Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2016 | May. 13, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PISMO COAST VILLAGE INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 1,775 | |
Amendment Flag | false | |
Entity Central Index Key | 216,877 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 |
Current Assets | |||
Cash and cash equivalents | $ 2,485,816 | $ 2,235,807 | $ 2,623,043 |
Accounts receivable | 16,237 | 43,916 | 21,800 |
Inventory | 196,024 | 190,442 | 204,520 |
Current deferred taxes | 103,400 | $ 103,500 | 90,100 |
Prepaid income taxes | 357,200 | 34,500 | |
Prepaid expenses | 25,333 | $ 29,034 | 40,439 |
Total current assets | 3,184,010 | 2,602,699 | 3,014,402 |
Pismo Coast Village Recreational Vehicle Resort and Related Assets – Net of accumulated depreciation | 14,966,062 | 14,953,463 | 14,587,941 |
Other Assets | 4,853 | 6,018 | 7,183 |
Total Assets | 18,154,925 | 17,562,180 | 17,609,526 |
Current Liabilities | |||
Accounts payable and accrued expenses | 242,947 | 224,639 | 249,485 |
Accrued salaries and vacation | 76,288 | 284,426 | 71,207 |
Rental deposits | $ 1,963,682 | 1,261,191 | $ 1,903,863 |
Income taxes payable | 50,700 | ||
Current portion of long-term debt | $ 138,514 | 127,461 | $ 97,237 |
Total current liabilities | 2,421,431 | 1,948,417 | 2,321,792 |
Long-Term Liabilities | |||
Long-term deferred taxes | 927,700 | 928,400 | 893,800 |
Long Term Notes Payable | 115,431 | 64,279 | 79,846 |
N/P Heritage Oaks Bank | 1,736,790 | 1,781,034 | 2,293,965 |
Total Liabilities | 5,201,352 | 4,722,130 | 5,589,403 |
Stockholders’ Equity | |||
Common stock – no par value, 1,800 shares Issued, 1,775 and 1783 shares outstanding at March 31, 2016 and 2015, respectively | 5,569,268 | 5,594,369 | 5,594,369 |
Retained earnings | 7,384,305 | 7,245,681 | 6,425,754 |
Total stockholders’ equity | 12,953,573 | 12,840,050 | 12,020,123 |
Total Liabilities and Stockholders’ Equity | 18,154,925 | 17,562,180 | 17,609,526 |
Donahue Transportation Service [Member] | |||
Long-Term Liabilities | |||
Long Term Notes Payable | 93,396 | 36,207 | 46,129 |
RLC Funding [Member] | |||
Long-Term Liabilities | |||
Long Term Notes Payable | $ 22,035 | $ 28,072 | $ 33,717 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 |
Common stock, no par value (in Dollars per share) | |||
Common stock, shares Issued | 1,800 | 1,800 | 1,800 |
Common stock, shares outstanding | 1,775 | 1,783 | 1,783 |
STATEMENTS OF INCOME AND RETAIN
STATEMENTS OF INCOME AND RETAINED EARNINGS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income | ||||
Resort operations | $ 1,421,912 | $ 1,368,760 | $ 2,806,163 | $ 2,657,074 |
Retail operations | 302,315 | 250,758 | 608,187 | 509,667 |
Total income | 1,724,227 | 1,619,518 | 3,414,350 | 3,166,741 |
Cost and Expenses | ||||
Operating expenses | 1,247,382 | 1,095,234 | 2,492,203 | 2,241,535 |
Cost of goods sold | 124,508 | 119,334 | 257,598 | 228,036 |
Depreciation and amortization | 105,175 | 99,490 | 205,457 | 199,003 |
Total cost and expenses | 1,477,065 | 1,314,058 | 2,955,258 | 2,668,574 |
Income from Operations | 247,162 | 305,460 | 459,092 | 498,167 |
Other Income (Expense) | ||||
Interest and dividend income | 1,509 | 1,139 | 2,519 | 1,643 |
Interest expense | $ (25,936) | $ (31,937) | (51,937) | $ (65,015) |
Loss on disposal of fixed assets | (1,551) | |||
Total other income (expense) | $ (24,427) | $ (30,798) | (50,969) | $ (63,372) |
Income Before Provision for Income Tax | 222,735 | 274,662 | 408,123 | 434,795 |
Income Tax Expense (benefit) | (800) | 221,900 | 78,600 | 293,400 |
Net Income | 223,535 | 52,762 | 329,523 | 141,395 |
Retained Earnings – Beginning of Period | 7,245,681 | $ 6,284,359 | ||
Redemption of Stock | (190,899) | (190,899) | ||
Retained Earnings – End of Period | $ 7,384,305 | $ 6,425,754 | $ 7,384,305 | $ 6,425,754 |
Net Income Per Share (in Dollars per share) | $ 125.94 | $ 29.59 | $ 185.65 | $ 79.30 |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows From Operating Activities | ||
Net Income | $ 329,523 | $ 141,395 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 205,457 | 199,003 |
(Increase) Decrease in accounts receivable | 27,679 | (3,810) |
(Increase) in inventory | (5,582) | (27,111) |
(Increase) Decrease in current deferred taxes | (600) | 2,500 |
(Increase) in prepaid income taxes | (357,200) | (34,500) |
Increase (Decrease) in prepaid expenses | $ 3,701 | 12,582 |
Decrease in other assets | 1,164 | |
Increase in accounts payable and accrued expenses | $ 18,308 | 45,571 |
(Decrease) in accrued salaries and vacation | (208,138) | (173,899) |
Increase in rental deposits | 702,491 | 770,848 |
Income taxes payable | $ (50,700) | (139,100) |
(Decrease) in deferred taxes | (24,600) | |
Total adjustments | $ 335,416 | 628,648 |
Net cash provided by operating activities | 664,939 | 770,043 |
Cash Flows Used in Investing Activities | ||
Capital expenditures | (218,442) | $ (129,490) |
Loss from sale of assets | 1,551 | |
Net cash used in investing activities | (216,891) | $ (129,490) |
Cash Flows from Financing Activities | ||
Redemption of Stock | (216,000) | |
Principal payments on notes payable | 17,961 | $ (46,604) |
Net cash used in financing activities | (198,039) | (46,604) |
Net increase in cash and cash equivalents | 250,009 | 593,949 |
Cash and Cash Equivalents – Beginning of Period | 2,235,807 | 2,029,094 |
Cash and Cash Equivalents – End of Period | 2,485,816 | 2,623,043 |
Schedule of Payments of Interest and Taxes | ||
Payments for interest | 51,937 | 65,015 |
Payments for income tax | $ 438,000 | $ 350,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Pismo Coast Village, Inc. (Company) is a recreational vehicle camping resort. Its business is seasonal in nature with the fourth quarter, the summer, being its busiest and most profitable. Inventory Inventory has been valued at the lower of cost or market on a first-in, first-out basis. Inventory is comprised primarily of finished goods in the general store and in the RV repair shop. Depreciation and Amortization Depreciation of property and equipment is computed using an accelerated method based on the cost of the assets, less allowance for salvage value, where appropriate. Depreciation rates are based upon the following estimated useful lives: Building and resort improvements 5 to 40 years Furniture, fixtures, equipment and leasehold improvements 5 to 31.5 years Transportation equipment 5 to 10 years Earnings Per Share The earnings per share reported on the financial statements are based on the 1,775 and 1783 shares outstanding as of the balance sheet dates. The financial statements report only basic earnings per share, as there are no potentially dilutive shares outstanding. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments, including certificates of deposit with maturities of three months or less when purchased to be cash equivalents. Concentration of Credit Risk At March 31, 2016, the Company had cash deposits in excess of the $250,000 federally insured limit with Heritage Oaks Bank of $746,611; however, in the past the Company has used Excess Deposit Insurance Bond, which secures deposits up to $1,500,000. It has recently been stated by bank regulators that this insurance bond is not enforceable. Heritage Oaks Bank is a member of CDARS, the Certificate of Deposit Account Registry Service. Large deposits are divided into smaller amounts and placed with other FDIC insured banks, which are also members of the CDARS network. Then, those member banks issued CDs in amounts under $250,000, so that the entire investment is eligible for FDIC insurance. Income Taxes The Company uses the asset-liability method of computing deferred taxes in accordance with Accounting Standards Codification (ASC) Income Taxes topic 740. ASC 740 requires, among other things, 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. ASC 740 also requires, among other things, the recognition and measurement of uncertain tax positions based on a “more likely than not” (likelihood greater than 50%) approach. As of March 31, 2016, 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. It is the policy of the Company to consistently classify interest and penalties associated with income tax expense separately from the provision for income taxes. No interest or penalties associated with income taxes have been included in this calculation, or separately in the Statement of Operations and Retained Earnings, and no significant increases or decreases are expected within the following twelve-month period. Although the Company does not maintain any uncertain tax positions, tax returns remain subject to examination by the internal Revenue Service for fiscal years ending on or after September 30, 2012 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2011. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Revenue and Cost Recognition The Company's revenue is recognized on the accrual basis as earned based on the date of stay. Expenditures are recorded on the accrual basis whereby expenses are recorded when incurred, rather than when paid. Advertising The Company follows the policy of charging the costs of non-direct advertising as incurred. Advertising expense was $23,311 and $18,166 for the six months ended March 31, 2016 and 2015, respectively. There was no advertising expense capitalized in prepaid expense. Subsequent Events Subsequent events have been evaluated May 13, 2016, which is the date the financial statements were available to be issued. |
PISMO COAST VILLAGE RECREATIONA
PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETS | 6 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2 - PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETS At March 31, 2016, September 30, 2015, and March 31, 2015, property and equipment included the following: March 31, 2016 September 30, 2015 March 31, 2015 Land $ 10,394,746 $ 10,394,746 $ 9,957,263 Building and resort improvements 11,227,437 11,227,437 11,073,714 Furniture, fixtures, equipment and leasehold improvements 694,354 599,355 600,764 Transportation equipment 625,219 479,592 484,607 Construction in progress 79,378 107,225 164,454 Property, Plant and Equipment, Gross 23,021,134 22,808,355 22,280,802 Less: accumulated depreciation (8,055,072) (7,854,892) (7,692,861) Total $ 14,966,062 $ 14,953,463 $ 14,587,941 |
LINE OF CREDIT
LINE OF CREDIT | 6 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 3 - LINE OF CREDIT The Company has a revolving line of credit with Heritage Oaks Bank for $500,000, which expires March 21, 2017. There were no outstanding amounts on the line of credit as of March 31, 2016 and 2015 and September 30, 2015. |
NOTE PAYABLE
NOTE PAYABLE | 6 Months Ended |
Mar. 31, 2016 | |
Notes Payable [Abstract] | |
Notes Payable [Text Block] | NOTE 4 - NOTE PAYABLE The Company secured permanent financing on the purchase of storage lot land in Arroyo Grande, California, with Heritage Oaks Bank. The loan originated on May 8, 2008. The total loan currently outstanding is $1,832,313 and financed over a period of ten years at a variable interest rate currently at 5.0%. The payments are currently $15,416 per month interest and principal. The Company secured a vehicle lease with Donahue Transportation Services Corp on a 2008 Tow Truck. The loan originated on December 9, 2009. The total loan currently outstanding is $10,185 and financed over a period of seven years at an interest rate of 8.39%. The payments are currently $799 per month interest and principal. The Company secured a lease, which has been classified as a capital lease and included with notes payable. The capital lease is with Donahue Transportation Service Corp on a 2013 Hino Truck. The lease originated on May 10, 2012. The total balance currently outstanding is $35,947 and is financed over a period of seven years at an interest rate of 4.751%. The payments are currently $1,046 per month interest and principal. The Company secured a lease, which has been classified as a capital lease and included with notes payable. The capital lease is with RLC Funding on a security system for Lot-K. The lease originated on November 8, 2013. The total balance currently outstanding is $33,717 and is financed over a period of five years at an interest rate of 13.537%. The payments are currently $1,295 per month interest and principal. The Company secured a vehicle lease with Donahue Transportation Services Corp on a 2015 Hino Truck. The loan originated on January 8, 2016. The total loan currently outstanding is $78,573 and financed over a period of seven years at an interest rate of 4.532%. The payments are currently $1,116 per month interest and principal. At March 31, 2016, future minimum payments are as follows: Period Ended March 31, 2016 $ 138,514 2017 135,905 2018 1,668,227 2019 12,539 2020 12,029 Thereafter 23,521 Total $ 1,990,735 |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 5 - COMMON STOCK Each share of stock is intended to provide the shareholder with free use of the resort for a maximum of 45 nights 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. During the quarter ended March 31, 2016, the Company repurchased eight shares of its common stock for $27,000 per share for a total of $216,000 in cash. The repurchase was recorded as a decrease in common stock of $25,101 equal to the original sale price of the shares, and a reduction of the remaining $190,899 was recorded as a reduction in retained earnings. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 6 - INCOME TAXES The provision for income taxes is as follows: March 31, 2016 March 31, 2015 Income tax expense $ 78,600 $ 293,400 The Company uses the asset-liability method of computing deferred taxes in accordance with FASB Accounting Standards Codification (ASC) Topic 740. The difference between the effective tax rate and the statutory tax rates is due primarily to the effects of the graduated tax rates, state taxes net of federal tax benefit, and nondeductible variable costs of shareholder usage. |
OPERATING LEASES
OPERATING LEASES | 6 Months Ended |
Mar. 31, 2016 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | NOTE 7 - OPERATING LEASES The Company leases a lot in Oceano, California, to use as storage lot at $2,933 per month. The lease has converted to a month-to-month lease; however, the lessor is considering a long-term renewal at this time. The Company has a five-year lease obligation for a copier. Rental expense under this operating lease is $414 per month. At March 31, 2016, future minimum lease payments to lease equipment are as follows: For the Period Ended March 31, 2016 $ 1,241 Total $ 1,241 Rent expense under these agreements was $18,277 and $18,277 for the six-month period ended March 31, 2016 and 2015, respectively. |
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS | 6 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 8 - 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 $31,791 for the six months ended March 31, 2016. The contribution to the pension plan for the six months ended March 31, 2015 was $30,919. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | Nature of Business Pismo Coast Village, Inc. (Company) is a recreational vehicle camping resort. Its business is seasonal in nature with the fourth quarter, the summer, being its busiest and most profitable. |
Inventory, Policy [Policy Text Block] | Inventory Inventory has been valued at the lower of cost or market on a first-in, first-out basis. Inventory is comprised primarily of finished goods in the general store and in the RV repair shop. |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization Depreciation of property and equipment is computed using an accelerated method based on the cost of the assets, less allowance for salvage value, where appropriate. Depreciation rates are based upon the following estimated useful lives: Building and resort improvements 5 to 40 years Furniture, fixtures, equipment and leasehold improvements 5 to 31.5 years Transportation equipment 5 to 10 years |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share The earnings per share reported on the financial statements are based on the 1,775 and 1783 shares outstanding as of the balance sheet dates. The financial statements report only basic earnings per share, as there are no potentially dilutive shares outstanding. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments, including certificates of deposit with maturities of three months or less when purchased to be cash equivalents. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk At March 31, 2016, the Company had cash deposits in excess of the $250,000 federally insured limit with Heritage Oaks Bank of $746,611; however, in the past the Company has used Excess Deposit Insurance Bond, which secures deposits up to $1,500,000. It has recently been stated by bank regulators that this insurance bond is not enforceable. Heritage Oaks Bank is a member of CDARS, the Certificate of Deposit Account Registry Service. Large deposits are divided into smaller amounts and placed with other FDIC insured banks, which are also members of the CDARS network. Then, those member banks issued CDs in amounts under $250,000, so that the entire investment is eligible for FDIC insurance. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the asset-liability method of computing deferred taxes in accordance with Accounting Standards Codification (ASC) Income Taxes topic 740. ASC 740 requires, among other things, 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. ASC 740 also requires, among other things, the recognition and measurement of uncertain tax positions based on a “more likely than not” (likelihood greater than 50%) approach. As of March 31, 2016, 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. It is the policy of the Company to consistently classify interest and penalties associated with income tax expense separately from the provision for income taxes. No interest or penalties associated with income taxes have been included in this calculation, or separately in the Statement of Operations and Retained Earnings, and no significant increases or decreases are expected within the following twelve-month period. Although the Company does not maintain any uncertain tax positions, tax returns remain subject to examination by the internal Revenue Service for fiscal years ending on or after September 30, 2012 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2011. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Revenue Recognition, Policy [Policy Text Block] | Revenue and Cost Recognition The Company's revenue is recognized on the accrual basis as earned based on the date of stay. Expenditures are recorded on the accrual basis whereby expenses are recorded when incurred, rather than when paid. |
Advertising Costs, Policy [Policy Text Block] | Advertising The Company follows the policy of charging the costs of non-direct advertising as incurred. Advertising expense was $23,311 and $18,166 for the six months ended March 31, 2016 and 2015, respectively. There was no advertising expense capitalized in prepaid expense. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Subsequent events have been evaluated May 13, 2016, which is the date the financial statements were available to be issued. |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment, Useful Life [Table Text Block] | Building and resort improvements 5 to 40 years Furniture, fixtures, equipment and leasehold improvements 5 to 31.5 years Transportation equipment 5 to 10 years |
PISMO COAST VILLAGE RECREATIO16
PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETS (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | March 31, 2016 September 30, 2015 March 31, 2015 Land $ 10,394,746 $ 10,394,746 $ 9,957,263 Building and resort improvements 11,227,437 11,227,437 11,073,714 Furniture, fixtures, equipment and leasehold improvements 694,354 599,355 600,764 Transportation equipment 625,219 479,592 484,607 Construction in progress 79,378 107,225 164,454 Property, Plant and Equipment, Gross 23,021,134 22,808,355 22,280,802 Less: accumulated depreciation (8,055,072) (7,854,892) (7,692,861) Total $ 14,966,062 $ 14,953,463 $ 14,587,941 |
NOTE PAYABLE (Tables)
NOTE PAYABLE (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Notes Payable [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Period Ended March 31, 2016 $ 138,514 2017 135,905 2018 1,668,227 2019 12,539 2020 12,029 Thereafter 23,521 Total $ 1,990,735 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | March 31, 2016 March 31, 2015 Income tax expense $ 78,600 $ 293,400 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the Period Ended March 31, 2016 $ 1,241 Total $ 1,241 |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted (in Shares) | 1,775 | 1,783 |
Cash, FDIC Insured Amount | $ 250,000 | |
Certificates of Deposit, at Carrying Value | 746,611 | |
Excess Deposit Insurance Bond, Secured Deposit Amount | 1,500,000 | |
Advertising Expense | $ 23,311 | $ 18,166 |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives | 6 Months Ended |
Mar. 31, 2016 | |
Minimum [Member] | Building and Building Improvements [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Minimum [Member] | Furniture Fixtures Equipment And Leasehold Improvements [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Minimum [Member] | Transportation Equipment [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Maximum [Member] | Building and Building Improvements [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 40 years |
Maximum [Member] | Furniture Fixtures Equipment And Leasehold Improvements [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 31 years 6 months |
Maximum [Member] | Transportation Equipment [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 10 years |
PISMO COAST VILLAGE RECREATIO22
PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETS (Details) - Property and equipment - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 |
Property and equipment [Abstract] | |||
Land | $ 10,394,746 | $ 10,394,746 | $ 9,957,263 |
Building and resort improvements | 11,227,437 | 11,227,437 | 11,073,714 |
Furniture, fixtures, equipment and leasehold improvements | 694,354 | 599,355 | 600,764 |
Transportation equipment | 625,219 | 479,592 | 484,607 |
Construction in progress | 79,378 | 107,225 | 164,454 |
Property, Plant and Equipment, Gross | 23,021,134 | 22,808,355 | 22,280,802 |
Less: accumulated depreciation | (8,055,072) | (7,854,892) | (7,692,861) |
Total | $ 14,966,062 | $ 14,953,463 | $ 14,587,941 |
LINE OF CREDIT (Details)
LINE OF CREDIT (Details) | 6 Months Ended |
Mar. 31, 2016USD ($) | |
Debt Disclosure [Abstract] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 |
Line of Credit Facility, Expiration Date | Mar. 21, 2017 |
NOTE PAYABLE (Details)
NOTE PAYABLE (Details) | 6 Months Ended |
Mar. 31, 2016USD ($) | |
Storage Lot In Arroyo Grande [Member] | |
NOTE PAYABLE (Details) [Line Items] | |
Debt Instrument, Issuance Date | May 8, 2008 |
Long-term Debt, Gross | $ 1,832,313 |
Loan Financing Period | 10 years |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 5.00% |
Debt Instrument, Periodic Payment | $ 15,416 |
Debt Instrument, Frequency of Periodic Payment | month |
Vehicle Lease With Donahue Transportation Services Corp [Member] | |
NOTE PAYABLE (Details) [Line Items] | |
Debt Instrument, Issuance Date | Dec. 9, 2009 |
Long-term Debt, Gross | $ 10,185 |
Loan Financing Period | 7 years |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 8.39% |
Debt Instrument, Periodic Payment | $ 799 |
Debt Instrument, Frequency of Periodic Payment | month |
Capital Lease With Donahue Transportation Corp [Member] | |
NOTE PAYABLE (Details) [Line Items] | |
Debt Instrument, Issuance Date | May 10, 2012 |
Long-term Debt, Gross | $ 35,947 |
Loan Financing Period | 7 years |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 4.751% |
Debt Instrument, Periodic Payment | $ 1,046 |
Debt Instrument, Frequency of Periodic Payment | month |
RLC Funding [Member] | |
NOTE PAYABLE (Details) [Line Items] | |
Debt Instrument, Issuance Date | Nov. 8, 2013 |
Long-term Debt, Gross | $ 33,717 |
Loan Financing Period | 5 years |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 13.537% |
Debt Instrument, Periodic Payment | $ 1,295 |
Debt Instrument, Frequency of Periodic Payment | month |
Vehicle Lease With Donahue Transportation Services Corp 2015 Hino Truck [Member] | |
NOTE PAYABLE (Details) [Line Items] | |
Debt Instrument, Issuance Date | Jan. 8, 2016 |
Long-term Debt, Gross | $ 78,573 |
Loan Financing Period | 7 years |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 4.532% |
Debt Instrument, Periodic Payment | $ 1,116 |
Debt Instrument, Frequency of Periodic Payment | month |
NOTE PAYABLE (Details) - Future
NOTE PAYABLE (Details) - Future minimum payments | Mar. 31, 2016USD ($) |
Future minimum payments [Abstract] | |
2,016 | $ 138,514 |
2,017 | 135,905 |
2,018 | 1,668,227 |
2,019 | 12,539 |
2,020 | 12,029 |
Thereafter | 23,521 |
Total | $ 1,990,735 |
COMMON STOCK (Details)
COMMON STOCK (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
COMMON STOCK (Details) [Line Items] | |||
Period of Free Use of Resort by Each Shareholder, Per Year | 45 days | ||
Repurchase of Stock, Increase (Decrease) in Retianed Earnings | $ (190,899) | $ (190,899) | |
Common Stock [Member] | |||
COMMON STOCK (Details) [Line Items] | |||
Stock Repurchased During Period, Shares (in Shares) | 8 | ||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $ 27,000 | ||
Stock Repurchased During Period, Value | $ 216,000 | ||
Repurchase of Stock, Increase (Decrease) in Common Stock, Value | (25,101) | ||
Repurchase of Stock, Increase (Decrease) in Retianed Earnings | $ (190,899) |
INCOME TAXES (Details) - The pr
INCOME TAXES (Details) - The provision for income taxes - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
The provision for income taxes [Abstract] | ||||
Income tax expense | $ (800) | $ 221,900 | $ 78,600 | $ 293,400 |
OPERATING LEASES (Details)
OPERATING LEASES (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING LEASES (Details) [Line Items] | ||
Operating Leases, Rent Expense, Net | $ 18,277 | $ 18,277 |
Storage Lot In Oceano [Member] | ||
OPERATING LEASES (Details) [Line Items] | ||
Operating Leases Rent Expense, Periodic Payment | 2,933 | |
Copier [Member] | ||
OPERATING LEASES (Details) [Line Items] | ||
Operating Leases Rent Expense, Periodic Payment | $ 414 |
OPERATING LEASES (Details) - Fu
OPERATING LEASES (Details) - Future minimum lease payments | Mar. 31, 2016USD ($) |
Future minimum lease payments [Abstract] | |
2,016 | $ 1,241 |
Total | $ 1,241 |
EMPLOYEE RETIREMENT PLANS (Deta
EMPLOYEE RETIREMENT PLANS (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
401(k) Safe Harbor Plan [Member] | ||
EMPLOYEE RETIREMENT PLANS (Details) [Line Items] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 31,791 | $ 30,919 |