Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2020 | May 15, 2020 | |
Document Information Line Items | ||
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 | 0000216877 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
Current Assets | |||
Cash and cash equivalents | $ 5,132,971 | $ 5,076,024 | $ 4,457,491 |
Accounts receivable | 23,919 | 50,412 | 25,403 |
Inventories | 210,963 | 191,246 | 201,150 |
Prepaid income taxes | 281,931 | 4,900 | 215,800 |
Prepaid expenses | 27,917 | 26,107 | 33,945 |
Total current assets | 5,677,701 | 5,348,689 | 4,933,789 |
Property and equipment | |||
Net of accumulated depreciation and Amortization | 15,463,103 | 15,314,959 | 15,058,309 |
Investments | 95,261 | ||
Total Assets | 21,140,804 | 20,663,648 | 20,087,359 |
Current Liabilities | |||
Accounts payable and accrued liabilities | 283,355 | 276,371 | 333,923 |
Accrued salaries and vacation | 108,747 | 359,910 | 99,729 |
Rental deposits | 2,120,707 | 1,592,692 | 2,220,163 |
Current portion of capital lease obligations | 46,697 | 43,954 | 44,047 |
Total current liabilities | 2,559,506 | 2,272,927 | 2,697,862 |
Long-Term Liabilities | |||
Deferred taxes | 435,600 | 444,800 | 505,100 |
Capital lease obligations, net of current portion | 173,495 | 198,247 | 220,463 |
Total Liabilities | 3,168,601 | 2,915,974 | 3,423,425 |
Stockholders’ Equity | |||
Common stock – no par value, 1,800 shares issued, 1,775 and 1775 shares outstanding at March 31, 2020 and 2019, respectively | 5,569,268 | 5,569,268 | 5,569,268 |
Retained earnings | 12,402,935 | 12,178,406 | 11,027,805 |
Accumulated other comprehensive income | 66,861 | ||
Total stockholders’ equity | 17,972,203 | 17,747,674 | 16,663,934 |
Total Liabilities and Stockholders’ Equity | $ 21,140,804 | $ 20,663,648 | $ 20,087,359 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
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, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income | ||||
Income | $ 1,649,871 | $ 1,758,684 | $ 3,467,023 | $ 3,572,004 |
Cost and Expenses | ||||
Operating expenses | 1,293,080 | 1,283,497 | 2,705,436 | 2,661,951 |
Cost of goods sold | 105,013 | 109,829 | 228,024 | 231,726 |
Depreciation | 101,602 | 107,615 | 204,700 | 212,624 |
Total cost and expenses | 1,499,695 | 1,500,941 | 3,138,160 | 3,106,301 |
Income from Operations | 150,176 | 257,743 | 328,863 | 465,703 |
Other Income (Expense) | ||||
Interest/dividend income | 500 | 1,521 | 1,006 | 3,052 |
Interest expense | (4,801) | (3,385) | (10,940) | (5,945) |
Gain on sale of property and equipment | 1,200 | 1,200 | ||
Total other income (expense) | (4,301) | (664) | (9,934) | (1,693) |
Income Before Provision for Income Tax | 145,875 | 257,079 | 318,929 | 464,010 |
Provision for Income Tax | (43,000) | (76,380) | (94,400) | (136,380) |
Net Income | 102,875 | 180,699 | 224,529 | 327,630 |
Other Comprehensive Income | ||||
Change in unrealized holding gains on available-for-sale securities, net of change in applicable deferred taxes of $3,400 | (11,143) | (11,143) | ||
Total other comprehensive income | (11,143) | (11,143) | ||
Total Comprehensive Income | 102,875 | 180,699 | $ 213,386 | $ 316,487 |
Net Income Per Share (in Dollars per share) | $ 126.50 | $ 184.58 | ||
Total Comprehensive Income Per Share (in Dollars per share) | $ 120.22 | $ 178.10 | ||
Resort Operations [Member] | ||||
Income | ||||
Income | 1,414,658 | 1,522,592 | $ 2,970,510 | $ 3,091,405 |
Retail Operations [Member] | ||||
Income | ||||
Income | $ 235,213 | $ 236,092 | $ 496,513 | $ 480,599 |
STATEMENTS OF OPERATIONS AND _2
STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (UNAUDITED) (Parentheticals) - USD ($) | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Applicable deferred taxes | $ 3,400 | $ 3,400 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS` EQUITY (UNAUDITED) - USD ($) | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Mar. 31, 2019 | $ 5,569,268 | $ 11,027,805 | $ 66,861 | $ 16,663,934 |
Balance (in Shares) at Mar. 31, 2019 | 1,775 | |||
Net Income | 671,230 | 671,230 | ||
Other comprehensive (income) loss | $ (66,861) | (66,861) | ||
Balance at Jun. 30, 2019 | $ 5,569,268 | 11,699,035 | 17,268,303 | |
Balance (in Shares) at Jun. 30, 2019 | 1,775 | |||
Net Income | 479,371 | 479,371 | ||
Balance at Sep. 30, 2019 | $ 5,569,268 | 12,178,406 | 17,747,674 | |
Balance (in Shares) at Sep. 30, 2019 | 1,775 | |||
Net Income | 121,654 | 121,654 | ||
Balance at Dec. 31, 2019 | $ 5,569,268 | 12,300,060 | 17,869,328 | |
Balance (in Shares) at Dec. 31, 2019 | 1,775 | |||
Balance at Sep. 30, 2019 | $ 5,569,268 | 12,178,406 | 17,747,674 | |
Balance (in Shares) at Sep. 30, 2019 | 1,775 | |||
Net Income | 224,529 | |||
Other comprehensive (income) loss | (11,143) | |||
Balance at Mar. 31, 2020 | $ 5,569,268 | 12,402,935 | 17,972,203 | |
Balance (in Shares) at Mar. 31, 2020 | 1,775 | |||
Balance at Dec. 31, 2019 | $ 5,569,268 | 12,300,060 | 17,869,328 | |
Balance (in Shares) at Dec. 31, 2019 | 1,775 | |||
Net Income | 102,875 | 102,875 | ||
Other comprehensive (income) loss | ||||
Balance at Mar. 31, 2020 | $ 5,569,268 | $ 12,402,935 | $ 17,972,203 | |
Balance (in Shares) at Mar. 31, 2020 | 1,775 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash Flows From Operating Activities | ||
Net Income | $ 224,529 | $ 327,630 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 204,700 | 212,624 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 26,493 | 30,006 |
(Increase) in inventory | (19,717) | (18,713) |
(Increase) in prepaid income taxes | (277,031) | (215,800) |
(Increase) in prepaid expenses | (1,810) | (18,522) |
Increase (Decrease) in accounts payable and accrued liabilities | 6,984 | 82,062 |
(Decrease) in accrued salaries and vacation | (251,163) | (238,377) |
Increase in rental deposits | 528,015 | 721,079 |
(Decrease) in income taxes payable | (8,300) | |
(Decrease) in deferred taxes | (9,200) | (10,400) |
Total adjustments | 207,271 | 535,659 |
Net cash provided by operating activities | 431,800 | 863,289 |
Cash Flows From Investing Activities | ||
Proceeds from sale of property and equipment | 1,200 | |
Purchases of property and equipment | (352,844) | (583,675) |
Net cash used in investing activities | (352,844) | (582,475) |
Cash Flows from Financing Activities | ||
Acquisition of capital lease assets | 81,369 | |
Principal payments on capital lease obligations | (22,009) | (107,128) |
Net cash used in financing activities | (22,009) | (25,759) |
Net increase in cash and cash equivalents | 56,947 | 255,055 |
Cash and Cash Equivalents – Beginning of Period | 5,076,024 | 4,202,436 |
Cash and Cash Equivalents – End of Period | 5,132,971 | 4,457,491 |
Schedule of Payments of Interest and Taxes | ||
Cash paid for income tax | 361,780 | |
Cash paid for interest | $ 10,940 | $ 5,945 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 6 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [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 ACCOUNRT
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES | 6 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNRTING 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 statements of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2020, September 30, 2019, and March 31, 2019, the Company had $6,094, $6,088 and $6,079 of cash equivalents. Allowance for Doubtful Accounts It is the policy of management to review the outstanding accounts 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, 2020, September 30, 2019, and March 31, 2019. Inventories 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 is 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 Investments Investments in securities have been classified in the balance sheet, according to management’s intent, as securities available-for-sale under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 320 Investments – Debt and Equity Securities 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 The Company records its financial assets and liabilities at fair value in accordance with the Fair Value Measurements and Disclosures Topic of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) (the Topic). This Topic provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The Topic also establishes a three-tier hierarchy, as follows, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2: Inputs to the valuation methodology include: * Quoted prices for similar assets and liabilities in active markets; * Quoted prices for identical or similar assets or liabilities in inactive markets; * Inputs other than quoted prices that are observable for the asset or liability; * Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following is a description of the valuation methodologies used for assets measured at fair value: Investments: Investments in common stock are This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. At March 31, 2020, the following sets forth by level, within the fair value hierarchy, the Company’s assets at fair value: Level 1 Level 2 Level 3 Investment in common stock $ - $ - $ - Total assets at fair value $ - $ - $ - At September 30, 2019, the following sets forth by level, within the fair value hierarchy, the Company’s assets at fair value: Level 1 Level 2 Level 3 Investment in common stock $ - $ - $ - Total assets at fair value $ - $ - $ - At March 31, 2019, the following sets forth by level, within the fair value hierarchy, the Company’s assets at fair value: Level 1 Level 2 Level 3 Investment in common stock $ 95,261 $ - $ - Total assets at fair value $ 95,261 $ - $ - Earnings Per Share The earnings per share are based on the 1,775 shares issued and outstanding. 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 $7,225 and $30,755 for the six months ended March 31, 2020 and 2019, respectively, and $2,841 and $6,421 for the three months ended March 31, 2020 and 2019, respectively. Advertising expense was included in operating expenses on the statement of operations. Concentration of Credit Risk At March 31, 2020, September 30, 2019, and March 31, 2019 the Company had cash deposits of $3,257,123, $3,239,598 and $2,166,495, respectively, in excess of the $250,000 federally insured limit with Pacific Premier Bank. However, because Pacific Premier Bank is a member of the Certificate of Deposit Account Registry Service (CDARS), 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 issue CDs in amounts under $250,000, so that the entire deposit balance 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. 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, 2020, 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, and accordingly no interest or penalties associated with income taxes have been included in this calculation, or separately in the Statement of Operations and Retained Earnings. The Company does not expect any material changes through March 31, 2021. 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, 2017 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2016. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3: PROPERTY AND EQUIPMENT At March 31, 2020, September 30, 2019, and March 31, 2019, property and equipment included the following: March 31, 2020 September 30, 2019 March 31, 2019 Land $ 10,394,747 $ 10,394,746 $ 10,394,746 Building and resort improvements 11,353,001 11,342,501 11,353,001 Furniture, fixtures, equipment and leasehold improvements 692,755 703,255 666,768 Transportation equipment 768,755 768,755 768,755 Construction in progress 1,673,938 1,321,095 875,643 24,883,196 24,530,352 24,058,913 Less: accumulated depreciation (9,420,093) (9,215,393) (9,000,604) $ 15,463,103 $ 15,314,959 $ 15,058,309 Total depreciation and amortization expense was $204,700 and $212,624 for the six months ended March 31, 2020 and 2019, respectively, and $101,602 and $107,615 for the three months ended March 31, 2020 and 2019, respectively. At March 31, 2020, September 30, 2019, and March 31, 2019, the cost of assets under capital lease was $398,770, $398,770, and $398,770 and related accumulated amortization was $233,750, $201,335 and $168,921, respectively. Amortization expense on assets under capital lease was $32,415 and $28,347 for the six months ended March 31, 2020 and 2019, respectively, and $16,206 and $16,207 for the three months ended March 31, 2020 and 2019, respectively. |
LINE OF CREDIT
LINE OF CREDIT | 6 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 4: LINE OF CREDIT The Company has a revolving line of credit with Pacific Premier Bank (formerly Heritage Oaks Bank) for $500,000, expiring April 1, 2020. There currently is a Letter of Credit written in favor of the County of San Luis Obispo (the County), California for $416,062 to cover a bond requirement relating to public improvements as part of the Company’s construction of a new RV service facility. If the Company fails to complete the required public improvements, monies will be drawn from the credit line to satisfy the County. A balance of $83,938 is available if the Company requires additional funding from the line of credit. The Company expects the RV service facility project to be completed and bond satisfied by June 30, 2020. |
CAPITAL LEASE OBLIGATIONS
CAPITAL LEASE OBLIGATIONS | 6 Months Ended |
Mar. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | NOTE 5: CAPITAL LEASE OBLIGATIONS At March 31, 2020, September 30, 2019, and March 31, 2019, capital lease obligations consisted of the following: March 31, 2020 (Unaudited) September 30, 2019 (Audited) March 31, 2019 (Unaudited) A 2013 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,046, including interest at 4.751% per annum, through April 2019. $ - $ - $ 1,042 A 2016 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,116, including interest at 4.532% per annum, through January 2023. 35,469 41,360 47,043 A 2018 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,116, including interest at 4.644% per annum, through September 2024. 54,228 59,652 64,892 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,116, including interest at 4.181% per annum, through May 2025. 62,070 67,465 72,686 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,116, including interest at 4.101% per annum, through December 2025. 68,425 73,724 78,847 220,192 242,201 264,510 Less current portion (46,697) (43,954) (44,047) Total capital lease obligations $ 173,495 $ 198,247 $ 220,463 At March 31, 2020, future minimum payments on the capital lease obligations were as follows: For the Twelve Months Ending March 31, 2021 $ 55,296 2022 55,296 2023 51,337 2024 41,388 2025 32,400 Thereafter 7,546 Present value of future minimum payments 243,263 Less amount representing interest (23,071) 220,192 Less current portion of capital lease obligations (46,697) Total capital lease obligations, net of current portion $ 173,495 |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 6: 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. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 7: INCOME TAXES The provision for income taxes for the three and six months ended March 31, 2020 and 2019 is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Income tax (expense) benefit $ (43,000) (76,380) $ (94,400) $ (136,380) 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 state taxes net of the federal tax benefit and nondeductible variable costs of shareholder usage. As of March 31, 2020, September 30, 2019, and March 31, 2019, the Company’s deferred tax liability was $435,600, $444,800 and $505,100, respectively. 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. |
OPERATING LEASES
OPERATING LEASES | 6 Months Ended |
Mar. 31, 2020 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 8: OPERATING LEASES The Company leases a lot, located in Oceano, for $3,421 per month. The lease has converted to a month-to-month lease. As of the period ending December 31, 2019, the County is working on the lot. As a result, this lease payment is not being made at this time and will be resumed once the County completes their work. 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 Twelve Months Ending March 31, 2020 $ 4,608 2021 4,608 2022 4,224 Total $ 13,440 Rent expense under these agreements was $2,483 and $22,318 for the six months ended March 31, 2020 and 2019, respectively, and $1,241 and $11,169 for the three months ended March 31, 2020 and 2019, respectively. |
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS | 6 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefits [Text Block] | 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 $38,540 and $40,147 for the six months ended March 31, 2020 and 2019, respectively, and $15,400 and $16,060 for the three months ended March 31, 2020 and 2019, respectively. |
CONTINGENCIES AND UNCERTAINTIES
CONTINGENCIES AND UNCERTAINTIES-CORONAVIRUS PANDEMIC | 6 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10: CONTINGENCIES AND UNCERTAINTIES-CORONAVIRUS PANDEMIC On March 11, 2020, the World Health Organization declared the outbreak of a coronavirus (COVID-19) a pandemic. In response, the County of San Luis Obispo, followed by the Governor of California issued a Shelter at Home order effective March 19, 2020, requiring certain non-essential businesses to temporarily close to the public. The Company began canceling reservations on March 19 and closed the park on March 23. As of the report date, three sites were occupied, and re-opening the park is dependent upon County and State re-opening plans. At the current time, management is unable to quantify the potential effects of this pandemic on it’s future financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 11: SUBSEQUENT EVENTS Events subsequent to March 31, 2020 have been evaluated through May 6, 2020, which is the date the financial statements were available to be issued. The Company applied for a Payment Protection Loan under the CARES Act and on April 28, 2020 the Loan was funded in the amount of $543,802. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Revenue [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 statements of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of March 31, 2020, September 30, 2019, and March 31, 2019, the Company had $6,094, $6,088 and $6,079 of cash equivalents. |
Receivable [Policy Text Block] | Allowance for Doubtful Accounts It is the policy of management to review the outstanding accounts 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, 2020, September 30, 2019, and March 31, 2019. |
Inventory, Policy [Policy Text Block] | Inventories 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 is 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 |
Investment, Policy [Policy Text Block] | Investments Investments in securities have been classified in the balance sheet, according to management’s intent, as securities available-for-sale under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 320 Investments – Debt and Equity Securities 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 Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company records its financial assets and liabilities at fair value in accordance with the Fair Value Measurements and Disclosures Topic of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) (the Topic). This Topic provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The Topic also establishes a three-tier hierarchy, as follows, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2: Inputs to the valuation methodology include: * Quoted prices for similar assets and liabilities in active markets; * Quoted prices for identical or similar assets or liabilities in inactive markets; * Inputs other than quoted prices that are observable for the asset or liability; * Inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following is a description of the valuation methodologies used for assets measured at fair value: Investments: Investments in common stock are This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. At March 31, 2020, the following sets forth by level, within the fair value hierarchy, the Company’s assets at fair value: Level 1 Level 2 Level 3 Investment in common stock $ - $ - $ - Total assets at fair value $ - $ - $ - At September 30, 2019, the following sets forth by level, within the fair value hierarchy, the Company’s assets at fair value: Level 1 Level 2 Level 3 Investment in common stock $ - $ - $ - Total assets at fair value $ - $ - $ - At March 31, 2019, the following sets forth by level, within the fair value hierarchy, the Company’s assets at fair value: Level 1 Level 2 Level 3 Investment in common stock $ 95,261 $ - $ - Total assets at fair value $ 95,261 $ - $ - |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share The earnings per share are based on the 1,775 shares issued and outstanding. 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 Cost [Policy Text Block] | Advertising The Company follows the policy of charging the costs of non-direct advertising as incurred. Advertising expense was $7,225 and $30,755 for the six months ended March 31, 2020 and 2019, respectively, and $2,841 and $6,421 for the three months ended March 31, 2020 and 2019, respectively. Advertising expense was included in operating expenses on the statement of operations. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk At March 31, 2020, September 30, 2019, and March 31, 2019 the Company had cash deposits of $3,257,123, $3,239,598 and $2,166,495, respectively, in excess of the $250,000 federally insured limit with Pacific Premier Bank. However, because Pacific Premier Bank is a member of the Certificate of Deposit Account Registry Service (CDARS), 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 issue CDs in amounts under $250,000, so that the entire deposit balance 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. 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, 2020, 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, and accordingly no interest or penalties associated with income taxes have been included in this calculation, or separately in the Statement of Operations and Retained Earnings. The Company does not expect any material changes through March 31, 2021. 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, 2017 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2016. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
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 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Level 1 Level 2 Level 3 Investment in common stock $ - $ - $ - Total assets at fair value $ - $ - $ - Level 1 Level 2 Level 3 Investment in common stock $ - $ - $ - Total assets at fair value $ - $ - $ - Level 1 Level 2 Level 3 Investment in common stock $ 95,261 $ - $ - Total assets at fair value $ 95,261 $ - $ - |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | March 31, 2020 September 30, 2019 March 31, 2019 Land $ 10,394,747 $ 10,394,746 $ 10,394,746 Building and resort improvements 11,353,001 11,342,501 11,353,001 Furniture, fixtures, equipment and leasehold improvements 692,755 703,255 666,768 Transportation equipment 768,755 768,755 768,755 Construction in progress 1,673,938 1,321,095 875,643 24,883,196 24,530,352 24,058,913 Less: accumulated depreciation (9,420,093) (9,215,393) (9,000,604) $ 15,463,103 $ 15,314,959 $ 15,058,309 |
CAPITAL LEASE OBLIGATIONS (Tabl
CAPITAL LEASE OBLIGATIONS (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule Of Capital Lease Obligations [Table Text Block] | March 31, 2020 (Unaudited) September 30, 2019 (Audited) March 31, 2019 (Unaudited) A 2013 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,046, including interest at 4.751% per annum, through April 2019. $ - $ - $ 1,042 A 2016 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,116, including interest at 4.532% per annum, through January 2023. 35,469 41,360 47,043 A 2018 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,116, including interest at 4.644% per annum, through September 2024. 54,228 59,652 64,892 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,116, including interest at 4.181% per annum, through May 2025. 62,070 67,465 72,686 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,116, including interest at 4.101% per annum, through December 2025. 68,425 73,724 78,847 220,192 242,201 264,510 Less current portion (46,697) (43,954) (44,047) Total capital lease obligations $ 173,495 $ 198,247 $ 220,463 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | For the Twelve Months Ending March 31, 2021 $ 55,296 2022 55,296 2023 51,337 2024 41,388 2025 32,400 Thereafter 7,546 Present value of future minimum payments 243,263 Less amount representing interest (23,071) 220,192 Less current portion of capital lease obligations (46,697) Total capital lease obligations, net of current portion $ 173,495 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended Six Months Ended 2020 2019 2020 2019 Income tax (expense) benefit $ (43,000) (76,380) $ (94,400) $ (136,380) |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 6 Months Ended |
Mar. 31, 2020 | |
Disclosure Text Block [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the Twelve Months Ending March 31, 2020 $ 4,608 2021 4,608 2022 4,224 Total $ 13,440 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
Accounting Policies [Abstract] | |||||
Cash Equivalents, at Carrying Value | $ 6,094 | $ 6,079 | $ 6,094 | $ 6,079 | $ 6,088 |
Weighted Average Number of Shares Outstanding, Basic and Diluted (in Shares) | 1,775 | ||||
Advertising Expense | 2,841 | 6,421 | $ 7,225 | 30,755 | |
Deposits | 3,257,123 | $ 2,166,495 | 3,257,123 | $ 2,166,495 | $ 3,239,598 |
Cash, FDIC Insured Amount | $ 250,000 | $ 250,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Details) - Estimated Useful Lives | 6 Months Ended |
Mar. 31, 2020 | |
Building and Building Improvements [Member] | Minimum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNRTING 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 ACCOUNRTING 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 ACCOUNRTING 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 ACCOUNRTING 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 ACCOUNRTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Transportation Equipment [Member] | Maximum [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Details) - Company`s assets at fair value - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
Fair Value, Inputs, Level 1 [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Details) - Company`s assets at fair value [Line Items] | |||
Assets at fair value | $ 95,261 | ||
Fair Value, Inputs, Level 1 [Member] | Investments [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Details) - Company`s assets at fair value [Line Items] | |||
Assets at fair value | 95,261 | ||
Fair Value, Inputs, Level 2 [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Details) - Company`s assets at fair value [Line Items] | |||
Assets at fair value | |||
Fair Value, Inputs, Level 2 [Member] | Investments [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Details) - Company`s assets at fair value [Line Items] | |||
Assets at fair value | |||
Fair Value, Inputs, Level 3 [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Details) - Company`s assets at fair value [Line Items] | |||
Assets at fair value | |||
Fair Value, Inputs, Level 3 [Member] | Investments [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNRTING POLICIES (Details) - Company`s assets at fair value [Line Items] | |||
Assets at fair value |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |||||
Depreciation, Depletion and Amortization | $ 101,602 | $ 107,615 | $ 204,700 | $ 212,624 | |
Capital Leased Assets, Gross | 398,770 | 398,770 | 398,770 | 398,770 | $ 398,770 |
Capital Leases, Net Investment in Direct Financing Leases, Accumulated Amortization | 233,750 | 168,921 | 233,750 | 168,921 | $ 201,335 |
Amortization of Leased Asset | $ 16,206 | $ 16,207 | $ 32,415 | $ 28,347 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details) - Property and equipment - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
Property and equipment [Abstract] | |||
Land | $ 10,394,747 | $ 10,394,746 | $ 10,394,746 |
Building and resort improvements | 11,353,001 | 11,342,501 | 11,353,001 |
Furniture, fixtures, equipment and leasehold improvements | 692,755 | 703,255 | 666,768 |
Transportation equipment | 768,755 | 768,755 | 768,755 |
Construction in progress | 1,673,938 | 1,321,095 | 875,643 |
Property and Equipment, Gross | 24,883,196 | 24,530,352 | 24,058,913 |
Less: accumulated depreciation | (9,420,093) | (9,215,393) | (9,000,604) |
Property and Equipment, Net | $ 15,463,103 | $ 15,314,959 | $ 15,058,309 |
LINE OF CREDIT (Details)
LINE OF CREDIT (Details) | 6 Months Ended |
Mar. 31, 2020USD ($) | |
LINE OF CREDIT (Details) [Line Items] | |
Letters of Credit Outstanding, Amount | $ 416,062 |
Line of Credit Facility, Remaining Borrowing Capacity | 83,938 |
Revolving Credit Facility [Member] | |
LINE OF CREDIT (Details) [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 |
Line of Credit Facility, Expiration Date | Apr. 1, 2020 |
CAPITAL LEASE OBLIGATIONS (Deta
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | $ 220,192 | $ 242,201 | $ 264,510 |
Less current portion | (46,697) | (43,954) | (44,047) |
Total capital lease obligations | 173,495 | 198,247 | 220,463 |
2013 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 1,042 | ||
2016 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 35,469 | 41,360 | 47,043 |
2018 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 54,228 | 59,652 | 64,892 |
2019 Capital Lease With Donahue Transportation Corp Through May 2025 [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 62,070 | 67,465 | 72,686 |
2019 Capital Lease With Donahue Transportation Corp Through December 2025 [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | $ 68,425 | $ 73,724 | $ 78,847 |
CAPITAL LEASE OBLIGATIONS (De_2
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | |
2013 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,046 | ||
Interest | 4.751% | ||
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 | 4.532% | 4.532% | 4.532% |
2018 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 | 4.644% | 4.644% | 4.644% |
2019 Capital Lease With Donahue Transportation Corp Through May 2025 [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,116 | $ 1,116 | $ 1,116 |
Interest | 4.181% | 4.181% | 4.181% |
2019 Capital Lease With Donahue Transportation Corp Through December 2025 [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,116 | $ 1,116 | $ 1,116 |
Interest | 4.101% | 4.101% | 4.101% |
CAPITAL LEASE OBLIGATIONS (De_3
CAPITAL LEASE OBLIGATIONS (Details) - Future minimum lease payments - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
Future minimum lease payments [Abstract] | |||
2021 | $ 55,296 | ||
2022 | 55,296 | ||
2023 | 51,337 | ||
2024 | 41,388 | ||
2025 | 32,400 | ||
Thereafter | 7,546 | ||
Present value of future minimum payments | 243,263 | ||
Less amount representing interest | (23,071) | ||
Present value of lease payments | 220,192 | ||
Less current portion of capital lease obligations | (46,697) | $ (43,954) | $ (44,047) |
Total capital lease obligations, net of current portion | $ 173,495 | $ 198,247 | $ 220,463 |
COMMON STOCK (Details)
COMMON STOCK (Details) | 6 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Period Of Free Use Of Resort By Each Shareholder Per Year | 45 days |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 |
Income Tax Disclosure [Abstract] | |||
Deferred Income Tax Liabilities, Net | $ 435,600 | $ 444,800 | $ 505,100 |
INCOME TAXES (Details) - Provis
INCOME TAXES (Details) - Provision for income taxes - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Provision for income taxes [Abstract] | ||||
Income tax (expense) benefit | $ (43,000) | $ (76,380) | $ (94,400) | $ (136,380) |
OPERATING LEASES (Details)
OPERATING LEASES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
OPERATING LEASES (Details) [Line Items] | ||||
Operating Leases, Rent Expense | $ 1,241 | $ 11,169 | $ 2,483 | $ 22,318 |
Storage Lot In Oceano [Member] | ||||
OPERATING LEASES (Details) [Line Items] | ||||
Operating Leases Rent Expense Periodic Payment | 3,421 | |||
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, 2020USD ($) |
Future minimum lease payments [Abstract] | |
2020 | $ 4,608 |
2021 | 4,608 |
2022 | 4,224 |
Total | $ 13,440 |
EMPLOYEE RETIREMENT PLANS (Deta
EMPLOYEE RETIREMENT PLANS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Retirement Benefits [Abstract] | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 15,400 | $ 16,060 | $ 38,540 | $ 40,147 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Apr. 28, 2020USD ($) |
Payment Protection Loan [Member] | Subsequent Event [Member] | |
SUBSEQUENT EVENTS (Details) [Line Items] | |
Proceeds from Loans | $ 543,802 |