Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 17, 2020 | Mar. 31, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | PISMO COAST VILLAGE INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Common Stock, Shares Outstanding | 1,775 | ||
Entity Public Float | $ 74,550,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000216877 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Sep. 30, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Current assets | ||
Cash and cash equivalents | $ 6,452,110 | $ 5,076,024 |
Accounts receivable | 25,610 | 50,412 |
Inventories | 190,211 | 191,246 |
Prepaid income taxes | 271,200 | 4,900 |
Prepaid expenses | 22,086 | 26,107 |
Total current assets | 6,961,217 | 5,348,689 |
Property and equipment | ||
Net of accumulated depreciation and amortization | 15,537,195 | 15,314,959 |
Total assets | 22,498,412 | 20,663,648 |
Current liabilities | ||
Accounts payable and accrued liabilities | 280,784 | 276,371 |
Accrued salaries and vacation | 278,874 | 359,910 |
Rental deposits | 2,058,135 | 1,592,692 |
Current portion of capital lease obligations | 54,749 | 43,954 |
Total current liabilities | 2,672,542 | 2,272,927 |
Long-term liabilities | ||
Deferred taxes | 423,100 | 444,800 |
PPP Loan Payable | 555,715 | |
Capital lease obligations, net of current portion | 220,525 | 198,247 |
Total liabilities | 3,871,882 | 2,915,974 |
Stockholders' equity | ||
Common stock - no par value, 1,800 shares issued, 1,775 shares outstanding | 5,569,268 | 5,569,268 |
Retained earnings | 13,057,262 | 12,178,406 |
Total stockholders' equity | 18,626,530 | 17,747,674 |
Total liabilities and stockholders' equity | $ 22,498,412 | $ 20,663,648 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 30, 2020 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock – no par value (in Dollars per share) | ||
Common stock, shares Issued | 1,800 | 1,800 |
Common stock, shares outstanding | 1,775 | 1,775 |
STATEMENTS OF INCOME AND COMPRE
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income | ||
Income | $ 7,430,755 | $ 8,507,134 |
Costs and expenses | ||
Operating expenses | 5,234,388 | 5,528,569 |
Cost of goods sold | 491,597 | 531,177 |
Depreciation | 414,805 | 427,413 |
Total costs and expenses | 6,140,790 | 6,487,159 |
Income from operations | 1,289,965 | 2,019,975 |
Other income (expense) | ||
Interest and dividend income | 2,004 | 5,084 |
Interest expense | (17,413) | (17,532) |
Gain (loss) on disposal of fixed assets | 1,200 | |
Gain (loss) on sale of investments | 106,886 | |
Total other income (expense) | (15,409) | 95,638 |
Income before provision for income tax | 1,274,556 | 2,115,613 |
Provision for income tax | 395,700 | 637,380 |
Net income | 878,856 | 1,478,233 |
Other comprehensive income | ||
Change in unrealized holding gains on available-for-sale securities, net of applicable deferred taxes | (78,004) | |
Total other comprehensive income | (78,004) | |
Total comprehensive income | $ 878,856 | $ 1,400,229 |
Net income per share (in Dollars per share) | $ 495.13 | $ 832.81 |
Total comprehensive income per share (in Dollars per share) | $ 495.13 | $ 788.86 |
Resort Operations [Member] | ||
Income | ||
Income | $ 6,380,368 | $ 7,377,015 |
Retail Operations [Member] | ||
Income | ||
Income | $ 1,050,387 | $ 1,130,119 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDER`S EQUITY - USD ($) | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Sep. 30, 2017 | $ 5,569,268 | $ 9,075,973 | $ 14,645,241 | |
Balance (in Shares) at Sep. 30, 2017 | 1,775 | |||
Net Income | 1,624,200 | 1,624,200 | ||
Unrealized gain on investments | $ 78,004 | 78,004 | ||
Balance at Sep. 30, 2018 | $ 5,569,268 | 10,700,173 | 78,004 | 16,347,445 |
Balance (in Shares) at Sep. 30, 2018 | 1,775 | |||
Net Income | 1,478,233 | 1,478,233 | ||
Unrealized gain on investments | (78,004) | (78,004) | ||
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 | 878,856 | 878,856 | ||
Unrealized gain on investments | ||||
Balance at Sep. 30, 2020 | $ 5,569,268 | $ 13,057,262 | $ 18,626,530 | |
Balance (in Shares) at Sep. 30, 2020 | 1,775 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities | ||
Net income | $ 878,856 | $ 1,478,233 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 414,805 | 427,413 |
Loss on disposal of fixed assets | ||
Changes in operating assets and liabilities: | ||
Accounts receivable | 24,802 | 4,997 |
Inventory | 1,035 | (8,809) |
Prepaid income taxes | (266,300) | (4,900) |
Prepaid expenses | 4,021 | (10,684) |
Accounts payable and accrued liabilities | 4,413 | 24,511 |
Accrued salaries and vacation | (81,036) | 21,804 |
Rental deposits | 465,443 | 93,608 |
Income taxes payable | (8,300) | |
Deferred taxes | (21,700) | (42,300) |
Total adjustments | 545,483 | 497,340 |
Net cash provided by operating activities | 1,424,339 | 1,975,573 |
Cash flows from investing activities | ||
Proceeds from sale of property and equipment | ||
Purchases of property and equipment | (637,041) | (1,135,283) |
Net cash used in investing activities | (637,041) | (1,135,283) |
Cash flows from financing activities | ||
Proceeds from Loans | 555,715 | |
Acquisition of capital lease assets | 81,669 | 81,369 |
Principal payments on capital lease obligations | (48,596) | (48,071) |
Net cash used in financing activities | 588,788 | 33,298 |
Net increase in cash and cash equivalents | 1,376,086 | 873,588 |
Cash and cash equivalents - beginning of year | 5,076,024 | 4,202,436 |
Cash and cash equivalents - end of year | 6,452,110 | 5,076,024 |
Schedule of payments of interest and taxes | ||
Cash paid for income tax | 663,631 | 687,000 |
Cash paid for interest | 17,413 | 17,532 |
Non-cash financing and investing activities: | ||
Property, plant and equipment obtained through capital lease obligations | ||
Increase in investments from dividend distribution |
Nature of Business
Nature of Business | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | NOTE 1: Nature of Business Pismo Coast Village, Inc. (the 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 | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2: Summary of Significant Accounting Policies R evenue from Contracts with Customers The Financial Accounting Standards Board (FASB) issued new guidance that created Topic 606, Revenue from Contracts with Customers Revenue Recognition Other Assets and Deferred Costs-Contracts with Customers Revenue primarily consists of recreational camping space rentals, revenue from recreational vehicle storage space and RV service and repairs, food and beverage sales and other ancillary goods and services. Revenue is recognized when spaces are occupied or goods and services have been delivered or rendered, respectively. Sales taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Finally, the Company collects Transient Occupancy Taxes (TOT) and Tourism Business Improvement District (TBID) assessments from guests which are remitted to the City of Pismo Beach and County of San Luis Obispo and are excluded from revenues. At September 30, 2020 and 2019, the Company had $71,145 and $63,922 in TOT and TBID assessments due to the City of Pismo Beach and the County of San Luis Obispo included in accrued expenses on the combined balance sheet, respectively. Performance Obligations For performance obligations related to the Company accommodations and other ancillary goods and services, control transfers to the customer at a point in time. The Company’s principal terms of sale occur simultaneously when control of the goods and services are transferred to the customer and payment is accepted. The Company does not have any significant financing components. The Company does not disclose the value of unsatisfied performance obligations for contracts with an expected length of one year or less. Due to the nature of the business, the Company’s revenue is not significantly impacted by refunds. Cash payments received in advance of guests staying at the resort are refunded to guests if the guest cancels within the specified time period, before any services are rendered. Refunds related to services are generally recognized as an adjustment to the transaction price at the time the resort stay occurs or services are rendered. Disaggregation of Revenue Revenue from performance obligations satisfied at a point in time consists of sales related to the Company accommodations and other ancillary goods and services at the location in Pismo Beach, California. The geographic nature of the revenue could affect the nature, timing, amount and uncertainty of revenue and cash flows. Revenue from site rentals, storage rental, spotting, and store and accessory sales accounts for approximately 60%, 18%, 5%, and 14% of the Company total revenue for the period ended September 30, 2020, respectively. Revenue from other ancillary goods and services accounts for the remaining 3% of revenue for the period ended September 30, 2020. Customer Deposits The Company does not recognize revenue when a customer prepays for resort accommodations. Rather, the Company records a deferred revenue liability equal to the amount received. Revenue is then recognized when the customer stays at the resort. As of September 30, 2020, and 2019, the Company had Customer deposits related to prepaid village accommodations was $2,058,135 and $1,592,692 on the balance sheet as rental deposits, respectively. Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all highly liquid investments including certificates of deposit with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2020 and 2019, the Company had $6,096 and $6,088 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 September 30, 2020 or 2019. Inventories Inventories have been valued at the lower of cost or market on a first-in, first-out basis. Inventories are 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 3 to 31.5 years Transportation equipment 5 to 10 years 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 $39,589 and $66,722 for the years ended September 30, 2020 and 2019, respectively. Advertising expense was included in operating expenses on the statement of operations. Concentration of Credit At September 30, 2020 and 2019, the Company had cash deposits of $4,591,578 and $3,239,598 in excess of the $250,000 federally insured limit with Pacific Premier Bank, respectively. 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. Risks and Uncertainties Due to uncertainty surrounding the recent COVID-19 pandemic, the length and severity of the outbreak, and the volatility in the world investment markets, there is increasing uncertainty as to how these events will affect results of operations and financial position of the Company going forward. As required by executive order by the Governor of California in March 2020, all non-essential businesses were required to close services offered in person to the public. As such, the recreational vehicle camping resort operated by the Company was required to close and thereby effecting the occupancy rate. However, the Company did see an increase in occupancy rates from July through the report date. 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 September 30, 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 September 30, 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 | 12 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3: Property and Equipment At September 30, 2020 and 2019, property and equipment included the following: 2020 2019 Land $ 10,394,747 $ 10,394,746 Building and resort improvements 11,349,248 11,342,501 Furniture, fixtures, equipment and leasehold improvements 679,303 703,255 Transportation equipment 794,974 768,755 Construction in progress 1,852,022 1,321,095 25,070,294 24,530,352 Less accumulated depreciation (9,533,099) (9,215,393) $ 15,537,195 $ 15,314,959 Depreciation and amortization expense was $414,805 and $427,413 for the years ended September 30, 2020 and 2019, respectively. At September 30, 2020 and 2019 the cost of assets under capital lease was $405,819 and $398,770, respectively, and related accumulated amortization was $196,991 and $201,335, respectively. Depreciation expense on assets under capital lease was $70,276 and $60,761 for the years ended September 30, 2020 and 2019, respectively. |
Line of Credit
Line of Credit | 12 Months Ended |
Sep. 30, 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, 2021. There currently is a Letter of Credit written in favor of the County of San Luis Obispo (the County), California for $412,062 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 $87,938 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 December 31, 2020. |
Capital Lease Obligations
Capital Lease Obligations | 12 Months Ended |
Sep. 30, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | NOTE 5: Capital Lease Obligations At September 30, 2020 and 2019, capital lease obligations consisted of the following: 2020 2019 A 2016 Hino truck leased from Donahue Transportation Services Corp, $ 29,261 $ 41,360 A 2018 Hino truck leased from Donahue Transportation Services Corp, 48,552 59,652 A 2019 Hino truck leased from Donahue Transportation Services Corp, 56,411 67,465 A 2019 Hino truck leased from Donahue Transportation Services Corp, 62,874 73,724 A 2020 Hino truck leased from Donahue Transportation Services Corp, 78,176 - $ 275,274 $ 242,201 Less current portion (54,749) (43,954) Total capital lease obligations, net of current portion $ 220,525 $ 198,247 At September 30, 2020, future minimum payments on capital lease obligations were as follows: For the Twelve Months Ending September 30, 2021 $ 69,287 2022 69,287 2023 58,376 2024 53,473 2025 34,513 Thereafter 23,959 Present value of future minimum payments 308,895 Less amount representing interest (33,621) 275,274 Less current portion of capital lease obligations (54,749) Total capital lease obligations, net of current portion $ 220,525 |
Common Stock
Common Stock | 12 Months Ended |
Sep. 30, 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 | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 7: Income Taxes The provisions for income taxes for the years ended September 30, 2020 and 2019 are as follows: 2020 2019 Current: Federal $ 291,200 $ 497,780 State 126,200 215,100 417,400 712,880 Deferred: Federal (20,900) (61,900) State (800) (13,600) Provision for income taxes $ 395,700 $ 637,380 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 impact of state taxes net of the federal tax benefit and nondeductible variable costs of shareholder usage. At September 30, 2020 and 2019, the deferred income tax liabilities consisted of the following: 2020 2019 Deferred tax assets (liabilities): Federal $ (366,400) $ (387,300) State (56,700) (57,500) Net deferred income taxes $ (423,100) $ (444,800) Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. The majority of the balance is due to timing differences of depreciation expense, caused by the use of accelerated depreciation methods for tax calculations. At September 30, 2020 and 2019, the deferred income tax liabilities consisted of the following temporary differences: 2020 2019 Depreciation $ (492,200) $ (533,000) Unrealized gain on investments - - Total gross deferred tax liabilities (492,200) (533,000) Vacation accrual 30,700 33,000 Federal benefit of state taxes 38,400 55,200 Total gross deferred tax assets 69,100 88,200 $ (423,100) $ (444,800) There were no net operating loss or tax credit carryforwards for the year ended September 30, 2020 or 2019 for federal or state. |
Payroll Protection Plan Loan
Payroll Protection Plan Loan | 12 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | NOTE 8: Payroll Protection Plan Loan On April 28 2020, the Company (the “Borrower”) was granted a loan in the aggregate amount of $553,802, pursuant to the Paycheck Protection Program (the “PPP”) under Division A, Title I of the CARES Act, which was enacted March 27, 2020. The loan, which was in the form of a note dated April 28, 2020 issued by the borrower, matures on April 28, 2022 and bears interest at a rate of 0.98% per annum, payable monthly commencing on November 28, 2020. The note may be prepaid by the borrower at any time prior to maturity with no prepayment penalties. Funds from the loan may only be used for payroll costs, costs used to continue group health care benefits, mortgage payments, rent, utilities, and interest on other debt obligations incurred before February 15, 2020. The Company expects the note payable to be forgiven, less the $10,000 grant received under the Economic Injury Disaster Loan that will be paid back. |
Operating Leases
Operating Leases | 12 Months Ended |
Sep. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 9: 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; however, the lessor is considering a long-term renewal at this time. 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 September 30, 2020 $ 4,608 2021 4,608 2022 1,920 2023 - $ 11,136 Rent expense under these lease agreements was $26,091 and $43,520 for the years ended September 30, 2020 and 2019, respectively. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefits [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 $64,089 and $73,510 for the years ended September 30, 2020 and 2019, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 11: Subsequent Events Events subsequent to September 30, 2020 have been evaluated through October 30, 2020, which is the date the financial statements were available to be issued. Management did not identify any subsequent events that required disclosure. |
Schedule of Operating Expenses
Schedule of Operating Expenses | 12 Months Ended |
Sep. 30, 2020 | |
Schedule Of Operating Expenses [Abstract] | |
Schedule Of Operating Expenses [Text Block] | PISMO COAST VILLAGE, INC. SCHEDULE OF OPERATING EXPENSES SEPTEMBER 30, 2020 AND 2019 2020 2019 Administrative salaries $ 565,767 $ 681,348 Advertising and promotion 39,589 66,722 Auto and truck expense 98,201 125,025 Bad debts 2,192 - Contract services 69,744 69,600 Corporation expense 35,794 58,967 Custodial supplies 23,049 28,866 Direct labor 1,756,135 1,861,533 Employee travel and training 30,975 40,257 Equipment lease 5,080 5,144 Insurance 511,556 497,228 Miscellaneous 40,538 55,502 Office supplies and expense 78,981 85,249 Payroll tax expense 193,100 202,794 Payroll service 47,625 48,952 Pension plan match 64,089 73,510 Professional services 117,041 104,124 Property taxes 227,009 222,875 Recreational supplies 519 3,724 Rent - storage lots 21,011 43,520 Repairs and maintenance 298,569 260,647 Retail operating supplies 4,397 6,831 Security 14,281 19,633 Service charges 209,820 198,792 Taxes and licenses 11,251 14,309 Telephone 31,748 31,424 Uniforms 27,505 25,310 Utilities 708,822 696,683 Total operating expenses $ 5,234,388 $ 5,528,569 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | R evenue from Contracts with Customers The Financial Accounting Standards Board (FASB) issued new guidance that created Topic 606, Revenue from Contracts with Customers Revenue Recognition Other Assets and Deferred Costs-Contracts with Customers Revenue primarily consists of recreational camping space rentals, revenue from recreational vehicle storage space and RV service and repairs, food and beverage sales and other ancillary goods and services. Revenue is recognized when spaces are occupied or goods and services have been delivered or rendered, respectively. Sales taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Finally, the Company collects Transient Occupancy Taxes (TOT) and Tourism Business Improvement District (TBID) assessments from guests which are remitted to the City of Pismo Beach and County of San Luis Obispo and are excluded from revenues. At September 30, 2020 and 2019, the Company had $71,145 and $63,922 in TOT and TBID assessments due to the City of Pismo Beach and the County of San Luis Obispo included in accrued expenses on the combined balance sheet, respectively. Performance Obligations For performance obligations related to the Company accommodations and other ancillary goods and services, control transfers to the customer at a point in time. The Company’s principal terms of sale occur simultaneously when control of the goods and services are transferred to the customer and payment is accepted. The Company does not have any significant financing components. The Company does not disclose the value of unsatisfied performance obligations for contracts with an expected length of one year or less. Due to the nature of the business, the Company’s revenue is not significantly impacted by refunds. Cash payments received in advance of guests staying at the resort are refunded to guests if the guest cancels within the specified time period, before any services are rendered. Refunds related to services are generally recognized as an adjustment to the transaction price at the time the resort stay occurs or services are rendered. Disaggregation of Revenue Revenue from performance obligations satisfied at a point in time consists of sales related to the Company accommodations and other ancillary goods and services at the location in Pismo Beach, California. The geographic nature of the revenue could affect the nature, timing, amount and uncertainty of revenue and cash flows. Revenue from site rentals, storage rental, spotting, and store and accessory sales accounts for approximately 60%, 18%, 5%, and 14% of the Company total revenue for the period ended September 30, 2020, respectively. Revenue from other ancillary goods and services accounts for the remaining 3% of revenue for the period ended September 30, 2020. Customer Deposits The Company does not recognize revenue when a customer prepays for resort accommodations. Rather, the Company records a deferred revenue liability equal to the amount received. Revenue is then recognized when the customer stays at the resort. As of September 30, 2020, and 2019, the Company had Customer deposits related to prepaid village accommodations was $2,058,135 and $1,592,692 on the balance sheet as rental deposits, respectively. |
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 including certificates of deposit with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2020 and 2019, the Company had $6,096 and $6,088 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 September 30, 2020 or 2019. |
Inventory, Policy [Policy Text Block] | Inventories Inventories have been valued at the lower of cost or market on a first-in, first-out basis. Inventories are 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 3 to 31.5 years Transportation equipment 5 to 10 years |
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 $39,589 and $66,722 for the years ended September 30, 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 At September 30, 2020 and 2019, the Company had cash deposits of $4,591,578 and $3,239,598 in excess of the $250,000 federally insured limit with Pacific Premier Bank, respectively. 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. |
Unusual Risk Or Uncertainty Policy Policy Text Block | Risks and Uncertainties Due to uncertainty surrounding the recent COVID-19 pandemic, the length and severity of the outbreak, and the volatility in the world investment markets, there is increasing uncertainty as to how these events will affect results of operations and financial position of the Company going forward. As required by executive order by the Governor of California in March 2020, all non-essential businesses were required to close services offered in person to the public. As such, the recreational vehicle camping resort operated by the Company was required to close and thereby effecting the occupancy rate. However, the Company did see an increase in occupancy rates from July through the report date. |
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 September 30, 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 September 30, 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 Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 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 3 to 31.5 years Transportation equipment 5 to 10 years |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Land $ 10,394,747 $ 10,394,746 Building and resort improvements 11,349,248 11,342,501 Furniture, fixtures, equipment and leasehold improvements 679,303 703,255 Transportation equipment 794,974 768,755 Construction in progress 1,852,022 1,321,095 25,070,294 24,530,352 Less accumulated depreciation (9,533,099) (9,215,393) $ 15,537,195 $ 15,314,959 |
Capital Lease Obligations (Tabl
Capital Lease Obligations (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule Of Capital Lease Obligations [Table Text Block] | 2020 2019 A 2016 Hino truck leased from Donahue Transportation Services Corp, $ 29,261 $ 41,360 A 2018 Hino truck leased from Donahue Transportation Services Corp, 48,552 59,652 A 2019 Hino truck leased from Donahue Transportation Services Corp, 56,411 67,465 A 2019 Hino truck leased from Donahue Transportation Services Corp, 62,874 73,724 A 2020 Hino truck leased from Donahue Transportation Services Corp, 78,176 - $ 275,274 $ 242,201 Less current portion (54,749) (43,954) Total capital lease obligations, net of current portion $ 220,525 $ 198,247 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | For the Twelve Months Ending September 30, 2021 $ 69,287 2022 69,287 2023 58,376 2024 53,473 2025 34,513 Thereafter 23,959 Present value of future minimum payments 308,895 Less amount representing interest (33,621) 275,274 Less current portion of capital lease obligations (54,749) Total capital lease obligations, net of current portion $ 220,525 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2020 2019 Current: Federal $ 291,200 $ 497,780 State 126,200 215,100 417,400 712,880 Deferred: Federal (20,900) (61,900) State (800) (13,600) Provision for income taxes $ 395,700 $ 637,380 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Deferred tax assets (liabilities): Federal $ (366,400) $ (387,300) State (56,700) (57,500) Net deferred income taxes $ (423,100) $ (444,800) |
Summary of Deferred Tax Liability Not Recognized [Table Text Block] | 2020 2019 Depreciation $ (492,200) $ (533,000) Unrealized gain on investments - - Total gross deferred tax liabilities (492,200) (533,000) Vacation accrual 30,700 33,000 Federal benefit of state taxes 38,400 55,200 Total gross deferred tax assets 69,100 88,200 $ (423,100) $ (444,800) |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the Twelve Months Ending September 30, 2020 $ 4,608 2021 4,608 2022 1,920 2023 - $ 11,136 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Rental deposits | $ 2,058,135 | $ 1,592,692 |
Cash Equivalents, at Carrying Value | $ 6,096 | 6,088 |
Weighted Average Number of Shares Outstanding, Basic and Diluted (in Shares) | 1,775 | |
Advertising Expense | $ 39,589 | 66,722 |
Deposits | 4,591,578 | 3,239,598 |
Cash, FDIC Insured Amount | $ 250,000 | |
Site Rentals [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 60.00% | |
Storage Rentals [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 18.00% | |
Spotting [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 5.00% | |
Store And Accessory [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 14.00% | |
Other Ancillary Goods And Services [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 3.00% | |
TOT And TBID [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Accrued Liabilities for Commissions, Expense and Taxes | $ 71,145 | $ 63,922 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Estimated Useful Lives | 12 Months Ended |
Sep. 30, 2020 | |
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 | 3 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 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation, Depletion and Amortization | $ 414,805 | $ 427,413 |
Capital Leased Assets, Gross | 405,819 | 398,770 |
Capital Leases, Net Investment in Direct Financing Leases, Accumulated Amortization | 196,991 | 201,335 |
Amortization of Leased Asset | $ 70,276 | $ 60,761 |
Property and Equipment (Detai_2
Property and Equipment (Details) - property and equipment - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
property and equipment [Abstract] | ||
Land | $ 10,394,747 | $ 10,394,746 |
Building and resort improvements | 11,349,248 | 11,342,501 |
Furniture, fixtures, equipment and leasehold improvements | 679,303 | 703,255 |
Transportation equipment | 794,974 | 768,755 |
Construction in progress | 1,852,022 | 1,321,095 |
Property and Equipment, Gross | 25,070,294 | 24,530,352 |
Less accumulated depreciation | (9,533,099) | (9,215,393) |
Property and Equipment, Net | $ 15,537,195 | $ 15,314,959 |
Line of Credit (Details)
Line of Credit (Details) | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Debt Disclosure [Abstract] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 |
Letters of Credit Outstanding, Amount | 412,062 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 87,938 |
Line of Credit Facility, Expiration Date | Apr. 1, 2021 |
Capital Lease Obligations (Deta
Capital Lease Obligations (Details) - Capital Lease Obligations - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | $ 275,274 | $ 242,201 |
Less current portion | (54,749) | (43,954) |
Total capital lease obligations, net of current portion | 220,525 | 198,247 |
2016 Capital Lease With Donahue Transportation Corp [ Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | 29,261 | 41,360 |
2018 Capital Lease With Donahue Transportation Corp [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | 48,552 | 59,652 |
2019 Capital Lease With Donahue Transportation Corp Through May 2025 [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | 56,411 | 67,465 |
2019 Capital Lease With Donahue Transportation Corp Through December 2025 [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | 62,874 | 73,724 |
2020 Capital Lease With Donahue Transportation Corp Through May 2027 [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | $ 78,176 |
Capital Lease Obligations (De_2
Capital Lease Obligations (Details) - Capital Lease Obligations (Parentheticals) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
2016 Capital Lease With Donahue Transportation Corp [ Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | ||
Monthly Installments | $ 1,116 | $ 1,116 |
Interest | 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 |
Interest | 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 |
Interest | 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 |
Interest | 4.101% | 4.101% |
2020 Capital Lease With Donahue Transportation Corp Through May 2027 [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | ||
Monthly Installments | $ 1,166 | |
Interest | 5.406% |
Capital Lease Obligations (De_3
Capital Lease Obligations (Details) - Future minimum lease payments - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Future minimum lease payments [Abstract] | ||
2021 | $ 69,287 | |
2022 | 69,287 | |
2023 | 58,376 | |
2024 | 53,473 | |
2025 | 34,513 | |
Thereafter | 23,959 | |
Present value of future minimum payments | 308,895 | |
Less amount representing interest | (33,621) | |
Present value of lease payments | 275,274 | |
Less current portion of capital lease obligations | (54,749) | $ (43,954) |
Total capital lease obligations, net of current portion | $ 220,525 | $ 198,247 |
Common Stock (Details)
Common Stock (Details) | 12 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Period Of Free Use Of Resort By Each Shareholder Per Year | 45 years |
Income Taxes (Details) - Provis
Income Taxes (Details) - Provision for income taxes - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Current: | ||
Federal | $ 291,200 | $ 497,780 |
State | 126,200 | 215,100 |
Current Tax, Total | 417,400 | 712,880 |
Deferred: | ||
Federal | (20,900) | (61,900) |
State | (800) | (13,600) |
Provision for income taxes | $ 395,700 | $ 637,380 |
Income Taxes (Details) - Deferr
Income Taxes (Details) - Deferred income tax liabilities - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Deferred tax assets (liabilities): | ||
Deferred tax assets (liabilities) | $ (423,100) | $ (444,800) |
Domestic Tax Authority [Member] | ||
Deferred tax assets (liabilities): | ||
Deferred tax assets (liabilities) | (366,400) | (387,300) |
State and Local Jurisdiction [Member] | ||
Deferred tax assets (liabilities): | ||
Deferred tax assets (liabilities) | $ (56,700) | $ (57,500) |
Income Taxes (Details) - Defe_2
Income Taxes (Details) - Deferred income tax liabilities consisted of the following temporary differences - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Deferred income tax liabilities consisted of the following temporary differences [Abstract] | ||
Depreciation | $ (492,200) | $ (533,000) |
Unrealized gain on investments | ||
Total gross deferred tax liabilities | (492,200) | (533,000) |
Vacation accrual | 30,700 | 33,000 |
Federal benefit of state taxes | 38,400 | 55,200 |
Total gross deferred tax assets | 69,100 | 88,200 |
Total | $ (423,100) | $ (444,800) |
Payroll Protection Plan Loan (D
Payroll Protection Plan Loan (Details) - PPP Loan [Member] | 12 Months Ended |
Sep. 30, 2020USD ($) | |
Payroll Protection Plan Loan (Details) [Line Items] | |
Proceeds from Issuance of Long-term Debt | $ 553,802 |
Debt Instrument, Maturity Date | Apr. 28, 2022 |
Debt Instrument, Interest Rate, Stated Percentage | 0.98% |
Notes Payable | $ 10,000 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Leases (Details) [Line Items] | ||
Operating Leases, Rent Expense | $ 26,091 | $ 43,520 |
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 | Sep. 30, 2019USD ($) |
Future minimum lease payments [Abstract] | |
2020 | $ 4,608 |
2021 | 4,608 |
2022 | 1,920 |
2023 | |
Total | $ 11,136 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Retirement Benefits [Abstract] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 64,089 | $ 73,510 |
Schedule of Operating Expenses
Schedule of Operating Expenses (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Schedule Of Operating Expenses [Abstract] | ||
Administrative salaries | $ 565,767 | $ 681,348 |
Advertising and promotion | 39,589 | 66,722 |
Auto and truck expense | 98,201 | 125,025 |
Bad debts | 2,192 | |
Contract services | 69,744 | 69,600 |
Corporation expense | 35,794 | 58,967 |
Custodial supplies | 23,049 | 28,866 |
Direct labor | 1,756,135 | 1,861,533 |
Employee travel and training | 30,975 | 40,257 |
Equipment lease | 5,080 | 5,144 |
Insurance | 511,556 | 497,228 |
Miscellaneous | 40,538 | 55,502 |
Office supplies and expense | 78,981 | 85,249 |
Payroll tax expense | 193,100 | 202,794 |
Payroll service | 47,625 | 48,952 |
Pension plan match | 64,089 | 73,510 |
Professional services | 117,041 | 104,124 |
Property taxes | 227,009 | 222,875 |
Recreational supplies | 519 | 3,724 |
Rent - storage lots | 21,011 | 43,520 |
Repairs and maintenance | 298,569 | 260,647 |
Retail operating supplies | 4,397 | 6,831 |
Security | 14,281 | 19,633 |
Service charges | 209,820 | 198,792 |
Taxes and licenses | 11,251 | 14,309 |
Telephone | 31,748 | 31,424 |
Uniforms | 27,505 | 25,310 |
Utilities | 708,822 | 696,683 |
Total operating expenses | $ 5,234,388 | $ 5,528,569 |