Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | SADDLEBROOK RESORTS INC |
Entity Central Index Key | 0000313151 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Small Business | true |
Entity Common Stock, Shares Outstanding | 100,000 |
Entity Address, State or Province | FL |
Entity Interactive Data Current | Yes |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,515,750 | $ 325,696 |
Escrowed cash | 1,008,399 | 1,124,074 |
Trade accounts receivable, net | 328,679 | 1,129,572 |
Due from related parties | 1,264,058 | 465,623 |
Resort inventory and supplies | 904,405 | 1,011,923 |
Prepaid expenses and other assets | 322,395 | 350,539 |
Total current assets | 5,343,686 | 4,407,427 |
Property, buildings and equipment, net | 13,840,623 | 14,800,528 |
Operating lease right-of-use assets | 110,886 | 147,223 |
Total assets | 19,295,195 | 19,355,178 |
Current liabilities: | ||
Current portion of long-term debt | 6,870,799 | 6,953,178 |
Current portion of paycheck protection program loan | 1,310,469 | 0 |
Current portion of finance lease liabilities | 99,375 | 96,206 |
Current portion of operating lease liabilities | 75,632 | 73,650 |
Escrowed deposits | 1,008,399 | 1,124,074 |
Accounts payable | 230,743 | 492,452 |
Accrued rental distribution | 0 | 344,367 |
Accrued expenses and other liabilities | 658,988 | 1,089,527 |
Current portion of deferred income | 766,481 | 786,125 |
Guest deposits | 1,115,729 | 1,393,571 |
Due to related parties | 140,571 | 0 |
Total current liabilities | 12,277,186 | 12,353,150 |
Long-term portion of paycheck protection program loan | 1,638,086 | 0 |
Long-term finance lease liabilities | 204,818 | 258,258 |
Long-term operating lease liabilities | 35,254 | 73,573 |
Deferred income | 646,764 | 627,685 |
Total liabilities | 14,802,108 | 13,312,666 |
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 | 3,379,960 | 4,929,385 |
Total shareholder's equity | 4,493,087 | 6,042,512 |
Total liabilities and shareholder's equity | $ 19,295,195 | $ 19,355,178 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Deferred financing costs | $ 5,804 | $ 5,804 |
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 Re
Statements of Operations and Retained Earnings (Accumulated Deficit) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | $ 1,877,941 | $ 6,319,161 | $ 9,129,507 | $ 18,435,166 |
Costs and expenses: | ||||
Operating costs | 1,988,056 | 5,588,788 | 7,695,195 | 13,617,156 |
Sales and marketing | 191,388 | 545,620 | 542,169 | 1,077,517 |
General and administrative | 679,197 | 723,769 | 1,372,384 | 1,439,384 |
Depreciation | 483,007 | 516,164 | 981,034 | 1,034,407 |
Total costs and expenses | 3,341,648 | 7,374,341 | 10,590,782 | 17,168,464 |
Net operating (loss) income before other income (expenses) | (1,463,707) | (1,055,180) | (1,461,275) | 1,266,702 |
Other income (expenses) | ||||
Other income | 4,750 | 4,848 | 10,062 | 9,938 |
Interest expense | (7,740) | (112,460) | (99,212) | (223,083) |
Total other expenses, net | (2,990) | (107,612) | (88,150) | (213,145) |
Net (loss) income | (1,466,697) | (1,162,792) | (1,549,425) | 1,053,557 |
Retained earnings (accumulated deficit) at beginning of period | 4,486,657 | (3,174,923) | 4,929,385 | (5,391,272) |
Retained earnings (accumulated deficit) at end of period | $ 3,379,960 | $ (4,337,715) | $ 3,379,960 | $ (4,337,715) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | ||
Net (loss) income | $ (1,549,425) | $ 1,053,557 |
Non-cash items included in net (loss) income: | ||
Depreciation | 981,034 | 1,034,407 |
Gain on the disposal of assets | (6,000) | |
Bad debt expense | 3,143 | |
Amortization of debt financing costs | 5,763 | 12,024 |
Amortization of operating lease right-of-use assets | 36,337 | 34,488 |
Interest paid on finance leases | (10,101) | (5,365) |
Decrease (increase) in: | ||
Accounts receivable | 797,750 | (821,855) |
Inventory and supplies | 107,518 | 14,665 |
Prepaid expenses and other assets | 28,144 | 734,893 |
(Decrease) increase in: | ||
Escrowed deposits | (115,675) | (295,929) |
Accounts payable | (261,709) | 20,541 |
Accrued rental distribution | (344,367) | 76,274 |
Guest deposits | (277,842) | (1,956,451) |
Accrued expenses and other liabilities | (430,539) | (237,411) |
Deferred income | (565) | 145,104 |
Operating lease liabilities | (36,337) | (34,485) |
Cash flows from operating activities | (1,072,871) | (225,543) |
Investing activities: | ||
Capital expenditures | (15,129) | (273,486) |
Cash flows from investing activities | (15,129) | (273,486) |
Financing activities: | ||
Payments on current portion of long-term debt | (88,142) | (176,285) |
Proceeds from line of credit | 1,500,004 | |
Proceeds from paycheck protection program loan | 2,948,555 | |
Payments on finance lease obligations | (40,170) | (11,966) |
Net payments to related parties | (657,864) | (1,377,868) |
Cash flows from financing activities | 2,162,379 | (66,115) |
Net increase (decrease) in cash, cash equivalents and escrowed cash | 1,074,379 | (565,144) |
Cash, cash equivalents and escrowed cash at beginning of period | 1,449,770 | 2,625,471 |
Cash, cash equivalents and escrowed cash at end of period | 2,524,149 | 2,060,327 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 92,449 | $ 211,059 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020, and its statements of operations and retained earnings (accumulated deficit) and cash flows for the three month periods ended June 30, 2020 and 2019, 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, 2019 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 S-X, 10-K |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 2. Revenue Revenue Recognition 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. Contract Balances Timing differences among revenue recognition may result in contract assets or liabilities. Contract liabilities consists of guest deposits and deferred income and totaled approximately $2,529,000 and $2,807,000 as of June 30, 2020 and December 31, 2019, respectively. Contract assets consist of escrowed cash relating to rental pool owner deposits for the maintenance reserve fund and long-term security deposits and totaled approximately $1,008,000 and $1,124,000 as of June 30, 2020 and December 31, 2019, respectively. The Company’s net trade accounts receivables were approximately Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under the new revenue recognition standard. The transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our revenue transactional and the contracts performance obligation is generally satisfied at the time of the transaction. |
Trade Accounts Receivable
Trade Accounts Receivable | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Trade Accounts Receivable | Note 3. Trade Accounts Receivable June 30, December 31, Trade accounts receivable $ 329,296 $ 1,161,500 Less reserve for bad debts (617 ) (31,928 ) $ 328,679 $ 1,129,572 |
Management's Plans Regarding Li
Management's Plans Regarding Liquidity and Capital Resources | 6 Months Ended |
Jun. 30, 2020 | |
Managements Plans Regarding Liquidity and Capital Resources Disclosure [Abstract] | |
Management's Plans Regarding Liquidity and Capital Resources | Note 4. Management’s Plans Regarding Liquidity and Capital Resources The Company experienced a significant decrease in revenue for the three months ended June 30, 2020 compared to the previous year. Towards the end of December 2019, an outbreak of a novel strain of coronavirus (“COVID-19”) COVID-19 COVID-19 In April 2020, the Company received approximately $2,949,000 of proceeds from a note payable funded under the Pay check The current economic conditions, expected effect on the Company’s results of operations and financial position, and uncertainty of the length or severity of the outbreak raise substantial doubt about the Company’s ability to continue as a going concern. |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Operating Leases | Note 5. Operating Leases The Company leases certain equipment under non-cancellable right-of-use six Lease costs (included in operating costs) $ 36,337 Incremental borrowing rate 5.32 % |
Property, Buildings and Equipme
Property, Buildings and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Buildings and Equipment | Note 6. Property, Buildings and Equipment June 30, December 31, Land and land improvements $ 8,830,867 $ 8,830,867 Buildings and recreational facilities 32,105,123 32,093,233 Machinery and equipment 21,778,127 21,863,715 Construction in progress 94,379 94,379 62,808,496 62,882,194 Less accumulated depreciation (48,967,873 ) (48,081,666 ) $ 13,840,623 $ 14,800,528 The Company’s property, buildings and equipment are pledged as security for its debt (see Note 7 |
Notes Payable and Finance Lease
Notes Payable and Finance Lease Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Notes Payable and Finance Lease Liabilities | Note 7. Notes Payable and Finance Lease Liabilities 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 June 30, 2020, $5,376,603 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 (3.16% at June 30, 2020). 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, 2019; however, the Company received a waiver for this default from its lender. The Company is currently discussing refinancing of its current mortgage. Effective April 6, 2020, the lender agreed to defer payment of principal and interest through and including June 6, 2020 with regularly scheduled payments of principal and interest to resume July 6, 2020. 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 (3.16% at June 30, 2020). The line of credit will terminate on December 6, 2020. As of June 30, 2020, the Company had $1,500,000 in outstanding borrowings on this agreement. Effective April 24, 2020, the lender agreed to defer payment of interest (the “Payment Deferral”) through and including June 24, 2020 with regularly scheduled payments of interest to resume July 24, 2020. In April 2020, the Company entered into a term note agreement with the same third party lender for approximately $2,949,000 funded under the Paycheck Protection Program as part of the CARES Act. The note bears interest at 1% per annum, matures in April 2022, and requires monthly interest and principal payments of $165,529 beginning in November 2020 and through maturity. The currently issued guidelines of the program allow for the loan proceeds to be forgiven if certain requirements are met. If the Company is unable to or does not follow those guidelines, the Company would be required to repay a portion of or the entire balance of the loan proceeds in full. At June 30, 2020, $2,948,555 was outstanding under the note. On March 1, 2018, the Company entered into a finance lease liability for equipment in the amount of $332,206. The assets associated with this lease cost $461,506, of which $129,300 was reduced through the Company’s trade-in On April 1, 2018, the Company entered into a finance lease liability for equipment in the amount of $156,942. The assets associated with this lease cost $178,942, of which $22,000 was reduced through the Company’s trade-in |
Related Party Receivables and P
Related Party Receivables and Payables | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8. Related Party Receivables and Payables Related party receivables and payables at June 30, 2020 and December 31, 2019 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 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. 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 | 6 Months Ended |
Jun. 30, 2020 | |
Saddlebrook Rental Pool Operation | SADDLEBROOK RENTAL POOL OPERATION BALANCE SHEETS DISTRIBUTION FUND June 30, 2020 December 31, (Unaudited) 2019 Assets Receivable from Saddlebrook Resorts, Inc. $ — $ 344,366 Due from maintenance escrow fund 34,621 — $ 34,621 $ 344,666 Liabilities and Participants’ Fund Balanc e Due to participants for rental pool distributio n $ 33,737 $ 299,020 Due to maintenance escrow fun d — 45,346 Payable to Saddlebrook Resorts, Inc. 884 — $ 34,621 $ 344,366 MAINTENANCE ESCROW FUND June 30 2020 December 31, (Unaudited) 2019 Assets Cash and cash equivalents $ 996,700 $ 1,108,892 Receivables: Distribution fund — 45,346 Prepaid expenses and other assets 54,255 14,605 Linen Inventory 27,496 — Furniture Inventory 39,650 39,651 $ 1,118,101 $ 1,208,494 Liabilities and Participants’ Fund Balance Due to Saddlebrook Resorts, Inc. $ 43,878 $ 127,354 Participants’ fund balance 1,039,602 1,081,140 Due to distribution fun d 34,621 — $ 1,118,101 $ 1,208,494 SADDLEBROOK RENTAL POOL OPERATION STATEMENTS OF OPERATIONS (Unaudited) Three months ended 0 Six months ended 2020 2019 2020 2019 Rental pool revenues $ 229,779 $ 1,653,930 $ 2,205,597 $ 6,837,458 Deductions: Marketing fee 17,233 124,045 165,419 512,809 Management fee 28,722 206,741 275,699 854,682 Travel agent commissions 95,999 206,967 165,229 486,262 Credit card expense 12,853 46,599 71,202 205,591 154,807 584,352 677,549 2,059,344 Net rental income 74,972 1,069,578 1,528,048 4,778,114 Less operator share of net rental income (33,737 ) (481,310 ) (687,621 ) (2,150,152 ) Other revenues (expenses): Complimentary room revenues 604 9,021 6,855 22,252 Minor repairs and replacements (42,723 ) (17,949 ) (75,409 ) (71,187 ) (Deficit in distribution) amount available for distribution $ (884 ) $ 579,340 $ 771,873 $ 2,579,027 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 S 2020 2019 Balance at beginning of period $ — $ — Additions: Amount available for distribution 771,873 2,008,934 Reductions: Amount withheld for maintenance escrow fund (84,252 ) (343,947 ) Amount accrued or paid to participants (687,621 ) (1,664,987 ) Balance at end of period $ — $ — MAINTENANCE ESCROW FUND S 2020 2019 Balance at beginning of period $ 1,081,140 $ 2,135,913 Additions: Amount withheld from distribution fund 84,252 343,947 Unit owner payments 146,968 142,226 Interest earned 2,717 7,162 Reductions: Escrow account refunds (94,990 ) (306,483 ) Maintenance charges (70,366 ) (121,096 ) Unit renovations (57,403 ) (423,399 ) Linen replacement (52,716 ) (77,479 ) Balance at end of period $ 1,039,602 $ 1,700,791 The accompanying notes are an integral part of these financial statements 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 Opera_2
Saddlebrook Rental Pool Operation (Policies) - Saddlebrook Rental Pool Operation [Member] | 6 Months Ended |
Jun. 30, 2020 | |
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. |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Trade Accounts Receivable | June 30, December 31, Trade accounts receivable $ 329,296 $ 1,161,500 Less reserve for bad debts (617 ) (31,928 ) $ 328,679 $ 1,129,572 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of lease cost | Lease costs (included in operating costs) $ 36,337 Incremental borrowing rate 5.32 % |
Property, Buildings and Equip_2
Property, Buildings and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Buildings and Equipment | June 30, December 31, Land and land improvements $ 8,830,867 $ 8,830,867 Buildings and recreational facilities 32,105,123 32,093,233 Machinery and equipment 21,778,127 21,863,715 Construction in progress 94,379 94,379 62,808,496 62,882,194 Less accumulated depreciation (48,967,873 ) (48,081,666 ) $ 13,840,623 $ 14,800,528 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 2,529,000 | $ 2,807,000 |
Contract with customer assets | 1,008,000 | 1,124,000 |
Accounts receivables | $ 328,679 | $ 1,129,572 |
Trade Accounts Receivable - Acc
Trade Accounts Receivable - Accounts Receivable (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 329,296 | $ 1,161,500 |
Less reserve for bad debts | (617) | (31,928) |
Accounts receivable, net | $ 328,679 | $ 1,129,572 |
Management's Plans Regarding _2
Management's Plans Regarding Liquidity and Capital Resources - Additional information (Detail) - Paycheck Protection Program [Member] | Apr. 30, 2020USD ($) |
Proceeds From Notes Payable | $ 2,949,000 |
Debt Instrument,Stated Interest Percentage | 1.00% |
Debt Instrument Maturity Date Description | April 2022 |
Debt Instrument, Periodic Payment | $ 165,529 |
Operating Leases - Aggregated i
Operating Leases - Aggregated information regarding leases (Detail) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Lease costs (included in operating costs) | $ 36,337 |
Incremental borrowing rate | 5.32% |
Operating Leases - Additional i
Operating Leases - Additional information (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Operating lease right-of-use assets | $ 110,886 | $ 147,223 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating lease right-of-use assets | $ 217,000 | ||
Operating lease liability | $ 217,000 |
Property, Buildings and Equip_3
Property, Buildings and Equipment - Schedule of Property, Buildings and Equipment (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 62,808,496 | $ 62,882,194 |
Less accumulated depreciation | (48,967,873) | (48,081,666) |
Property, buildings and equipment, net | 13,840,623 | 14,800,528 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 8,830,867 | 8,830,867 |
Buildings and Recreational Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 32,105,123 | 32,093,233 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 21,778,127 | 21,863,715 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 94,379 | $ 94,379 |
Notes Payable and Finance Lea_2
Notes Payable and Finance Lease Liabilities - Additional Information (Detail) - USD ($) | Apr. 30, 2020 | Dec. 06, 2015 | Jun. 30, 2020 | Apr. 01, 2018 | Mar. 01, 2018 | Apr. 24, 2017 |
Paycheck Protection Program [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Debt Instrument, Advance of additional borrowings | $ 2,949,000 | |||||
Finance lease obligations, Interest rate | 1.00% | |||||
Debt Instrument Maturity Date Description | April 2022 | |||||
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, Effective rate | 3.16% | |||||
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 | $ 1,500,000 | |||||
Line of credit moratorium start date | Jun. 24, 2020 | |||||
Line of credit moratorium end date | Jul. 24, 2020 | |||||
Line of credit facility date of first required payment | Jul. 24, 2020 | |||||
Notes Payable To Third Parties [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Debt Instrument, Monthly principal payment | $ 165,529 | |||||
Debt Instrument, Effective rate | 1.00% | |||||
Debt Instrument Maturity Date Description | April 2022 | |||||
Notes Payable To Third Parties [Member] | Paycheck Protection Program [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Debt Instrument, Advance of additional borrowings | $ 2,949,000 | |||||
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 | $ 5,376,603 | |||||
Debt Instrument, Monthly principal payment | $ 29,380 | |||||
Debt Instrument, Basis spread on variable rate | 3.00% | |||||
Debt Instrument, Effective rate | 3.16% | |||||
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%. | |||||
Notes Payable To Third Parties [Member] | Term Note [Member] | Paycheck Protection Program [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Debt Instrument, Outstanding balance | $ 2,948,555 | |||||
Finance Lease 5 [Member] | Equipment [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Finance lease obligations, Equipment | $ 190,499 | $ 332,206 | ||||
Finance lease obligations, Expiration | 2023-02 | |||||
Finance lease obligations, Monthly payments | $ 6,500 | |||||
Finance lease obligations, Interest rate | 6.50% | |||||
Finance lease obligations, Frequency of periodic payment | monthly | |||||
Finance lease obligations, Cost of leased assets | $ 461,506 | |||||
Finance lease obligations, Value of Company's trade-in of existing equipment | $ 129,300 | |||||
Finance Lease 6 [Member] | Equipment [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Finance lease obligations, Equipment | $ 92,566 | $ 156,942 | ||||
Finance lease obligations, Expiration | 2023-03 | |||||
Finance lease obligations, Monthly payments | $ 3,071 | |||||
Finance lease obligations, Interest rate | 6.50% | |||||
Finance lease obligations, Frequency of periodic payment | monthly | |||||
Finance lease obligations, Cost of leased assets | $ 178,942 | |||||
Finance lease obligations, Value of Company's trade-in of existing equipment | $ 22,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Income tax expense recorded | $ 0 |
Saddlebrook Rental Pool Opera_3
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Balance Sheets (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash and cash equivalents | $ 1,515,750 | $ 325,696 | ||
Receivables: | ||||
Total assets | 19,295,195 | 19,355,178 | ||
Saddlebrook Rental Pool Operation [Member] | Distribution Fund [Member] | ||||
Assets | ||||
Receivable from Saddlebrook Resorts, Inc. | 344,366 | |||
Due from maintenance escrow fund | 34,621 | |||
Receivables: | ||||
Total assets | 34,621 | 344,666 | ||
Liabilities and Participants' Fund Balance | ||||
Due to participants for rental pool distribution | 33,737 | 299,020 | ||
Participants' fund balance | 0 | 0 | $ 0 | $ 0 |
Due to maintenance escrow fund | 45,346 | |||
Payable to Saddlebrook Resorts, Inc. | 884 | |||
Total liabilities and participants' fund balance | 34,621 | 344,366 | ||
Saddlebrook Rental Pool Operation [Member] | Maintenance Escrow Fund [Member] | ||||
Assets | ||||
Cash and cash equivalents | 996,700 | 1,108,892 | ||
Receivables: | ||||
Distribution fund | 45,346 | |||
Prepaid expenses and other assets | 54,255 | 14,605 | ||
Linen Inventory | 27,496 | |||
Furniture inventory | 39,650 | 39,651 | ||
Total assets | 1,118,101 | 1,208,494 | ||
Liabilities and Participants' Fund Balance | ||||
Due to Saddlebrook Resorts, Inc. | 43,878 | 127,354 | ||
Participants' fund balance | 1,039,602 | 1,081,140 | $ 1,700,791 | $ 2,135,913 |
Due to distribution fund | 34,621 | |||
Total liabilities and participants' fund balance | $ 1,118,101 | $ 1,208,494 |
Saddlebrook Rental Pool Opera_4
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Statements of Operations (Detail) - Saddlebrook Rental Pool Operation [Member] - Distribution Fund [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||||
Rental pool revenues | $ 229,779 | $ 1,653,930 | $ 2,205,597 | $ 6,837,458 |
Deductions: | ||||
Marketing fee | 17,233 | 124,045 | 165,419 | 512,809 |
Management fee | 28,722 | 206,741 | 275,699 | 854,682 |
Travel agent commissions | 95,999 | 206,967 | 165,229 | 486,262 |
Credit card expense | 12,853 | 46,599 | 71,202 | 205,591 |
Rental expenses | 154,807 | 584,352 | 677,549 | 2,059,344 |
Net rental income | 74,972 | 1,069,578 | 1,528,048 | 4,778,114 |
Less operator share of net rental income | (33,737) | (481,310) | (687,621) | (2,150,152) |
Other revenues (expenses): | ||||
Complimentary room revenues | 604 | 9,021 | 6,855 | 22,252 |
Minor repairs and replacements | (42,723) | (17,949) | (75,409) | (71,187) |
(Deficit in distribution) amount available for distribution | $ (884) | $ 579,340 | $ 771,873 | $ 2,579,027 |
Saddlebrook Rental Pool Opera_5
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Distribution Fund [Member] | ||||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||||
Balances, beginning of year | $ 0 | $ 0 | ||
Additions | ||||
Amount available for distribution | $ (884) | $ 579,340 | 771,873 | 2,579,027 |
Reductions | ||||
Amount withheld for maintenance escrow fund | (84,252) | (343,947) | ||
Amount accrued or paid to participants | (687,621) | (1,664,987) | ||
Balances, end of year | 0 | 0 | 0 | 0 |
Maintenance Escrow Fund [Member] | ||||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||||
Balances, beginning of year | 1,081,140 | 2,135,913 | ||
Additions: | ||||
Amount withheld from distribution fund | 84,252 | 343,947 | ||
Unit owner payments | 146,968 | 142,226 | ||
Interest earned | 2,717 | 7,162 | ||
Reductions | ||||
Escrow account refunds | (94,990) | (306,483) | ||
Maintenance charges | (70,366) | (121,096) | ||
Unit renovations | (57,403) | (423,399) | ||
Linen replacement | (52,716) | (77,479) | ||
Reductions | ||||
Balances, end of year | $ 1,039,602 | $ 1,700,791 | $ 1,039,602 | $ 1,700,791 |
Saddlebrook Rental Pool Opera_6
Saddlebrook Rental Pool Operation - Rental Pool Operations and Rental Pool Agreement - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020Fund | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | |
Number of funds consisted by variable interest entity | 2 |
Saddlebrook Rental Pool Operation [Member] | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | |
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 Opera_7
Saddlebrook Rental Pool Operation - Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
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 |