Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q/A |
Amendment Flag | true |
Amendment Description | This Amendment No. 1 on Form 10-Q/A amends the Quarterly Report on Form 10-Q of Saddlebrook Resorts, Inc. for the quarter ended September 30, 2020 filed on November 16, 2020 (the “Form 10-Q”) for the sole purpose of furnishing the interactive data files as Exhibit 101 in accordance with Rule 405(a)(2) of Regulation S-T. No other changes have been made to the Form 10-Q except for the furnishing of the exhibit described above. This Form 10-Q/A speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the Form 10-Q. |
Document Period End Date | Sep. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
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 ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 325,696 | |
Escrowed cash | $ 983,340 | 1,124,074 |
Trade accounts receivable, net | 114,372 | 1,129,572 |
Due from related parties | 1,591,472 | 465,623 |
Resort inventory and supplies | 875,755 | 1,011,923 |
Prepaid expenses and other assets | 402,287 | 350,539 |
Total current assets | 3,967,226 | 4,407,427 |
Property, buildings and equipment, net | 13,468,555 | 14,800,528 |
Operating lease right-of-use assets | 92,353 | 147,223 |
Total assets | 17,528,134 | 19,355,178 |
Current liabilities: | ||
Checks issued in excess of cash and cash equivalents | 22,984 | |
Current portion of long-term debt, less deferred financing of $2,922 | 6,785,540 | 6,953,178 |
Current portion of Paycheck Protection Program loan | 1,801,895 | |
Current portion of finance lease liabilities | 101,000 | 96,206 |
Current portion of operating lease liabilities | 76,642 | 73,650 |
Escrowed deposits | 983,340 | 1,124,074 |
Accounts payable | 299,881 | 492,452 |
Accrued rental distribution | 123,115 | 344,367 |
Accrued expenses and other liabilities | 771,456 | 1,089,527 |
Current portion of deferred income | 742,334 | 786,125 |
Guest deposits | 1,115,030 | 1,393,571 |
Total current liabilities | 12,823,217 | 12,353,150 |
Long-term portion of Economic Injury Disaster loan | 150,000 | |
Long-term portion of Payroll Protection Program loan | 1,146,660 | |
Long-term finance lease liabilities | 177,476 | 258,258 |
Long-term operating lease liabilities | 15,711 | 73,573 |
Deferred income | 652,345 | 627,685 |
Total liabilities | 14,965,409 | 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 | 1,449,598 | 4,929,385 |
Total shareholder's equity | 2,562,725 | 6,042,512 |
Total liabilities and shareholder's equity | $ 17,528,134 | $ 19,355,178 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Deferred financing | $ 2,922 | $ 2,922 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | $ 1,724,182 | $ 3,505,158 | $ 10,853,689 | $ 21,940,324 |
Costs and expenses: | ||||
Operating costs | 2,417,908 | 4,186,070 | 10,113,103 | 17,803,226 |
Sales and marketing | 117,334 | 390,470 | 659,503 | 1,467,987 |
General and administrative | 665,487 | 683,172 | 2,037,871 | 2,122,557 |
Depreciation | 394,393 | 512,646 | 1,375,427 | 1,547,052 |
Total costs and expenses | 3,595,122 | 5,772,358 | 14,185,904 | 22,940,822 |
Net operating loss before other income (expenses) | (1,870,940) | (2,267,200) | (3,332,215) | (1,000,498) |
Other income (expenses) | ||||
Other income | 3,363 | 1,267 | 13,425 | 819 |
Interest expense | (62,785) | (102,715) | (160,997) | (313,774) |
Total other income (expenses), net | (59,422) | 101,448 | (147,572) | 314,594 |
Net loss | (1,930,362) | (2,368,648) | (3,479,787) | (1,315,092) |
Retained earnings (accumulated deficit) at beginning of period | 3,379,960 | (4,337,717) | 4,929,385 | (5,391,273) |
Retained earnings (accumulated deficit) at end of period | $ 1,449,598 | $ (6,706,365) | $ 1,449,598 | $ (6,706,365) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Net loss | $ (3,479,787) | $ (1,315,092) |
Non-cash items included in net loss: | ||
Depreciation | 1,375,427 | 1,547,052 |
Gain on the disposal of assets | (6,000) | 0 |
Bad debt expense | 3,143 | 0 |
Amortization of debt financing costs | 8,644 | 14,906 |
Amortization of operating lease right-of-use assets | 54,870 | 52,062 |
Interest paid on finance leases | (14,570) | (19,062) |
Decrease (increase) in: | ||
Accounts receivable | 1,012,057 | 267,928 |
Inventory and supplies | 136,168 | 27,630 |
Prepaid expenses and other assets | (51,748) | 793,768 |
(Decrease) increase in: | ||
Checks issued in excess of cash and cash equivalents | 22,984 | 0 |
Escrowed deposits | (140,734) | (637,031) |
Accounts payable | (192,571) | (131,403) |
Accrued rental distribution | (221,252) | (301,615) |
Guest deposits | (278,541) | (1,673,372) |
Accrued expenses and other liabilities | (318,071) | (320,688) |
Deferred income | (19,131) | (58,099) |
Operating lease liabilities | (54,870) | (52,062) |
Cash flows from operating activities | (2,163,982) | (1,805,078) |
Investing activities: | ||
Capital expenditures | (37,454) | (404,474) |
Cash flows from investing activities | (37,454) | (404,474) |
Financing activities: | ||
Payments on long-term debt | (176,282) | (264,424) |
Proceeds from line of credit | 0 | 1,500,000 |
Proceeds from long-term debt | 150,000 | 0 |
Proceeds from payroll protection program loan | 2,948,555 | 0 |
Payments on finance lease obligations | (61,418) | (22,465) |
Net advances from (payments to) related parties | (1,125,849) | 164,363 |
Cash flows from financing activities | 1,735,006 | 1,377,474 |
Net decrease in cash, cash equivalents and escrowed cash | (466,430) | (715,880) |
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 | 983,340 | 1,909,591 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 92,449 | $ 313,774 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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 September 30, 2020, and its statements of operations and accumulated earnings and cash flows for the nine month periods ended September 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 and Article 10 of Regulation S-X, and, consequently, do not include all disclosures normally required by accounting principles generally accepted in the United States. Accordingly, these financial statements and related notes should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
Revenue
Revenue | 9 Months Ended |
Sep. 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 $1,902,000 and $2,807,000 as of September 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 $983,000 and $1,124,000 as of September 30, 2020 and December 31, 2019, respectively. The Company’s net trade accounts receivables were $114,000 and $1,130,000 as of September 30, 2020 and December 31, 2019, respectively. Trade accounts receivable are stated in the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to the allowance of doubtful accounts based on its assessment of the current status of individual accounts. Balances still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance of doubtful accounts and a credit to trade accounts receivable. Changes in the allowance for doubtful accounts have not been material to the consolidated financial statements. 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 | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Trade Accounts Receivable | Note 3. Trade Accounts Receivable September 30, December 31, Trade accounts receivable $ 114,989 $ 1,161,500 Less reserve for bad debts (617 ) (31,928 ) $ 114,372 $ 1,129,572 |
Management's Plans Regarding Li
Management's Plans Regarding Liquidity and Capital Resources | 9 Months Ended |
Sep. 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 nine months ended September 30, 2020 compared to the previous year. Towards the end of December 2019, an outbreak of a novel strain of coronavirus (“COVID-19”) emerged globally. The COVID-19 outbreak in the United States has resulted in a reduction of hotel occupancy and cancellations of future reservations. It is difficult to estimate the length or severity of this outbreak; however, a significant reduction in occupancy caused by COVID-19 is expected to affect the Company’s results of operations and financial position. In April 2020, the Company received approximately $2,949,000 of proceeds from a note payable funded under the Payroll 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. In September 2020, the Company received $150,000 of proceeds from an Economic Injury Disaster Loan (“EIDL”) note payable funded by the U.S. Small Business Administration. The note bears interest at 3.75% per annum, matures in September 2050, and requires monthly interest and principal payments of $731 beginning in September 2021 and through maturity. 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 | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Operating Leases | Note 5. Operating Leases The Company leases certain equipment under non-cancellable operating leases, which begin to expire in 2021. The leases are classified as operating leases in conformity with the provisions of Topic 842. Accordingly, the Company recorded a right-of-use asset and related operating lease liability totaling approximately $217,000 upon adoption of Topic 842 as of January 1, 2019. Aggregated information regarding the leases as of and for the nine months ended September 30, 2020 is as follows: Lease costs (included in operating costs) $ 54,870 Incremental borrowing rate 5.32 % |
Property, Buildings and Equipme
Property, Buildings and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Buildings and Equipment | Note 6. Property, Buildings and Equipment September 30, 2020 December 31, (Unaudited) 2019 Land and land improvements $ 8,830,867 $ 8,830,867 Buildings and recreational facilities 32,105,123 32,093,233 Machinery and equipment 21,798,595 21,863,715 Construction in progress 96,234 94,379 62,830,819 62,882,194 Less accumulated depreciation (49,362,264 ) (48,081,666 ) $ 13,468,555 $ 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 | 9 Months Ended |
Sep. 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 September 30, 2020, $5,288,462 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 (3.14 % ) 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 (3.14 % ) 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 of 1% per annum, matures in April 2022, and requires a 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 entire balance of the loan proceeds in full. At On September 25, 2020, the Company entered into an EIDL note payable for $150,000 funded by the U.S. Small Business Administration. The note bears interest at 3.75% per annum, matures in September 2050, and requires monthly interest and principal payments of $731 beginning in September 2021 and through maturity. At September 30, 2020, $150,000 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 of existing equipment. This finance lease is secured by the equipment purchased, matures in February 2023 and requires monthly payments of $6,500, including interest at 6.5%. At September 30, 2020, the amount due on this finance lease liability was $174,005. 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 of existing equipment. This finance lease is secured by the equipment purchased, matures in March 2023 and requires monthly payments of $3,071, including interest at 6.5%. At September 30 , 2020, the amount due on this finance lease liability was $84,817. |
Related Party Receivables
Related Party Receivables | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Receivables | Note 8. Related Party Receivables Related party receivables at September 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 are unsecured and non-interest bearing. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 30, 2020 | |
Saddlebrook Rental Pool Operation [Member] | |
Saddlebrook Rental Pool Operation | SADDLEBROOK RENTAL POOL OPERATION BALANCE SHEETS DISTRIBUTION FUND September 30, December 31, Assets Receivable from Saddlebrook Resorts, Inc. $ 123,115 344,366 Liabilities and Participants’ Fund Balance Due to participants for rental pool distribution $ 106,205 $ 299,020 Due to maintenance escrow fund 16,910 45,346 $ 123,115 $ 344,366 MAINTENANCE ESCROW FUND September 30, December 31, Assets Cash and cash equivalents $ 970,565 $ 1,108,892 Receivables: Distribution fund 16,910 45,346 Prepaid expenses and other assets 43,269 14,605 Linen Inventory 15,419 — Furniture Inventory 39,651 39,651 $ 1,085,814 $ 1,208,494 Liabilities and Participants’ Fund Balance Due to Saddlebrook Resorts, Inc. $ 98,469 $ 127,354 Participants’ fund balance 987,345 1,081,140 $ 1,085,814 $ 1,208,494 SADDLEBROOK RENTAL POOL OPERATION STATEMENTS OF OPERATIONS (Unaudited) Three months ended Nine months ended 2020 2019 2020 2019 Rental pool revenues $ 319,049 $ 614,217 $ 2,524,646 $ 5,885,397 Deductions: Marketing fee 23,929 46,066 189,348 441,405 Management fee 39,881 76,777 315,580 735,674 Travel agent commissions 15,295 90,840 180,524 474,728 Credit card expense 3,933 20,839 75,135 153,926 83,038 234,522 760,587 1,805,733 Net rental income 236,011 379,695 1,764,059 4,079,664 Less operator share of net rental income (106,205 ) (170,863 ) (793,826 ) (1,835,849 ) Other revenues (expenses): Complimentary room revenues 4,307 4,083 11,162 25,957 Minor repairs and replacements (10,998 ) (11,464 ) (86,407 ) (59,387 ) Amount available for distribution $ 123,115 $ 201,451 $ 894,988 $ 2,210,385 The accompanying notes are an integral part of these financial statements SADDLEBROOK RENTAL POOL OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS’ FUND BALANCES (Unaudited) DISTRIBUTION FUND Nine months ended September 30, 2020 2019 Balance at beginning of period $ — $ — Additions: Amount available for distribution 894,988 2,210,385 Reductions: Amount withheld for maintenance escrow fund {101,162 ) (374,535 ) Amount accrued or paid to participants (793,826 ) (1,835,850 ) Balance at end of period $ — $ — MAINTENANCE ESCROW FUND Nine months ended September 30, 2020 2019 Balance at beginning of period $ 1,081,140 2,135,913 Additions: Amount withheld from distribution fund 101,162 374,535 Unit owner payments 157,133 292,213 Interest earned 2,783 13,789 Reductions: Escrow account refunds (99,968 ) (306,483 ) Maintenance charges (114,829 ) (172,493 ) Unit renovations (75,284 ) (957,807 ) Linen replacement (64,792 ) (96,789 ) Balance at end of period $ 987,345 $ 1,282,878 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] | 9 Months Ended |
Sep. 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) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Trade Accounts Receivable | Note 3. Trade Accounts Receivable September 30, December 31, Trade accounts receivable $ 114,989 $ 1,161,500 Less reserve for bad debts (617 ) (31,928 ) $ 114,372 $ 1,129,572 |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of lease cost | Lease costs (included in operating costs) $ 54,870 Incremental borrowing rate 5.32 % |
Property, Buildings and Equip_2
Property, Buildings and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Buildings and Equipment | September 30, 2020 December 31, (Unaudited) 2019 Land and land improvements $ 8,830,867 $ 8,830,867 Buildings and recreational facilities 32,105,123 32,093,233 Machinery and equipment 21,798,595 21,863,715 Construction in progress 96,234 94,379 62,830,819 62,882,194 Less accumulated depreciation (49,362,264 ) (48,081,666 ) $ 13,468,555 $ 14,800,528 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 1,902,000 | $ 2,807,000 |
Contract with customer assets | 983,000 | 1,124,000 |
Accounts receivables | $ 114,372 | $ 1,129,572 |
Trade Accounts Receivable - Acc
Trade Accounts Receivable - Accounts Receivable (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 114,989 | $ 1,161,500 |
Less reserve for bad debts | (617) | (31,928) |
Accounts receivable, net | $ 114,372 | $ 1,129,572 |
Management's Plans Regarding _2
Management's Plans Regarding Liquidity and Capital Resources - Additional information (Detail) - USD ($) | Sep. 30, 2020 | Sep. 25, 2020 | Apr. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 |
Proceeds from Issuance of Debt | $ 150,000 | $ 0 | |||
Economic Injury Disaster Loan [Member] | |||||
Debt Instrument,Stated Interest Percentage | 3.75% | 3.75% | |||
Debt Instrument Maturity Date Description | September 2050 | ||||
Debt Instrument, Periodic Payment | $ 731 | ||||
Proceeds from Issuance of Debt | $ 150,000 | ||||
Payroll Protection Program [Member] | |||||
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) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Lease costs (included in operating costs) | $ 54,870 |
Incremental borrowing rate | 5.32% |
Operating Leases - Additional i
Operating Leases - Additional information (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Operating lease right-of-use assets | $ 92,353 | $ 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 ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 62,830,819 | $ 62,882,194 |
Less accumulated depreciation | (49,362,264) | (48,081,666) |
Property, buildings and equipment, net | 13,468,555 | 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 | 21,798,595 | 21,863,715 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 96,234 | $ 94,379 |
Notes Payable and Finance Lea_2
Notes Payable and Finance Lease Liabilities - Additional Information (Detail) - USD ($) | Sep. 30, 2020 | Sep. 25, 2020 | Apr. 30, 2020 | Dec. 06, 2015 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 01, 2018 | Mar. 01, 2018 | Apr. 24, 2017 |
Pay check Protection Program Loan | $ 2,948,555 | $ 2,948,555 | |||||||
Proceeds from Issuance of Debt | 150,000 | $ 0 | |||||||
Long-term Debt, Excluding Current Maturities | $ 150,000 | $ 150,000 | |||||||
Paycheck Protection Program [Member] | |||||||||
Debt Instrument, Advance of additional borrowings | $ 2,949,000 | ||||||||
Finance lease obligations, Interest rate | 1.00% | ||||||||
Debt Instrument, Maturity Date, Description | April 2022 | ||||||||
Debt Instrument, Periodic Payment | $ 165,529 | ||||||||
Proceeds From Notes Payable | $ 2,949,000 | ||||||||
Debt Instrument,Stated Interest Percentage | 1.00% | ||||||||
Debt Instrument, Periodic Payment | $ 165,529 | ||||||||
Debt Instrument Maturity Date Description | April 2022 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument, Basis spread on variable rate | 3.00% | ||||||||
Debt Instrument, Effective rate | 3.14% | 3.14% | |||||||
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 | $ 1,500,000 | |||||||
Line of credit moratorium start date | Jun. 6, 2020 | ||||||||
Line of credit moratorium end date | Jun. 6, 2020 | ||||||||
Line of credit facility date of first required payment | Jun. 6, 2020 | ||||||||
Notes Payable To Third Parties [Member] | Term Note [Member] | |||||||||
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 | $ 5,288,462 | $ 5,288,462 | |||||||
Debt Instrument, Monthly principal payment | $ 29,380 | ||||||||
Debt Instrument, Basis spread on variable rate | 3.00% | ||||||||
Debt Instrument, Effective rate | 3.14% | 3.14% | |||||||
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%. | ||||||||
Proceeds From Notes Payable | $ 2,000,000 | ||||||||
Economic Injury Disaster Loan [Member] | |||||||||
Finance lease obligations, Interest rate | 3.75% | 3.75% | |||||||
Proceeds from Issuance of Debt | $ 150,000 | ||||||||
Debt Instrument, Maturity Date, Description | September 2050 | ||||||||
Debt Instrument, Periodic Payment | $ 731 | ||||||||
Long-term Debt, Excluding Current Maturities | $ 150,000 | $ 150,000 | |||||||
Debt Instrument,Stated Interest Percentage | 3.75% | 3.75% | |||||||
Debt Instrument, Periodic Payment | $ 731 | ||||||||
Debt Instrument Maturity Date Description | September 2050 | ||||||||
Finance Lease 5 [Member] | Equipment [Member] | |||||||||
Finance lease obligations, Equipment | $ 174,005 | $ 174,005 | $ 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 | ||||||||
Debt Instrument,Stated Interest Percentage | 6.50% | ||||||||
Finance Lease 6 [Member] | Equipment [Member] | |||||||||
Finance lease obligations, Equipment | $ 84,817 | $ 84,817 | $ 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 | ||||||||
Debt Instrument,Stated Interest Percentage | 6.50% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 9 Months Ended |
Sep. 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 ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash and cash equivalents | $ 325,696 | |||
Receivables: | ||||
Total assets | $ 17,528,134 | 19,355,178 | ||
Saddlebrook Rental Pool Operation [Member] | Distribution Fund [Member] | ||||
Assets | ||||
Receivable from Saddlebrook Resorts, Inc. | 123,115 | 344,366 | ||
Liabilities and Participants' Fund Balance | ||||
Due to participants for rental pool distribution | 106,205 | 299,020 | ||
Due to maintenance escrow fund | 16,910 | 45,346 | ||
Participants' fund balance | 0 | 0 | ||
Total liabilities and participants' fund balance | 123,115 | 344,366 | ||
Saddlebrook Rental Pool Operation [Member] | Maintenance Escrow Fund [Member] | ||||
Assets | ||||
Cash and cash equivalents | 970,565 | 1,108,892 | ||
Receivables: | ||||
Distribution fund | 16,910 | 45,346 | ||
Prepaid expenses and other assets | 43,269 | 14,605 | ||
Linen Inventory | 15,419 | |||
Furniture inventory | 39,651 | 39,651 | ||
Total assets | 1,085,814 | 1,208,494 | ||
Liabilities and Participants' Fund Balance | ||||
Due to Saddlebrook Resorts, Inc. | 98,469 | 127,354 | ||
Participants' fund balance | 987,345 | 1,081,140 | $ 1,282,878 | $ 2,135,913 |
Total liabilities and participants' fund balance | $ 1,085,814 | $ 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||||
Rental pool revenues | $ 319,049 | $ 614,217 | $ 2,524,646 | $ 5,885,397 |
Deductions: | ||||
Marketing fee | 23,929 | 46,066 | 189,348 | 441,405 |
Management fee | 39,881 | 76,777 | 315,580 | 735,674 |
Travel agent commissions | 15,295 | 90,840 | 180,524 | 474,728 |
Credit card expense | 3,933 | 20,839 | 75,135 | 153,926 |
Rental expenses | 83,038 | 234,522 | 760,587 | 1,805,733 |
Net rental income | 236,011 | 379,695 | 1,764,059 | 4,079,664 |
Less operator share of net rental income | (106,205) | (170,863) | (793,826) | (1,835,849) |
Other revenues (expenses): | ||||
Complimentary room revenues | 4,307 | 4,083 | 11,162 | 25,957 |
Minor repairs and replacements | (10,998) | (11,464) | (86,407) | (59,387) |
Amount available for distribution | $ 123,115 | $ 201,451 | $ 894,988 | $ 2,210,385 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Distribution Fund [Member] | ||||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||||
Balances, beginning of year | $ 0 | |||
Additions | ||||
Amount available for distribution | $ 123,115 | $ 201,451 | 894,988 | $ 2,210,385 |
Reductions | ||||
Amount withheld for maintenance escrow fund | (101,162) | (374,535) | ||
Amount accrued or paid to participants | (793,826) | (1,835,850) | ||
Balances, end of year | 0 | 0 | ||
Maintenance Escrow Fund [Member] | ||||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||||
Balances, beginning of year | 1,081,140 | 2,135,913 | ||
Additions: | ||||
Amount withheld from distribution fund | 101,162 | 374,535 | ||
Unit owner payments | 157,133 | 292,213 | ||
Interest earned | 2,783 | 13,789 | ||
Reductions | ||||
Escrow account refunds | (99,968) | (306,483) | ||
Maintenance charges | (114,829) | (172,493) | ||
Unit renovations | (75,284) | (957,807) | ||
Linen replacement | (64,792) | (96,789) | ||
Reductions | ||||
Balances, end of year | $ 987,345 | $ 1,282,878 | $ 987,345 | $ 1,282,878 |
Saddlebrook Rental Pool Opera_6
Saddlebrook Rental Pool Operation - Rental Pool Operations and Rental Pool Agreement - Additional Information (Detail) | 9 Months Ended |
Sep. 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) | 9 Months Ended |
Sep. 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 |