 17 years and retired in 2022. He has been a member of the Board of Directors since November 2007 and is currently serving as Vice President - Operations.

TERRIS HUGHES, Director Aged 74

Terris (Terry) Hughes holds an A.A. degree from Bakersfield Junior College in California in police science. He was employed by Belridge Shell Oil for twenty-three years, from 1973 to 1997, holding the position of senior training technician for the last ten years of that time. He was employed as an internal consultant for Aera Energy LLC, an oil industry company formed in 1997 between the Shell Oil and Mobil Oil Corporations. His duties were to serve as a behavior base safety advisor and provide safety training to Aera Energy LLC employees. He retired from Aera Energy LLC on December 31, 2014. Mr. Hughes then opened his own business entitled Saf-T-Treasures and travels the country providing safety and motivational presentations to employees of various industries. He has been a member of the Board since January 1996 has served one year as Vice President - Policy, three years as Executive Vice President, and five years as President.

MARCUS JOHNSON, Director Aged 71

Marcus Johnson (Marc) has spent his entire career as an educator in the Central Valley of California. For sixteen years he taught, then spent the next twenty-one years in leadership roles, retiring in 2013 from the Sanger Unified School District, where he spent fourteen years with twelve of those years as Superintendent. Currently, he serves as the Executive Director of the Fresno Compact, a nonprofit, in Fresno, California. In addition, Mr. Johnson does consulting with schools and districts nationally as well as being a published author. He has been married to his wife, Penni, for forty-eight years, and they currently reside in Wildwood Island in Sanger, California. They have three children and ten grandchildren. Mr. Johnson has been a member of the Board since November 2018.

KAREN KING, Director & Executive Vice President Aged 65

Karen King has spent her career in financial services supporting the Capital Markets Securitization trading for over 25 years. Leadership positions include Director of Credit Risk and Underwriting Management, Vice President of National Accounts and Lead Control Management Officer. Mrs. King is married to husband Jack of 32 years and enjoys time with her 4 adult children and two grandchildren. Mrs. King has been a member of the Board of Directors since November 2016 and is currently serving as Executive Vice President.

RONALD NUNLIST, Director Aged 85

Ronald Nunlist was employed in the oil business for many years. From 1995 to 1997, he was employed as an operations foreman by Cal Resources LLC, an oil industry company owned by Shell Oil Corporation. From 1997 until his retirement in 1999, Mr. Nunlist was employed as a logistics specialist by Aera Energy LLC, an oil industry company formed between the Shell Oil and Mobil Oil Corporations. Mr. Nunlist served as a Planning Commissioner for the city of Shafter from 2006 to 2022. He has been a member of the Board since January 1986, serving ten years as President (1992 to 1997 and from 2011 to 2016), and ten years as Vice President - Operations. He has also been the nominating committee chair since 2022.

REBECCA MOORE, Director Aged 57

Rebecca Moore, retired, was born, and raised in Kern County. She was employed by the Joshua Tree Girl Scout Council as the Executive Secretary from 1987 through 1992. After taking some time off to be with her children, in 1994 she was hired as the part-time receptionist of the Kern County Local Agency Formation Commission. She worked her way up through the organization as the Clerk, Analyst, Deputy Executive Officer and finally Executive Officer. In these positions she worked closely with her Commission as well as county, city, and special district officials. Although officially retired, she continues to work on special projects for Kern LAFCo on an as needed basis. Rebecca is married with two sons who both served in the military. She also has two grandsons with whom she spends as much time as possible. She is active in her church community working with a group to provide comfort materials for cancer and dialysis patients and is a mentor mom for her church's Mom's Life Group.

GEORGE PAPPI, JR., Director & President and CEO Aged 61

Mr. Pappi's current occupation is as a property major case General Adjuster for The Hartford Insurance. Other positions held during his more than thirty years of employment include office manager, property and bodily injury adjustor, fire, and casualty (with extensive construction background), risk management and commercial insurance. He graduated from Cal Poly Pomona with a B.S. in management and human resources. He resides in La Verne, California, and is actively involved in the local community and church activities and the United Way organization. Mr. Pappi has been a member of the Board of Directors since January 2004. He has served two years as Vice President, and six years as Vice President- Secretary, and is currently serving as President and CEO.

DWIGHT PLUMLEY, Director Aged 71

Dwight Plumley attended the College of the Sequoias in California, studying electronic engineering and construction real estate. In 1973, he started in the produce equipment industry working for Packers Manufacturing, Inc. as a service and installation supervisor. In 1979, he became employed by Pennwalt Corporation, an international equipment producer, as a project manager and supervisor. Mr. Plumley purchased Packers Manufacturing, Inc. in 1987, and, as President, produces fruit and vegetable packing and processing systems, from small to multimillion-dollar projects, nationwide and internationally. He has also served on the board of directors for Yosemite Bible Camp, a 60-acre facility for up to 350 campers and staff from 1994 to 2006 and served as church deacon from 1984 to 2004. Mr. Plumley has been a member of the Board of Directors since January 2010 and served seven years as Vice President - Operations.

~~BRIAN~~BARBARA ~~SKAGGS~~BOSWELL, Director InAged ~~Memoriam~~65

~~Brian J~~Ms. ~~Skaggs~~Barbara ~~received~~Boswell ~~his~~holds ~~Bachelor~~a Master of ~~Science~~Public Administration degree infrom ~~Civil~~California ~~Engineering~~State ~~in 1980~~University, ~~and,~~Dominguez ~~in 1988~~Hills, ~~received~~and a ~~master~~bachelor's degree in ~~engineering~~business administration, ~~both~~with ~~degrees~~an ~~from~~emphasis ~~California~~in ~~State University~~accounting, ~~Fresno.~~from HeWoodbury ~~became~~University. aIn ~~Registered~~2016 ~~Civil~~she ~~Engineer~~retired infrom the ~~State~~City of ~~California~~Lancaster inwhere ~~1983.~~she ~~In 1980, Mr. Skaggs~~ was ~~hired~~Finance asDirector/City ~~Assistant~~Treasurer ~~Engineer~~from by2004 ~~Summers Engineering, Inc., was promoted~~ to ~~Civil Engineer in 1983~~2016, and inestablished ~~March~~Bayshore ~~1991~~Consulting ~~was promoted to Senior Civil Engineer~~Group, ~~in December 2022 was elected Vice-President of Summers Engineering,~~ Inc. ~~During~~As ~~his~~a ~~years~~partner ofin ~~employment with Summers Engineering~~Bayshore, heMs. ~~has~~Boswell ~~worked~~provides inenergy ~~the~~consulting ~~field~~services ofto ~~water~~cities ~~resources~~throughout ~~engineering in the San Joaquin Valley and other areas in~~ California. ~~Mr.~~Prior ~~Skaggs~~to ~~has~~her ~~been~~tenure aat ~~member~~Lancaster, ~~past~~she ~~vice-president, and past president of the American Council of Engineering Companies (ACEC), Sequoia Chapter, and the ACEC Sequoia Chapter~~ was ~~named~~employed ~~chapter~~from of1991 ~~the~~to ~~year~~2004 ~~while he was serving~~ as ~~President.~~Accounting HeManager iswith ~~also a member of~~ the ~~American~~City ~~Water Works Association, a member~~ of ~~the~~Santa UClarita. SMs. ~~Committee~~Boswell on Irrigation and Drainage, and a member of American Society of Civil Engineers. Mr. Skaggs is a member, past vice-president, and current president of the Hanford Fraternal Hall Association; a member, past treasurer, and past president of the Hanford Celebration Committee; and a member and past treasurer of the Kit Carson Volunteer Fire Department. Mr. Skaggs has been a member of the ~~Pismo Coast Village (PCV)~~ Board of Directors since ~~May 2016, has served as Chair of the Environmental Health and Safety Committee from January 2019 to January~~ 2023 and ~~Vice-President / Secretary from January 2021 to January 2022. Mr. Skaggs~~ is currently serving ~~as Chair of the "Z" Lot Committee appointed by George Pappi, Jr. - President~~ on ~~June 2023 to begin~~ the ~~process~~Audit ofand ~~the possible lot transition to RV storage as originally intended. Mr. Skaggs is currently on the~~ Finance ~~Committee from January 2021 to present~~Committees. ~~Mr. Skaggs was nominated for the PCV Board of Directors before his death on December 30, 2024.~~

~~GARY~~DEON ~~WILLEMS~~BOZZO, Director ~~& Vice President-Secretary~~ Aged 69

~~Gary~~Ms. ~~Willems~~Deon ~~holds a B~~K.A. ~~degree~~Bozzo inhas ~~music~~over ~~education~~40 ~~and~~years aof ~~California~~experience ~~life~~across ~~teaching~~financial, ~~credential from Fresno Pacific University~~construction, asand ~~well~~risk asmanagement asectors. ~~professional~~She ~~clear~~spent ~~administrative~~two ~~services~~decades ~~credential.~~in ~~Mr.~~finance, ~~Willems~~advancing ~~started~~to ~~teaching~~Assistant inVice ~~1977~~President ~~and~~of ~~was~~Consumer aLending. ~~Band~~She ~~Director~~worked for ~~thirty~~over 25 years in ~~the~~risk ~~Dinuba/Reedley~~management ~~area.~~and HeEnvironmental ~~was~~Health ~~also~~& ~~Head~~Safety ~~Marching~~with ~~Band~~Bechtel ~~Director~~Engineering ofand ~~the~~Arrow ~~Reedley~~Construction, ~~High~~overseeing ~~School~~compliance ~~Band~~and ~~from~~managing ~~1985~~General toLiability, ~~2007.~~Workers’ ~~In 2007~~Compensation, heand ~~moved~~Auto ~~into~~Liability ~~school~~programs. ~~administration~~As ~~where~~an heOSHA ~~was~~Outreach ~~employed~~Instructor-Trainer asfor ~~the~~over ~~Visual~~25 ~~and~~years, ~~Performing~~Ms. ~~Arts~~Bozzo ~~Coordinator~~continues ~~and~~to ~~the~~provide ~~Administrator~~state ofand ~~the~~federal ~~Dunlap~~training ~~Leadership Academy Charter School (an~~ on~~-line~~ ~~high~~workplace ~~school)~~hazard atrecognition, ~~Kings~~safety ~~Canyon~~compliance, ~~Unified~~and ~~School~~regulatory ~~District~~standards. InShe ~~2014,~~has ~~Mr.~~served ~~Willems~~on ~~retired~~the ~~from~~boards ~~education,~~of ~~and~~Meredith heFish isCompany ~~now~~in ~~enjoying~~Sacramento ~~time~~(Family ~~with~~Business) ~~his~~and ~~wife,~~Pismo ~~children,~~Coast ~~and~~Village ~~grandchildren~~(since 2023). MrMs. ~~Willems~~Bozzo ~~has~~currently ~~served~~serves on the ~~Board~~Environmental, ofHealth ~~Directors~~and ~~since~~Safety ~~January~~Advisory, ~~2001~~Finance, ~~served~~Natural ~~three~~Disaster ~~years~~Plan asand ~~Vice~~Operations ~~President - Secretary~~Committees.

~~JACK~~HARRY ~~WILLIAMS~~BUCHAKLIAN, Director Aged 7293

~~Mr.~~Harry ~~Williams~~Buchaklian ~~graduated~~served ~~from~~in ~~San~~the ~~Diego~~US ~~State~~Army ~~University~~where inhe ~~1974~~was ~~with~~assigned ato B.S.-2 Army Intelligence while stationed in ~~accounting~~Okinawa. ~~Following~~Upon ~~that~~receiving his Honorable discharge, he ~~has~~returned ~~been~~back ~~employed~~to incollege ~~the~~to ~~field~~graduate ofwith ~~accounting~~a inB.A. adegree ~~variety~~from ofCalifornia ~~industries,~~State ~~including~~University ~~agriculture,~~of ~~construction,~~Fresno. ~~heavy~~He ~~equipment~~pursued ~~sales~~Industrial Arts, and ~~manufacturing.~~a HeSecondary ~~was~~Level ~~employed~~Teaching asCredential ain ~~financial~~Laboratory ~~analyst~~Electronics byand ~~Texaco~~Small ~~Oil~~Engine ~~Corporation~~Repair. inMr. ~~the~~Buchaklian’s ~~Bakersfield,~~career ~~California,~~included ~~area~~employment ~~from~~as ~~1997~~an ~~until~~Assistant ~~1999,~~Manager ~~and~~with asWestern ~~Chief~~Auto ~~Financial~~Stores, ~~Officer~~Electronics ~~for~~Instructor ~~Goodwill~~at ~~Industries~~Fresno ofTechnical ~~South-Central~~College, ~~California~~and ~~from~~as ~~March~~a ~~2000~~Manager toat ~~November~~Sears ~~2004.~~Roebuck ~~Mr.~~where ~~Williams~~he ~~was~~managed anthe ~~interim~~Television ~~controller~~Repair ~~for~~Department, ~~Diversified~~High ~~Utilities~~Tech ~~Services~~Center, aand ~~position~~Mechanical heShop. ~~held~~He retired from ~~April~~Sears ~~2005~~Roebuck toin ~~December 2005~~1994. He ~~established~~had ~~his~~34 ~~own~~technicians Cunder him.P Mr.A. ~~practice~~Buchaklian inserved ~~1983,~~on ~~which~~the heBoard ~~continues~~from March 1981 to ~~own~~January 1992 and ~~operate.~~again Mrfrom September 1995 to the present. ~~Williams~~He ~~has~~served ~~been~~one ayear ~~member~~as Executive Vice President and as Chairman of the ~~Board~~Policy ~~since~~Committee. ~~January~~He ~~1995~~is ~~and~~currently ~~previously~~serving ~~served~~on asthe ~~Chief~~Audit, ~~Financial~~Environmental, ~~Officer~~Health and ~~Vice~~Safety ~~President~~Advisory, -and ~~Finance~~Capital Assets and Acquisitions Committees.

CHRIS BUMP, Director

Aged 54

Mr. Chris Bump holds a B.A. degree from University of California, Davis in Political Science, with emphasis on Public Administration. He retired in 2022 following a 30-year career for CAL FIRE, serving last as Assistant Chief, Operations. Currently, he serves as a managing member of his third-generation family storage facility in the Central Valley. Mr. Bump joined the Board in May 2025 and currently serves on the Operations, Natural Disaster Plan and Capital Assets and Acquisitions Committees.

SUZANNE M. COLVIN, Director, Vice President - Finance & Chief Financial Officer

Aged 61

Ms. Colvin has over 25 years of financial leadership experience in rapidly growing, global, industry-leading technology companies, both public and private. She is currently Chief Financial Officer at PLACE Inc., a full- service real estate and technology platform. Previously, she was CFO of Egnyte, an industry leading software as a service company that provides content security and governance, and she was CFO at Napster (NASDAQ: NAPS), the first digital music subscription service. Ms. Colvin began her career as an independent auditor at Price Waterhouse, is a Certified Public Accountant and has a bachelor's degree in business with a concentration in Accounting from Cal Poly San Luis Obispo. Ms. Colvin lives in San Jose, California and has been a Pismo Coast Village shareholder since 2003. Ms. Colvin has been a member of the Board of Directors since 2022 and is currently serving as Chief Financial Officer and Vice President - Finance, Chair of the Finance Committee and a member of the Executive and Personnel and Compensation/Benefits Committees.

~~Other~~KIM ~~Officers~~DOUGHERTY, ~~and~~Director ~~Significant~~Aged ~~Employees~~ 64

~~CHARLES~~Ms. ~~AMIAN~~Kim Dougherty holds a bachelor's degree in Humanities from Chapman University (1984). She previously worked for the City of Newport Beach and the Newport Harbor Chamber of Commerce, ~~General~~where ~~Manager/Assistant~~she created recreational classes, planned extensive city-wide special events, and served as an Executive Secretary. ~~Aged~~After 58taking time off to be a full-time mom, she founded a successful tutoring business serving home-schooled and public-school children. She has served on the board since 2024 and currently serves on the Finance, Operations, and Natural Disaster Plan Committees.

~~Charles~~RODNEY ~~Amian~~ENNS, aDirector ~~native~~& ofVice Arroyo Grande, serves as the General Manager, a position he has held since May 2024. His career with PCV began in June 1986 in the Maintenance Department, and over the years, he has advanced through various roles, including Reservation Supervisor, General Store Supervisor, Operations Manager and Senior Operations Manager. With a commitment to advocacy in 1997, Charles served fifteen years on the Board of Trustees of REC PAC, a political action committee dedicated to preserving recreational interests in California, including two terms as Chair. He also served on the Camp-California Marketing Board of Directors for four years and has been recognized by the National Association of RV Parks and Campgrounds in 1999 as a lifetime-designated Certified Park Operator. Additionally, his leadership extended to the California Outdoor Hospitality Association, where he was elected Board President in 2001 and served a decade as an active leader in the outdoor hospitality industry, Charles has made significant contributions to organizations that shape the future of the sector. He was appointed as a member of the Board of Directors for the Outdoor Hospitality Industry (OHI) in November 2016 and was elected to serve two-~~three-year~~ ~~terms~~Operations ~~serving~~Aged one year as Treasurer and three years as 2nd Vice Chair, a position he held until he termed out in November 2024. His contributions were recognized with a Chairman's Award at the OHI Conference in November 2022. In November 2023, Charles was elected to the Board of Directors for the Pismo Beach Chamber of Commerce, further demonstrating his commitment to the local community.72

~~BRANDI~~Rodney ~~COLLINS~~Enns has a B.S. degree in computer engineering from California State University, Fresno, and a secondary math teaching credential from the State of California. He was president, owned and operated Ennsbrook Enterprises Limited, an incorporated poultry enterprise, from 1975 to 1995. Mr. Enns then worked as an electrical engineer at Voltage Multipliers, Inc., and was promoted to senior engineer before leaving in August 2005. He taught high school mathematics and engineering for 17 years and retired in 2022. He has been a member of the Board of Directors since November 2007. Rodney is Vice President – Operations, ~~Manager~~and ~~Aged~~currently 43serving on the Executive, Operations (Chair) and Personnel and Compensation/Benefits Committees.

~~Brandi~~TERRIS ~~Collins is a dedicated financial professional with over 20 years of experience in the accounting field. Born and raised in Bakersfield~~HUGHES, ~~California,~~Director ~~she~~Aged relocated to Hanford in 2004 and later moved to the picturesque Pismo Beach in 2015. Brandi's career began at Pismo Coast Village in May 2021, where she initially served as the Accounting Manager. Her exceptional skills and leadership qualities led to her promotion to Operations Manager in July 2024. Before joining Pismo Coast Village, Brandi strengthened her expertise by working as an Accounts Receivable Clerk at Keenan Farms and Warmerdam Packing. In 2009, she took a significant leap of faith by accepting a position at Horizon Nut LLC, where she swiftly climbed the ranks from AR/AP Clerk to Supply Chain Manager and ultimately to Accounting Manager. This upward trajectory showcased her ability to adapt and excel in dynamic environments. After moving to the coast, Brandi continued to build her impressive career at Rancho Nuevo Harvesting as the Accounting Manager, always seeking new challenges and opportunities for growth. At Pismo Coast Village, she embraces the future with enthusiasm, committed to driving success for the organization while maintaining a caring and supportive environment for her team. Outside of her professional endeavors, Brandi enjoys exploring the beauty of Pismo Beach and cherishing quality time with family and friends. With a passion for excellence and a strong foundation in financial management, Brandi Collins is well-equipped to lead and inspire in her current role, ensuring continued success for Pismo Coast Village.76

Terris (Terry) Hughes holds an A.A. degree from Bakersfield Junior College in California in police science. He was employed by Belridge Shell Oil for twenty-three years, from 1973 to 1997, holding the position of senior training technician for the last ten years of that time. He was employed as an internal consultant for Aera Energy LLC, an oil industry company formed in 1997 between the Shell Oil and Mobil Oil Corporations. His duties were to serve as a behavior base safety advisor and provide safety training to Aera Energy LLC employees. He retired from Aera Energy LLC on December 31, 2014. Mr. Hughes then opened his own business entitled Saf-T-Treasures and travels the country providing safety and motivational presentations to employees of various industries. He has been a member of the Board since January 1996, has served one year as Vice President – Policy, three years as Executive Vice President, and five years as President. He is currently serving as Ex Officio. He is also on the Executive Committee, Personnel and Compensation/Benefits, and Nominating Committees.

MARCUS JOHNSON, Director

Aged 72

Mr. Marc Johnson has an A.A. from Reedley College, a B.A. from Fresno State and an M.A from Fresno Pacific University. Mr. Johnson (Marc) has spent his entire career as an educator in the Central Valley of California. He taught for sixteen years, then spent the next twenty-one years in leadership roles, retiring in 2013 from the Sanger Unified School District, where he spent twelve of those years as Superintendent. Currently, he serves as the Executive Director of Fresno Compact, a non-profit, in Fresno, California. Mr. Johnson is a published author and consults with schools and districts nationally. Mr. Johnson has been a member of the Board since November 2018 and is currently serving on the Environmental, Health and Safety Advisory, Nominating, Natural Disaster Plan, and Audit (Chairman) Committees.

KAREN KING, Director & Executive Vice President

Aged 67

Ms. Karen King retired following a 25-year career in financial services, focusing on support for Capital Markets Securitization trading activities. She currently works as a travel consultant, curating individual and group travel. Ms. King has served on the Pismo Coast Village Board of Directors since 2016. As the Executive Vice President of the Board, she is currently serving on the Executive Committee and as Chair of the Personnel and Compensation/Benefits Committee.

REBECCA MOORE, Director & Vice President - Secretary

Aged 59

Ms. Rebecca Moore was employed by the Joshua Tree Girl Scout Council as the Executive Secretary from 1987 through 1992. After taking some time off to be with her children, in 1994 she was hired as the part time receptionist of the Kern County Local Agency Formation Commission. Ms. Moore worked her way up through the organization as the Clerk, Analyst, Deputy Executive Officer, and finally Executive Officer. In these positions, she worked closely with her Commission as well as county, city, and special district officials. Although officially retired, Ms. Moore continues to work on special projects for Kern LAFCo, on an as needed basis. Ms. Moore has served on The Board of Directors since 2024. Currently she is serving as Vice President – Secretary on the Executive Committee and also serves on the Environmental, Health and Safety Advisory and Capital Assets and Acquisitions Committees.

RONALD NUNLIST, Director

Aged 86

Mr. Ronald Nunlist was employed in the oil business for over 36 years. From 1995 to 1997, he was employed as an operations foreman by Cal Resources LLC, an oil industry company owned by Shell Oil Corporation. From 1997 until his retirement in 1999, Mr. Nunlist was employed as a logistics specialist by Aera Energy LLC, an oil industry company formed between the Shell Oil and Mobil Oil Corporations. Mr. Nunlist served as a planning commissioner for the City of Shafter from 2006 to 2022. He has been a member of the Board since January 1986, serving ten years as President from 1992 to 1997 and again from 2011 to 2016. He served ten years as Vice President—Operations. Mr. Nunlist was appointed Chair of the Nominating Committee in 2022, a post he currently holds. He is the Chairman of the Capital Assets and Acquisitions Committee. Mr. Nunlist is on the Executive and Personnel and Compensation/Benefits Committees, except while serving as Acting General Manager from September 20, 2025 to November 10, 2025.

GEORGE PAPPI, Director, President & Chief Executive Officer

Aged 63

Mr. George Pappi currently serves as Board President and Chief Executive Officer of Pismo Coast Village RV Resort. He has over 30 years of insurance, and claims experience, including his current role as Property Major Case General Adjuster for The Hartford Insurance. His background spans property and bodily injury claims, fire and casualty with extensive construction expertise, office management, risk management, and commercial insurance. He graduated from Cal Poly Pomona with a B.S. in Management and Human Resources. Mr. Pappi has been a member of the Board of Directors since January 2004, and served six years as Vice President - Secretary, prior to his current position as President and CEO, serving as Chair on the Executive Committee and part of the Personnel and Compensation/Benefits Committee.

DWIGHT PLUMLEY, Director

Aged 72

GARY WILLEMS, Director

Aged 71

Mr. Gary Willems holds a B.A. degree in music education and a California life teaching credential from Fresno Pacific University, as well as a professional clear administrative services credential. Mr. Willems started teaching in 1977 and was a Band Director for thirty years in the Dinuba/Reedley area. He was also Head Marching Band Director of the Reedley High School Band from 1985 to 2007. In 2007, he moved into school administration where he was employed as the Visual and Performing Arts Coordinator and the Administrator of the Dunlap Leadership Academy Charter School (an on-line high school) at Kings Canyon Unified School District. In 2014, Mr. Willems retired from education. Mr. Willems has served on the Board of Directors since January 2001 and served three years as Vice President - Secretary. He is currently serving on the Nominating and Operations Committees.

FAMILY RELATIONSHIPS

There are no familial relationships between the Directors nor between the Directors and the Officers.

INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS

To the knowledge of the Company, none of the officers or directors have been personally involved in any bankruptcy or insolvency proceedings. To the knowledge of the Company, none of the directors or officers have been convicted in any criminal proceedings (excluding traffic violations and other minor offenses) or are the subject of a criminal proceeding which is presently pending, nor have such persons been the subject of any order, judgment, or decree of any court of competent jurisdiction, permanently or temporarily enjoining them from acting as an investment advisor, underwriter, broker or dealer in securities, or as an affiliated person, director or insurance company, or from engaging in or continuing in any conduct or practice in connection with any such activity or in connection with the purchase or sale of any security, nor were any of such persons the subject of a federal or state authority barring or suspending, for more than 60 days, the right of such person to be engaged in any such activity, which order has not been reversed or suspended.

AUDIT COMMITTEE FINANCIAL EXPERT

Our Board of Directors has determined that it does not have a member of its Audit Committee that qualifies as an "audit committee financial expert" as defined in Item 401(e) of Regulation S-B and is "independent" as the term is used in Item 7(d)(3)(iv) of Schedule 14A under the Securities Exchange Act of 1934, as amended.

We believe that the members of our Audit Committee are collectively capable of analyzing and evaluating our financial statements and understanding internal controls and procedures for financial reporting. Due to the fact that the Directors of Pismo Coast Village, Inc. do not receive compensation for the services they provide in that capacity, the Company has been unable to nominate and retain a director with the required expertise to stand for election to the Board of Directors.

CODE OF ETHICS

The Board has adopted a Code of Ethics that applies to all employees and directors, including our principal executive officer, principal financial officer and other executive officers. A copy of our Code of Ethics is available on our website, www.pismocoastvillage.com under Shareholders and Financials ~~in the PCV Board of Directors Information folder~~.

Information on or accessible through our website is not incorporated by reference in this Annual Report. If we make any substantive amendment to a provision of our Code of Ethics that applies to, or grant any waiver from a provision of our Code of Ethics to, our principal executive officer, principal financial officer or other executive officers, we will promptly disclose the date and nature of the amendment or waiver (including the name of the person to whom the waiver was granted) on our website in accordance with the requirements of Item 5.05 of Current Report on Form 8-K.

4546

ITEM 11. EXECUTIVE COMPENSATION.

The following table sets forth information regarding compensation awarded, paid to, or earned by the ~~named~~General ~~executive~~Manager ~~officer~~ of Pismo Coast Village, Inc. for years ended September 30, ~~2024~~2025 and ~~2023~~2024. No other person who is currently aan ~~named~~ executive officer of Pismo Coast Village, Inc. earned a salary and bonus compensation exceeding $100,000 during any of those years.

SUMMARY COMPENSATION TABLE
Name andPrincipal Position	FiscalYear	~~Salary$~~	~~Bonus~~Salary$	~~StockAward$~~	~~OptionAwards$~~	~~Non-EquityIncentive PlanCompensation~~Bonus$	~~Non-QualifiedDeferred PlanCompensation$~~	~~All OtherCompensation$~~	~~Total~~Stock Award$	OptionAwards$	Non-EquityIncentive PlanCompensation$	Non-QualifiedDeferred PlanCompensation$	All OtherCompensation$		Total$
Charles AmianAssistant Secretary/General Manager	~~2024~~2025	$~~154,0001~~	~~$48~~186,000	~~$ -~~	~~$ -~~	$ -	~~$ -~~	~~$ -~~	~~$202,000~~-	-	-	-	12,000	1	198,000
Lesley MarrAssistant Secretary/General Manager	2024	$ 79,000	$ -	$ -	$ -	$ -	$ -	$ 46,0002	$125,000
	2024	$	154,000	2		48,000			-	-	-	-	-		202,000
	2023	$183,000	$52,000	$ -	$ -	$ -	$ -	$ 4,000	$239,000
Lesley MarrAssistant Secretary/General Manager	2024	$	78,000			-			-	-	-	-	55,000	3	133,000

¹ ~~Represents 4.5 months of~~ Mr. Amian's received $~~180~~12,000 ~~annual~~in ~~salary~~employer ascontributions ~~general~~to ~~manager,~~the ~~plus~~Company-sponsored 8401(k) ~~months~~retirement ~~at Mr~~plan. ~~Amian's former salary.~~

² MsRepresents 4.5 ~~Marr~~months ~~received a severance payment~~ of ~~forty-five~~Mr. ~~thousand~~Amian's ~~dollars (~~$45180,000), ~~which~~annual ~~was~~salary ~~the~~as ~~equivalent~~general ofmanager, ~~three~~plus 8 months ofat ~~base compensation~~Mr. ~~More information is available on the Company~~Amian's ~~Form~~former ~~8-K dated February 17, 2024~~salary.

³ Ms. Marr received a severance payment of $45,000, which was the equivalent of three months of base compensation. More information is available on the Company's Form 8-K dated February 17, 2024.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS.~~Not applicable.~~

Not applicable.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS.~~No person owns beneficially of record more than 5% of the Company's securities.~~

46No person owns beneficially of record more than 5% of the Company's securities.

SECURITY OWNERSHIP OF MANAGEMENT.

The following table sets forth information concerning the ownership of the Company's Common Stock as of ~~January~~December 1, 2025, by each director and by all directors and executive officers as a group.

Unless otherwise specified, the address of each beneficial owner is 165 South Dolliver, Pismo Beach, CA 93449.

BOARD MEMBER	NUMBER ~~OFSHARES~~OF SHARES*	PERCENT OF CLASS
David Bessom	1 Share	0.059%
Justin Andrews	1 Share	0.056%
Sam Blank	1 Share	0.059%
David Bessom	1 Share	0.056%
Barbara Boswell	2 Share	0.118%
Sam Blank	1 Share	0.056%
Deon Bozzo	2 Share	0.118%
Barbara Boswell	2 Shares	0.113%
Harry Buchaklian	1 Share	0.059%
Deon Bozzo	2 Shares	0.113%
Suzanne Colvin	1 Share	0.059%
Harry Buchaklian	1 Share	0.056%
Kim Dougherty	2 Shares	0.118%
Christopher Bump	1 Share	0.056%
Rodney Enns	1 Share	0.059%
Suzanne Colvin	1 Share	0.056%
Terris Hughes	1 Share	0.059%
Kim Dougherty	2 Shares	0.113%
Marcus Johnson	3 Shares	0.177%
Rodney Enns	1 Share	0.056%
Karen King	1 Share	0.059%
Terris Hughes	1 Share	0.056%
Rebecca Moore	3 Shares	0.177%
Marcus Johnson	3 Shares	0.169%
Ronald Nunlist	4 Shares	0.236%
Karen King	1 Share	0.056%
George Pappi, Jr.	2 Shares	0.118%
Rebecca Moore	3 Shares	0.169%
Dwight Plumley	3 Shares	0.177%
Ronald Nunlist	4 Shares	0.225%
Gary Willems	1 Share	0.059%
George Pappi	3 Shares	0.169%
Jack Williams	1 Share	0.059%
Dwight Plumley	3 Shares	0.169%
All Officers and Directors as a Group	30 Shares	1.77%
Gary Willems	1 Share	0.056%
All Officers and Directors as a Group	32 Shares	1.804%

* Amount of Ownership: All such shares are owned beneficially and of record, and there are no additional shares known to the Company for which the listed beneficial owner has the right to acquire beneficial ownership as specified in Rule 13D-3(d)(1) of the Exchange Act.

CHANGES IN CONTROL.Not applicable.

~~Not applicable.~~48

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

There have been no transactions during the past two years, or proposed transactions, to which the Company was or is to be a party, in which any of the officers, directors, nominees, named shareholders, or family members of such persons, had or is to have a direct or indirect material interest, other than transactions where competitive bids determine the rates or charges involved, or where the amount involved does not exceed $120,000, or where the interest of the party arises solely from the ownership of securities of the Company and the party received no extra or special benefit that was not shared by all shareholders.

EMPLOYMENT AGREEMENTS

~~The~~On August 29, 2025, Mr. Charles Amian, General Manager, was terminated in accordance with the terms of his employment agreement, dated April 18, 2024.After close of fiscal year 2025, the Company has entered into an employment ~~agreement~~agreements with the named executive officer. The material terms of ~~this~~these ~~agreement~~agreements are summarized as follows:The Company entered an employment contract with Erik Mund whereby Mr. Mund accepted the position of General Manager of the resort effective November 10, 2025. This contract currently provides for a salary of $160,000, plus health insurance, cost reimbursement, and certain other benefits including an incentive bonus at the direction and convenience of the Company’s Board of Directors based upon year-end fiscal performance each year.From September 1, 2025 through November 10, 2025, Mr. Ronald Nunlist, a director of the Company, served as Acting General Manager with no contract and without compensation.

OnOTHER August 29, 1986, Mr. Charles Amian began his career with Pismo Coast Village, Inc. and on April 19, 2024, the Company entered an employment contract with Mr. Amian as General Manager of the Company. This contract currently provides for a salary of $180,000, plus health insurance, cost reimbursement, and certain other benefits.ARRANGEMENTS

OnDuring ~~February~~the ~~17,~~fiscal years 2025 and 2024, ~~Ms.~~Pismo ~~Lesley~~Coast ~~Marr~~Village, ~~General~~Inc. ~~Manager~~paid for various hospitality functions and for travel, ~~was~~lodging ~~released~~and ~~from~~hospitality ~~her~~expenses ~~employment~~for ~~contract~~spouses ~~with~~who occasionally accompanied directors when they were traveling on company business. Management believes that the expenditure was to Pismo Coast Village, Inc.'s benefit.

OTHER ARRANGEMENTSDuring the fiscal years 2024 and 2023, Pismo Coast Village, Inc. paid for various hospitality functions and for travel, lodging and hospitality expenses for spouses who occasionally accompanied directors when they were traveling on company business. Management believes that the expenditure was to Pismo Coast Village, Inc.'s benefit. CERTAIN BUSINESS RELATIONSHIPSNone. (1)-(5) INDEBTEDNESS OF MANAGEMENTNone. TRANSACTIONS WITH PROMOTERSNot applicable. DIRECTOR INDEPENDENCEOur Board of Directors consists of shareholders of the Resort and therefore are not considered to be "independent" as defined by Section 121A of the American Stock Exchange Listing Standards. The Board considers all relevant facts and circumstances in its determination of independence of all members of the Board (including any relationships set forth in this Form 10-K under the heading "Certain Related Person Transactions"). As disclosed above, the Audit Committee, the Nominating Committee and the Personnel and Compensation/Benefits Committee members are not considered to be independent.RELATIONSHIPS

48None.

~~ITEM~~(1)-(5) INDEBTEDNESS ~~14. PRINCIPAL~~OF ~~ACCOUNTING FEES AND SERVICES.~~MANAGEMENT

~~INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM~~None.

~~The~~TRANSACTIONS ~~Audit~~WITH Committee of the Board has appointed Withum+Smith Brown LP, or Withum, as our independent registered accounting firm for the fiscal year ending September 30, 2025. We are not required to seek stockholder approval for the appointment of our independent registered public accounting firm, however, the Audit Committee and the full Board believe it is sound corporate practice to seek such approval. If the appointment is not ratified, the Audit Committee will investigate the reasons for stockholder rejection and will re-consider the appointment. Even if the selection is ratified, the Audit Committee in its discretion may direct the appointment of a different independent registered public accounting firm at any time during the year if it determines that such change would be in the best interests of PCV and its shareholders. PROMOTERS

~~FEES~~Not ~~BILLED TO THE COMPANY IN FISCAL YEARS 2024 AND 2023~~applicable.

~~Upon~~DIRECTOR approval of the Audit Committee of the Board, during September 2024, Withum was appointed to serve as our independent registered public accounting firm for the fiscal year ended September 30, 2024. Previously, upon approval of the Audit Committee of the Board, during August 2024, Marcum LLC was appointed to serve as our independent registered public accounting firm for the fiscal year ended September 30, 2024 and conducted a review for the quarter ended June 30, 2024.INDEPENDENCE

~~Brown~~Our ~~Armstrong~~Board ~~Accountancy~~of ~~served~~Directors asconsists ~~our~~of shareholders of the Resort and therefore are not considered to be "independent" ~~registered~~as ~~public~~defined ~~accounting~~by ~~firm~~Section ~~from~~121A ~~2005~~of ~~through~~the ~~August~~American 9Stock Exchange Listing Standards. The Board considers all relevant facts and circumstances in its determination of independence of all members of the Board (including any relationships set forth in this Form 10-K under the heading "Certain Related Person Transactions"). As disclosed above, ~~2024~~the Audit Committee, the Nominating Committee and the Personnel and Compensation/Benefits Committee members are not considered to be independent.

The following table discloses the fees that the Company was billed for professional services rendered by its independent public accounting firms, for the fiscal years ended September 30, 2024 and 2023.

	Year Ended September 30,
	2024		2023
Audit fees	$	78,100	$	60,300
Audit related fees		-		-
Tax Fees		-		-
All other fees		-		-
Total contractual obligations	$	78,100	$	60,300

Audit Fees. Audit fees represent fees for professional services performed by Withum, Marcum or Brown Armstrong for the audit of our annual financial statements and the review of our quarterly financial statements, as well as services that are normally provided in connection with regulatory filings or engagements.

Audit related fees. Neither Withum, Marcum nor Brown Armstrong provided any audit related services to the Company during the fiscal years ended September 30, 2024 or 2023.

Tax fees. Neither Withum, Marcum nor Brown Armstrong provided any tax compliance services to the Company during the fiscal years ended September 30, 2024 or 2023.

For the fiscal years ended September 30, 2024 and 2023, all audit related services, tax services and other services were pre-approved by the Audit Committee of the Board, which concluded that the provision of such services were compatible with the maintenance of that firm's independence in the conduct of its auditing function.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

Fees Billed to the Company in fiscal years 2025 and 2024

Upon approval of the Audit Committee of the Board, during September 2024, Withum was appointed to serve as our independent registered public accounting firm for the fiscal year ended September 30, 2024. Previously, upon approval of the Audit Committee of the Board, during August 2024, Marcum PLLC was appointed to serve as our independent registered public accounting firm for the fiscal year ended September 30, 2024 and conducted a review for the quarter ended June 30, 2024.

The following table discloses the fees that the Company was billed for professional services rendered by its independent public accounting firms, during the fiscal years ended September 30, 2025 and 2024.

		Year ended September 30,
		2025		2024

Audit Fees	$	242,320	$	78,100

Total contractual obligations	$	242,320	$	78,100

Audit Fees. Audit fees represent fees for professional services performed by Withum or Marcum for the audit of our annual financial statements and the review of our quarterly financial statements, as well as services that are normally provided in connection with regulatory filings or engagements.

Audit related fees. Neither Withum nor Marcum provided any audit related services to the Company during the fiscal years ended September 30, 2025 or 2024.

Tax fees. Neither Withum nor Marcum provided any tax compliance services to the Company during the fiscal years ended September 30, 2025 or 2024.

For the fiscal years ended September 30, 2025 and 2024, all audit related services, tax services and other services were pre-approved by the Audit Committee of the Board, which concluded that the provision of such services were compatible with the maintenance of that firm's independence in the conduct of its auditing function.

ITEM 15. EXHIBITS.

Exhibit No.		Description of Exhibit

31.1		Certification of the President and Chief Executive Office of the Company pursuant to Section 302 of the Sarbanes‐Oxley Act of 2002

31.2		Certification of the Vice President Finance and Chief Financial Officer of the Company pursuant to Section 302 of the Sarbanes‐Oxley Act of 2002

32.1		Certification of the President and Chief Executive Office and Vice President Finance and Chief Financial Officer of the Company Pursuant to 18 U.S.C. Subsection 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002

101.INS		Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

5051

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: PISMO COAST VILLAGE, INC.

By: /s/ GEORGE PAPPIGeorge Pappi, Jr., Presidentand Chairman of the Board(Chief Executive Officer and principal executive officer) Date: January 14, 2025

By:
	/s/ GEORGE PAPPI George Pappi, President and Chairman of the Board	Date:	December 18, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:
	/s/ GEORGE PAPPIGeorge Pappi, Jr., Presidentand Chairman of the Board(Chief Executive Officer and principal executive officer)	Date:	January 14, 2025
	/s/ GEORGE PAPPIGeorge Pappi, Presidentand Chairman of the Board	Date:	December 18, 2025
By:
	/s/ SUZANNE M COLVINSuzanne Colvin, Chief Financial Officer,Vice President - Finance, and Director(principal financial officer and principal accounting officer)	Date:	~~January~~December 1418, 2025
By:
	/s/ KAREN KINGKaren King, Executive Vice Presidentand Director	Date:	~~January~~December 1418, 2025
By:
	/s/ GARY WILLEMSGary Willems, Vice President - Secretaryand Director	Date:	January 14, 2025
	/s/ REBECCA A MOORERebecca A Moore, Vice President - Secretaryand Director	Date:	December 18, 2025
By:
	/s/ RODNEY ENNSRodney Enns, Vice President - Operationsand Director	Date:	~~January~~December 1418, 2025
By:
	/s/ DAVID BESSOMDavid Bessom, Director	Date:	January 14, 2025
	/s/ JUSTIN ANDREWSJustin Andrews, Director	Date:	December 18, 2025
By:
	/s/ SAM BLANKSam Blank, Director	Date:	January 14, 2025
	/s/ DAVID BESSOMDavid Bessom, Director	Date:	December 18, 2025

By:
	/s/ BARBARA BOSWELLBarbar Boswell, Director	Date:	January 14, 2025
By:
	/s/ DEON BOZZODeon Bozzo, Director	Date:	January 14, 2025
By:
	/s/ HARRY BUCHAKLIANHarry Buchaklian, Director	Date:	January 14, 2025
By:
	/s/ TERRIS HUGHESTerris Hughes, Director	Date:	January 14, 2025
By:
	/s/ MARCUS JOHNSONMarcus Johnson, Director	Date:	January 14, 2025
By:
	/s/ KIM DOUGHERTYKim Dougherty, Director	Date:	January 14, 2025
By:
	/s/ REBECCA MOORERebecca Moore, Director	Date:	January 14, 2025
By:
	/s/ RONALD NUNLISTRonald Nunlist, Director	Date:	January 14, 2025
By:
	/s/ DWIGHT PLUMLEYDwight Plumley, Director	Date:	January 14, 2025
By:
	/s/ JACK WILLIAMSJack Williams, Director	Date:	January 14, 2025

By:
	/s/ SAM BLANK Sam Blank, Director	Date:	December 18, 2025

By:
	/s/ BARBARA BOSWELL Barbar Boswell, Director	Date:	December 18, 2025

By:
	/s/ DEON BOZZO Deon Bozzo, Director	Date:	December 18, 2025

By:
	/s/ HARRY BUCHAKLIAN Harry Buchaklian, Director	Date:	December 18, 2025

By:
	/s/ CHRISTOPHER BUMP Christopher Bump, Director	Date:	December 18, 2025

By:
	/s/ KIM DOUGHERTY Kim Dougherty, Director	Date:	December 18, 2025

By:
	/s/ TERRIS HUGHES Terris Hughes, Director	Date:	December 18, 2025

By:
	/s/ MARCUS JOHNSON Marcus Johnson, Director	Date:	December 18, 2025
By:
	/s/ RONALD NUNLIST Ronald Nunlist, Director	Date:	December 18, 2025

By:
	/s/ DWIGHT PLUMLEY Dwight Plumley, Director	Date:	December 18, 2025

By:
	/s/ GARY WILLEMS Gary Willems, Director	Date:	December 18, 2025

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