Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2016shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | SADDP |
Entity Registrant Name | SADDLEBROOK RESORTS INC |
Entity Central Index Key | 313,151 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 100,000 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 430,848 | $ 375,912 |
Escrowed cash | 372,061 | 397,721 |
Accounts receivable, net | 1,525,865 | 1,521,133 |
Due from related parties | 1,058,373 | 1,108,339 |
Inventory and supplies | 1,154,859 | 1,270,969 |
Prepaid expenses and other current assets | 1,074,329 | 1,020,292 |
Total current assets | 5,616,335 | 5,694,366 |
Property, buildings and equipment, net | 19,412,569 | 20,019,161 |
Total assets | 25,028,904 | 25,713,527 |
Current liabilities: | ||
Current portion of long-term debt | 352,560 | 352,560 |
Current portion of capital lease obligation | 127,540 | 121,008 |
Escrowed deposits | 372,061 | 397,721 |
Accounts payable | 846,489 | 593,328 |
Accrued rental distribution | 297,838 | 488,021 |
Accrued expenses and other liabilities | 1,137,941 | 1,509,529 |
Current portion of deferred income | 720,981 | 715,661 |
Guest deposits | 1,521,702 | 1,632,372 |
Due to related parties | 10,134,716 | 10,101,171 |
Total current liabilities | 15,511,828 | 15,911,371 |
Long-term debt, net of deferred issuance costs of $63,124 and $78,174 at September 30, 2016 and December 31, 2015, respectively | 6,194,892 | 6,444,266 |
Long-term capital lease obligation | 89,123 | 185,612 |
Deferred income | 538,629 | 585,571 |
Total liabilities | 22,334,472 | 23,126,820 |
Shareholder's equity: | ||
Common stock, $1.00 par value, 100,000 shares authorized and outstanding | 100,000 | 100,000 |
Additional paid-in capital | 1,013,127 | 1,013,127 |
Retained earnings | 1,581,305 | 1,473,580 |
Total shareholder's equity | 2,694,432 | 2,586,707 |
Total liabilities and shareholder's equity | $ 25,028,904 | $ 25,713,527 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Deferred issuance costs | $ 63,124 | $ 78,174 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares outstanding | 100,000 | 100,000 |
Statements of Operations and Ac
Statements of Operations and Accumulated Earnings (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenues | $ 4,395,560 | $ 3,432,437 | $ 24,337,333 | $ 24,367,351 |
Costs and expenses: | ||||
Operating costs | 4,509,610 | 4,118,931 | 18,857,266 | 18,680,815 |
Sales and marketing | 562,556 | 447,130 | 1,758,606 | 1,685,043 |
General and administrative | 730,385 | 694,380 | 2,347,340 | 1,781,285 |
Depreciation | 489,246 | 420,636 | 1,439,119 | 1,252,860 |
Total costs and expenses | 6,291,797 | 5,681,077 | 24,402,331 | 23,400,003 |
Net operating (loss) income before other income (expenses) | (1,896,237) | (2,248,640) | (64,998) | 967,348 |
Other income (expenses) | ||||
Other income | 402,291 | 416,212 | 49,907 | |
Interest expense | (84,140) | (59,254) | (243,489) | (174,543) |
Total other expenses, net | 318,151 | (59,254) | 172,723 | (124,636) |
Net (loss) income | (1,578,086) | (2,307,894) | 107,725 | 842,712 |
Accumulated earnings at beginning of period | 3,159,391 | 5,221,085 | 1,473,580 | 2,070,479 |
Accumulated earnings at end of period | $ 1,581,305 | $ 2,913,191 | $ 1,581,305 | $ 2,913,191 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities: | ||
Net income | $ 107,725 | $ 842,712 |
Non-cash items included in net income: | ||
Depreciation | 1,439,119 | 1,252,860 |
Amortization of debt financing costs | 15,049 | 10,258 |
Decrease (increase) in: | ||
Accounts receivable | (4,732) | 753,141 |
Inventory and supplies | 116,110 | 50,733 |
Prepaid expenses and other assets | (54,037) | (99,507) |
(Decrease) increase in: | ||
Accounts payable | 253,161 | (51,296) |
Accrued rental distribution | (190,183) | (307,152) |
Guest deposits | (110,670) | (693,667) |
Accrued expenses and other liabilities | (371,588) | (77,424) |
Deferred income | (41,622) | (41,233) |
Cash flow provided by operating activities | 1,158,332 | 1,639,425 |
Investing activities: | ||
Capital expenditures | (832,526) | (1,387,789) |
Cash flow used in investing activities | (832,526) | (1,387,789) |
Financing activities: | ||
Payments on long-term debt | (264,423) | (62,500) |
Payments on capital lease obligations | (89,957) | (83,910) |
Net repayments to (advances from) related parties | 83,510 | (470,063) |
Cash flow used in financing activities | (270,870) | (616,473) |
Net increase (decrease) in cash and cash equivalents | 54,936 | (364,838) |
Cash and cash equivalents at beginning of period | 375,912 | 875,314 |
Cash and cash equivalents at end of period | 430,848 | 510,477 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 228,440 | $ 164,286 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Saddlebrook Resorts, Inc. (the “Company”) developed and operates Saddlebrook Resort, which is a condominium hotel and resort located in Wesley Chapel, Florida. The Company’s accompanying balance sheet for September 30, 2016, and its statements of operations and accumulated earnings and cash flows for the three and nine month periods ended September 30, 2016 and 2015, are unaudited but reflect all adjustments which are, in the opinion of management, necessary for the fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The balance sheet at December 31, 2015 has been derived from the audited financial statements as of that date. The Company’s business is seasonal. Therefore, the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for future interim periods or the full fiscal year. These financial statements and related notes are presented for interim periods in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X, and, consequently, do not include all disclosures normally required by accounting principles generally accepted in the United States. Accordingly, these financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | Note 2. Accounts Receivable September 30, December 31, Trade accounts receivable $ 1,550,177 $ 1,550,845 Less allowance for bad debts (24,312 ) (29,712 ) $ 1,525,865 $ 1,521,133 |
Property, Buildings and Equipme
Property, Buildings and Equipment | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Buildings and Equipment | Note 3. Property, Buildings and Equipment September 30, December 31, Land and land improvements $ 8,458,554 $ 8,417,431 Buildings and recreational facilities 31,325,990 31,230,183 Machinery and equipment 20,732,908 20,017,312 Construction in progress 889,403 926,792 61,406,855 60,591,718 Less accumulated depreciation (41,994,286 ) (40,572,557 ) $ 19,412,569 $ 20,019,161 The Company’s property, buildings and equipment are pledged as security for its long-term debt (see Note 4). |
Long-term debt and Capital Leas
Long-term debt and Capital Lease Obligation | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-term debt and Capital Lease Obligation | Note 4. Long-term debt and Capital Lease Obligation On December 6, 2015, the Company’s financing agreement with a third party lender was modified to include renewal for the existing principal balance of $4,875,000, along with an advance of an additional $2,000,000. The new term note expires December 6, 2020. At September 30, 2016, $6,610,576 was outstanding under the note. The term note requires monthly principle payments of $29,380 plus interest of 3% over the one month Libor index (3.52% at September 30, 2016). The term note is collateralized by all current and subsequently acquired real and personal property. The term note requires the Company to maintain a Debt Ratio, as defined, of 1.25%. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 required retrospective adoption and became effective with respect to the Company’s financial statements on January 1, 2016. Prior to the effective date, such issuance costs were classified as assets and included as deferred charges, net, in the Company’s balance sheet. Under the provisions of ASU 2015-03, such issuance costs are presented as a direct deduction from the carrying amount of the related debt in the accompanying September 30, 2016 balance sheet, and have been reclassified in the December 31, 2015 balance sheet to conform to the 2016 presentation. 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 September 30, 2016, the amount due on this capital lease obligation was $19,663. 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 September 30, 2016, the amount due on this capital lease obligation was $71,824. 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 September 30, 2016, the amount due on this capital lease obligation was $72,153. 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 September 30, 2016, the amount due on this capital lease obligation was $53,023. |
Related Party Receivables and P
Related Party Receivables and Payables | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Receivables and Payables | Note 5. Related Party Receivables and Payables Related party receivables and payables at September 30, 2016 and December 31, 2015 are the result of net intercompany transactions and cash transfers between the Company and its shareholder and affiliated companies. Related party receivables and payables are unsecured and non-interest bearing. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6. Income Taxes The Company is currently a member of a Qualified Subchapter S Subsidiary Group. Accordingly, no income tax expense was reflected in the Company’s operating results as the tax is assessed to the shareholders of the Company’s parent company. |
Saddlebrook Rental Pool Operati
Saddlebrook Rental Pool Operation | 9 Months Ended |
Sep. 30, 2016 | |
Saddlebrook Rental Pool Operation [Member] | |
Saddlebrook Rental Pool Operation | SADDLEBROOK RENTAL POOL OPERATION BALANCE SHEETS DISTRIBUTION FUND September 30, December 31, Assets Receivable from Saddlebrook Resorts, Inc. $ 297,838 $ 488,021 Liabilities Due to participants for rental pool distribution $ 287,523 $ 439,589 Due to maintenance escrow fund 10,315 48,432 $ 297,838 $ 488,021 MAINTENANCE ESCROW FUND September 30, December 31, Assets Cash and cash equivalents $ 352,312 $ 372,021 Receivables: Distribution fund 10,315 48,432 Interest accrued (56 ) (16 ) Owner payments — — Linen inventory 98,640 17,925 Furniture inventory 54,112 43,421 Prepaid expenses and other assets 14,343 34 $ 529,666 $ 481,817 Liabilities and Participants’ Fund Balance Accounts payable $ 96,087 $ 186,109 Participants’ fund balance 433,579 295,708 $ 529,666 $ 481,817 The accompanying notes are an integral part of these financial statements SADDLEBROOK RENTAL POOL OPERATION STATEMENTS OF OPERATIONS (Unaudited) Three months ended Nine months ended 2016 2015 2016 2015 Rental pool revenues $ 927,591 $ 692,546 $ 6,636,235 $ 6,955,860 Deductions: Marketing fee 69,569 51,941 497,717 521,689 Management fee 115,949 86,568 829,530 869,482 Travel agent commissions 75,490 18,580 320,556 318,851 Credit card expense 27,643 22,881 160,500 178,120 288,651 179,970 1,808,303 1,888,142 Net rental income 638,940 512,576 4,827,932 5,067,718 Less operator share of net rental income (287,523 ) (230,659 ) (2,172,570 ) (2,280,473 ) Other revenues (expenses): Complimentary room revenues 9,520 5,031 38,240 18,852 Minor repairs and replacements (63,099 ) (68,529 ) (201,152 ) (200,160 ) Amount available for distribution $ 297,838 $ 218,419 $ 2,492,450 $ 2,605,937 The accompanying notes are an integral part of these financial statements SADDLEBROOK RENTAL POOL OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS’ FUND BALANCES (Unaudited) DISTRIBUTION FUND Nine months ended September 30, 2016 2015 Balance at beginning of period $ — $ — Additions: Amount available for distribution 2,492,450 2,605,937 Reductions: Amount withheld for maintenance escrow fund (319,880 ) (325,464 ) Amount accrued or paid to participants (2,172,570 ) (2,280,473 ) Balance at end of period $ — $ — MAINTENANCE ESCROW FUND Nine months ended September 30, 2016 2015 Balance at beginning of period $ 295,708 236,911 Additions: Amount withheld from distribution fund 320,328 325,464 Unit owner payments 113,213 116,531 Interest earned — 22 Reductions: Escrow account refunds (1,647 ) (11,462 ) Maintenance charges (268,895 ) (188,506 ) Unit renovations (567 ) (79,940 ) Linen replacement (24,561 ) (83,918 ) Balance at end of period $ 433,579 $ 315,102 The accompanying notes are an integral part of these financial statements SADDLEBROOK RENTAL POOL OPERATION NOTES TO FINANCIAL STATEMENTS (Unaudited) Note 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 expenses 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 maintenance 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. Note 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. |
Saddlebrook Rental Pool Opera13
Saddlebrook Rental Pool Operation (Policies) - Saddlebrook Rental Pool Operation [Member] | 9 Months Ended |
Sep. 30, 2016 | |
Basis of Accounting | Basis of Accounting The accounting records of the funds are maintained on the accrual basis of accounting. |
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. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | September 30, December 31, Trade accounts receivable $ 1,550,177 $ 1,550,845 Less allowance for bad debts (24,312 ) (29,712 ) $ 1,525,865 $ 1,521,133 |
Property, Buildings and Equip15
Property, Buildings and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Buildings and Equipment | September 30, December 31, Land and land improvements $ 8,458,554 $ 8,417,431 Buildings and recreational facilities 31,325,990 31,230,183 Machinery and equipment 20,732,908 20,017,312 Construction in progress 889,403 926,792 61,406,855 60,591,718 Less accumulated depreciation (41,994,286 ) (40,572,557 ) $ 19,412,569 $ 20,019,161 |
Saddlebrook Rental Pool Opera16
Saddlebrook Rental Pool Operation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Saddlebrook Rental Pool Operation [Member] | |
Schedule of Financial Information | SADDLEBROOK RENTAL POOL OPERATION BALANCE SHEETS DISTRIBUTION FUND September 30, December 31, Assets Receivable from Saddlebrook Resorts, Inc. $ 297,838 $ 488,021 Liabilities Due to participants for rental pool distribution $ 287,523 $ 439,589 Due to maintenance escrow fund 10,315 48,432 $ 297,838 $ 488,021 MAINTENANCE ESCROW FUND September 30, December 31, Assets Cash and cash equivalents $ 352,312 $ 372,021 Receivables: Distribution fund 10,315 48,432 Interest accrued (56 ) (16 ) Owner payments — — Linen inventory 98,640 17,925 Furniture inventory 54,112 43,421 Prepaid expenses and other assets 14,343 34 $ 529,666 $ 481,817 Liabilities and Participants’ Fund Balance Accounts payable $ 96,087 $ 186,109 Participants’ fund balance 433,579 295,708 $ 529,666 $ 481,817 The accompanying notes are an integral part of these financial statements SADDLEBROOK RENTAL POOL OPERATION STATEMENTS OF OPERATIONS (Unaudited) Three months ended Nine months ended 2016 2015 2016 2015 Rental pool revenues $ 927,591 $ 692,546 $ 6,636,235 $ 6,955,860 Deductions: Marketing fee 69,569 51,941 497,717 521,689 Management fee 115,949 86,568 829,530 869,482 Travel agent commissions 75,490 18,580 320,556 318,851 Credit card expense 27,643 22,881 160,500 178,120 288,651 179,970 1,808,303 1,888,142 Net rental income 638,940 512,576 4,827,932 5,067,718 Less operator share of net rental income (287,523 ) (230,659 ) (2,172,570 ) (2,280,473 ) Other revenues (expenses): Complimentary room revenues 9,520 5,031 38,240 18,852 Minor repairs and replacements (63,099 ) (68,529 ) (201,152 ) (200,160 ) Amount available for distribution $ 297,838 $ 218,419 $ 2,492,450 $ 2,605,937 The accompanying notes are an integral part of these financial statements SADDLEBROOK RENTAL POOL OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS’ FUND BALANCES (Unaudited) DISTRIBUTION FUND Nine months ended September 30, 2016 2015 Balance at beginning of period $ — $ — Additions: Amount available for distribution 2,492,450 2,605,937 Reductions: Amount withheld for maintenance escrow fund (319,880 ) (325,464 ) Amount accrued or paid to participants (2,172,570 ) (2,280,473 ) Balance at end of period $ — $ — MAINTENANCE ESCROW FUND Nine months ended September 30, 2016 2015 Balance at beginning of period $ 295,708 236,911 Additions: Amount withheld from distribution fund 320,328 325,464 Unit owner payments 113,213 116,531 Interest earned — 22 Reductions: Escrow account refunds (1,647 ) (11,462 ) Maintenance charges (268,895 ) (188,506 ) Unit renovations (567 ) (79,940 ) Linen replacement (24,561 ) (83,918 ) Balance at end of period $ 433,579 $ 315,102 |
Accounts Receivable - Accounts
Accounts Receivable - Accounts Receivable (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 1,550,177 | $ 1,550,845 |
Less allowance for bad debts | (24,312) | (29,712) |
Accounts receivable, net | $ 1,525,865 | $ 1,521,133 |
Property, Buildings and Equip18
Property, Buildings and Equipment - Schedule of Property, Buildings and Equipment (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 61,406,855 | $ 60,591,718 |
Less accumulated depreciation | (41,994,286) | (40,572,557) |
Property, buildings and equipment, net | 19,412,569 | 20,019,161 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 8,458,554 | 8,417,431 |
Buildings and Recreational Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 31,325,990 | 31,230,183 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 20,732,908 | 20,017,312 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 889,403 | $ 926,792 |
Long-term debt and Capital Le19
Long-term debt and Capital Lease Obligation - Additional Information (Detail) | Sep. 30, 2016USD ($) | Dec. 06, 2015USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 15, 2014USD ($) | Dec. 13, 2012USD ($) | Dec. 02, 2012USD ($) |
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Principal balance | $ 6,194,892 | $ 4,875,000 | $ 6,194,892 | $ 6,444,266 | |||
Advance of additional borrowings | $ 2,000,000 | ||||||
Term note, outstanding balance | $ 6,610,576 | $ 6,610,576 | |||||
Term note, interest rate description | 3% over the one month Libor index (3.52% at September 30, 2016). | ||||||
Term note reference rate details | One month Libor index | ||||||
Debt coverage ratio | 1.25 | ||||||
Term note, debt coverage ratio description | The term note requires the Company to maintain a Debt Ratio, as defined, of 1.25%. | ||||||
Company existing equipment | $ 38,850 | ||||||
Term Loan Facility Expiring In December 06, 2020 [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Term note, expiration date | Dec. 6, 2020 | ||||||
Term Note [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Term note, monthly principal payment | $ 29,380 | ||||||
Term note, basis spread on variable rate | 3.52% | 3.00% | |||||
Equipment [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Lease cost | 294,724 | ||||||
Capital Lease 1 [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Capital leased vehicle, purchase amount | $ 80,479 | ||||||
Capital lease secured by vehicle | 2017-11 | ||||||
Capital leased vehicle, interest rate | 2.44% | 2.44% | |||||
Capital leased vehicle, monthly payments | $ 1,426 | $ 1,426 | |||||
Debt instrument, frequency of periodic payment | Monthly | ||||||
Amount of capital lease obligation due | $ 19,663 | $ 19,663 | |||||
Capital Lease 2 [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Capital leased vehicle, purchase amount | $ 255,874 | ||||||
Capital lease secured by vehicle | 2017-12 | ||||||
Capital leased vehicle, interest rate | 6.41% | 6.41% | |||||
Capital leased vehicle, monthly payments | $ 4,995 | $ 4,995 | |||||
Debt instrument, frequency of periodic payment | Monthly | ||||||
Amount of capital lease obligation due | $ 71,824 | $ 71,824 | |||||
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% | 7.75% | |||||
Capital leased vehicle, monthly payments | $ 3,024 | $ 3,024 | |||||
Debt instrument, frequency of periodic payment | Monthly | ||||||
Amount of capital lease obligation due | $ 72,153 | $ 72,153 | |||||
Capital Lease 4 [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Capital leased vehicle, purchase amount | $ 102,000 | ||||||
Capital lease secured by vehicle | 2018-12 | ||||||
Capital leased vehicle, interest rate | 11.30% | 11.30% | |||||
Capital leased vehicle, monthly payments | $ 2,233 | $ 2,233 | |||||
Debt instrument, frequency of periodic payment | Monthly | ||||||
Amount of capital lease obligation due | $ 53,023 | $ 53,023 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Income tax expense recorded | $ 0 |
Saddlebrook Rental Pool Opera21
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Balance Sheets (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||||
Cash and cash equivalents | $ 430,848 | $ 375,912 | $ 510,477 | $ 875,314 |
Receivables: | ||||
Total assets | 25,028,904 | 25,713,527 | ||
Liabilities | ||||
Accounts payable | 846,489 | 593,328 | ||
Saddlebrook Rental Pool Operation [Member] | Distribution Fund [Member] | ||||
Assets | ||||
Receivable from Saddlebrook Resorts, Inc. | 297,838 | 488,021 | ||
Liabilities | ||||
Due to participants for rental pool distribution | 287,523 | 439,589 | ||
Due to maintenance escrow fund | 10,315 | 48,432 | ||
Total liabilities and participants' fund balance | 297,838 | 488,021 | ||
Saddlebrook Rental Pool Operation [Member] | Maintenance Escrow Fund [Member] | ||||
Assets | ||||
Cash and cash equivalents | 352,312 | 372,021 | ||
Receivables: | ||||
Distribution fund | 10,315 | 48,432 | ||
Interest accrued | (56) | (16) | ||
Owner payments | 0 | 0 | ||
Linen inventory | 98,640 | 17,925 | ||
Furniture inventory | 54,112 | 43,421 | ||
Prepaid expenses and other assets | 14,343 | 34 | ||
Total assets | 529,666 | 481,817 | ||
Liabilities | ||||
Accounts payable | 96,087 | 186,109 | ||
Participants' fund balance | 433,579 | 295,708 | $ 315,102 | $ 236,911 |
Total liabilities and participants' fund balance | $ 529,666 | $ 481,817 |
Saddlebrook Rental Pool Opera22
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Statements of Operations (Detail) - Saddlebrook Rental Pool Operation [Member] - Distribution Fund [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||||
Rental pool revenues | $ 927,591 | $ 692,546 | $ 6,636,235 | $ 6,955,860 |
Deductions: | ||||
Marketing fee | 69,569 | 51,941 | 497,717 | 521,689 |
Management fee | 115,949 | 86,568 | 829,530 | 869,482 |
Travel agent commissions | 75,490 | 18,580 | 320,556 | 318,851 |
Credit card expense | 27,643 | 22,881 | 160,500 | 178,120 |
Rental expenses | 288,651 | 179,970 | 1,808,303 | 1,888,142 |
Net rental income | 638,940 | 512,576 | 4,827,932 | 5,067,718 |
Less operator share of net rental income | (287,523) | (230,659) | (2,172,570) | (2,280,473) |
Other revenues (expenses): | ||||
Complimentary room revenues | 9,520 | 5,031 | 38,240 | 18,852 |
Minor repairs and replacements | (63,099) | (68,529) | (201,152) | (200,160) |
Amount available for distribution | $ 297,838 | $ 218,419 | $ 2,492,450 | $ 2,605,937 |
Saddlebrook Rental Pool Opera23
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Statements of Changes in Participants' Fund Balances (Detail) - Saddlebrook Rental Pool Operation [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Distribution Fund [Member] | ||||
Additions: | ||||
Amount available for distribution | $ 297,838 | $ 218,419 | $ 2,492,450 | $ 2,605,937 |
Reductions: | ||||
Amount withheld for maintenance escrow fund | (319,880) | (325,464) | ||
Amount accrued or paid to participants | (2,172,570) | (2,280,473) | ||
Maintenance Escrow Fund [Member] | ||||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||||
Balance at beginning of period | 295,708 | 236,911 | ||
Additions: | ||||
Amount withheld from distribution fund | 320,328 | 325,464 | ||
Unit owner payments | 113,213 | 116,531 | ||
Interest earned | 22 | |||
Reductions: | ||||
Escrow account refunds | (1,647) | (11,462) | ||
Maintenance charges | (268,895) | (188,506) | ||
Unit renovations | (567) | (79,940) | ||
Linen replacement | (24,561) | (83,918) | ||
Reductions: | ||||
Balance at end of period | $ 433,579 | $ 315,102 | $ 433,579 | $ 315,102 |
Saddlebrook Rental Pool Opera24
Saddlebrook Rental Pool Operation - Rental Pool Operations and Rental Pool Agreement - Additional Information (Detail) - Saddlebrook Rental Pool Operation [Member] | 9 Months Ended |
Sep. 30, 2016Fund | |
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 Opera25
Saddlebrook Rental Pool Operation - Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
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 |