Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | SADDP | |
Entity Registrant Name | SADDLEBROOK RESORTS INC | |
Entity Central Index Key | 313151 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Public Float | $0 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||
Cash and cash equivalents | $875,314 | $667,190 |
Escrowed cash | 128,639 | 242,046 |
Trade accounts receivable, net of allowance for doubtful accounts of $39,306. (2014) and $44,814 (2013) | 1,525,710 | 1,022,961 |
Other receivable | 650,000 | |
Due from related parties | 786,021 | 596,271 |
Resort inventory and supplies | 1,253,427 | 1,324,306 |
Prepaid expenses and other assets | 863,052 | 713,144 |
Total current assets | 5,432,164 | 5,215,918 |
Property, buildings and equipment, net | 20,002,436 | 19,349,853 |
Deferred charges, net | 60,353 | 2,793 |
Total assets | 25,494,952 | 24,568,564 |
Current liabilities | ||
Current portion of long-term debt | 125,000 | 4,530,334 |
Current portion of capital lease obligations | 112,864 | 63,540 |
Escrowed deposits | 128,639 | 242,046 |
Accounts payable | 607,865 | 820,187 |
Accrued rental distribution | 525,571 | 397,460 |
Accrued expenses and other liabilities | 1,714,290 | 1,487,993 |
Current portion of deferred income | 740,101 | 766,502 |
Guest deposits | 1,672,640 | 993,451 |
Due to related parties | 10,866,419 | 8,405,804 |
Total current liabilities | 16,493,390 | 17,707,317 |
Long-term debt | 4,875,000 | |
Capital lease obligations | 306,620 | 211,339 |
Deferred income | 636,337 | 700,827 |
Total liabilities | 22,311,347 | 18,619,483 |
Commitments and contingencies (Note 10) | ||
Shareholder's equity | ||
Common stock, $1 par, 100,000 shares authorized, issued and outstanding | 100,000 | 100,000 |
Additional paid-in capital | 1,013,127 | 1,013,127 |
Retained earnings | 2,070,479 | 4,835,954 |
Total shareholder's equity | 3,183,606 | 5,949,081 |
Total liabilities and shareholder's equity | $25,494,953 | $24,568,564 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 100,000 | 100,000 |
Common stock, shares outstanding | 100,000 | 100,000 |
Allowance for doubtful accounts | $39,306 | $44,814 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | ||
Resort Revenues | $26,949,187 | $24,747,135 |
Costs and expenses: | ||
Operating costs of resort | 22,334,017 | 19,749,513 |
Sales and marketing | 2,334,605 | 1,347,851 |
General and administrative | 3,061,212 | 3,110,010 |
Net loss (gain) on assets sold | 1,942 | -657,935 |
Depreciation | 1,851,716 | 1,870,670 |
Total costs and expenses | 29,583,492 | 25,420,109 |
Net operating loss before other expenses and (income) | -2,634,305 | -672,974 |
Other expenses (income): | ||
Interest expense | 205,556 | 195,603 |
Other income | -74,386 | -45,493 |
Total other expense | 131,170 | 150,110 |
Net loss | ($2,765,475) | ($823,084) |
Statements_of_Changes_in_Share
Statements of Changes in Shareholder's Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] |
Beginning balance at Dec. 31, 2012 | $6,772,165 | $100,000 | $1,013,127 | $5,659,038 |
Net loss | -823,084 | -823,084 | ||
Ending balance at Dec. 31, 2013 | 5,949,081 | 100,000 | 1,013,127 | 4,835,954 |
Net loss | -2,765,475 | -2,765,475 | ||
Ending balance at Dec. 31, 2014 | $3,183,606 | $100,000 | $1,013,127 | $2,070,479 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | ||
Net loss | ($2,765,475) | ($823,084) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 1,862,539 | 1,888,346 |
Loss (gain) on disposal of property, buildings and equipment | 1,942 | -657,935 |
Additions (reductions) to allowance for doubtful accounts | 11,900 | |
(Increase) decrease in | ||
Escrowed cash | 113,407 | 16,895 |
Trade accounts receivable | 147,251 | -206,831 |
Resort inventory and supplies | 70,879 | 42,926 |
Prepaid expenses and other assets | -149,908 | 28,001 |
Increase (decrease) in | ||
Escrowed deposits | -113,407 | -16,895 |
Accounts payable | -212,322 | 234,578 |
Accrued rental distribution | 128,111 | -129,774 |
Accrued expenses and other liabilities | 226,297 | -265,433 |
Deferred income | -90,891 | -117,261 |
Guest deposits | 679,189 | 317,978 |
Net cash (used) provided by operating activities | -102,388 | 323,411 |
Cash flows from investing activities | ||
Insurance proceeds from fire casualty | 300,000 | 300,000 |
Capital expenditures | -2,254,241 | -881,235 |
Net cash used in investing activities | -2,254,241 | -581,235 |
Cash flows from financing activities | ||
Principal payments on long-term debt | -4,530,334 | -577,331 |
Proceeds from long term debt | 5,000,000 | |
Payments on capital lease obligations | -107,395 | -68,734 |
(Payments on) line of credit | -1,500,000 | |
Debt Issuance Costs | -68,383 | -6,506 |
Net advances from related parties | 2,270,865 | 979,254 |
Net cash provided by (used in) financing activities | 2,564,753 | -1,173,317 |
Net increase (decrease) in cash and cash equivalents | 208,124 | -1,431,141 |
Cash and cash equivalents, beginning of year | 667,190 | 2,098,331 |
Cash and cash equivalents, end of year | 875,314 | 667,190 |
Supplemental disclosure | ||
Cash paid for interest | $194,732 | $177,924 |
Statements_of_Cash_Flows_Paren
Statements of Cash Flows (Parenthetical) (USD $) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2014 | Dec. 31, 2014 | |
Non-cash investing activities | ||
Acquired vehicles through a capital lease obligation | $252,000 | $0 |
Proceed from insurance settlement on property | $650,000 |
Organization_and_Business
Organization and Business | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Organization and Business | 1 | Organization and Business |
Saddlebrook Resorts, Inc. (the “Company” or “SRI”), a wholly-owned subsidiary of Saddlebrook Holdings, Inc. (“SHI” or the “Parent Company”), was incorporated in the State of Florida in June 1979 at which time it purchased a golf course and tennis complex, as well as certain undeveloped land, located in Pasco County, Florida, which was developed as a resort-condominium and residential homes project. Property improvements for the resort include condominiums, most of which were sold to outside parties. The majority of the condominium units sold is provided as hotel accommodations by their owners under a Rental Pool and Agency Appointment Agreement (the “Rental Pool”). Other resort facilities include two 18-hole golf courses, 45 tennis courts, three swimming pools, three restaurants, a convention facility with approximately 95,000 square feet of meeting and function space, a health spa, a fitness center, shops and other facilities necessary for the operation of a resort. | ||
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies | 2 | Significant Accounting Policies |
A summary of the Company’s significant accounting policies are as follows: | ||
Use of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
Cash and Cash Equivalents and Escrowed Cash | ||
All short-term highly liquid instruments purchased with an original maturity of three months or less is considered to be cash equivalents. | ||
The Company places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation (“FDIC”) covers $250,000 for substantially all depository accounts. The Company from time to time may have amounts on deposit in excess of the insured limits. As of December 31, 2014, the Company had approximately $520,000 of cash and cash equivalents which exceeded these insured limits. | ||
Fair Value of Financial Instruments | ||
The Company measures the fair value of financial assets and liabilities in accordance with GAAP which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. | ||
GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. GAAP describes three levels of inputs that may be used to measure fair value: | ||
Level 1 - Valuations based on quoted prices for identical assets and liabilities in active markets. | ||
Level 2 – Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | ||
Level 3 – Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. | ||
There were no assets or liabilities that were required to be measured at fair value on a recurring basis on December 31, 2014 or 2013. | ||
The fair value of all of the Company’s other financial assets and liabilities approximate their carrying value due to their short-term nature or market rates of interest associated with long-term obligations. | ||
Accounts Receivable | ||
Substantially all of the Company’s accounts receivable is due from direct billings to companies or individuals who hold conferences or large group stays at the resort. Other receivables include quarterly membership fees and credit card charges. The Company performs ongoing credit evaluations of its customers’ financial conditions and establishes an allowance for doubtful accounts based upon factors surrounding specific customers, historical trends and other information. The Company generally does not require collateral or other security to support accounts receivable, although advance deposits may be required in certain circumstances. | ||
Resort Inventory and Supplies | ||
Inventory includes operating materials and supplies, principally food and beverage, golf and tennis merchandise, and is accounted for at the lower of first-in, first-out, average cost or market. | ||
Property, Buildings and Equipment | ||
Property, buildings and equipment are stated at cost. Depreciation is provided over the estimated useful lives of the assets on a straight-line basis. | ||
Certain expenditures for renewals and improvements that significantly add to or extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. When property, buildings and equipment are retired or otherwise disposed, the cost of the assets and related accumulated depreciation amounts are removed from the accounts, and any resulting gains or losses are reflected in operations. | ||
Asset Impairments | ||
The Company’s management periodically evaluates whether there has been a permanent impairment of long-lived assets (property, buildings and equipment), in accordance with generally accepted accounting principles. During the years ended December 31, 2014 and 2013, the Company’s management evaluated assets for impairment and concluded that the sum of the undiscounted expected future cash flows (excluding interest charges) from its assets exceeded their then current carrying values. Accordingly, the Company did not recognize an impairment loss during the years ended December 31, 2014 or 2013. | ||
Deferred Charges | ||
Deferred charges represent costs incurred in connection with the refinancing of the Company’s long-term debt. Amortization expense for deferred charges amounted to approximately $8,000 for the year ended December 31, 2014 and $18,000 for 2013. Deferred charges are expected to be amortized approximately $15,000 in 2015, 2016, 2017, and 2018. | ||
Deferred Income | ||
Deferred income includes deferred liabilities related to the sale of gift certificates, prepaid dues, and deferred income of membership initiation fees. Revenue from gift certificates is recorded when the certificate is redeemed. Revenue from dues is recorded over the annual membership period, and the deferred membership initiation fees are recognized over the historical average life of a membership which approximates 12 years. | ||
Resort Revenues | ||
Resort revenues are recognized as services are performed or products are delivered with the exception of initiation fee revenue, which is recognized over the average life of the memberships. Resort revenues also include rental revenues for condominium units owned by third parties participating in the Rental Pool. If these rental units were owned by the Company, normal costs associated with ownership such as depreciation, real estate taxes, unit maintenance and other costs would have been incurred. Instead, operating costs of the resort for the years ended December 31, 2014 and 2013 include rental pool distributions to participants and the maintenance escrow fund approximating $2,700,000 and $2,400,000, respectively. | ||
Advertising | ||
The Company charges costs of advertising to sales and marketing as incurred. The Company incurred advertising costs of approximately $378,000 and $231,000 during the years ended December 31, 2014 and 2013, respectively. | ||
Income Taxes | ||
The Company is currently a Qualified Subchapter S Subsidiary. Accordingly, no income tax expense was reflected in the Company’s operating results as the tax is assessed to the shareholders of its parent company. | ||
Management has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements at December 31, 2014 and 2013. The parent company’s federal income tax returns for 2011, 2012 and 2013 are subject to examination by the Internal Revenue Service, generally for a period of three years after the federal income tax returns were filed. | ||
Employee Benefit Plan | ||
The Company sponsors a defined contribution plan (the “Plan”), which provides retirement benefits for all eligible employees who have elected to participate. Employees must fulfill a one year service requirement to be eligible. The Company indefinitely suspended matching contributions effective with the year ended December 31, 2009 and has continued the suspension through 2014. | ||
Recent Accounting Pronouncements | ||
In May, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which creates a new Topic, Accounting Standards Codification (“ASC”) Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that an entity should recognize revenue when it transfers promised good or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard is effective for the Company beginning in 2017 and allows for either full retrospective adoption or modified retrospective adoption. The Company is currently evaluating the impact of the adoption of ASC Topic 606 on its financial statement. | ||
In August 2014, the FASB issued ASU 2014-15 “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” which provides guidance on determining when and how to disclose going-concern uncertainties in financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity ability must provide certain disclosures if “conditions or evens raise substantial doubt about the entity’s to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The adoption of this guidance is not expected to have any impact on the Company’s results of operations or financial position. The Company is currently evaluating the impact of this update on future disclosures concerning its liquidity position. | ||
Managements_Plans_Regarding_Li
Management's Plans Regarding Liquidity and Capital Resources | 12 Months Ended | |
Dec. 31, 2014 | ||
Restructuring and Related Activities [Abstract] | ||
Management's Plans Regarding Liquidity and Capital Resources | 3 | Management’s Plans Regarding Liquidity and Capital Resources |
As a result of the change in economic conditions, the hospitality industry has experienced increases in terms of hotel rates and occupancy during 2014 and 2013. These positive industry trends have similarly impacted the Company’s revenues during this period. The Company decision to increase its sales staff, advertising, and marketing efforts has had a negative effect on the Company and has contributed to the approximate $2,765,000 net loss in 2014 and approximate $823,000 net loss in 2013. During 2013 the company had a gain from a fire insurance recovery of $657,000. The actual loss for 2013 was approximately $1,480,000. | ||
Although the Company has experienced an increase in revenue it continues to maintain the following programs and measures to insure costs continue to be monitored. | ||
A. Management has continued its focus on controlling the variable costs for the Company. This includes reducing labor costs by actively reviewing the Company’s lodging, food and beverage, and facilities demands and attempting to match them with the appropriate level of resources. | ||
B. During the first quarter of 2015, the Company has experienced increased resort revenues primarily due to increased group bookings and the related activity compared to the same period in 2014. During 2014, the Company has continued to invest significantly in the grounds and building exteriors to increase the attractiveness of the Resort for potential group and social customers planning for conferences, meetings or social events such as weddings. These increased bookings are expected to positively impact the Company’s results of operations and cash flows during 2015. | ||
C. The Company has retained a top golf teaching professional and a second high ranking professional which has significantly increased the brand awareness and recognition of the Company’s affiliated Golf and Tennis Academy by industry leaders. As stated above, the Company has significantly invested in the Resort’s grounds, specifically upgraded golf training facilities. In addition, the Company has been and will continue to appeal to international students by aligning with organizations that have the ability to direct these potential students to the Golf and Tennis Academy. These investments have resulted in increased numbers of students attending the Golf and Tennis Academy during 2014 and 2013. | ||
The Company’s ultimate shareholder has the financial ability and intent to continue to fund operations through affiliated companies that are 100% owned by the Company’s ultimate shareholder to the extent required to support the Company’s operations. During 2014, the Company received approximately $2.4 million in loans from these affiliated Companies which was an increase over the amount of loans the Company received from these affiliated entities by approximately $1 million in 2013. In addition to the shareholder’s financial ability, these affiliated companies are expected to continue to generate positive cash flows during fiscal 2015 should additional funding be required to support the Company’s operations. |
Escrowed_Cash
Escrowed Cash | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Cash and Cash Equivalents [Abstract] | |||||||||
Escrowed Cash | 4 | Escrowed Cash | |||||||
Escrowed cash, restricted as to use, as of December 31, is comprised of the following: | |||||||||
2014 | 2013 | ||||||||
Rental pool unit owner deposits for maintenance reserve fund held in a bank account which bears an interest rate of 0.15% | $ | 111,839 | $ | 221,846 | |||||
Security deposits held on long-term rentals | 16,800 | 20,200 | |||||||
$ | 128,639 | $ | 242,046 | ||||||
Property_Buildings_and_Equipme
Property, Buildings and Equipment, Net | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Buildings and Equipment, Net | 5 | Property, Buildings and Equipment, Net | |||||||||
Property, buildings and equipment as of December 31, consist of the following: | |||||||||||
Estimated | 2014 | 2013 | |||||||||
Useful | |||||||||||
Lives | |||||||||||
Land and land improvements | $ | 7,623,070 | $ | 7,623,070 | |||||||
Buildings and recreational facilities | 10–40 | 31,104,781 | 30,551,220 | ||||||||
Machinery and equipment | 5–15 | 18,099,905 | 17,368,327 | ||||||||
Construction in progress | 1,911,503 | 693,881 | |||||||||
58,739,259 | 56,236,498 | ||||||||||
Accumulated depreciation | (38,736,823 | ) | (36,886,645 | ) | |||||||
$ | 20,002,436 | $ | 19,349,853 | ||||||||
Substantially all property, buildings and equipment are mortgaged, pledged or otherwise subject to lien under a loan agreement (Note 7). | |||||||||||
Depreciation expense amounted to approximately $1,851,700 and $1,870,700 for the years ended December 31, 2014 and 2013, respectively. | |||||||||||
The Company leases equipment under agreements which are classified as capital lease obligations in the accompanying balance sheets. The equipment and obligations related to the leases are recorded at the present value of the minimum lease payments. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Total cost of equipment acquired through capital lease obligations was approximately $588, 000 and $336,000 at December 31, 2014 and 2013, respectively. Accumulated amortization totaled $59,577 and $60,198 on the leased equipment at December 31, 2014 and 2013, respectively. |
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses and Other Liabilities | 6 | Accrued Expenses and Other Liabilities | |||||||
Accrued expenses and other liabilities as of December 31 consist of the following: | |||||||||
2014 | 2013 | ||||||||
Accrued payroll and related expenses | $ | 913,344 | $ | 729,212 | |||||
Accrued insurance | 91,253 | 489,467 | |||||||
Accrued property taxes | 309,851 | ||||||||
Other accrued expenses and liabilities | 399,842 | 269,314 | |||||||
$ | 1,714,290 | $ | 1,487,993 | ||||||
Longterm_Debt_and_Capital_Leas
Long-term Debt and Capital Lease Obligations | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-term Debt and Capital Lease Obligations | 7 | Long-term Debt and Capital Lease Obligations | |||||||
Long-term debt at December 31 consists of the following: | |||||||||
2014 | 2013 | ||||||||
Note payable to lender | $ | 5,000,000 | $ | 4,530,334 | |||||
Less current portion | (125,000 | ) | (4,530,334 | ) | |||||
$ | 4,875,000 | $ | — | ||||||
On June 06, 2014, the Company entered into a new financing agreement with a third party lender for $5,000,000. The proceeds were used to retire the existing term note due June 12, 2014 of $4,386,000. The remaining proceeds were used to pay closing costs and provide additional working capital. The new term note expires June 01, 2019. Interest only payments at a rate of 3% over the one month Libor index (3.15% at December 31, 2014) are required for the first twelve months. After year one, the term note requires monthly principal payments of $20,833 plus interest of 3% over the one month Libor index. The term note is collateralized by all current and subsequently acquired real and personal property. The new term note requires the Company to maintain a Debt Ratio of 1.25%. The Company is in default of this covenant as of December 31, 2014; however, the Company received a waiver for this default from its lender. Under the terms of its agreement, the debt service covenant will be re-measured at March 31, 2015. Management believes, based on its expectations for the first quarter that it will be in compliance with the debt covenant at that date; however there can be no assurances that it will be in compliance. Should the Company not be in compliance at March 31, it will seek a waiver or modification of the covenant. In addition, under the terms of the loan agreement, the company has certain remedies available to it by which it can cure the default, and it is management’s intent to do so if necessary. | |||||||||
Operating costs and planned expenditures for capital additions and improvements are expected to be adequately funded by the Company and its affiliates’ current cash reserves and cash generated by the resort operations. | |||||||||
Future maturities of long-term debt as of December 31, 2014 were as follows; | |||||||||
Years ending December 31, | |||||||||
2015 | $ | 125,000 | |||||||
2016 | 250,000 | ||||||||
2017 | 250,000 | ||||||||
2018 | 250,000 | ||||||||
2019 | 4,125,000 | ||||||||
$ | 5,000,000 | ||||||||
On December 13, 2012, the Company entered into a capital lease obligation for equipment in the amount of $80,479. The capital lease is secured by the equipment purchased, matures in November 2017 and requires monthly payments of $1,426, including interest at 2.44%. At December 31, 2014, the amount due on the capital lease obligation was $48,127 | |||||||||
On December 2, 2012, the Company entered into a capital lease obligation for equipment in the amount of $255,874. The assets associated with this lease cost $294,724, of which $38,850 was reduced through the Company’s trade-in of existing equipment. This capital lease is secured by the equipment purchased, matures in December 2017 and requires monthly payments of $4,995, including interest at 6.41%, beginning in January 2013. At December 31, 2015, the amount due on the capital lease obligation was $163,211 | |||||||||
On January 15, 2014 the Company entered into a capital lease obligation for equipment in the amount of $150,000. The capital lease is secured by equipment purchased, matures in December 2018 and requires monthly payments of $3,024 including interest of 7.75%. At December 31, 2015, the amount due on the capital lease obligation was $122,229. | |||||||||
On January 15, 2014, the Company entered into a capital lease obligation for equipment in the amount of $102,000. The capital lease is secured by equipment purchased, matures in December 2018 and requires monthly payments of $2,233, including interest an 11.30%. At December 31, 2014 the amount due on the capital lease obligation was $85,917. | |||||||||
Future minimum payments under the capital lease obligations at December 31, 2014 were as follows: | |||||||||
Years ending December 31, | |||||||||
2015 | $ | 140,143 | |||||||
2016 | 140,143 | ||||||||
2017 | 138,717 | ||||||||
2018 | 60,059 | ||||||||
479,061 | |||||||||
Less amount representing interest | (59,577 | ) | |||||||
419,484 | |||||||||
Less current portion | (112,864 | ) | |||||||
$ | 306,620 | ||||||||
Resort_Revenues_and_Operating_
Resort Revenues and Operating Costs of Resort | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Resort Revenues and Operating Costs of Resort | 8 | Resort Revenues and Operating Costs of Resort | |||||||
Resort revenues and operating costs of resort are comprised of the following: | |||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Resort Revenues | |||||||||
Room revenue subject to rental pool agreement | $ | 7,438,071 | $ | 6,489,392 | |||||
Food and beverage | 9,148,916 | 8,036,673 | |||||||
Resort facilities and other | 10,362,200 | 10,221,070 | |||||||
$ | 26,949,187 | $ | 24,747,135 | ||||||
Operating Costs of Resort | |||||||||
Distribution to rental pool participants | $ | 2,728,364 | $ | 2,411,568 | |||||
Food and beverage | 5,491,169 | 5,099,864 | |||||||
Resort facilities and other | 14,114,484 | 12,238,081 | |||||||
$ | 22,334,017 | $ | 19,749,513 | ||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related Party Transactions | |||||||||
9 | Related Party Transactions | ||||||||
Amounts due from related parties as of December 31, are comprised of the following: | |||||||||
2014 | 2013 | ||||||||
Saddlebrook Resort Condominium Association, Inc. | $ | 52,642 | $ | — | |||||
Saddlebrook International Sports, LLC | 25,874 | 27,764 | |||||||
Dempsey Resort Management, Inc. | 4,600 | 2,300 | |||||||
Saddlebrook Properties LLC | 4,808 | 4,620 | |||||||
Saddlebrook Realty, Inc. | 667,078 | 538,162 | |||||||
Saddlebrook Investments, Inc. | 13,950 | 11,650 | |||||||
Other | 17,069 | 11,776 | |||||||
$ | 786,021 | $ | 596,271 | ||||||
Amounts due to related parties as of December 31, are comprised of the following: | |||||||||
2014 | 2013 | ||||||||
Saddlebrook Resort Condominium Association, Inc. | $ | — | $ | 129,057 | |||||
Saddlebrook Holdings, Inc. | 10,866,419 | $ | 8,276,746 | ||||||
$ | 10,866,419 | $ | 8,405,804 | ||||||
Saddlebrook Holdings, Inc. (‘SHI”) the Company’s parent company advanced SRI the amount of $2,460,615 and $781,427 during the years ended December 31, 2014 and 2013, respectively. | |||||||||
Saddlebrook International Tennis, Inc. (“SIT”), which is solely owned by SHI, owns a 70% interest in Saddlebrook International Sports, LLC (“SIS”) which operates a tennis training facility and preparatory school at the resort. SIS owns 10 condominium units at the Resort, two of which participate in the Rental Pool Operation. The Company received revenue from SIS for use of its facilities and services provided to SIS and its guests, who amounted to approximately $1,800,000 and $2,040,000 for the years ended December 31, 2014 and 2013 respectively. The Company had amounts due from SIS which amounted to $25,874 and $27,764 for the years ended December 31, 2014 and 2013 respectively. | |||||||||
In October 2013, the Company entered into a rental agreement with SIT for certain equipment used by SRI in operations. The terms of the agreement are 48 monthly payments of $8,712 which began in October 2013. | |||||||||
Saddlebrook Investments, Inc. is a broker/dealer for sales of Saddlebrook Resort condominium units. Saddlebrook Realty, Inc. is a broker for the sale of other general real estate. These companies are solely owned by a shareholder of the Company’s parent. | |||||||||
Dempsey and Daughters, Inc. hold certain tracts of real estate and own 24 individual condominium units at the Resort, 10 of which participate in the Rental Pool Operation. This company is solely owned by SHI. | |||||||||
The Company performs certain accounting and property management activities on behalf of the Saddlebrook Resort Condominium Association (the “Association”) and is reimbursed for expenses paid on behalf of the Association. Expenses paid on behalf of and services provided to the Association amounted to approximately $1,516,000 and $1,521,000 for the years ended December 31, 2014 and 2013, respectively. | |||||||||
Other related party receivables and payables consist of transactions with several other entities, along with receivables from employees for resort charges and travel advances. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 10 | Commitments and Contingencies | |||
The Company is involved in litigation in the ordinary course of business. In the opinion of management, these matters are adequately covered by insurance or indemnification from other third parties and/or the effect, if any, of these claims is not material to the reported financial condition or results of operations of the Company as of December 31, 2014. | |||||
In February 2011, the Company entered into a five-year professional services agreement with a company that specializes in golf instruction. Effective July 2014, the Company terminated its agreement for these services. During the years ended December 31, 2014 and 2013, the Company paid approximately $50,000 and $96,000, respectively, under this agreement. | |||||
During the year ended December 31, 2012, the Company entered into a supply chain agreement with an external organization to purchase certain inventory and supplies. The agreement called for the Company to purchase at least 80% of its annual purchase requirements for these items, which was estimated to be $2.9 million with the external organization. The agreement had an initial term of two years and expired September 8, 2014. The Company continues to utilize this agreement on a monthly basis with not set contract. | |||||
The Company also leases equipment under operating leases. Some of the leases contain annual renewal options after the initial lease term. Lease expense amounted to approximately $69,000 for each of the years ended December 31, 2014 and 2013. | |||||
Future minimum lease payments under non-cancelable operating leases with initial lease terms in excess of one year are as follows: | |||||
2015 | $ | 24,805 | |||
$ | 24,805 | ||||
Investment_in_Stock
Investment in Stock | 12 Months Ended | |
Dec. 31, 2014 | ||
Equity Method Investments and Joint Ventures [Abstract] | ||
Investment in Stock | 11 | Investment in Stock |
In 1993, the Company invested in and formed a captive insurance company, Resort Hotel Insurance Company (“RHIC”), with other resorts participating in Resort Hotel Association (“RHA”), an insurance risk purchasing group. The Company retains an equity interest in and pays insurance premiums to RHIC. The Company’s ownership is approximately 14% and all amounts contributed as capital ($132,866 as of December 31, 2014) and the increase in equity cumulative to date ($330,676 as of December 31, 2014) are recorded as a component of prepaid expenses and other assets in the accompanying balance sheets. Any change in equity is reflected as a component of other income in the statements of operations. The Company’s investment approximates the proportionate net book value of the insurance company at December 31, 2014. The Company’s stock in RHIC is restricted and may not be sold in the open market. The Company may withdraw from RHA annually at the renewal date of any of its property or casualty policies. | ||
Insurance_Claim
Insurance Claim | 12 Months Ended | |
Dec. 31, 2014 | ||
Insurance [Abstract] | ||
Insurance Claim | 12 | Insurance Claim |
On November 30, 2013, the Company experienced damage to storage facilities and equipment due to a fire for which the Company filed a claim with its insurance company. As of December 31, 2014, the Company has incurred approximately $596,800 toward the repair of the damaged storage facilities and equipment and received reimbursement of $300,000 from the insurance company toward settlement of this claim. The Company also has recorded a receivable of $650,000 which along with reimbursement, repair expense and $100,000 insurance deductible is recorded as a net gain of $657,935 on 2013 cash flow summary. During 2014 the Company received proceeds to clear the receivable of $650,000. At December 31, 2014, the claim is still unsettled. The company expects it to settle in early 2015. |
Saddlebrook_Rental_Pool_Operat
Saddlebrook Rental Pool Operation (Saddlebrook Rental Pool Operation [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Saddlebrook Rental Pool Operation [Member] | |||||||||
Saddlebrook Rental Pool Operation | Saddlebrook Rental Pool Operation | ||||||||
Balance Sheets | |||||||||
December 31, 2014 and 2013 | |||||||||
2014 | 2013 | ||||||||
Distribution Fund | |||||||||
Assets | |||||||||
Receivable from Saddlebrook Resorts, Inc. | $ | 525,571 | $ | 397,460 | |||||
Liabilities and Participants’ Fund Balance | |||||||||
Due to participants for rental pool distribution | $ | 475,229 | $ | 391,667 | |||||
Due to maintenance escrow fund | 50,342 | 5,793 | |||||||
$ | 525,571 | $ | 397,460 | ||||||
Maintenance Escrow Fund | |||||||||
Assets | |||||||||
Cash in bank | $ | 111,839 | $ | 221,846 | |||||
Receivables | |||||||||
Distribution fund | 50,342 | 5,793 | |||||||
Prepaid expenses and other assets | 14,925 | 10,861 | |||||||
Linen inventory | — | 76,644 | |||||||
Furniture inventory | 138,331 | 92,397 | |||||||
$ | 315,437 | $ | 407,541 | ||||||
Liabilities and Participants’ Fund Balance | |||||||||
Due to Saddlebrook Resorts, Inc. | $ | 78,526 | $ | 84,725 | |||||
Participants’ fund balance | 236,911 | 322,816 | |||||||
$ | 315,437 | $ | 407,541 | ||||||
The accompanying notes are an integral part of these financial statements. | |||||||||
Saddlebrook Rental Pool Operation | |||||||||
Statements of Operations | |||||||||
Years Ended December 31, 2014 and 2013 | |||||||||
2014 | 2013 | ||||||||
Distribution Fund | |||||||||
Rental pool revenues | $ | 7,438,071 | $ | 6,453,949 | |||||
Deductions | |||||||||
Marketing fee | 557,855 | 484,047 | |||||||
Management fee | 929,759 | 806,744 | |||||||
Travel agent commissions | 406,703 | 239,880 | |||||||
Bad debt reserve | — | — | |||||||
Credit card expense | 191,247 | 171,714 | |||||||
2,085,564 | 1,702,385 | ||||||||
Net rental income | 5,352,507 | 4,751,564 | |||||||
Operator share of net rental income | (2,408,628 | ) | (2,138,203 | ) | |||||
Other revenues (expenses) | |||||||||
Complimentary room revenues | 29,362 | 23,631 | |||||||
Minor repairs and replacements | (244,877 | ) | (225,424 | ) | |||||
Amounts available for distribution to participants and maintenance escrow fund | $ | 2,728,364 | $ | 2,411,568 | |||||
The accompanying notes are an integral part of these financial statements. | |||||||||
Saddlebrook Rental Pool Operation | |||||||||
Statements of Changes in Participants’ Fund Balance | |||||||||
Years Ended December 31, 2014 and 2013 | |||||||||
2014 | 2013 | ||||||||
Distribution Fund | |||||||||
Balances, beginning of year | $ | — | $ | — | |||||
Additions | |||||||||
Amounts available for distribution | 2,728,364 | 2,411,568 | |||||||
Reductions | |||||||||
Amounts withheld for maintenance escrow fund | (319,736 | ) | (273,365 | ) | |||||
Amounts accrued or paid to participants | (2,408,628 | ) | (2,138,203 | ) | |||||
Balances, end of year | $ | — | $ | — | |||||
Maintenance Escrow Fund | |||||||||
Balances, beginning of year | $ | 322,816 | $ | 329,567 | |||||
Additions | |||||||||
Amount withheld from distribution fund | 319,736 | 273,365 | |||||||
Unit owner payments | 128,630 | 120,000 | |||||||
Interest earned | 25 | 39 | |||||||
Reductions | |||||||||
Unit renovations | (24,652 | ) | (6,991 | ) | |||||
Refunds of excess amounts in escrow accounts | (15,381 | ) | (3,944 | ) | |||||
Maintenance charges | (286,150 | ) | (282,894 | ) | |||||
Linen expense | (208,113 | ) | (106,326 | ) | |||||
Balances, end of year | $ | 236,911 | $ | 322,816 | |||||
The accompanying notes are an integral part of these financial statements. | |||||||||
Saddlebrook Rental Pool Operation | |||||||||
Notes to Financial Statements | |||||||||
December 31, 2014 and 2013 | |||||||||
1 | Rental Pool Operations and Rental Pool Agreement | ||||||||
Condominium units are provided as rental (hotel) accommodations by their owners under the Rental Pool and Agency Appointment Agreement (the “Agreement”) with Saddlebrook Resorts, Inc. (collectively, the “Rental Pool”). Saddlebrook Resorts, Inc. (“Saddlebrook”) acts as operator of the Rental Pool which provides for the distribution of a percentage of net rental income, as defined, to the owners. | |||||||||
The Saddlebrook Rental Pool Operation consists of two funds: the Rental Pool Income Distribution Fund (“Distribution Fund”) and the Maintenance and Furniture Replacement Escrow Fund (“Maintenance Escrow Fund”). The operations of the Distribution Fund reflect the earnings of the Rental Pool. The Distribution Fund balance sheets reflect amounts due from Saddlebrook for the rental pool distribution payable to participants and amounts due to the Maintenance Escrow Fund. The amounts due from Saddlebrook are required to be distributed no later than forty-five days following the end of each calendar quarter. The Maintenance Escrow Fund reflects the accounting for escrowed assets used to maintain unit interiors and replace furniture as it becomes necessary. | |||||||||
Rental pool participants and Saddlebrook share rental revenues according to the provisions of the Agreement. Net Rental Income shared consists of rentals received less a marketing surcharge of 7.5%, a 12.5% management fee, travel agent commissions, credit card expense and provision for bad debts, if warranted. Saddlebrook receives 45% of Net Rental Income as operator of the Rental Pool. The remaining 55% of Net Rental Income, after adjustments for complimentary room revenues (ten percent of the normal unit rental price paid by Saddlebrook for promotional use of the unit) and certain minor repair and replacement charges, is available for distribution to the participants and maintenance escrow fund based upon each participant’s respective participation factor (computed using the value of a furnished unit and the number of days it was available to the pool). Quarterly, 45% of Net Rental Income is distributed to participants and 10%, as adjusted for complimentary room revenues and minor interior maintenance and replacement charges, is deposited in an escrow account until a maximum of 20% of the set value of the individual owner’s furniture package has been accumulated. Excess escrow balances are refunded to participants. | |||||||||
2 | Summary of Significant Accounting Policies | ||||||||
Basis of Accounting | |||||||||
The accounting records of the funds are maintained on the accrual basis of accounting. | |||||||||
Income Taxes | |||||||||
No federal or state taxes have been reflected in the accompanying financial statements as the tax effect of fund activities accrues to the rental pool participants and Saddlebrook. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents and Escrowed Cash | Cash and Cash Equivalents and Escrowed Cash |
All short-term highly liquid instruments purchased with an original maturity of three months or less is considered to be cash equivalents. | |
The Company places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation (“FDIC”) covers $250,000 for substantially all depository accounts. The Company from time to time may have amounts on deposit in excess of the insured limits. As of December 31, 2014, the Company had approximately $520,000 of cash and cash equivalents which exceeded these insured limits. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The Company measures the fair value of financial assets and liabilities in accordance with GAAP which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. | |
GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. GAAP describes three levels of inputs that may be used to measure fair value: | |
Level 1 - Valuations based on quoted prices for identical assets and liabilities in active markets. | |
Level 2 – Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. | |
Level 3 – Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. | |
There were no assets or liabilities that were required to be measured at fair value on a recurring basis on December 31, 2014 or 2013. | |
The fair value of all of the Company’s other financial assets and liabilities approximate their carrying value due to their short-term nature or market rates of interest associated with long-term obligations. | |
Accounts Receivable | Accounts Receivable |
Substantially all of the Company’s accounts receivable is due from direct billings to companies or individuals who hold conferences or large group stays at the resort. Other receivables include quarterly membership fees and credit card charges. The Company performs ongoing credit evaluations of its customers’ financial conditions and establishes an allowance for doubtful accounts based upon factors surrounding specific customers, historical trends and other information. The Company generally does not require collateral or other security to support accounts receivable, although advance deposits may be required in certain circumstances. | |
Resort Inventory and Supplies | Resort Inventory and Supplies |
Inventory includes operating materials and supplies, principally food and beverage, golf and tennis merchandise, and is accounted for at the lower of first-in, first-out, average cost or market. | |
Property, Buildings and Equipment | Property, Buildings and Equipment |
Property, buildings and equipment are stated at cost. Depreciation is provided over the estimated useful lives of the assets on a straight-line basis. | |
Certain expenditures for renewals and improvements that significantly add to or extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. When property, buildings and equipment are retired or otherwise disposed, the cost of the assets and related accumulated depreciation amounts are removed from the accounts, and any resulting gains or losses are reflected in operations. | |
Asset Impairments | Asset Impairments |
The Company’s management periodically evaluates whether there has been a permanent impairment of long-lived assets (property, buildings and equipment), in accordance with generally accepted accounting principles. During the years ended December 31, 2014 and 2013, the Company’s management evaluated assets for impairment and concluded that the sum of the undiscounted expected future cash flows (excluding interest charges) from its assets exceeded their then current carrying values. Accordingly, the Company did not recognize an impairment loss during the years ended December 31, 2014 or 2013. | |
Deferred Charges | Deferred Charges |
Deferred charges represent costs incurred in connection with the refinancing of the Company’s long-term debt. Amortization expense for deferred charges amounted to approximately $8,000 for the year ended December 31, 2014 and $18,000 for 2013. Deferred charges are expected to be amortized approximately $15,000 in 2015, 2016, 2017, and 2018. | |
Deferred Income | Deferred Income |
Deferred income includes deferred liabilities related to the sale of gift certificates, prepaid dues, and deferred income of membership initiation fees. Revenue from gift certificates is recorded when the certificate is redeemed. Revenue from dues is recorded over the annual membership period, and the deferred membership initiation fees are recognized over the historical average life of a membership which approximates 12 years. | |
Resort Revenues | Resort Revenues |
Resort revenues are recognized as services are performed or products are delivered with the exception of initiation fee revenue, which is recognized over the average life of the memberships. Resort revenues also include rental revenues for condominium units owned by third parties participating in the Rental Pool. If these rental units were owned by the Company, normal costs associated with ownership such as depreciation, real estate taxes, unit maintenance and other costs would have been incurred. Instead, operating costs of the resort for the years ended December 31, 2014 and 2013 include rental pool distributions to participants and the maintenance escrow fund approximating $2,700,000 and $2,400,000, respectively. | |
Advertising | Advertising |
The Company charges costs of advertising to sales and marketing as incurred. The Company incurred advertising costs of approximately $378,000 and $231,000 during the years ended December 31, 2014 and 2013, respectively. | |
Income Taxes | Income Taxes |
The Company is currently a Qualified Subchapter S Subsidiary. Accordingly, no income tax expense was reflected in the Company’s operating results as the tax is assessed to the shareholders of its parent company. | |
Management has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements at December 31, 2014 and 2013. The parent company’s federal income tax returns for 2011, 2012 and 2013 are subject to examination by the Internal Revenue Service, generally for a period of three years after the federal income tax returns were filed. | |
Employee Benefit Plan | Employee Benefit Plan |
The Company sponsors a defined contribution plan (the “Plan”), which provides retirement benefits for all eligible employees who have elected to participate. Employees must fulfill a one year service requirement to be eligible. The Company indefinitely suspended matching contributions effective with the year ended December 31, 2009 and has continued the suspension through 2014. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers,” which creates a new Topic, Accounting Standards Codification (“ASC”) Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle is that an entity should recognize revenue when it transfers promised good or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard is effective for the Company beginning in 2017 and allows for either full retrospective adoption or modified retrospective adoption. The Company is currently evaluating the impact of the adoption of ASC Topic 606 on its financial statement. | |
In August 2014, the FASB issued ASU 2014-15 “Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern,” which provides guidance on determining when and how to disclose going-concern uncertainties in financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity ability must provide certain disclosures if “conditions or evens raise substantial doubt about the entity’s to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The adoption of this guidance is not expected to have any impact on the Company’s results of operations or financial position. The Company is currently evaluating the impact of this update on future disclosures concerning its liquidity position. | |
Saddlebrook Rental Pool Operation [Member] | |
Income Taxes | Income Taxes |
No federal or state taxes have been reflected in the accompanying financial statements as the tax effect of fund activities accrues to the rental pool participants and Saddlebrook. | |
Basis of Accounting | Basis of Accounting |
The accounting records of the funds are maintained on the accrual basis of accounting. |
Escrowed_Cash_Tables
Escrowed Cash (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Cash and Cash Equivalents [Abstract] | |||||||||
Schedule of Escrowed Cash Restricted | Escrowed cash, restricted as to use, as of December 31, is comprised of the following: | ||||||||
2014 | 2013 | ||||||||
Rental pool unit owner deposits for maintenance reserve fund held in a bank account which bears an interest rate of 0.15% | $ | 111,839 | $ | 221,846 | |||||
Security deposits held on long-term rentals | 16,800 | 20,200 | |||||||
$ | 128,639 | $ | 242,046 | ||||||
Property_Buildings_and_Equipme1
Property, Buildings and Equipment, Net (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Schedule of Property, Buildings and Equipment | Property, buildings and equipment as of December 31, consist of the following: | ||||||||||
Estimated | 2014 | 2013 | |||||||||
Useful | |||||||||||
Lives | |||||||||||
Land and land improvements | $ | 7,623,070 | $ | 7,623,070 | |||||||
Buildings and recreational facilities | 10–40 | 31,104,781 | 30,551,220 | ||||||||
Machinery and equipment | 5–15 | 18,099,905 | 17,368,327 | ||||||||
Construction in progress | 1,911,503 | 693,881 | |||||||||
58,739,259 | 56,236,498 | ||||||||||
Accumulated depreciation | (38,736,823 | ) | (36,886,645 | ) | |||||||
$ | 20,002,436 | $ | 19,349,853 | ||||||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities as of December 31 consist of the following: | ||||||||
2014 | 2013 | ||||||||
Accrued payroll and related expenses | $ | 913,344 | $ | 729,212 | |||||
Accrued insurance | 91,253 | 489,467 | |||||||
Accrued property taxes | 309,851 | ||||||||
Other accrued expenses and liabilities | 399,842 | 269,314 | |||||||
$ | 1,714,290 | $ | 1,487,993 | ||||||
Longterm_Debt_and_Capital_Leas1
Long-term Debt and Capital Lease Obligations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-Term Debt | Long-term debt at December 31 consists of the following: | ||||||||
2014 | 2013 | ||||||||
Note payable to lender | $ | 5,000,000 | $ | 4,530,334 | |||||
Less current portion | (125,000 | ) | (4,530,334 | ) | |||||
$ | 4,875,000 | $ | — | ||||||
Schedule of Future Maturities of Long-Term Debt | Future maturities of long-term debt as of December 31, 2014 were as follows; | ||||||||
Years ending December 31, | |||||||||
2015 | $ | 125,000 | |||||||
2016 | 250,000 | ||||||||
2017 | 250,000 | ||||||||
2018 | 250,000 | ||||||||
2019 | 4,125,000 | ||||||||
$ | 5,000,000 | ||||||||
Schedule of Future Minimum Payments under Capital Lease Obligations | Future minimum payments under the capital lease obligations at December 31, 2014 were as follows: | ||||||||
Years ending December 31, | |||||||||
2015 | $ | 140,143 | |||||||
2016 | 140,143 | ||||||||
2017 | 138,717 | ||||||||
2018 | 60,059 | ||||||||
479,061 | |||||||||
Less amount representing interest | (59,577 | ) | |||||||
419,484 | |||||||||
Less current portion | (112,864 | ) | |||||||
$ | 306,620 | ||||||||
Resort_Revenues_and_Operating_1
Resort Revenues and Operating Costs of Resort (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Resort Revenues and Operating Costs of Resort | Resort revenues and operating costs of resort are comprised of the following: | ||||||||
Years Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Resort Revenues | |||||||||
Room revenue subject to rental pool agreement | $ | 7,438,071 | $ | 6,489,392 | |||||
Food and beverage | 9,148,916 | 8,036,673 | |||||||
Resort facilities and other | 10,362,200 | 10,221,070 | |||||||
$ | 26,949,187 | $ | 24,747,135 | ||||||
Operating Costs of Resort | |||||||||
Distribution to rental pool participants | $ | 2,728,364 | $ | 2,411,568 | |||||
Food and beverage | 5,491,169 | 5,099,864 | |||||||
Resort facilities and other | 14,114,484 | 12,238,081 | |||||||
$ | 22,334,017 | $ | 19,749,513 | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Amount Due from Related Parties | Amounts due from related parties as of December 31, are comprised of the following: | ||||||||
2014 | 2013 | ||||||||
Saddlebrook Resort Condominium Association, Inc. | $ | 52,642 | $ | — | |||||
Saddlebrook International Sports, LLC | 25,874 | 27,764 | |||||||
Dempsey Resort Management, Inc. | 4,600 | 2,300 | |||||||
Saddlebrook Properties LLC | 4,808 | 4,620 | |||||||
Saddlebrook Realty, Inc. | 667,078 | 538,162 | |||||||
Saddlebrook Investments, Inc. | 13,950 | 11,650 | |||||||
Other | 17,069 | 11,776 | |||||||
$ | 786,021 | $ | 596,271 | ||||||
Amount Due to Related Parties | Amounts due to related parties as of December 31, are comprised of the following: | ||||||||
2014 | 2013 | ||||||||
Saddlebrook Resort Condominium Association, Inc. | $ | — | $ | 129,057 | |||||
Saddlebrook Holdings, Inc. | 10,866,419 | $ | 8,276,746 | ||||||
$ | 10,866,419 | $ | 8,405,804 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Lease Payments under Non-Cancelable Operating Leases with Initial Lease Terms | Future minimum lease payments under non-cancelable operating leases with initial lease terms in excess of one year are as follows: | ||||
2015 | $ | 24,805 | |||
$ | 24,805 | ||||
Saddlebrook_Rental_Pool_Operat1
Saddlebrook Rental Pool Operation (Tables) (Saddlebrook Rental Pool Operation [Member]) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Saddlebrook Rental Pool Operation [Member] | |||||||||
Schedule of Financial Information | Saddlebrook Rental Pool Operation | ||||||||
Balance Sheets | |||||||||
December 31, 2014 and 2013 | |||||||||
2014 | 2013 | ||||||||
Distribution Fund | |||||||||
Assets | |||||||||
Receivable from Saddlebrook Resorts, Inc. | $ | 525,571 | $ | 397,460 | |||||
Liabilities and Participants’ Fund Balance | |||||||||
Due to participants for rental pool distribution | $ | 475,229 | $ | 391,667 | |||||
Due to maintenance escrow fund | 50,342 | 5,793 | |||||||
$ | 525,571 | $ | 397,460 | ||||||
Maintenance Escrow Fund | |||||||||
Assets | |||||||||
Cash in bank | $ | 111,839 | $ | 221,846 | |||||
Receivables | |||||||||
Distribution fund | 50,342 | 5,793 | |||||||
Prepaid expenses and other assets | 14,925 | 10,861 | |||||||
Linen inventory | — | 76,644 | |||||||
Furniture inventory | 138,331 | 92,397 | |||||||
$ | 315,437 | $ | 407,541 | ||||||
Liabilities and Participants’ Fund Balance | |||||||||
Due to Saddlebrook Resorts, Inc. | $ | 78,526 | $ | 84,725 | |||||
Participants’ fund balance | 236,911 | 322,816 | |||||||
$ | 315,437 | $ | 407,541 | ||||||
The accompanying notes are an integral part of these financial statements. | |||||||||
Saddlebrook Rental Pool Operation | |||||||||
Statements of Operations | |||||||||
Years Ended December 31, 2014 and 2013 | |||||||||
2014 | 2013 | ||||||||
Distribution Fund | |||||||||
Rental pool revenues | $ | 7,438,071 | $ | 6,453,949 | |||||
Deductions | |||||||||
Marketing fee | 557,855 | 484,047 | |||||||
Management fee | 929,759 | 806,744 | |||||||
Travel agent commissions | 406,703 | 239,880 | |||||||
Bad debt reserve | — | — | |||||||
Credit card expense | 191,247 | 171,714 | |||||||
2,085,564 | 1,702,385 | ||||||||
Net rental income | 5,352,507 | 4,751,564 | |||||||
Operator share of net rental income | (2,408,628 | ) | (2,138,203 | ) | |||||
Other revenues (expenses) | |||||||||
Complimentary room revenues | 29,362 | 23,631 | |||||||
Minor repairs and replacements | (244,877 | ) | (225,424 | ) | |||||
Amounts available for distribution to participants and maintenance escrow fund | $ | 2,728,364 | $ | 2,411,568 | |||||
The accompanying notes are an integral part of these financial statements. | |||||||||
Saddlebrook Rental Pool Operation | |||||||||
Statements of Changes in Participants’ Fund Balance | |||||||||
Years Ended December 31, 2014 and 2013 | |||||||||
2014 | 2013 | ||||||||
Distribution Fund | |||||||||
Balances, beginning of year | $ | — | $ | — | |||||
Additions | |||||||||
Amounts available for distribution | 2,728,364 | 2,411,568 | |||||||
Reductions | |||||||||
Amounts withheld for maintenance escrow fund | (319,736 | ) | (273,365 | ) | |||||
Amounts accrued or paid to participants | (2,408,628 | ) | (2,138,203 | ) | |||||
Balances, end of year | $ | — | $ | — | |||||
Maintenance Escrow Fund | |||||||||
Balances, beginning of year | $ | 322,816 | $ | 329,567 | |||||
Additions | |||||||||
Amount withheld from distribution fund | 319,736 | 273,365 | |||||||
Unit owner payments | 128,630 | 120,000 | |||||||
Interest earned | 25 | 39 | |||||||
Reductions | |||||||||
Unit renovations | (24,652 | ) | (6,991 | ) | |||||
Refunds of excess amounts in escrow accounts | (15,381 | ) | (3,944 | ) | |||||
Maintenance charges | (286,150 | ) | (282,894 | ) | |||||
Linen expense | (208,113 | ) | (106,326 | ) | |||||
Balances, end of year | $ | 236,911 | $ | 322,816 | |||||
Organization_and_Business_Addi
Organization and Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
sqft | |
Product Information [Line Items] | |
Date of incorporation | 1979-06 |
Area of Convention facility center | 95,000 |
18-hole Golf Courses [Member] | |
Product Information [Line Items] | |
Number of other facilities in resorts | 2 |
Tennis Courts [Member] | |
Product Information [Line Items] | |
Number of other facilities in resorts | 45 |
Swimming Pools [Member] | |
Product Information [Line Items] | |
Number of other facilities in resorts | 3 |
Restaurants [Member] | |
Product Information [Line Items] | |
Number of other facilities in resorts | 3 |
Health Spa [Member] | |
Product Information [Line Items] | |
Number of other facilities in resorts | 1 |
Fitness Center [Member] | |
Product Information [Line Items] | |
Number of other facilities in resorts | 1 |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Accounting Policies [Line Items] | ||||
Insurance coverage | $250,000 | |||
Cash and cash equivalents in excess of insured limit | 520,000 | |||
Assets or liabilities required to be measured at fair value on a recurring basis | 0 | 0 | ||
Asset impairment loss | 0 | 0 | ||
Amortization of deferred charges | 8,000 | 18,000 | ||
Deferred charges amortized due in 2015 | 15,000 | |||
Deferred charges amortized due in 2016 | 15,000 | |||
Deferred charges amortized due in 2017 | 15,000 | |||
Deferred charges amortized due in 2018 | 15,000 | |||
Average life of membership | 12 years | |||
Rental pool distributions | 2,700,000 | 2,400,000 | ||
Income tax expense recorded | 0 | |||
Uncertain income tax positions | 0 | 0 | ||
Year under income tax examination | 2013 | 2012 | 2011 | |
Federal income tax returns period | 3 years | |||
Eligibility criteria for employee benefit plan, minimum service period | 1 year | |||
Selling and Marketing Expense [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Advertising costs | $378,000 | $231,000 |
Managements_Plans_Regarding_Li1
Management's Plans Regarding Liquidity and Capital Resources - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Liquidity And Managements Plans [Line Items] | ||
Net loss | ($2,765,475) | ($823,084) |
Gain on fire insurance recovery | 657,000 | |
Actual loss | 1,480,000 | |
Affiliated Entity [Member] | ||
Liquidity And Managements Plans [Line Items] | ||
Percentage of fund owed by Shareholders | 100.00% | |
Fund received from affiliated companies | $2,400,000 | $1,000,000 |
Escrowed_Cash_Schedule_of_Escr
Escrowed Cash - Schedule of Escrowed Cash Restricted (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Net Escrowed cash restricted | $128,639 | $242,046 |
Interest-Bearing Deposits [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Net Escrowed cash restricted | 111,839 | 221,846 |
Security Deposit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Net Escrowed cash restricted | $16,800 | $20,200 |
Escrowed_Cash_Schedule_of_Escr1
Escrowed Cash - Schedule of Escrowed Cash Restricted (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents [Abstract] | ||
Bank interest rate | 0.15% | 0.15% |
Property_Buildings_and_Equipme2
Property, Buildings and Equipment, Net - Schedule of Property, Buildings and Equipment (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 58,739,259 | $56,236,498 |
Accumulated depreciation | -38,736,823 | -36,886,645 |
Property, buildings and equipment, net | 20,002,436 | 19,349,853 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 7,623,070 | 7,623,070 |
Buildings and Recreational Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 31,104,781 | 30,551,220 |
Buildings and Recreational Facilities [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 10 years | |
Buildings and Recreational Facilities [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 40 years | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 18,099,905 | 17,368,327 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 15 years | |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 1,911,503 | $693,881 |
Property_Buildings_and_Equipme3
Property, Buildings and Equipment, Net - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant and Equipment Useful Life and Values [Abstract] | ||
Depreciation | $1,851,716 | $1,870,670 |
Capital leased equipment, purchase amount | 588,000 | 336,000 |
Accumulated amortization | $59,577 | $60,198 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accrued Expenses And Other Liabilities [Abstract] | ||
Accrued payroll and related expenses | $913,344 | $729,212 |
Accrued insurance | 91,253 | 489,467 |
Accrued property taxes | 309,851 | |
Other accrued expenses and liabilities | 399,842 | 269,314 |
Net accrued expenses and other liabilities | $1,714,290 | $1,487,993 |
Longterm_Debt_and_Capital_Leas2
Long-term Debt and Capital Lease Obligations - Schedule of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Long-term Debt, Current and Noncurrent [Abstract] | ||
Note payable to lender | $5,000,000 | $4,530,334 |
Less current portion | -125,000 | -4,530,334 |
Net Long-term debt | $4,875,000 |
Recovered_Sheet1
Long-term debt and Capital Lease Obligation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||||
Jun. 06, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 02, 2012 | Dec. 13, 2012 | Jan. 15, 2014 | Dec. 31, 2015 | |
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $5,000,000 | ||||||
Payment to retire existing term note | 4,386,000 | ||||||
Term note, expiration date | 12-Jun-14 | 12-Mar-14 | |||||
Term note, basis spread on variable rate | 3.00% | 3.15% | |||||
Term note, monthly principal payment | 20,833 | ||||||
Term note, interest rate description | 3% over the one month Libor index (3.15% at DecemberB 31, 2014) are required for the first twelve months | ||||||
Term note reference rate details | One month LIBOR | ||||||
Debt ratio | 0.0125 | ||||||
Capital leased vehicle, purchase amount | 588,000 | 336,000 | |||||
Capital leased vehicle, monthly payments | 479,061 | ||||||
Company existing equipment | 38,850 | ||||||
Equipment [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Lease cost | 294,724 | ||||||
Term Loan Facility Expiring In June 01, 2019 [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Term note, expiration date | 1-Jun-19 | ||||||
Capital Lease 1 [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Amount of capital lease obligation due | 48,127 | ||||||
Capital leased vehicle, purchase amount | 80,479 | ||||||
Capital lease secured by vehicle | 2017-11 | ||||||
Capital leased vehicle, interest rate | 2.44% | ||||||
Capital leased vehicle, monthly payments | 1,426 | ||||||
Debt instrument, frequency of periodic payment | Monthly | ||||||
Capital Lease 2 [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Amount of capital lease obligation due | 163,211 | ||||||
Capital leased vehicle, purchase amount | 255,874 | ||||||
Capital lease secured by vehicle | 2017-12 | ||||||
Capital leased vehicle, interest rate | 6.41% | ||||||
Capital leased vehicle, monthly payments | 4,995 | ||||||
Debt instrument, frequency of periodic payment | Monthly | ||||||
Capital Lease 3 [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Capital leased vehicle, purchase amount | 150,000 | ||||||
Capital lease secured by vehicle | 2018-12 | ||||||
Capital leased vehicle, interest rate | 7.75% | ||||||
Capital leased vehicle, monthly payments | 3,024 | ||||||
Debt instrument, frequency of periodic payment | Monthly | ||||||
Capital Lease 3 [Member] | Subsequent Event [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Amount of capital lease obligation due | 122,229 | ||||||
Capital Lease 4 [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Amount of capital lease obligation due | 85,917 | ||||||
Capital leased vehicle, purchase amount | 102,000 | ||||||
Capital lease secured by vehicle | 2018-12 | ||||||
Capital leased vehicle, interest rate | 11.30% | ||||||
Capital leased vehicle, monthly payments | $2,233 | ||||||
Debt instrument, frequency of periodic payment | Monthly |
Longterm_Debt_and_Capital_Leas3
Long-term Debt and Capital Lease Obligations - Schedule of Future Maturities of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 |
Maturities of Long-term Debt [Abstract] | |
2015 | $125,000 |
2016 | 250,000 |
2017 | 250,000 |
2018 | 250,000 |
2019 | 4,125,000 |
Total | $5,000,000 |
Longterm_Debt_and_Capital_Leas4
Long-term Debt and Capital Lease Obligations - Schedule of Future Minimum Payments under Capital Lease Obligation (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ||
2015 | $140,143 | |
2016 | 140,143 | |
2017 | 138,717 | |
2018 | 60,059 | |
Total | 479,061 | |
Less amount representing interest | -59,577 | |
Total | 419,484 | |
Less current portion | -112,864 | -63,540 |
Capital lease obligation net | $306,620 | $211,339 |
Resort_Revenues_and_Operating_2
Resort Revenues and Operating Costs of Resort - Resort Revenues and Operating Costs of Resort (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort Revenues | $26,949,187 | $24,747,135 |
Operating costs of resort | 22,334,017 | 19,749,513 |
Room Revenue Subject to Rental Pool Agreement [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort Revenues | 7,438,071 | 6,489,392 |
Food and Beverage [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort Revenues | 9,148,916 | 8,036,673 |
Operating costs of resort | 5,491,169 | 5,099,864 |
Resort Facilities and Other [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort Revenues | 10,362,200 | 10,221,070 |
Operating costs of resort | 14,114,484 | 12,238,081 |
Distribution to Rental Pool Participants [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Operating costs of resort | $2,728,364 | $2,411,568 |
Related_Party_Transactions_Amo
Related Party Transactions - Amounts Due from Related Parties (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | $786,021 | $596,271 |
Saddlebrook Resort Condominium Association, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 52,642 | |
Saddlebrook International Sports, LLC [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 25,874 | 27,764 |
Dempsey Resort Management, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 4,600 | 2,300 |
Saddlebrook Properties LLC [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 4,808 | 4,620 |
Saddlebrook Realty, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 667,078 | 538,162 |
Saddlebrook Investments, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 13,950 | 11,650 |
Other [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | $17,069 | $11,776 |
Related_Party_Transactions_Amo1
Related Party Transactions - Amounts Due to Related Parties (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Other Related Party Transactions [Line Items] | ||
Due to Related Parties | $10,866,419 | $8,405,804 |
Saddlebrook Resort Condominium Association, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due to Related Parties | 129,057 | |
Saddlebrook Holdings, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due to Related Parties | $10,866,419 | $8,276,746 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Other Related Party Transactions [Line Items] | |||
Repayments of related party | $2,270,865 | $979,254 | |
Due from related parties | 786,021 | 596,271 | |
Term of agreement | 48 months | ||
Rent agreement monthly payment | 8,712 | ||
Dempsey and Daughters, Inc. [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Ownership of condominium units at the resort | 24 | ||
Participate unit in Rental Pool Operation | 10 | ||
Saddlebrook Resort Condominium Association, Inc. [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Due from related parties | 52,642 | ||
Expenses paid on behalf of and services provide | 1,516,000 | 1,521,000 | |
Saddlebrook Holdings, Inc. [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Change in due from related parties | 0 | 0 | |
Advanced payment of due to related parties | 2,460,615 | 781,427 | |
Repayments of related party | 0 | 0 | |
Saddlebrook International Tennis, Inc. [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Effective percentage of equity ownership | 70.00% | ||
Saddlebrook International Sports, LLC [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Ownership of condominium units at the resort | 10 | ||
Participate unit in Rental Pool Operation | 2 | ||
Revenue from related parties | 1,800,000 | 2,040,000 | |
Due from related parties | $25,874 | $27,764 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Long-term Purchase Commitment [Line Items] | ||||
Professional service agreement period | 5 years | |||
Commission paid | $50,000 | $96,000 | ||
Lease expense | 69,000 | 69,000 | ||
Inventories [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Estimated annual purchase requirements of inventory and supplies | $2,900,000 | |||
Initial term of supply chain agreement | 2 years | |||
Expiration date of supply chain agreement | 8-Sep-14 | |||
Minimum [Member] | Inventories [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Percentage of annual purchase requirement of inventory and supplies | 80.00% |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments under Non-Cancelable Operating Leases with Initial Lease Terms (Detail) (USD $) | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $24,805 |
Total | $24,805 |
Investment_in_Stock_Additional
Investment in Stock - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | ||
Capital contribution | $132,866 | |
Increase in equity cumulative | $330,676 | |
Resort Hotel Insurance Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership | 14.00% |
Insurance_Claim_Additional_Inf
Insurance Claim - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Insurance [Abstract] | ||
Expense incurred repair of facility and replacement of equipment | $596,800 | |
Insurance claim received | 300,000 | 300,000 |
Insurance receivable recorded | 650,000 | |
Insurance policy deductible | 100,000 | |
Net gain on assets sold | -1,942 | 657,935 |
Proceed from insurance settlement on property | $650,000 |
Saddlebrook_Rental_Pool_Operat2
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | |||
Cash in bank | $875,314 | $667,190 | $2,098,331 |
Receivables | |||
Prepaid expenses and other assets | 863,052 | 713,144 | |
Total assets | 25,494,952 | 24,568,564 | |
Saddlebrook Rental Pool Operation [Member] | Distribution Fund [Member] | |||
Assets | |||
Receivable from Saddlebrook Resorts, Inc. | 525,571 | 397,460 | |
Liabilities and Participants' Fund Balance | |||
Due to participants for rental pool distribution | 475,229 | 391,667 | |
Participants' fund balance | 0 | 0 | 0 |
Due to maintenance escrow fund | 50,342 | 5,793 | |
Total liabilities and participants' fund balance | 525,571 | 397,460 | |
Saddlebrook Rental Pool Operation [Member] | Maintenance Escrow Fund [Member] | |||
Assets | |||
Cash in bank | 111,839 | 221,846 | |
Receivables | |||
Distribution fund | 50,342 | 5,793 | |
Prepaid expenses and other assets | 14,925 | 10,861 | |
Linen inventory | 76,644 | ||
Furniture inventory | 138,331 | 92,397 | |
Total assets | 315,437 | 407,541 | |
Liabilities and Participants' Fund Balance | |||
Due to Saddlebrook Resorts, Inc. | 78,526 | 84,725 | |
Participants' fund balance | 236,911 | 322,816 | 329,567 |
Total liabilities and participants' fund balance | $315,437 | $407,541 |
Saddlebrook_Rental_Pool_Operat3
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Statements of Operations (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||
Rental pool revenues | $26,949,187 | $24,747,135 |
Saddlebrook Rental Pool Operation [Member] | Distribution Fund [Member] | ||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||
Rental pool revenues | 7,438,071 | 6,453,949 |
Deductions | ||
Marketing fee | 557,855 | 484,047 |
Management fee | 929,759 | 806,744 |
Travel agent commissions | 406,703 | 239,880 |
Bad debt reserve | 0 | 0 |
Credit card expense | 191,247 | 171,714 |
Rental expenses | 2,085,564 | 1,702,385 |
Net rental income | 5,352,507 | 4,751,564 |
Operator share of net rental income | -2,408,628 | -2,138,203 |
Other revenues (expenses) | ||
Complimentary room revenues | 29,362 | 23,631 |
Minor repairs and replacements | -244,877 | -225,424 |
Amounts available for distribution to participants and maintenance escrow fund | $2,728,364 | $2,411,568 |
Saddlebrook_Rental_Pool_Operat4
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Statements of Changes in Participants' Fund Balances (Detail) (Saddlebrook Rental Pool Operation [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Distribution Fund [Member] | ||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||
Balances, beginning of year | $0 | $0 |
Additions | ||
Amounts available for distribution | 2,728,364 | 2,411,568 |
Reductions | ||
Amounts withheld for maintenance escrow fund | -319,736 | -273,365 |
Amounts accrued or paid to participants | -2,408,628 | -2,138,203 |
Balances, end of year | 0 | 0 |
Maintenance Escrow Fund [Member] | ||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||
Balances, beginning of year | 322,816 | 329,567 |
Additions | ||
Amount withheld from distribution fund | 319,736 | 273,365 |
Unit owner payments | 128,630 | 120,000 |
Interest earned | 25 | 39 |
Reductions | ||
Unit renovations | -24,652 | -6,991 |
Refunds of excess amounts in escrow accounts | -15,381 | -3,944 |
Maintenance charges | -286,150 | -282,894 |
Linen expense | -208,113 | -106,326 |
Reductions | ||
Balances, end of year | $236,911 | $322,816 |
Saddlebrook_Rental_Pool_Operat5
Saddlebrook Rental Pool Operation - Rental Pool Operations and Rental Pool Agreement - Additional Information (Detail) (Saddlebrook Rental Pool Operation [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Fund | |
Saddlebrook Rental Pool Operation [Member] | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | |
Number of funds consisted by variable interest entity | 2 |
Number of days for distribution of amount due | 45 days |
Marketing fees percentage | 7.50% |
Management fees percentage | 12.50% |
Rental income attributable to entity percentage | 45.00% |
Rental income attributable to parties other entity percentage | 55.00% |
Rental income net distributed to participants quarterly percentage | 45.00% |
Rental income net charged to complimentary room revenues and minor interior maintenance quarterly percent | 10.00% |
Rental income net charged to complimentary room revenues and minor interior maintenance quarterly maximum accumulation percentage | 20.00% |
Saddlebrook_Rental_Pool_Operat6
Saddlebrook Rental Pool Operation - Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | |
Income tax expense recorded | $0 |
Saddlebrook Rental Pool Operation [Member] | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | |
Income tax expense recorded | $0 |