Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 14, 2022 | Mar. 31, 2022 | |
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 | 1,774 | ||
Entity Public Float | $ 88,700,000 | ||
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, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 0-8463 | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 95-2990441 | ||
Entity Address, Address Line One | 165 South Dolliver Street | ||
Entity Address, City or Town | Pismo Beach | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 93449 | ||
City Area Code | 805 | ||
Local Phone Number | 773-5649 | ||
Entity Interactive Data Current | Yes | ||
Auditor Name | BROWN ARMSTRONG ACCOUNTANCY CORPORATION | ||
Auditor Firm ID | 237 | ||
Auditor Location | Bakersfield, California |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 1,019,465 | $ 9,226,456 |
Cash Reserved for Capital Improvements and Deferred Maintenance | 9,566,367 | |
Accounts receivable | 49,115 | 36,764 |
Inventories | 216,842 | 200,107 |
Prepaid income taxes | 323,900 | |
Prepaid expenses | 342,211 | 16,657 |
Total current assets | 11,517,900 | 9,479,984 |
Property and equipment | ||
Net of accumulated depreciation and amortization | 15,031,100 | 15,262,544 |
Total assets | 26,549,000 | 24,742,528 |
Current liabilities | ||
Accounts payable and accrued liabilities | 265,444 | 319,576 |
Accrued salaries and vacation | 432,187 | 417,544 |
Rental deposits | 2,268,627 | 2,244,848 |
Income taxes payable | 60,000 | |
Current portion of capital lease obligations | 52,256 | 60,757 |
Total current liabilities | 3,018,514 | 3,102,725 |
Long-term liabilities | ||
Deferred taxes | 424,900 | 443,300 |
Capital lease obligations, net of current portion | 104,382 | 156,638 |
Total liabilities | 3,547,796 | 3,702,663 |
Stockholders' equity | ||
Common stock - no par value, 1,800 shares issued, 1,774 shares outstanding | 5,566,130 | 5,569,268 |
Retained earnings | 17,435,074 | 15,470,597 |
Total stockholders' equity | 23,001,204 | 21,039,865 |
Total liabilities and stockholders' equity | $ 26,549,000 | $ 24,742,528 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 30, 2022 | Sep. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock – no par value (in Dollars per share) (in Dollars per share) | ||
Common stock, shares Issued | 1,800 | 1,800 |
Common stock, shares outstanding | 1,774 | 1,774 |
STATEMENTS OF INCOME AND COMPRE
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income | ||
Income | $ 10,336,533 | $ 9,810,906 |
Costs and expenses | ||
Operating expenses | 6,737,999 | 5,816,253 |
Cost of goods sold | 639,434 | 625,358 |
Depreciation and amortization | 479,314 | 443,831 |
Total costs and expenses | 7,856,747 | 6,885,442 |
Income from operations | 2,479,786 | 2,925,464 |
Other income (expense) | ||
Interest and dividend income | 14,822 | 981 |
Interest expense | (11,849) | (13,545) |
Employee Retention Credit Income | 245,280 | |
PPP loan forgiveness income | 557,635 | |
Total other income (expense) | 248,253 | 545,071 |
Income before provision for income tax | 2,728,039 | 3,470,535 |
Provision for income tax | 724,700 | 1,057,200 |
Net income | $ 2,003,339 | $ 2,413,335 |
Net income per share (in Dollars per share) | $ 1,129.28 | $ 1,359.63 |
Total comprehensive income per share (in Shares) | 1,129.28 | 1,359.63 |
Resort Operations [Member] | ||
Income | ||
Income | $ 9,021,458 | $ 8,504,899 |
Retail Operations [Member] | ||
Income | ||
Income | $ 1,315,075 | $ 1,306,007 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
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 | ||
Balance at Sep. 30, 2020 | $ 5,569,268 | 13,057,262 | 18,626,530 | |
Balance (in Shares) at Sep. 30, 2020 | 1,775 | |||
Net Income | 2,413,335 | 2,413,335 | ||
Balance at Sep. 30, 2021 | $ 5,569,268 | 15,470,597 | 21,039,865 | |
Balance (in Shares) at Sep. 30, 2021 | 1,775 | |||
Net Income | 2,003,339 | 2,003,339 | ||
Repurchase of common stock | $ (3,138) | (38,862) | (42,000) | |
Repurchase of common stock (in Shares) | (1) | |||
Balance at Sep. 30, 2022 | $ 5,566,130 | $ 17,435,074 | $ 23,001,204 | |
Balance (in Shares) at Sep. 30, 2022 | 1,774 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net Income | $ 2,003,339 | $ 2,413,335 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 479,314 | 443,831 |
PPP loan forgiveness income | (555,715) | |
Accounts receivable | (12,351) | (11,154) |
Inventory | (16,735) | (9,896) |
Prepaid income taxes | (323,900) | 271,200 |
Prepaid expenses | (325,554) | 5,429 |
Accounts payable and accrued liabilities | (54,132) | 38,792 |
Accrued salaries and vacation | 14,643 | 138,670 |
Rental deposits | 23,779 | 186,713 |
Income taxes payable | (60,000) | 60,000 |
Long term deferred taxes | (18,400) | 20,200 |
Total adjustments | (293,336) | 588,070 |
Net cash provided by operating activities | 1,710,003 | 3,001,405 |
Cash flows from investing activities | ||
Purchases of property and equipment | (247,870) | (169,180) |
Net cash used in investing activities | (247,870) | (169,180) |
Cash flows from financing activities | ||
Repurchase of capital stock | (42,000) | |
Principal payments on capital lease obligations | (60,757) | (57,879) |
Net cash used in financing activities | (102,757) | (57,879) |
Net increase in cash and cash equivalents | 1,359,376 | 2,774,346 |
Cash and cash equivalents – beginning of year | 9,226,456 | 6,452,110 |
Cash and cash equivalents – end of year | 10,585,832 | 9,226,456 |
Reconciliation of Cash and Cash Equivalents Per Balance Sheet | ||
Cash and equivalents | 1,019,465 | 9,226,456 |
Cash reserved for capital improvements | 9,566,367 | |
Cash and cash equivalents per statement of cash flows | 10,585,832 | 9,226,456 |
Schedule of payments of interest and taxes | ||
Cash paid for income tax | 1,127,000 | 705,768 |
Cash paid for interest | $ 11,849 | $ 13,545 |
Nature of Business
Nature of Business | 12 Months Ended |
Sep. 30, 2022 | |
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, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2: Summary of Significant Accounting Policies Revenue 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, 2022 and 2021, the Company had $84,860 and $85,714 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. Desegregation 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 64%, 14%, 4%, and 12% of the Company total revenue for the period ended September 30, 2022, respectively. Revenue from other ancillary goods and services accounts for the remaining 6% of revenue for the period ended September 30, 2022. 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, 2022 and 2021, the Company had Customer deposits related to prepaid village accommodations was $2,268,627 and $2,244,848 on the balance sheet as rental deposits, respectively. Cash and Cash Equivalents For purposes of the statement 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, 2022 and 2021, the Company had $6,089 and $6,097 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, 2022 or 2021. 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 5 to 31.5 years Transportation equipment 5 to 10 years Earnings Per Share The earnings per share are based on the 1,774 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 $58,944 and $38,690 for the years ended September 30, 2022 and 2021, respectively. Advertising expense was included in operating expenses on the statement of operations. Concentration of Credit At September 30, 2022 and 2021, the Company had cash deposits of $552,851 and $7,400,355 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. Due to large fluctuations in the Operating checking account, there may be times when the balance is above the $250,000 FDIC threshold. 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, 2022, 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, 2023. 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, 2018 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2017. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3: Property and Equipment At September 30, 2022 and 2021, property and equipment included the following: 2022 2021 Land $ 10,394,747 $ 10,394,747 Building and resort improvements 13,174,590 13,185,090 Furniture, fixtures, equipment and leasehold improvements 870,440 777,074 Transportation equipment 959,978 794,974 Construction in progress 87,589 87,589 25,487,344 25,239,474 Less accumulated depreciation (10,456,244) (9,976,930) $ 15,031,100 $ 15,262,544 Depreciation and amortization expense was $479,314 and $443,831 for the years ended September 30, 2022 and 2021, respectively. At September 30, 2022 and 2021 the cost of assets under capital lease was $405,819 and $405,819, respectively, and related accumulated amortization was $331,071 and $267,393, respectively. Depreciation expense on assets under capital lease was $63,678 and $70,402 for the years ended September 30, 2022 and 2021, respectively. |
Line of Credit
Line of Credit | 12 Months Ended |
Sep. 30, 2022 | |
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, 2023. There was no outstanding balance on the line of credit as of September 30, 2022 or 2021. |
Capital Lease Obligations
Capital Lease Obligations | 12 Months Ended |
Sep. 30, 2022 | |
Debt And Capital Leases Disclosure Abstract | |
Debt and Capital Leases Disclosure [Text Block] | NOTE 5: Capital Lease Obligations At September 30, 2022 and 2021, capital lease obligations consisted of the following: 2022 2021 A 2016 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,167, including interest at 4.532% per annum, through December 2022. $ 2,837 $ 16,373 A 2018 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,154, including interest at 4.644% per annum, through August 2024. 24,358 36,762 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,162, including interest at 4.181% per annum, through March 2025. 32,364 44,677 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,151, including interest at 4.101% per annum, through December 2025. 39,482 51,419 A 2020 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,166, including interest at 5.406% per annum, through May 2027. 57,597 68,164 $ 156,638 $ 217,395 Less current portion (52,256) (60,757) Total capital lease obligations, net of current portion $ 104,382 $ 156,638 At September 30, 2022, future minimum payments on capital lease obligations were as follows: For the Twelve Months Ending September 30, 2023 $ 58,468 2024 53,374 2025 34,615 2026 13,992 Thereafter 9,328 Present value of future minimum payments 169,777 Less amount representing interest (13,139) 156,638 Less current portion of capital lease obligations (52,256) Total capital lease obligations, net of current portion $ 104,382 |
Common Stock
Common Stock | 12 Months Ended |
Sep. 30, 2022 | |
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, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 7: Income Taxes The provisions for income taxes for the years ended September 30, 2022 and 2021 are as follows: 2022 2021 Current: Federal $ 524,500 $ 661,700 State 218,500 375,400 743,000 1,037,100 Deferred: Federal (12,900) 24,400 State (5,400) (4,300) (18,300) 20,100 Provision for income taxes $ 724,700 $ 1,057,200 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, 2022 and 2021, the deferred income tax liabilities consisted of the following: 2022 2021 Deferred tax assets (liabilities): Federal $ (377,800) $ (390,800) State (47,100) (52,500) Net deferred income taxes $ (424,900) $ (443,300) 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, 2022 and 2021, the deferred income tax liabilities consisted of the following temporary differences: 2022 2021 Depreciation $ (525,400) $ (552,900) Total gross deferred tax liabilities (525,400) (552,900) Vacation accrual 34,400 30,100 Federal benefit of state taxes 66,100 79,500 Total gross deferred tax assets 100,500 109,600 $ (424,900) $ (443,300) There were no net operating loss or tax credit carryforwards for the year ended September 30, 2022 or 2021 for federal or state. |
Operating Leases
Operating Leases | 12 Months Ended |
Sep. 30, 2022 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 8: Operating Leases The Company leases a lot located in Oceano for $3,575 per month. The lease has converted to a month-to-month lease however the lessor is considering a long-term renewal at this time. The Company has a five-year lease obligation for a copier. Rental expense under this operating lease is $384 per month. Rent expense under these lease agreements was $58,400 and $55,945 for the years ended September 30, 2022 and 2021, respectively. |
Employee Retirement Plans
Employee Retirement Plans | 12 Months Ended |
Sep. 30, 2022 | |
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 $73,679 and $64,148 for the years ended September 30, 2022 and 2021, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 10: Subsequent Events Events subsequent to September 30, 2022 have been evaluated through November 11, 2022, 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, 2022 | |
Schedule Of Operating Expenses Abstract | |
Schedule Of Operating Expenses [Text Block] | SCHEDULE OF OPERATING EXPENSES SEPTEMBER 30, 2022 AND 2021 2022 2021 Administrative salaries $ 731,182 $ 665,879 Advertising and promotion 58,944 38,690 Auto and truck expense 164,520 100,628 Bad debts 1,042 1,237 Contract services 68,703 40,051 Corporation expense 47,361 43,886 Custodial supplies 39,133 27,060 Direct labor 2,405,668 2,067,476 Employee travel and training 34,648 23,904 Equipment lease 5,389 5,178 Insurance 643,325 512,414 Miscellaneous 109,420 56,312 Office supplies and expense 101,991 83,937 Payroll tax expense 223,849 216,173 Payroll service 47,042 36,518 Pension plan match 73,679 64,148 Professional services 121,634 94,236 Property taxes 215,930 230,197 Recreational supplies 3,521 962 Rent - storage lots 53,011 50,767 Repairs and maintenance 283,124 201,268 Retail operating supplies 5,653 6,805 Security 14,808 13,738 Service charges 354,231 294,955 Taxes and licenses 11,343 11,917 Telephone 34,371 34,658 Uniforms 32,225 32,604 Utilities 852,252 860,655 Total operating expenses $ 6,737,999 $ 5,816,253 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Revenue 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, 2022 and 2021, the Company had $84,860 and $85,714 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. Desegregation 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 64%, 14%, 4%, and 12% of the Company total revenue for the period ended September 30, 2022, respectively. Revenue from other ancillary goods and services accounts for the remaining 6% of revenue for the period ended September 30, 2022. 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, 2022 and 2021, the Company had Customer deposits related to prepaid village accommodations was $2,268,627 and $2,244,848 on the balance sheet as rental deposits, respectively. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments including certificates of deposit with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2022 and 2021, the Company had $6,089 and $6,097 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, 2022 or 2021. |
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 5 to 31.5 years Transportation equipment 5 to 10 years |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share The earnings per share are based on the 1,774 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 $58,944 and $38,690 for the years ended September 30, 2022 and 2021, 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, 2022 and 2021, the Company had cash deposits of $552,851 and $7,400,355 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. Due to large fluctuations in the Operating checking account, there may be times when the balance is above the $250,000 FDIC threshold. |
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, 2022, 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, 2023. 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, 2018 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2017. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
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 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | 2022 2021 Land $ 10,394,747 $ 10,394,747 Building and resort improvements 13,174,590 13,185,090 Furniture, fixtures, equipment and leasehold improvements 870,440 777,074 Transportation equipment 959,978 794,974 Construction in progress 87,589 87,589 25,487,344 25,239,474 Less accumulated depreciation (10,456,244) (9,976,930) $ 15,031,100 $ 15,262,544 |
Capital Lease Obligations (Tabl
Capital Lease Obligations (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Debt And Capital Leases Disclosure Abstract | |
Schedule of Capital Lease Obligations [Table Text Block] | 2022 2021 A 2016 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,167, including interest at 4.532% per annum, through December 2022. $ 2,837 $ 16,373 A 2018 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,154, including interest at 4.644% per annum, through August 2024. 24,358 36,762 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,162, including interest at 4.181% per annum, through March 2025. 32,364 44,677 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,151, including interest at 4.101% per annum, through December 2025. 39,482 51,419 A 2020 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,166, including interest at 5.406% per annum, through May 2027. 57,597 68,164 $ 156,638 $ 217,395 Less current portion (52,256) (60,757) Total capital lease obligations, net of current portion $ 104,382 $ 156,638 |
Schedule Of Future Minimum Lease Payment For Capital Leases [Table Text Block] | For the Twelve Months Ending September 30, 2023 $ 58,468 2024 53,374 2025 34,615 2026 13,992 Thereafter 9,328 Present value of future minimum payments 169,777 Less amount representing interest (13,139) 156,638 Less current portion of capital lease obligations (52,256) Total capital lease obligations, net of current portion $ 104,382 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2022 2021 Current: Federal $ 524,500 $ 661,700 State 218,500 375,400 743,000 1,037,100 Deferred: Federal (12,900) 24,400 State (5,400) (4,300) (18,300) 20,100 Provision for income taxes $ 724,700 $ 1,057,200 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2022 2021 Deferred tax assets (liabilities): Federal $ (377,800) $ (390,800) State (47,100) (52,500) Net deferred income taxes $ (424,900) $ (443,300) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Depreciation $ (525,400) $ (552,900) Total gross deferred tax liabilities (525,400) (552,900) Vacation accrual 34,400 30,100 Federal benefit of state taxes 66,100 79,500 Total gross deferred tax assets 100,500 109,600 $ (424,900) $ (443,300) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Rental Deposits | $ 2,268,627 | $ 2,244,848 |
Other Cash Equivalents, at Carrying Value | $ 6,089 | 6,097 |
Weighted Average Number of Shares Outstanding, Basic (in Shares) | 1,774 | |
Advertising Expense | $ 58,944 | 38,690 |
Deposits | $ 552,851 | 7,400,355 |
Cash, FDIC Insured Amount | 250,000 | |
Revenue Benchmark [Member] | Site Rentals [Member] | Customer Concentration Risk [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 64% | |
Revenue Benchmark [Member] | Storage Rentals [Member] | Customer Concentration Risk [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 14% | |
Revenue Benchmark [Member] | Spotting [Member] | Customer Concentration Risk [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 4% | |
Revenue Benchmark [Member] | Store And Accessory [Member] | Customer Concentration Risk [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 12% | |
Revenue Benchmark [Member] | Other Ancillary Goods And Services [Member] | Customer Concentration Risk [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Concentration Risk, Percentage | 6% | |
TOT And TBID [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Accrued Liabilities for Commissions, Expense and Taxes | $ 84,860 | $ 85,714 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Estimated Useful Lives | 12 Months Ended |
Sep. 30, 2022 | |
Minimum [Member] | Building And Resort Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Minimum [Member] | Furniture Fixtures Equipment And Leasehold Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Minimum [Member] | Transportation Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Maximum [Member] | Building And Resort Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 40 years |
Maximum [Member] | Furniture Fixtures Equipment And Leasehold Improvements [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 31 years 6 months |
Maximum [Member] | Transportation Equipment [Member] | |
Summary of Significant Accounting Policies (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 10 years |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation, Depletion and Amortization | $ 479,314 | $ 443,831 |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 405,819 | 405,819 |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 331,071 | 267,393 |
Finance Lease, Right-of-Use Asset, Amortization | $ 63,678 | $ 70,402 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Property and equipment - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Property And Equipment Abstract | ||
Land | $ 10,394,747 | $ 10,394,747 |
Building and resort improvements | 13,174,590 | 13,185,090 |
Furniture, fixtures, equipment and leasehold improvements | 870,440 | 777,074 |
Transportation equipment | 959,978 | 794,974 |
Construction in progress | 87,589 | 87,589 |
Property and Equipment, Gross | 25,487,344 | 25,239,474 |
Less accumulated depreciation | (10,456,244) | (9,976,930) |
Property and Equipment, Net | $ 15,031,100 | $ 15,262,544 |
Line of Credit (Details)
Line of Credit (Details) | 12 Months Ended |
Sep. 30, 2022 USD ($) | |
Debt Disclosure [Abstract] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 |
Line of Credit Facility, Expiration Date | Apr. 01, 2023 |
Capital Lease Obligations (Deta
Capital Lease Obligations (Details) - Capital Lease Obligations - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | $ 156,638 | $ 217,395 |
Less current portion | (52,256) | (60,757) |
Total capital lease obligations, net of current portion | 104,382 | 156,638 |
2016 Capital Lease With Donahue Transportation Corp [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | 2,837 | 16,373 |
2018 Capital Lease With Donahue Transportation Corp [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | 24,358 | 36,762 |
2019 Capital Lease With Donahue Transportation Corp Through March 2025 [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | 32,364 | 44,677 |
2019 Capital Lease With Donahue Transportation Corp Through December 2025 [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | 39,482 | 51,419 |
2020 Capital Lease With Donahue Transportation Corp Through May 2027 [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations [Line Items] | ||
Capital lease obligations | $ 57,597 | $ 68,164 |
Capital Lease Obligations (De_2
Capital Lease Obligations (Details) - Capital Lease Obligations (Parentheticals) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
2016 Capital Lease With Donahue Transportation Corp [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | ||
Monthly Installments | $ 1,167 | $ 1,167 |
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 | $ 1,154 | $ 1,154 |
Interest | 4.644% | 4.644% |
2019 Capital Lease With Donahue Transportation Corp Through March 2025 [Member] | ||
Capital Lease Obligations (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | ||
Monthly Installments | $ 1,162 | $ 1,162 |
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 | $ 1,151 | $ 1,151 |
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 | $ 1,166 |
Interest | 5.406% | 5.406% |
Capital Lease Obligations (De_3
Capital Lease Obligations (Details) - Future minimum lease payments - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Future Minimum Lease Payments Abstract | ||
2023 | $ 58,468 | |
2024 | 53,374 | |
2025 | 34,615 | |
2026 | 13,992 | |
Thereafter | 9,328 | |
Present value of future minimum payments | 169,777 | |
Less amount representing interest | (13,139) | |
Present value of lease payments | 156,638 | $ 217,395 |
Less current portion of capital lease obligations | (52,256) | (60,757) |
Total capital lease obligations, net of current portion | $ 104,382 | $ 156,638 |
Common Stock (Details)
Common Stock (Details) | 12 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Period Of Free Use Of Resort By Each Shareholder Per Year | 45 days |
Income Taxes (Details) - Provis
Income Taxes (Details) - Provision for income taxes - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Current: | ||
Federal | $ 524,500 | $ 661,700 |
State | 218,500 | 375,400 |
Current Tax, Total | 743,000 | 1,037,100 |
Deferred: | ||
Federal | (12,900) | 24,400 |
State | (5,400) | (4,300) |
Deferred Tax, Total | (18,300) | 20,100 |
Provision for income taxes | $ 724,700 | $ 1,057,200 |
Income Taxes (Details) - Deferr
Income Taxes (Details) - Deferred income tax liabilities - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Deferred tax assets (liabilities): | ||
Deferred tax assets (liabilities) | $ (424,900) | $ (443,300) |
Domestic Tax Authority [Member] | ||
Deferred tax assets (liabilities): | ||
Deferred tax assets (liabilities) | (377,800) | (390,800) |
State and Local Jurisdiction [Member] | ||
Deferred tax assets (liabilities): | ||
Deferred tax assets (liabilities) | $ (47,100) | $ (52,500) |
Income Taxes (Details) - Defe_2
Income Taxes (Details) - Deferred income tax liabilities consisted of the following temporary differences - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Deferred Income Tax Liabilities Consisted Of The Following Temporary Differences Abstract | ||
Depreciation | $ (525,400) | $ (552,900) |
Total gross deferred tax liabilities | (525,400) | (552,900) |
Vacation accrual | 34,400 | 30,100 |
Federal benefit of state taxes | 66,100 | 79,500 |
Total gross deferred tax assets | 100,500 | 109,600 |
Total | $ (424,900) | $ (443,300) |
Operating Leases (Details)
Operating Leases (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Leases (Details) [Line Items] | ||
Operating Lease, Expense | $ 58,400 | $ 55,945 |
Storage Lot In Oceano [Member] | ||
Operating Leases (Details) [Line Items] | ||
Operating Leases Rent Expense Periodic Payment | 3,575 | |
Copier [Member] | ||
Operating Leases (Details) [Line Items] | ||
Operating Leases Rent Expense Periodic Payment | $ 384 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Retirement Benefits [Abstract] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 73,679 | $ 64,148 |
Schedule of Operating Expenses
Schedule of Operating Expenses (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Operating Expenses Abstract | ||
General and Administrative Expense | $ 731,182 | $ 665,879 |
Marketing and Advertising Expense | 58,944 | 38,690 |
Auto And Truck Expense | 164,520 | 100,628 |
Accounts Receivable, Credit Loss Expense (Reversal) | 1,042 | 1,237 |
Professional and Contract Services Expense | 68,703 | 40,051 |
Corporation Expense | 47,361 | 43,886 |
Custodial Supplies | 39,133 | 27,060 |
Cost, Direct Labor | 2,405,668 | 2,067,476 |
Employee Travel And Training | 34,648 | 23,904 |
Equipment Expense | 5,389 | 5,178 |
General Insurance Expense | 643,325 | 512,414 |
Other Expenses | 109,420 | 56,312 |
Supplies and Postage Expense | 101,991 | 83,937 |
Payroll Tax Expense | 223,849 | 216,173 |
Payroll Service | 47,042 | 36,518 |
Pension Cost (Reversal of Cost) | 73,679 | 64,148 |
Professional Fees | 121,634 | 94,236 |
Real Estate Tax Expense | 215,930 | 230,197 |
Recreational Supplies | 3,521 | 962 |
Rental Expense Storage Lots | 53,011 | 50,767 |
Cost of Property Repairs and Maintenance | 283,124 | 201,268 |
Retail Operating Supplies | 5,653 | 6,805 |
Security | 14,808 | 13,738 |
Service Charges | 354,231 | 294,955 |
Taxes and Licenses | 11,343 | 11,917 |
Telephone | 34,371 | 34,658 |
Uniforms | 32,225 | 32,604 |
Utilities Operating Expense | 852,252 | 860,655 |
Operating Expenses | $ 6,737,999 | $ 5,816,253 |