Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | SADDP | |
Entity Registrant Name | SADDLEBROOK RESORTS INC | |
Entity Central Index Key | 313,151 | |
Current Fiscal Year End Date | --12-31 | |
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, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 698,033 | $ 834,371 |
Escrowed cash | 263,558 | 409,680 |
Trade accounts receivable, net of allowance for doubtful accounts of $29,704 (2017) and $17,677 (2016) | 1,666,447 | 1,810,865 |
Due from related parties | 1,654,129 | 1,006,972 |
Resort inventory and supplies | 1,151,386 | 1,185,033 |
Prepaid expenses and other assets | 969,927 | 1,073,590 |
Total current assets | 6,403,480 | 6,320,511 |
Property, buildings and equipment, net | 17,531,676 | 19,223,911 |
Total assets | 23,935,156 | 25,544,422 |
Current liabilities | ||
Current portion of long-term debt | 1,052,560 | 352,560 |
Current portion of capital lease obligations | 57,236 | 128,376 |
Escrowed deposits | 263,558 | 409,680 |
Accounts payable | 639,533 | 756,199 |
Accrued rental distribution | 637,290 | 586,761 |
Accrued expenses and other liabilities | 1,317,159 | 1,434,814 |
Current portion of deferred income | 708,362 | 764,660 |
Guest deposits | 2,703,941 | 2,200,312 |
Due to related parties | 11,897,345 | 10,889,134 |
Total current liabilities | 19,276,984 | 17,522,496 |
Long-term debt, net of deferred issuance costs of $53,916 and $58,108 at December 31, 2017 and December 31, 2016,respectively | 5,763,396 | 6,111,768 |
Capital lease obligations | 0 | 57,236 |
Deferred income | 527,595 | 501,649 |
Total liabilities | 25,567,975 | 24,193,149 |
Commitments and contingencies (Note 10) | ||
Shareholder's (deficit) 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 | (2,745,946) | 238,146 |
Total shareholder's (deficit) equity | (1,632,819) | 1,351,273 |
Total liabilities and shareholder's (deficit) equity | $ 23,935,156 | $ 25,544,422 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 29,704 | $ 17,677 |
Deferred issuance costs | $ 53,916 | $ 58,108 |
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 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||
Resort revenues | $ 30,142,484 | $ 30,774,092 |
Costs and expenses: | ||
Operating costs of resort | 25,130,083 | 24,736,251 |
Sales and marketing | 2,510,399 | 2,324,639 |
General and administrative | 3,167,891 | 3,138,615 |
Depreciation | 2,003,795 | 1,940,932 |
Total costs and expenses | 32,812,168 | 32,140,437 |
Net operating loss before other expenses (income) | (2,669,684) | (1,366,345) |
Other expenses (income): | ||
Interest expense | 369,162 | 322,822 |
Other income | (54,754) | (453,733) |
Total other expense (income) | 314,408 | (130,911) |
Net loss | $ (2,984,092) | $ (1,235,434) |
Statement of Changes in Shareho
Statement of Changes in Shareholder's Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] |
Beginning balance at Dec. 31, 2015 | $ 2,586,707 | $ 100,000 | $ 1,013,127 | $ 1,473,580 |
Net loss | (1,235,434) | (1,235,434) | ||
Ending balance at Dec. 31, 2016 | 1,351,273 | 100,000 | 1,013,127 | 238,146 |
Net loss | (2,984,092) | (2,984,092) | ||
Ending balance at Dec. 31, 2017 | $ (1,632,819) | $ 100,000 | $ 1,013,127 | $ (2,745,946) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (2,984,092) | $ (1,235,434) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 2,032,234 | 1,960,998 |
Additions (reductions) to allowance for doubtful accounts | 12,027 | (12,035) |
Loss on assets sold | 5,464 | |
(Increase) decrease in | ||
Escrowed cash | 146,122 | (11,959) |
Trade accounts receivable | 132,391 | (277,697) |
Resort inventory and supplies | 33,647 | 85,936 |
Prepaid expenses and other assets | 103,663 | (53,298) |
Increase (decrease) in | ||
Escrowed deposits | (146,122) | 11,959 |
Accounts payable | (116,666) | 162,871 |
Accrued rental distribution | 50,529 | 98,740 |
Accrued expenses and other liabilities | (117,655) | (74,715) |
Deferred income | (30,352) | (34,923) |
Guest deposits | 503,629 | 567,940 |
Net cash flows from operating activities | (375,181) | 1,188,383 |
Cash flows from investing activities | ||
Capital expenditures | (317,024) | (1,145,682) |
Net cash flows from investing activities | (317,024) | (1,145,682) |
Cash flows from financing activities | ||
Principal payments on long-term debt | (352,564) | (352,564) |
Proceeds from line of credit | 700,000 | |
Payments on capital lease obligations | (128,376) | (121,008) |
Cash paid for debt issuance costs | (24,247) | |
Net advances from related parties | 361,054 | 889,330 |
Net cash flows from financing activities | 555,867 | 415,758 |
Net (decrease) increase in cash and cash equivalents | (136,338) | 458,459 |
Cash and cash equivalents, beginning of year | 834,371 | 375,912 |
Cash and cash equivalents, end of year | 698,033 | 834,371 |
Supplemental disclosure | ||
Cash paid for interest | $ 340,723 | $ 302,757 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2017 | |
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 are 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 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, the Company had approximately $466,000 of cash and cash equivalents which exceeded these insured limits. 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, 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, 2017 and 2016, 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, 2017 or 2016. Debt Issuance Costs Finance costs represent costs incurred in connection with the refinancing of the Company’s long-term debt. Amortization expense for finance costs, included in interest expense on the accompanying statements of operations, amounted to approximately $28,400 for the year ended December 31, 2017 and $20,100 for 2016. 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, 2017 and 2016 include rental pool distributions to participants and the maintenance escrow fund approximating $3,200,000 and $3,100,000, respectively. Advertising The Company charges costs of advertising to sales and marketing as incurred. The Company incurred advertising costs of approximately $356,000 and $349,000 during the years ended December 31, 2017 and 2016, 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, 2017 and 2016. The parent company’s federal income tax returns for 2014, 2015 and 2016 are subject to examination by the Internal Revenue Service, generally for a period of three years after the federal income tax returns were filed. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, 835-30): In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, 2015-14, 2014-09 2014-09 In February 2016, the FASB issued ASU No. 2016-02, right-of-use In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement 2016-18), beginning-of-period end-of-period |
Management's Plans Regarding Li
Management's Plans Regarding Liquidity and Capital Resources | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Management's Plans Regarding Liquidity and Capital Resources | 3. Management’s Plans Regarding Liquidity and Capital Resources The Company experienced a minor decrease in revenue for the year ending December 31, 2017 compared to the previous year. The Company believes this trend will improve during 2018. The increase in expenses for the year ending December 31, 2017 as compared to the prior year is a result of increased efforts in its sales programs and upgrades of its golf training program and its two 18 hole golf courses. The investment in these areas will position the Company as one of the top training facilities and golf courses. The Company continues its marketing efforts toward the social clientele by developing packages designed to target more social guests, including families. These social packages are being promoted through the Company’s website as well as through travel wholesalers and with emphasis on e-commerce 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. The Company has loans outstanding to the affiliated companies of approximately $11.9 million and $10.9 million as of December 31, 2017 and 2016, respectively. In addition to the shareholders financial ability these affiliated companies are expected to continue to generate positive cash flows during fiscal year 2018 should additional funding be required to support the Company’s operations. |
Escrowed Cash
Escrowed Cash | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 Rental pool unit owner deposits for maintenance reserve fund held in a bank account which bears an interest rate of 0.05% $ 244,559 $ 385,931 Security deposits held on long-term rentals 18,999 23,749 $ 263,558 $ 409,680 |
Property, Buildings and Equipme
Property, Buildings and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Buildings and Equipment, Net | 5. Property, Buildings and Equipment, Net Property, buildings and equipment, net as of December 31, consist of the following: Estimated Useful Lives 2017 2016 Land and land improvements $ 8,740,994 $ 8,458,554 Buildings and recreational facilities 10–40 31,962,963 31,942,695 Machinery and equipment 5–15 21,178,583 20,836,945 Construction in progress 126,683 481,816 62,009,223 61,720,010 Accumulated depreciation (44,477,547 ) (42,496,099 ) $ 17,531,676 $ 19,223,911 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 $2,004,000 and $1,941,000 for the years ended December 31, 2017 and 2016, 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 $252,000 and $588,000 at December 31, 2017 and 2016, respectively. Depreciation expense totaled $92,500 on the leased equipment at both December 31, 2017 and 2016. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 Accrued payroll and related expenses $ 704,503 $ 731,852 Accrued insurance 64,252 137,373 Accrued property taxes 294,370 309,746 Other accrued expenses and liabilities 254,034 255,843 $ 1,317,159 $ 1,434,814 |
Long-term Debt and Capital Leas
Long-term Debt and Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 Note payable to lender $ 6,169,872 $ 6,522,440 Revolving line of credit 700,000 — Less unamortized finance costs (53,916 ) (58,108 ) Less current portion (1,052,560 ) (352,560 ) $ 5,763,396 $ 6,111,772 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 December 31, 2017, $6,169,872 was outstanding under the note. The term note requires monthly principal payments of $29,380 plus interest of 3% over the one month Libor index (4.38% at December 31, 2017). 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 Service Ratio, as defined, of 1.25%. The Company was in default of this covenant as of December 31, 2017; 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 On April 24, 2017, the Company entered in to a revolving line of credit agreement with the same third party lender with maximum borrowings of $1,500,000 to be used as working capital as needed. The agreement is cross collateralized with the existing term note under the same terms and conditions. Amounts borrowed under the revolving line of credit will bear interest at 3% over the one month LIBOR index. (4.38% at December 31, 2017). The line of credit will terminate on December 6, 2020. The Company has drawn $700,000 on this agreement as of December 31, 2017. The outstanding borrowings on the revolving line of credit are due upon demand of the lender. Accordingly, outstanding borrowings are included in current portion of long term debt in the accompanying balance sheets. 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 note payable to lender as of December 31, 2017 were as follows: Years ending December 31, 2018 352,560 2019 352,560 2020 5,464,752 $ 6,169,872 On December 13, 2012, the Company entered into a capital lease obligation for equipment in the amount of $80,479. The capital lease matured in November 2017 and the Company now fully owns the equipment. 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 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, 2017, the amount due on the capital lease obligation was $32,006. 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, 2017 the amount due on the capital lease obligation was $25,230. Future minimum payments under the capital lease obligations as of December 31, 2017 were as follows: Years ending December 31, 2018 $ 60,060 Less interest (2,824 ) Less current portion (57,236 ) $ — |
Resort Revenues and Operating C
Resort Revenues and Operating Costs of Resort | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Resort Revenues Room revenue subject to rental pool agreement $ 8,594,792 $ 8,297,216 Food and beverage 10,467,208 11,248,492 Resort facilities and other 11,080,484 11,228,384 $ 30,142,484 $ 30,774,092 Operating Costs of Resort Distribution to rental pool participants $ 3,221,949 $ 3,079,211 Food and beverage 6,270,265 6,430,443 Resort facilities and other 15,637,869 15,226,597 $ 25,130,083 $ 24,736,251 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
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: 2017 2016 Saddlebrook Resort Condominium Association, Inc. $ 159,185 $ 15,195 Saddlebrook International Sports, LLC 402,456 46,286 Dempsey Resort Management, Inc. 4,608 4,608 Saddlebrook Properties LLC 5,325 5,186 Saddlebrook Realty, Inc. 1,059,096 913,661 Saddlebrook Investments, Inc. 19,508 16,250 Other 3,951 5,786 $ 1,654,129 $ 1,006,972 Amounts due to related parties as of December 31 are comprised of the following: 2017 2016 Saddlebrook Holdings, Inc. $ 11,897,345 $ 10,889,134 $ 11,897,345 $ 10,889,134 Saddlebrook Holdings, Inc. (“SHI”) the Company’s parent company advanced SRI in the amount of $1,008,211 and $787,963 during the year ended December 31, 2017 and 2016, 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, none 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, which amounted to approximately $1,816,000 and $1,751,000 for the years ended December 31, 2017 and 2016 respectively. The Company had amounts due from SIS which amounted to $402,456 and $46,286 for the years ended December 31, 2017 and 2016 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 include 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 32 individual condominium units at the Resort, 15 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 $1,605,000 and $1,654,000 for each of the years ended December 31, 2017 and 2016, 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, 2017 | |
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, 2017. 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 $77,100 for both the years ended December 31, 2017 and 2016. Future minimum lease payments under non-cancelable 2018 $ 77,076 2019 34,836 2020 30,996 2021 30,996 $ 173,904 |
Investment in Stock
Investment in Stock | 12 Months Ended |
Dec. 31, 2017 | |
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 20% and all amounts contributed as capital ($132,866 as of December 31, 2017) and the increase in equity cumulative to date ($397,715 as of December 31, 2017) 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, 2017. 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. |
BP Settlement
BP Settlement | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
BP Settlement | 12. BP Settlement In March 2011, the Company entered into an agreement with a legal firm to represent it in connection with a claim occurring from the BP oil spill. In July 2016, the Company received a settlement on the claim in the amount of $397,488. This amount is included as Other Income in the accompanying 2016 statement of operations. |
Saddlebrook Rental Pool Operati
Saddlebrook Rental Pool Operation | 12 Months Ended |
Dec. 31, 2017 | |
Saddlebrook Rental Pool Operation [Member] | |
Saddlebrook Rental Pool Operation | Saddlebrook Rental Pool Operation Balance Sheets December 31, 2017 and 2016 Distribution Fund 2017 2016 Assets Receivable from Saddlebrook Resorts, Inc. $ 637,290 $ 586,761 Liabilities and Participants’ Fund Balance Due to participants for rental pool distribution $ 522,179 $ 536,148 Due to maintenance escrow fund 115,111 50,613 $ 637,290 $ 586,761 Maintenance Escrow Fund Assets Cash in bank $ 244,558 $ 385,931 Receivables Distribution fund 115,111 50,613 Owner payments 1,503 — Accrued Interest — (71 ) Prepaid expenses and other assets 51,098 14,589 Linen inventory — 68,190 Furniture inventory 49,747 54,112 $ 462,017 $ 573,364 Liabilities and Participants’ Fund Balance Due to Saddlebrook Resorts, Inc. $ 127,625 $ 202,117 Participants’ fund balance 334,392 371,247 $ 462,017 $ 573,364 See notes to financial statements. Saddlebrook Rental Pool Operation Statements of Operations Years Ended December 31, 2017 and 2016 Distribution Fund 2017 2016 Rental pool revenues $ 8,594,792 $ 8,297,216 Deductions Marketing fee 644,609 622,291 Management fee 1,074,349 1,037,153 Travel agent commissions 590,694 405,632 Bad debt expense 45,000 1,000 Credit card expense 251,976 211,767 2,606,628 2,277,843 Net rental income 5,988,164 6,019,373 Operator share of net rental income (2,694,673 ) (2,708,718 ) Other revenues (expenses) Complimentary room revenues 35,214 45,700 Minor repairs and replacements (106,756 ) (277,144 ) Amounts available for distribution to participants and maintenance escrow fund $ 3,221,949 $ 3,079,211 See notes to financial statements. Saddlebrook Rental Pool Operation Statements of Changes in Participants’ Fund Balance Years Ended December 31, 2017 and 2016 Distribution Fund 2017 2016 Balances, beginning of year $ — $ — Additions Amounts available for distribution 3,221,949 3,079,211 Reductions Amounts withheld for maintenance escrow fund (527,275 ) (370,493 ) Amounts accrued or paid to participants (2,694,674 ) (2,708,718 ) Balances, end of year $ — $ — Maintenance Escrow Fund Balances, beginning of year $ 371,247 $ 295,708 Additions Amount withheld from distribution fund 527,275 370,943 Unit owner payments 168,761 156,530 Interest earned 111 — Reductions Unit renovations (102,377 ) (567 ) Refunds of excess amounts in escrow accounts (30,436 ) (1,914 ) Maintenance charges (376,205 ) (394,441 ) Linen expense (223,984 ) (55,012 ) Balances, end of year $ 334,392 $ 371,247 See notes to financial statements. Saddlebrook Rental Pool Operation Notes to Financial Statements December 31, 2017 and 2016 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 Polici20
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, the Company had approximately $466,000 of cash and cash equivalents which exceeded these insured limits. |
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, |
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, 2017 and 2016, 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, 2017 or 2016. |
Debt Issuance Costs | Debt Issuance Costs Finance costs represent costs incurred in connection with the refinancing of the Company’s long-term debt. Amortization expense for finance costs, included in interest expense on the accompanying statements of operations, amounted to approximately $28,400 for the year ended December 31, 2017 and $20,100 for 2016. |
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, 2017 and 2016 include rental pool distributions to participants and the maintenance escrow fund approximating $3,200,000 and $3,100,000, respectively. |
Advertising | Advertising The Company charges costs of advertising to sales and marketing as incurred. The Company incurred advertising costs of approximately $356,000 and $349,000 during the years ended December 31, 2017 and 2016, 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, 2017 and 2016. The parent company’s federal income tax returns for 2014, 2015 and 2016 are subject to examination by the Internal Revenue Service, generally for a period of three years after the federal income tax returns were filed. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, 835-30): In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, 2015-14, 2014-09 2014-09 In February 2016, the FASB issued ASU No. 2016-02, right-of-use In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement 2016-18), beginning-of-period end-of-period |
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, 2017 | |
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: 2017 2016 Rental pool unit owner deposits for maintenance reserve fund held in a bank account which bears an interest rate of 0.05% $ 244,559 $ 385,931 Security deposits held on long-term rentals 18,999 23,749 $ 263,558 $ 409,680 |
Property, Buildings and Equip22
Property, Buildings and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Buildings and Equipment, Net | Property, buildings and equipment, net as of December 31, consist of the following: Estimated Useful Lives 2017 2016 Land and land improvements $ 8,740,994 $ 8,458,554 Buildings and recreational facilities 10–40 31,962,963 31,942,695 Machinery and equipment 5–15 21,178,583 20,836,945 Construction in progress 126,683 481,816 62,009,223 61,720,010 Accumulated depreciation (44,477,547 ) (42,496,099 ) $ 17,531,676 $ 19,223,911 |
Accrued Expenses and Other Li23
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities as of December 31 consist of the following: 2017 2016 Accrued payroll and related expenses $ 704,503 $ 731,852 Accrued insurance 64,252 137,373 Accrued property taxes 294,370 309,746 Other accrued expenses and liabilities 254,034 255,843 $ 1,317,159 $ 1,434,814 |
Long-term Debt and Capital Le24
Long-term Debt and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt at December 31 consists of the following: 2017 2016 Note payable to lender $ 6,169,872 $ 6,522,440 Revolving line of credit 700,000 — Less unamortized finance costs (53,916 ) (58,108 ) Less current portion (1,052,560 ) (352,560 ) $ 5,763,396 $ 6,111,772 |
Schedule of Future Maturities of Note Payable to Lender | Future maturities of note payable to lender as of December 31, 2017 were as follows: Years ending December 31, 2018 352,560 2019 352,560 2020 5,464,752 $ 6,169,872 |
Schedule of Future Minimum Payments under Capital Lease Obligations | Future minimum payments under the capital lease obligations as of December 31, 2017 were as follows: Years ending December 31, 2018 $ 60,060 Less interest (2,824 ) Less current portion (57,236 ) $ — |
Resort Revenues and Operating25
Resort Revenues and Operating Costs of Resort (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Resort Revenues Room revenue subject to rental pool agreement $ 8,594,792 $ 8,297,216 Food and beverage 10,467,208 11,248,492 Resort facilities and other 11,080,484 11,228,384 $ 30,142,484 $ 30,774,092 Operating Costs of Resort Distribution to rental pool participants $ 3,221,949 $ 3,079,211 Food and beverage 6,270,265 6,430,443 Resort facilities and other 15,637,869 15,226,597 $ 25,130,083 $ 24,736,251 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Amount Due from Related Parties | Amounts due from related parties as of December 31 are comprised of the following: 2017 2016 Saddlebrook Resort Condominium Association, Inc. $ 159,185 $ 15,195 Saddlebrook International Sports, LLC 402,456 46,286 Dempsey Resort Management, Inc. 4,608 4,608 Saddlebrook Properties LLC 5,325 5,186 Saddlebrook Realty, Inc. 1,059,096 913,661 Saddlebrook Investments, Inc. 19,508 16,250 Other 3,951 5,786 $ 1,654,129 $ 1,006,972 |
Amount Due to Related Parties | Amounts due to related parties as of December 31 are comprised of the following: 2017 2016 Saddlebrook Holdings, Inc. $ 11,897,345 $ 10,889,134 $ 11,897,345 $ 10,889,134 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2018 $ 77,076 2019 34,836 2020 30,996 2021 30,996 $ 173,904 |
Saddlebrook Rental Pool Opera28
Saddlebrook Rental Pool Operation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Saddlebrook Rental Pool Operation [Member] | |
Schedule of Financial Information | Saddlebrook Rental Pool Operation Balance Sheets December 31, 2017 and 2016 Distribution Fund 2017 2016 Assets Receivable from Saddlebrook Resorts, Inc. $ 637,290 $ 586,761 Liabilities and Participants’ Fund Balance Due to participants for rental pool distribution $ 522,179 $ 536,148 Due to maintenance escrow fund 115,111 50,613 $ 637,290 $ 586,761 Maintenance Escrow Fund Assets Cash in bank $ 244,558 $ 385,931 Receivables Distribution fund 115,111 50,613 Owner payments 1,503 — Accrued Interest — (71 ) Prepaid expenses and other assets 51,098 14,589 Linen inventory — 68,190 Furniture inventory 49,747 54,112 $ 462,017 $ 573,364 Liabilities and Participants’ Fund Balance Due to Saddlebrook Resorts, Inc. $ 127,625 $ 202,117 Participants’ fund balance 334,392 371,247 $ 462,017 $ 573,364 See notes to financial statements. Saddlebrook Rental Pool Operation Statements of Operations Years Ended December 31, 2017 and 2016 Distribution Fund 2017 2016 Rental pool revenues $ 8,594,792 $ 8,297,216 Deductions Marketing fee 644,609 622,291 Management fee 1,074,349 1,037,153 Travel agent commissions 590,694 405,632 Bad debt expense 45,000 1,000 Credit card expense 251,976 211,767 2,606,628 2,277,843 Net rental income 5,988,164 6,019,373 Operator share of net rental income (2,694,673 ) (2,708,718 ) Other revenues (expenses) Complimentary room revenues 35,214 45,700 Minor repairs and replacements (106,756 ) (277,144 ) Amounts available for distribution to participants and maintenance escrow fund $ 3,221,949 $ 3,079,211 See notes to financial statements. Saddlebrook Rental Pool Operation Statements of Changes in Participants’ Fund Balance Years Ended December 31, 2017 and 2016 Distribution Fund 2017 2016 Balances, beginning of year $ — $ — Additions Amounts available for distribution 3,221,949 3,079,211 Reductions Amounts withheld for maintenance escrow fund (527,275 ) (370,493 ) Amounts accrued or paid to participants (2,694,674 ) (2,708,718 ) Balances, end of year $ — $ — Maintenance Escrow Fund Balances, beginning of year $ 371,247 $ 295,708 Additions Amount withheld from distribution fund 527,275 370,943 Unit owner payments 168,761 156,530 Interest earned 111 — Reductions Unit renovations (102,377 ) (567 ) Refunds of excess amounts in escrow accounts (30,436 ) (1,914 ) Maintenance charges (376,205 ) (394,441 ) Linen expense (223,984 ) (55,012 ) Balances, end of year $ 334,392 $ 371,247 |
Organization and Business - Add
Organization and Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017ft²Facility | |
Product Information [Line Items] | |
Date of incorporation | 1979-06 |
Area of Convention facility center | ft² | 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 Polici30
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies [Line Items] | ||||
Insurance coverage | $ 250,000 | |||
Cash and cash equivalents in excess of insured limit | 466,000 | |||
Asset impairment loss | 0 | $ 0 | ||
Amortization expense for finance costs | $ 28,400 | 20,100 | ||
Average life of membership | 12 years | |||
Rental pool distributions | $ 3,200,000 | 3,100,000 | ||
Income tax expense recorded | 0 | |||
Uncertain income tax positions | $ 0 | $ 0 | ||
Year under income tax examination | 2,016 | 2,015 | 2,014 | |
Federal income tax returns period | 3 years | |||
Selling and Marketing Expense [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Advertising costs | $ 356,000 | $ 349,000 |
Management's Plans Regarding 31
Management's Plans Regarding Liquidity and Capital Resources - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)Facilities | Dec. 31, 2016USD ($) | |
Liquidity And Managements Plans [Line Items] | ||
Number of golf training facilities | Facilities | 2 | |
Affiliated Entity [Member] | ||
Liquidity And Managements Plans [Line Items] | ||
Percentage of fund owed by Shareholders | 100.00% | |
Loans outstanding to affiliated companies | $ | $ 11.9 | $ 10.9 |
Escrowed Cash - Schedule of Esc
Escrowed Cash - Schedule of Escrowed Cash Restricted (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Net Escrowed cash restricted | $ 263,558 | $ 409,680 |
Interest-Bearing Deposits [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Net Escrowed cash restricted | 244,559 | 385,931 |
Security Deposit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Net Escrowed cash restricted | $ 18,999 | $ 23,749 |
Escrowed Cash - Schedule of E33
Escrowed Cash - Schedule of Escrowed Cash Restricted (Parenthetical) (Detail) | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Bank interest rate | 0.05% | 0.05% |
Property, Buildings and Equip34
Property, Buildings and Equipment, Net - Schedule of Property, Buildings and Equipment (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 62,009,223 | $ 61,720,010 |
Accumulated depreciation | (44,477,547) | (42,496,099) |
Property, buildings and equipment, net | 17,531,676 | 19,223,911 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 8,740,994 | 8,458,554 |
Buildings and Recreational Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 31,962,963 | 31,942,695 |
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 | $ 21,178,583 | 20,836,945 |
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 | $ 126,683 | $ 481,816 |
Property, Buildings and Equip35
Property, Buildings and Equipment, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant and Equipment Useful Life and Values [Abstract] | ||
Depreciation expense | $ 2,003,795 | $ 1,940,932 |
Capital leased equipment, purchase amount | 252,000 | 588,000 |
Depreciation expense | $ 92,500 | $ 92,500 |
Accrued Expenses and Other Li36
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued Expenses And Other Liabilities [Abstract] | ||
Accrued payroll and related expenses | $ 704,503 | $ 731,852 |
Accrued insurance | 64,252 | 137,373 |
Accrued property taxes | 294,370 | 309,746 |
Other accrued expenses and liabilities | 254,034 | 255,843 |
Accrued expenses and other liabilities | $ 1,317,159 | $ 1,434,814 |
Long-term Debt and Capital Le37
Long-term Debt and Capital Lease Obligations - Schedule of Long-term Debt (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term Debt, Current and Noncurrent [Abstract] | ||
Note payable to lender | $ 6,169,872 | $ 6,522,440 |
Revolving line of credit | 700,000 | |
Less unamortized finance costs | (53,916) | (58,108) |
Less current portion | (1,052,560) | (352,560) |
Net Long-term debt | $ 5,763,396 | $ 6,111,768 |
Long-term debt and Capital Le38
Long-term debt and Capital Lease Obligation - Additional Information (Detail) - USD ($) | Apr. 24, 2017 | Dec. 06, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 15, 2014 | Dec. 13, 2012 | Dec. 02, 2012 |
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Debt Instrument, Outstanding balance | $ 6,169,872 | ||||||
Line of Credit Facility, Amount drawn | 700,000 | ||||||
Capital lease obligations, Equipment | $ 252,000 | $ 588,000 | |||||
Revolving Credit Facility [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Debt Instrument, Basis spread on variable rate | 3.00% | ||||||
Debt Instrument, Description of variable rate basis | One month LIBOR index. | ||||||
Line of Credit Facility, Maximum borrowing capacity | $ 1,500,000 | ||||||
Line of Credit Facility, Expiration date | Dec. 6, 2020 | ||||||
Line of Credit Facility, Interest rate description | Amounts borrowed under the revolving line of credit will bear interest at 3% over the one month LIBOR index. | ||||||
Line of Credit Facility, Amount drawn | $ 700,000 | ||||||
Notes Payable To Third Parties [Member] | Term Note [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Debt Instrument, Principal balance | $ 4,875,000 | ||||||
Debt Instrument, Advance of additional borrowings | 2,000,000 | ||||||
Debt Instrument, Expiration date | Dec. 6, 2020 | ||||||
Debt Instrument, Outstanding balance | $ 6,169,872 | ||||||
Debt Instrument, Monthly principal payment | $ 29,380 | ||||||
Debt Instrument, Basis spread on variable rate | 3.00% | ||||||
Debt Instrument, Effective rate | 4.38% | ||||||
Debt Instrument, Interest rate term description | 3% over the one month Libor index (4.38% at December 31, 2017) | ||||||
Debt Instrument, Description of variable rate basis | One month Libor index | ||||||
Debt Instrument, Debt service ratio | 1.25% | ||||||
Debt Instrument, Debt service ratio description | The term note requires the Company to maintain a Debt Service Ratio, as defined, of 1.25%. | ||||||
Capital Lease 1 [Member] | Equipment [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Capital lease obligations, Equipment | $ 80,479 | ||||||
Capital lease obligations, Expiration | 2017-11 | ||||||
Capital Lease 2 [Member] | Equipment [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Capital lease obligations, Equipment | $ 255,874 | ||||||
Capital lease obligations, Expiration | 2017-12 | ||||||
Capital lease obligations, Cost of leased assets | 294,724 | ||||||
Capital lease obligations, Value of Company's trade-in of existing equipment | $ 38,850 | ||||||
Capital Lease 3 [Member] | Equipment [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Capital lease obligations, Equipment | $ 32,006 | $ 150,000 | |||||
Capital lease obligations, Expiration | 2018-12 | ||||||
Capital lease obligations, Monthly payments | $ 3,024 | ||||||
Capital lease obligations, Interest rate | 7.75% | ||||||
Capital lease obligations, Frequency of periodic payment | Monthly | ||||||
Capital Lease 4 [Member] | Equipment [Member] | |||||||
Property Subject to or Available for Operating Lease [Line Items] | |||||||
Capital lease obligations, Equipment | $ 25,230 | $ 102,000 | |||||
Capital lease obligations, Expiration | 2018-12 | ||||||
Capital lease obligations, Monthly payments | $ 2,233 | ||||||
Capital lease obligations, Interest rate | 11.30% | ||||||
Capital lease obligations, Frequency of periodic payment | Monthly |
Long-term Debt Capital Lease Ob
Long-term Debt Capital Lease Obligations - Schedule of Future Maturities of Note Payable to Lender (Detail) | Dec. 31, 2017USD ($) |
Maturities of Long-term Debt [Abstract] | |
2,018 | $ 352,560 |
2,019 | 352,560 |
2,020 | 5,464,752 |
Total | $ 6,169,872 |
Long-term Debt and Capital Le40
Long-term Debt and Capital Lease Obligations - Schedule of Future Minimum Payments under Capital Lease Obligation (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 60,060 | |
Less interest | (2,824) | |
Less current portion | (57,236) | $ (128,376) |
Capital lease obligation net | $ 0 | $ 57,236 |
Resort Revenues and Operating41
Resort Revenues and Operating Costs of Resort - Resort Revenues and Operating Costs of Resort (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort revenues | $ 30,142,484 | $ 30,774,092 |
Operating costs of resort | 25,130,083 | 24,736,251 |
Room Revenue Subject to Rental Pool Agreement [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort revenues | 8,594,792 | 8,297,216 |
Food and Beverage [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort revenues | 10,467,208 | 11,248,492 |
Operating costs of resort | 6,270,265 | 6,430,443 |
Resort Facilities and Other [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort revenues | 11,080,484 | 11,228,384 |
Operating costs of resort | 15,637,869 | 15,226,597 |
Distribution to Rental Pool Participants [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Operating costs of resort | $ 3,221,949 | $ 3,079,211 |
Related Party Transactions - Am
Related Party Transactions - Amounts Due from Related Parties (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | $ 1,654,129 | $ 1,006,972 |
Saddlebrook Resort Condominium Association, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 159,185 | 15,195 |
Saddlebrook International Sports, LLC [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 402,456 | 46,286 |
Dempsey Resort Management, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 4,608 | 4,608 |
Saddlebrook Properties LLC [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 5,325 | 5,186 |
Saddlebrook Realty, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 1,059,096 | 913,661 |
Saddlebrook Investments, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 19,508 | 16,250 |
Other [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | $ 3,951 | $ 5,786 |
Related Party Transactions - 43
Related Party Transactions - Amounts Due to Related Parties (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Other Related Party Transactions [Line Items] | ||
Due to related parties | $ 11,897,345 | $ 10,889,134 |
Saddlebrook Holdings, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due to related parties | $ 11,897,345 | $ 10,889,134 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2013USD ($) | Dec. 31, 2017USD ($)Condominium | Dec. 31, 2016USD ($) | |
Schedule of Other Related Party Transactions [Line Items] | |||
Due from related parties | $ 1,654,129 | $ 1,006,972 | |
Saddlebrook International Tennis, Inc. [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Effective percentage of equity ownership | 70.00% | ||
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 | Condominium | 32 | ||
Participate unit in Rental Pool Operation | Condominium | 15 | ||
Saddlebrook Holdings, Inc. [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Advanced payment of due to related parties | $ 1,008,211 | 787,963 | |
Saddlebrook International Sports, LLC [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Ownership of condominium units at the resort | Condominium | 10 | ||
Participate unit in Rental Pool Operation | Condominium | 0 | ||
Revenue from related parties | $ 1,816,000 | 1,751,000 | |
Due from related parties | 402,456 | 46,286 | |
Saddlebrook Resort Condominium Association, Inc. [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Due from related parties | 159,185 | 15,195 | |
Expenses paid on behalf of and services provide | $ 1,605,000 | $ 1,654,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Purchase Agreement And Related License Agreement [Abstract] | ||
Lease expense | $ 77,100 | $ 77,100 |
Commitments and Contingencies46
Commitments and Contingencies - Future Minimum Lease Payments under Non-Cancelable Operating Leases with Initial Lease Terms (Detail) | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 77,076 |
2,019 | 34,836 |
2,020 | 30,996 |
2,021 | 30,996 |
Total | $ 173,904 |
Investment in Stock - Additiona
Investment in Stock - Additional Information (Detail) - Resort Hotel Insurance Company [Member] | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | |
Ownership | 20.00% |
Capital contribution | $ 132,866 |
Increase in equity cumulative | $ 397,715 |
BP Settlement - Additional Info
BP Settlement - Additional Information (Detail) | 1 Months Ended |
Jul. 31, 2016USD ($) | |
Other Income [Member] | BP Oil Spill [Member] | |
Loss Contingencies [Line Items] | |
Settlement amount received | $ 397,488 |
Saddlebrook Rental Pool Opera49
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Balance Sheets (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | |||
Cash in bank | $ 698,033 | $ 834,371 | $ 375,912 |
Receivables | |||
Total assets | 23,935,156 | 25,544,422 | |
Distribution Fund [Member] | |||
Assets | |||
Receivable from Saddlebrook Resorts, Inc. | 637,290 | 586,761 | |
Liabilities and Participants' Fund Balance | |||
Due to participants for rental pool distribution | 522,179 | 536,148 | |
Due to maintenance escrow fund | 115,111 | 50,613 | |
Total liabilities and participants' fund balance | 637,290 | 586,761 | |
Saddlebrook Rental Pool Operation [Member] | Maintenance Escrow Fund [Member] | |||
Assets | |||
Cash in bank | 244,558 | 385,931 | |
Receivables | |||
Distribution fund | 115,111 | 50,613 | |
Owner payments | 1,503 | ||
Accrued Interest | (71) | ||
Prepaid expenses and other assets | 51,098 | 14,589 | |
Linen inventory | 68,190 | ||
Furniture inventory | 49,747 | 54,112 | |
Total assets | 462,017 | 573,364 | |
Liabilities and Participants' Fund Balance | |||
Due to Saddlebrook Resorts, Inc. | 127,625 | 202,117 | |
Participants' fund balance | 334,392 | 371,247 | $ 295,708 |
Total liabilities and participants' fund balance | $ 462,017 | $ 573,364 |
Saddlebrook Rental Pool Opera50
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Statements of Operations (Detail) - Saddlebrook Rental Pool Operation [Member] - Distribution Fund [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||
Rental pool revenues | $ 8,594,792 | $ 8,297,216 |
Deductions | ||
Marketing fee | 644,609 | 622,291 |
Management fee | 1,074,349 | 1,037,153 |
Travel agent commissions | 590,694 | 405,632 |
Bad debt expense | 45,000 | 1,000 |
Credit card expense | 251,976 | 211,767 |
Rental expenses | 2,606,628 | 2,277,843 |
Net rental income | 5,988,164 | 6,019,373 |
Operator share of net rental income | (2,694,673) | (2,708,718) |
Other revenues (expenses) | ||
Complimentary room revenues | 35,214 | 45,700 |
Minor repairs and replacements | (106,756) | (277,144) |
Amounts available for distribution to participants and maintenance escrow fund | $ 3,221,949 | $ 3,079,211 |
Saddlebrook Rental Pool Opera51
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, 2017 | Dec. 31, 2016 | |
Distribution Fund [Member] | ||
Additions | ||
Amounts available for distribution | $ 3,221,949 | $ 3,079,211 |
Reductions | ||
Amounts withheld for maintenance escrow fund | (527,275) | (370,493) |
Amounts accrued or paid to participants | (2,694,674) | (2,708,718) |
Maintenance Escrow Fund [Member] | ||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||
Balances, beginning of year | 371,247 | 295,708 |
Additions | ||
Amount withheld from distribution fund | 527,275 | 370,943 |
Unit owner payments | 168,761 | 156,530 |
Interest earned | 111 | |
Reductions | ||
Unit renovations | (102,377) | (567) |
Refunds of excess amounts in escrow accounts | (30,436) | (1,914) |
Maintenance charges | (376,205) | (394,441) |
Linen expense | (223,984) | (55,012) |
Reductions | ||
Balances, end of year | $ 334,392 | $ 371,247 |
Saddlebrook Rental Pool Opera52
Saddlebrook Rental Pool Operation - Rental Pool Operations and Rental Pool Agreement - Additional Information (Detail) - Saddlebrook Rental Pool Operation [Member] | 12 Months Ended |
Dec. 31, 2017Fund | |
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 Opera53
Saddlebrook Rental Pool Operation - Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
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 |