Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2017 | May 12, 2017 | |
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 |
Current Assets | |||
Cash and cash equivalents | $ 3,075,801 | $ 2,616,670 | $ 2,485,816 |
Accounts receivable | 18,976 | 42,327 | 16,237 |
Inventory | 197,280 | 191,229 | 196,024 |
Current deferred taxes | 103,400 | ||
Prepaid income taxes | 203,600 | 156,200 | 357,200 |
Prepaid expenses | 39,283 | 23,745 | 25,333 |
Total current assets | 3,534,940 | 3,030,171 | 3,184,010 |
Pismo Coast Village Recreational Vehicle Resort and Related Assets – Net of accumulated depreciation | 14,700,319 | 14,827,813 | 14,966,062 |
Other Assets | 2,524 | 3,688 | 4,853 |
Total Assets | 18,237,783 | 17,861,672 | 18,154,925 |
Current Liabilities | |||
Accounts payable and accrued liabilities | 207,614 | 266,482 | 242,947 |
Accrued salaries and vacation | 77,681 | 285,679 | 76,288 |
Rental deposits | 2,158,853 | 1,340,592 | 1,963,682 |
Current portion of note payable | 99,933 | 116,048 | 95,523 |
Current portion of capital lease obligations | 29,901 | 39,856 | 42,991 |
Total current liabilities | 2,573,982 | 2,048,657 | 2,421,431 |
Long-Term Liabilities | |||
Long-term deferred taxes | 822,800 | 846,200 | 927,700 |
N/P, net of current portion | 974,320 | 1,315,842 | 1,736,790 |
Capital lease obligations, net of current portion | 89,075 | 98,034 | 115,428 |
Total Liabilities | 4,460,177 | 4,308,733 | 5,201,349 |
Stockholders’ Equity | |||
Common stock – no par value, 1,800 shares Issued, 1,775 and 1775 shares outstanding at March 31, 2017 and 2016, respectively | 5,569,268 | 5,569,268 | 5,569,268 |
Retained earnings | 8,208,338 | 7,983,671 | 7,384,308 |
Total stockholders’ equity | 13,777,606 | 13,552,939 | 12,953,576 |
Total Liabilities and Stockholders’ Equity | $ 18,237,783 | $ 17,861,672 | $ 18,154,925 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 |
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 | 1,775 | 1,775 |
STATEMENTS OF OPERATIONS AND RE
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Income | ||||
Resort operations | $ 1,391,617 | $ 1,421,912 | $ 2,846,146 | $ 2,806,163 |
Retail operations | 235,657 | 302,315 | 507,393 | 608,187 |
Total income | 1,627,274 | 1,724,227 | 3,353,539 | 3,414,350 |
Cost and Expenses | ||||
Operating expenses | 1,211,043 | 1,247,382 | 2,476,391 | 2,492,203 |
Cost of goods sold | 101,754 | 124,508 | 214,702 | 257,598 |
Depreciation and amortization | 104,444 | 105,175 | 207,726 | 205,457 |
Total cost and expenses | 1,417,241 | 1,477,065 | 2,898,819 | 2,955,258 |
Income from Operations | 210,033 | 247,162 | 454,720 | 459,092 |
Other Income (Expense) | ||||
Interest and dividend income | 495 | 1,509 | 2,116 | 2,519 |
Interest expense | (18,777) | (25,936) | (38,865) | (51,937) |
Loss on disposal of fixed assets | (1,304) | (1,551) | ||
Total other income (expense) | (18,282) | (24,427) | (38,053) | (50,969) |
Income Before Provision for Income Tax | 191,751 | 222,735 | 416,667 | 408,123 |
Income Tax Expense (benefit) | 79,600 | (800) | 192,000 | 78,600 |
Net Income | 112,151 | 223,535 | 224,667 | 329,523 |
Retained Earnings – Beginning of Period | 7,983,671 | 7,245,684 | ||
Redemption of Stock | (190,899) | |||
Retained Earnings – End of Period | $ 8,208,338 | $ 7,384,308 | $ 8,208,338 | $ 7,384,308 |
Net Income Per Share (in Dollars per share) | $ 63.18 | $ 125.94 | $ 126.57 | $ 185.65 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows From Operating Activities | ||
Net Income | $ 224,667 | $ 329,523 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 207,726 | 205,457 |
Decrease in accounts receivable | 23,351 | 27,679 |
(Increase) in inventory | (6,051) | (5,582) |
(Increase) in current deferred taxes | (23,400) | (600) |
(Increase) in prepaid income taxes | (47,400) | (357,200) |
(Increase) Decrease in prepaid expenses | (15,538) | 3,701 |
Increase (Decrease) in accounts payable and accrued liabilities | (58,868) | 18,308 |
(Decrease) in accrued salaries and vacation | (207,998) | (208,138) |
Increase in rental deposits | 818,261 | 702,491 |
(Decrease) income taxes payable | (50,700) | |
Total adjustments | 690,083 | 335,416 |
Net cash provided by operating activities | 914,750 | 664,939 |
Cash Flows From Investing Activities | ||
Capital expenditures | (80,371) | (218,442) |
Loss on sale of assets | 1,304 | 1,551 |
Net cash used in investing activities | (79,067) | (216,891) |
Cash Flows from Financing Activities | ||
Redemption of Stock | (216,000) | |
Principal payments on long term debt | (376,552) | 17,961 |
Net cash used in financing activities | (376,552) | (198,039) |
Net increase in cash and cash equivalents | 459,131 | 250,009 |
Cash and Cash Equivalents – Beginning of Period | 2,616,670 | 2,235,807 |
Cash and Cash Equivalents – End of Period | 3,075,801 | 2,485,816 |
Schedule of Payments of Interest and Taxes | ||
Payments for interest | 38,865 | 51,937 |
Payments for income tax | $ 262,759 | $ 438,000 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 6 Months Ended |
Mar. 31, 2017 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 – 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. 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. Allowance for Doubtful Accounts It is the policy of management to review the outstanding accountings receivable at year-end, as well as historical bad debt write-offs, and establish an allowance for doubtful accounts for estimated uncollectible accounts. Management did not believe an allowance for doubtful accounts was necessary as of March 31, 2017 and 2016. 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. Property and Equipment All property and equipment are recorded at cost. Depreciation of property and equipment is computed using the straight line 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 (Loss) Per Share The earnings (loss) per share reported on the financial statements are based on the 1,775 and 1,775 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. 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. Advertising The Company follows the policy of charging the costs of non-direct advertising as incurred. Advertising expense was $24,592 and $23,311 for the six months ended March 31, 2017 and 2016, respectively. There was no advertising expense capitalized in prepaid expense. Concentration of Credit Risk At March 31, 2017, the Company had cash deposits in excess of the $250,000 federally insured limit with Heritage Oaks Bank of $1,206,089; 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. Subsequent Events Subsequent events have been evaluated Income Taxes The Company uses the asset-liability method of computing deferred taxes in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Income Taxes topic 740. FASB 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. FASB 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, 2017, management has considered its tax positions and believes 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. 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, 2013 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2012. |
PISMO COAST VILLAGE RECREATIONA
PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETS | 6 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 – PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETS At March 31, 2017, September 30, 2016, and March 31, 2016, property and equipment included the following: March 31, 2017 September 30, 2016 March 31, 2016 Land $ 10,394,746 $ 10,394,746 $ 10,394,746 Building and resort improvements 11,295,967 11,295,967 11,227,437 Furniture, fixtures, equipment and 661,380 661,583 694,354 Transportation equipment 657,518 632,779 625,219 Construction in progress 156,734 105,660 79,378 Property, Plant and Equipment, Gross 23,166,345 23,090,735 23,021,134 Less: accumulated depreciation (8,466,026) (8,262,922) (8,055,072) Total $ 14,700,319 $ 14,827,813 $ 14,966,062 Depreciation expense was $207,726 and $205,457 for the six months ended March 31 2017 and 2016, respectively. At March 31, 2017, September 30, 2016, and March 31, 2016, the cost of assets under capital lease was $263,077, and related accumulated depreciation was $180,323, $160,772, and $140,459, respectively. Depreciation expense on assets under capital lease was $19,551, $37,039, and $16,726 for the six months ended March 31, 2017, September 30, 2016, and March 31, 2016, respectively. |
LINE OF CREDIT
LINE OF CREDIT | 6 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 4 – LINE OF CREDIT The Company has a revolving line of credit with Heritage Oaks Bank for $500,000, which expires March 20, 2018. There were no outstanding amounts on the line of credit as of March 31, 2017 and 2016 and September 30, 2016. |
NOTE PAYABLE
NOTE PAYABLE | 6 Months Ended |
Mar. 31, 2017 | |
Notes Payable [Abstract] | |
Notes Payable [Text Block] | NOTE 5 - NOTE PAYABLE At March 31, 2017, September 30, 2016, and March 31, 2016, the note payable consisted of the following: March 31, 2017 (Unaudited) September 30, 2016 (Audited) March 31, 2016 (Unaudited) Note payable with Heritage Oaks $ 1,074,253 $ 1,431,890 $ 1,832,313 Less current portion (99,933) (116,048) (95,523) Total $ 974,320 $ 1,315,842 $ 1,736,790 At March 31, 2017, future minimum payments on the note were as follows: For the Year Ending December 31, 2017 $ 99,933 2018 974,320 Total $ 1,074,253 |
CAPITAL LEASE OBLIGATIONS
CAPITAL LEASE OBLIGATIONS | 6 Months Ended |
Mar. 31, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | NOTE 6 – CAPITAL LEASE OBLIGATIONS At March 31, 2017, September 30, 2016, and March 31, 2016, capital lease obligations consisted of the following: March 31, 2017 (Unaudited) September 30, 2016 (Audited) March 31, 2016 (Unaudited) A 2008 tow truck leased from Donahue Transportation $ 1,764 $ 5,739 $ 10,182 A 2013 Hino truck leased from Donahue Transportation 25,796 30,469 35,947 A security system for Lot-K leased from RLC Funding, 22,034 28,072 33,717 A 2016 Hino truck leased from Donahue Transportation 69,382 73,610 78,573 Total capital lease obligations $ 118,976 $ 137,890 $ 158,419 At March 31, 2017, future minimum payments on the capital lease obligations were as follows: For the Year Ending December 31, 2017 $ 35,027 2018 38,897 2019 17,577 2020 13,392 2021 13,392 Thereafter 14,508 Present value of future minimum payments 132,793 Less amount representing interest (13,817) Total capital lease obligations 118,976 Less current portion of capital lease obligations (29,901) Total capital lease obligations, net of current portion and $ 89,075 |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 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 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. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 8 - INCOME TAXES The provision for income taxes as of March 31, 2017 and 2016 is as follows: March 31, 2017 March 31, 2016 Income tax expense $ 192,000 $ 78,600 The Company uses the asset-liability method of computing deferred taxes in accordance with FASB 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. As of March 31, 2017 and 2016, the Company’s deferred tax liability was $822,800 and $927,700, respectively. This liability is derived from temporary differences in the timing of recognition of certain expenses for tax and book purposes. The majority of the balance is due to timing differences of depreciation expense, caused by the use of accelerated depreciation methods for tax calculations. |
OPERATING LEASES
OPERATING LEASES | 6 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | NOTE 9 - 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 $384 per month. Future minimum lease payments under this obligation are as follows: For the Period Ended March 31, 2017 $ 768 2018 $ 4,608 2019 $ 4,608 2020 $ 4,608 2021 $ 4,608 Thereafter $ 3,840 Total $ 23,040 Rent expense under these agreements was $18,570 and $18,277 for the six-month period ended March 31, 2017 and 2016, respectively. |
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS | 6 Months Ended |
Mar. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 10 - 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 $31,341 for the six months ended March 31, 2017. The contribution to the pension plan for the six months ended March 31, 2016 was $31,791. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
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. |
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. |
Receivables, Policy [Policy Text Block] | Allowance for Doubtful Accounts It is the policy of management to review the outstanding accountings receivable at year-end, as well as historical bad debt write-offs, and establish an allowance for doubtful accounts for estimated uncollectible accounts. Management did not believe an allowance for doubtful accounts was necessary as of March 31, 2017 and 2016. |
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. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment All property and equipment are recorded at cost. Depreciation of property and equipment is computed using the straight line 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 (Loss) Per Share The earnings (loss) per share reported on the financial statements are based on the 1,775 and 1,775 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. |
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. |
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 $24,592 and $23,311 for the six months ended March 31, 2017 and 2016, respectively. There was no advertising expense capitalized in prepaid expense. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk At March 31, 2017, the Company had cash deposits in excess of the $250,000 federally insured limit with Heritage Oaks Bank of $1,206,089; 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. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Subsequent events have been evaluated |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the asset-liability method of computing deferred taxes in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Income Taxes topic 740. FASB 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. FASB 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, 2017, management has considered its tax positions and believes 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. 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, 2013 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2012. |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
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 RECREATIO18
PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETS (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | March 31, 2017 September 30, 2016 March 31, 2016 Land $ 10,394,746 $ 10,394,746 $ 10,394,746 Building and resort improvements 11,295,967 11,295,967 11,227,437 Furniture, fixtures, equipment and 661,380 661,583 694,354 Transportation equipment 657,518 632,779 625,219 Construction in progress 156,734 105,660 79,378 Property, Plant and Equipment, Gross 23,166,345 23,090,735 23,021,134 Less: accumulated depreciation (8,466,026) (8,262,922) (8,055,072) Total $ 14,700,319 $ 14,827,813 $ 14,966,062 |
NOTE PAYABLE (Tables)
NOTE PAYABLE (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Notes Payable [Abstract] | |
Schedule of Debt [Table Text Block] | March 31, 2017 (Unaudited) September 30, 2016 (Audited) March 31, 2016 (Unaudited) Note payable with Heritage Oaks $ 1,074,253 $ 1,431,890 $ 1,832,313 Less current portion (99,933) (116,048) (95,523) Total $ 974,320 $ 1,315,842 $ 1,736,790 |
Schedule of Maturities of Long-term Debt [Table Text Block] | For the Year Ending December 31, 2017 $ 99,933 2018 974,320 Total $ 1,074,253 |
CAPITAL LEASE OBLIGATIONS (Tabl
CAPITAL LEASE OBLIGATIONS (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule Of Capital Lease Obligations [Table Text Block] | March 31, 2017 (Unaudited) September 30, 2016 (Audited) March 31, 2016 (Unaudited) A 2008 tow truck leased from Donahue Transportation $ 1,764 $ 5,739 $ 10,182 A 2013 Hino truck leased from Donahue Transportation 25,796 30,469 35,947 A security system for Lot-K leased from RLC Funding, 22,034 28,072 33,717 A 2016 Hino truck leased from Donahue Transportation 69,382 73,610 78,573 Total capital lease obligations $ 118,976 $ 137,890 $ 158,419 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | For the Year Ending December 31, 2017 $ 35,027 2018 38,897 2019 17,577 2020 13,392 2021 13,392 Thereafter 14,508 Present value of future minimum payments 132,793 Less amount representing interest (13,817) Total capital lease obligations 118,976 Less current portion of capital lease obligations (29,901) Total capital lease obligations, net of current portion and $ 89,075 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | March 31, 2017 March 31, 2016 Income tax expense $ 192,000 $ 78,600 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the Period Ended March 31, 2017 $ 768 2018 $ 4,608 2019 $ 4,608 2020 $ 4,608 2021 $ 4,608 Thereafter $ 3,840 Total $ 23,040 |
SUMMARY OF SIGNIFICANT ACCOUN23
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounting Policies [Abstract] | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted (in Shares) | 1,775 | 1,775 |
Advertising Expense | $ 24,592 | $ 23,311 |
Cash, FDIC Insured Amount | 250,000 | |
Deposits | 1,206,089 | |
Excess Deposit Insurance Bond, Secured Deposit Amount | $ 1,500,000 |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives | 6 Months Ended |
Mar. 31, 2017 | |
Building and Building Improvements [Member] | Minimum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Building and Building Improvements [Member] | Maximum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 40 years |
Furniture Fixtures Equipment And Leasehold Improvements [Member] | Minimum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Furniture Fixtures Equipment And Leasehold Improvements [Member] | Maximum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 31 years 6 months |
Transportation Equipment [Member] | Minimum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Transportation Equipment [Member] | Maximum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 10 years |
PISMO COAST VILLAGE RECREATIO25
PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETS (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 207,726 | $ 205,457 | |
Capital Leased Assets, Gross | 263,077 | $ 263,077 | 263,077 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 180,323 | 160,772 | 140,459 |
Other Depreciation and Amortization | $ 19,551 | $ 37,039 | $ 16,726 |
PISMO COAST VILLAGE RECREATIO26
PISMO COAST VILLAGE RECREATIONAL VEHICLE RESORT AND RELATED ASSETS (Details) - Property and equipment - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 |
Property and equipment [Abstract] | |||
Land | $ 10,394,746 | $ 10,394,746 | $ 10,394,746 |
Building and resort improvements | 11,295,967 | 11,295,967 | 11,227,437 |
Furniture, fixtures, equipment and leasehold improvements | 661,380 | 661,583 | 694,354 |
Transportation equipment | 657,518 | 632,779 | 625,219 |
Construction in progress | 156,734 | 105,660 | 79,378 |
Property, Plant and Equipment, Gross | 23,166,345 | 23,090,735 | 23,021,134 |
Less: accumulated depreciation | (8,466,026) | (8,262,922) | (8,055,072) |
Total | $ 14,700,319 | $ 14,827,813 | $ 14,966,062 |
LINE OF CREDIT (Details)
LINE OF CREDIT (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||
Line Of Credit | $ 0 | $ 0 | $ 0 |
Line of Credit Facility, Expiration Date | Mar. 20, 2018 |
NOTE PAYABLE (Details) - Schedu
NOTE PAYABLE (Details) - Schedule of Notes Payable - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 |
Schedule of Notes Payable [Abstract] | |||
Note payable with Heritage Oaks Bank with monthly payments of $15,416, including a variable interest rate currently at 5%; note matures May 2018 and is secured by property. | $ 1,074,253 | $ 1,431,890 | $ 1,832,313 |
Less current portion | (99,933) | (116,048) | (95,523) |
Total | $ 974,320 | $ 1,315,842 | $ 1,736,790 |
NOTE PAYABLE (Details) - Sche29
NOTE PAYABLE (Details) - Schedule of Notes Payable (Parentheticals) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2016 | |
Schedule of Notes Payable [Abstract] | |||
Monthly Payment | $ 15,416 | $ 15,416 | $ 15,416 |
Variable Interest Rate | 5.00% | 5.00% | 5.00% |
Maturity | May 31, 2018 | May 31, 2018 | May 31, 2018 |
NOTE PAYABLE (Details) - Future
NOTE PAYABLE (Details) - Future minimum payments | Mar. 31, 2017USD ($) |
Future minimum payments [Abstract] | |
2,017 | $ 99,933 |
2,018 | 974,320 |
Total | $ 1,074,253 |
CAPITAL LEASE OBLIGATIONS (Deta
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 |
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital Lease Obligations | $ 118,976 | $ 137,890 | $ 158,419 |
2008 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital Lease Obligations | 1,764 | 5,739 | 10,182 |
2013 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital Lease Obligations | 25,796 | 30,469 | 35,947 |
RLC Funding [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital Lease Obligations | 22,034 | 28,072 | 33,717 |
2016 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital Lease Obligations | $ 69,382 | $ 73,610 | $ 78,573 |
CAPITAL LEASE OBLIGATIONS (De32
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2016 | |
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 15,416 | $ 15,416 | $ 15,416 |
2008 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 799 | $ 799 | $ 799 |
Interest | 8.39% | 8.39% | 8.39% |
2013 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,046 | $ 1,046 | $ 1,046 |
Interest | 4.75% | 4.75% | 4.75% |
RLC Funding [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,295 | $ 1,295 | $ 1,295 |
Interest | 13.54% | 13.54% | 13.54% |
2016 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,116 | $ 1,116 | $ 1,116 |
Interest | 4.53% | 4.53% | 4.53% |
CAPITAL LEASE OBLIGATIONS (De33
CAPITAL LEASE OBLIGATIONS (Details) - Future minimum lease payments - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 |
Future minimum lease payments [Abstract] | |||
2,017 | $ 35,027 | ||
2,018 | 38,897 | ||
2,019 | 17,577 | ||
2,020 | 13,392 | ||
2,021 | 13,392 | ||
Thereafter | 14,508 | ||
Present value of future minimum payments | 132,793 | ||
Less amount representing interest | (13,817) | ||
Total capital lease obligations | 118,976 | $ 137,890 | $ 158,419 |
Less current portion of capital lease obligations | (29,901) | (39,856) | (42,991) |
Total capital lease obligations, net of current portion and amount representing interest | $ 89,075 | $ 98,034 | $ 115,428 |
COMMON STOCK (Details)
COMMON STOCK (Details) | 6 Months Ended |
Mar. 31, 2017 | |
Common Stock [Member] | Maximum [Member] | |
COMMON STOCK (Details) [Line Items] | |
Period Of Free Use Of Resort By Each Shareholder, Per Year | 45 days |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Liabilities, Net | $ 822,800 | $ 927,700 |
INCOME TAXES (Details) - Provis
INCOME TAXES (Details) - Provision for income taxes - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Provision for income taxes [Abstract] | ||||
Income tax expense | $ 79,600 | $ (800) | $ 192,000 | $ 78,600 |
OPERATING LEASES (Details)
OPERATING LEASES (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING LEASES (Details) [Line Items] | ||
Operating Leases, Rent Expense | $ 18,570 | $ 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 | $ 384 |
OPERATING LEASES (Details) - Fu
OPERATING LEASES (Details) - Future minimum lease payments | Mar. 31, 2017USD ($) |
Future minimum lease payments [Abstract] | |
2,017 | $ 768 |
2,018 | 4,608 |
2,019 | 4,608 |
2,020 | 4,608 |
2,021 | 4,608 |
Thereafter | 3,840 |
Total | $ 23,040 |
EMPLOYEE RETIREMENT PLANS (Deta
EMPLOYEE RETIREMENT PLANS (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Retirement Benefits [Abstract] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 31,341 | $ 31,791 |