Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2020USD ($)shares | |
Cover [Abstract] | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | SADDLEBROOK RESORTS INC |
Entity Central Index Key | 0000313151 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Small Business | true |
ICFR Auditor Attestation Flag | true |
Entity Public Float | $ | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 0 |
Entity Address, State or Province | FL |
Entity Interactive Data Current | Yes |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 235,245 | $ 325,696 |
Escrowed cash | 977,391 | 1,124,074 |
Trade accounts receivable, net | 483,561 | 1,129,572 |
Due from related parties | 2,539,401 | 465,623 |
Resort inventory and supplies | 847,527 | 1,011,923 |
Prepaid expenses and other assets | 542,233 | 350,539 |
Total current assets | 5,625,358 | 4,407,427 |
Property, buildings and equipment, net | 13,106,914 | 14,800,528 |
Operating lease right-of-use assets | 73,573 | 147,223 |
Total assets | 18,805,845 | 19,355,178 |
Current liabilities | ||
Current portion of long-term debt | 6,664,219 | 6,953,178 |
Current portion of Paycheck Protection Program loan | 1,474,278 | |
Current portion of operating lease liabilities | 73,573 | 73,650 |
Current portion of finance lease liabilities | 102,649 | 96,206 |
Escrowed deposits | 977,391 | 1,124,074 |
Accounts payable | 477,024 | 492,452 |
Accrued rental distribution | 221,528 | 344,367 |
Accrued expenses and other liabilities | 1,007,001 | 1,089,527 |
Current portion of deferred income | 696,544 | 786,125 |
Guest deposits | 2,002,139 | 1,393,571 |
Due to related parties | 1,186,165 | 0 |
Total current liabilities | 14,882,511 | 12,353,150 |
Long-term portion of economic injury disaster loan | 150,000 | 0 |
Long-term portion of Paycheck Protection Program loan | 1,474,278 | 0 |
Long-term finance lease liabilities | 149,714 | 258,258 |
Long-term operating lease liabilities | 0 | 73,573 |
Deferred income | 643,307 | 627,685 |
Total liabilities | 17,299,810 | 13,312,666 |
Commitments and contingencies (Note 9 and 12) | ||
Shareholder's equity | ||
Common stock, $1 par, 100,000 shares authorized, issued and outstanding | 100,000 | 100,000 |
Additional paid-in capital | 1,013,127 | 1,013,127 |
Retained earnings | 392,908 | 4,929,385 |
Total shareholder's equity | 1,506,035 | 6,042,512 |
Total liabilities and shareholder's equity | $ 18,805,845 | $ 19,355,178 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) | Dec. 31, 2020$ / sharesshares |
Statement of Financial Position [Abstract] | |
Common stock, par value | $ / shares | $ 1 |
Common stock, shares authorized | 100,000 |
Common stock, shares issued | 100,000 |
Common stock, shares outstanding | 100,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Resort revenues | $ 13,507,608 | $ 26,309,406 |
Costs and expenses: | ||
Operating costs of resort | 12,713,508 | 22,376,484 |
Sales and marketing | 669,995 | 1,805,613 |
General and administrative | 2,686,077 | 3,114,476 |
Depreciation | 1,749,209 | 2,050,007 |
Total costs and expenses | 17,818,789 | 29,346,580 |
Net operating loss before other expenses (income) | (4,311,181) | (3,037,174) |
Other expenses (income): | ||
Interest expense | 258,325 | 424,505 |
Other income | (33,029) | (18,643) |
Total other expense | 225,296 | 405,862 |
Net loss | $ (4,536,477) | $ (3,443,036) |
Statements of Changes in Shareh
Statements of Changes in Shareholder's Equity (Deficit) - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | (Accumulated Deficit) Retained Earnings [Member] |
Beginning balance at Dec. 31, 2018 | $ (4,278,145) | $ 100,000 | $ 1,013,127 | $ (5,391,272) |
Net loss | (3,443,036) | (3,443,036) | ||
Elimination of related party receivables and payables, net | 13,763,693 | 13,763,693 | ||
Ending balance at Dec. 31, 2019 | 6,042,512 | 100,000 | 1,013,127 | 4,929,385 |
Net loss | (4,536,477) | (4,536,477) | ||
Ending balance at Dec. 31, 2020 | $ 1,506,035 | $ 100,000 | $ 1,013,127 | $ 392,908 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (4,536,477) | $ (3,443,036) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 1,749,209 | 2,050,007 |
Amortization of debt financing costs | 33,395 | 17,788 |
Amortization of operating lease right-of-use assets | 73,650 | 69,872 |
Interest paid on finance leases | 18,643 | 24,681 |
Allowance for doubtful accounts | 31,311 | 12,118 |
On sale of assets | 12,938 | 0 |
(Increase) decrease in | ||
Trade accounts receivable | 614,700 | 177,466 |
Resort inventory and supplies | 164,396 | 41,722 |
Prepaid expenses and other assets | (191,694) | 806,483 |
Increase (decrease) in | ||
Escrowed deposits | (146,683) | (756,157) |
Accounts payable | (15,428) | (180,683) |
Accrued rental distribution | (122,839) | (158,699) |
Accrued expenses and other liabilities | (82,526) | (68,026) |
Deferred income | (73,959) | 135,216 |
Guest deposits | 608,568 | (1,172,579) |
Operating lease liabilities | (73,650) | (69,872) |
Net cash flows from operating activities | (1,936,446) | (2,513,699) |
Cash flows from investing activities | ||
Proceeds from the sale of assets | 6,000 | 0 |
Capital expenditures | (74,533) | (284,519) |
Net cash flows from investing activities | (68,533) | (284,519) |
Cash flows from financing activities | ||
Principal payments on long-term debt | (322,354) | (352,564) |
(Payments) proceeds from line of credit | 0 | 1,500,000 |
Proceeds from Economic Injury Disaster Loan | 150,000 | |
Proceeds from payroll protection program loan | 2,948,556 | 0 |
Payments on finance lease obligations | (120,744) | (90,775) |
Net (repayments to) advances from related parties | (887,613) | 565,856 |
Net cash flows from financing activities | 1,767,845 | 1,622,517 |
Net change in cash, cash equivalents and escrowed cash | (237,134) | (1,175,701) |
Cash, cash equivalents and escrowed cash, beginning of year | 1,449,770 | 2,625,471 |
Cash, cash equivalents and escrowed cash, end of year | 1,212,636 | 1,449,770 |
Supplemental disclosure | ||
Cash paid for interest | $ 92,449 | $ 406,718 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 | |
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 , particularly given the significant social and economic disruptions and uncertainties associated with the ongoing coronavirus pandemic (“COVID-19”) and the COVID-19 control responses. 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 following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the accompanying balance sheets with the total of these amounts shown in the accompanying statements of cash flows: 2020 2019 Cash an cash equivilents 235,245 325,696 Escrowed cash 977,391 1,124,074 Total cash, cash equivalents, and escrowed cash shown in the statement of cash flows 1,212,636 1,449,770 Amounts included in restricted cash represent escrowed cash. See Note 5 – Escrowed Cash. 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, 2020, the Company had no amounts on deposit which exceeded approximately $1,548,000 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, 2020 and 2019, the Company’s management evaluated long-lived assets for impairment and concluded that impairment charge was necessary during the years then ended. 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 $33,400 for the years ended December 31, 2020 and 2019, respectively. 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, 2020 and 2019 include rental pool distributions to participants and the maintenance escrow fund approximating $1,100,000 and $2,600,000, respectively. See Note 3—Revenue for the required disclosures per the guidance in ASC 606. Advertising The Company charges costs of advertising to sales and marketing as incurred. The Company incurred advertising costs of approximately $158,000 and $248,000 during the years ended December 31, 2020 and 2019, 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, 2020 and 2019. The parent company’s federal income tax returns for 2016, 2017 and 2018 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 August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-06, 2020-06 one-time 825-10, Financial Instruments - Overall, |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue 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 $3,342,000 and $2,807,000 as of December 31, 2020 and 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 $977,000 and $1,124,000 as of December 31, 2020 and 2019, respectively. Our net trade accounts receivables were $484,000 and $1,130,000 as of December 31, 2020 and 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. 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. Practical Expedients and Exemptions There are several practical expedients and exemptions allowed under ASC 606 that impact timing of revenue recognition and our disclosures. Below is the practical expedient we applied in the adoption and application of ASC 606: • The Company treats similar contracts as part of a portfolio of contracts, primarily initiation fee contracts. The contracts for have the same provision terms, and management has the expectation the result will not be materially different from the consideration of each individual contract. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2020 | |
Substantial Doubt About Going Concern [Abstract] | |
Going Concern | 4. Going Concern The Company experienced a significant decrease in revenue for the year ending December 31, 2020 compared to the previous year. The Company is optimistic the trend will improve during 2021; however, actual results may differ from expectations. The decrease in expenses for the year ending December 31, 2020 as compared to the prior year is a result of decreased occupancy and reductions in wages, benefits, and operating expenses. 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 sites. Management has implemented programs and measures to help the Company get back to positive operating income. These programs and measures include cost control programs, consolidation of restaurant operations and efforts to increase brand awareness and recognition of the Resort. Towards the end of December 2019, an outbreak of a novel strain of coronavirus (“COVID-19”) emerged The COVID-19 outbreak by COVID-19 is These financial statements have been prepared on a going concern basis, which implies the Company will continue to meet its obligations and continue its operations for the next fiscal year. The continuation of the Company as a going concern is dependent upon financial support from the Company’s current stockholder and the Company’s ability to generate sufficient cash flows from operations. As there can be no assurance that the Company will be able to achieve positive cash flows (become profitable), there is substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. |
Escrowed Cash
Escrowed Cash | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Escrowed Cash | 5. Escrowed Cash Escrowed cash, restricted as to use, as of December 31, is comprised of the following: 2020 2019 Rental pool unit owner deposits for maintenance reserve fund held in a bank account which bears an interest rate of 0.05% $ 963,970 $ 1,108,892 Security deposits held on long-term rentals 13,421 15,182 $ 977,391 $ 1,124,074 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Operating Leases | 6. Operating Leases The Company leases certain equipment under non-cancellable operating leases, which expire in 2021 . a right-of-use asset Lease costs (included in operating costs) $ 73,650 Incremental borrowing rate 5.32 % Operating lease expense amounted to approximately $73,700 and $69,900 for each of the years ended December 31, 2020 and 2019, respectively. There are no non-cancelable operating leases with initial lease terms in excess of one year as of December 31, 2020 . |
Property, Buildings and Equipme
Property, Buildings and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Buildings and Equipment, Net | 7. Property, Buildings and Equipment, Net Property, buildings and equipment, net as of December 31, consist of the following: Estimated Useful Lives 2020 2019 Land and land improvements $ 8,830,867 $ 8,830,867 Buildings and recreational facilities 10–40 32,105,124 32,093,233 Machinery and equipment 5–15 21,805,495 21,863,715 Construction in progress 96,235 94,379 62,837,721 62,882,194 Accumulated depreciation (49,730,807 ) (48,081,666 ) $ 13,106,914 $ 14,800,528 Substantially all property, buildings and equipment are mortgaged, pledged or otherwise subject to lien under a loan agreement (Note 9). Depreciation expense amounted to approximately $1,749,000 and $2,050,000 for the years ended December 31, 2020 and 2019, respectively. The Company leases equipment under agreements which are classified as finance lease obligations in the accompanying balance sheets finance |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | 8. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities as of December 31 consist of the following: 2020 2019 Accrued payroll and related expenses $ 439,887 $ 639,473 Accrued insurance 60,373 43,476 Accrued property taxes 262,180 295,965 Other accrued expenses and liabilities 244,561 110,613 $ 1,007,001 $ 1,089,527 |
Long-term Debt and Finance Leas
Long-term Debt and Finance Lease Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Finance Lease Obligations | 9. Long-term Debt and Finance Lease Obligations 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 term note required monthly principal payments of $29,380 plus interest of 3% over the one month LIBOR. In April 2020, the Company’s lender deferred interest and principal payments from April 6, 2020 through June 6, 2020 (the “deferral period”) and monthly payments resumed in July 6, 2020. There was no change to interest rate or maturity date as part of the deferral. In December 2020, this term loan was modified and consolidated with the existing revolving line of credit as described below. On April 24, 2017, the Company entered into 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 was cross collateralized with the existing term note under the same terms and conditions. Amounts borrowed under the revolving line of credit bears interest at 3% over the one month LIBOR index. In April 2020, the Company’s lender deferred interest and principal payments from April 24, 2020 through June 24, 2020 (the “deferral period”) and monthly payments resumed on On December 6, 2020, the Company entered into a Renewal and Consolidation Promissory Note (the “renewal note”) with the same third party lender, which consolidated the existing balances on the term note and revolving line of credit. The renewal note requires monthly principal payments of $28,040 plus interest of 3% over Effective , the Company entered into a loan modification and forbearance agreement with the lender which extended the maturity date to June 6, 2021 , at which any unpaid principal and interest will be due. The loan modification requires monthly principal payments of $28,040 plus interest of 4% over the Prime Rate with a minimum interest rate of no lower than 7.25%. At December 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 (“PPP”) as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The See Note 12 for additional information. On September 25, 2020, the Company entered into an Economic Injury Disaster Loan (“EIDL”) 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 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 Future minimum payments under the finance Years ending December 31, 2021 $ 114,852 2022 114,852 2023 22,216 Less interest (61,066 ) Less current portion (90,167 ) $ 100,687 |
Resort Revenues and Operating C
Resort Revenues and Operating Costs of Resort | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Resort Revenues and Operating Costs of Resort | 10. Resort Revenues and Operating Costs of Resort Resort revenues and operating costs of resort are comprised of the following: Years Ended December 31, 2020 2019 Resort Revenues Room revenue subject to rental pool agreement $ 3,499,368 $ 6,815,885 Food and beverage 4,913,036 9,569,352 Resort facilities and other 5,095,204 9,924,169 $ 13,507,608 $ 26,309,406 Operating Costs of Resort Distribution to rental pool participants $ 1,451,516 $ 2,554,750 Food and beverage 3,153,358 5,550,086 Resort facilities and other 8,108,634 14,271,648 $ 12,713,508 $ 22,376,484 |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | 11. Related Party Transactions Amounts due from related parties as of December 31 are comprised of the following: 2020 2019 Saddlebrook Resort Condominium Association, Inc. $ 226,850 $ 41,723 Saddlebrook International Sports, LLC 1,482,328 405,626 Dempsey Resort Management, Inc. 4,608 4,608 Saddlebrook Properties LLC 139 — Saddlebrook Realty, Inc. 140,794 — Other 526,992 13,666 $ 2,381,711 $ 465,623 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, of which 2 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 $1,885,000 and $1,816,000 for the years ended December 31, 2020 and 2019 respectively. The Company had amounts due from SIS which amounted to $569,224 and $402,456 for the years ended December 31, 2020 and 2019 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 33 individual condominium units at the Resort, 22 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 $1,438,571 and $1,654,000 for each of the years ended December 31, 2020 and 2019, 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, Contingencies, and
Commitments, Contingencies, and Uncertainties/COVID-19 Pandemic | 12 Months Ended |
Dec. 31, 2020 | |
Commitments Contingencies And Uncertainties Covid Nineteen Pandemic [Abstract] | |
Commitments Contingencies And Uncertainties Covid Nineteen Pandemic [Text Block] | 12. Commitments, Contingencies, and Uncertainties/COVID-19 Pandemic Legal – COVID-19 Pandemic and Paycheck Protection Program Note Payable While it is unknown how long these conditions will last and what the complete financial impact will be, the Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of the business/operations and are unable at this time to predict the continued impact that COVID-19 will have on their business, financial position, and operating results in future periods due to numerous uncertainties. As discussed in Note 9, the Company received a PPP loan for an amount of approximately $2,949,000, which was established under the CARES Act and administered by the Small Business Administration (“SBA”). The application for the PPP loan requires the Company to, in good faith, certify that the current economic uncertainty made the loan request necessary to support the ongoing operation of the Company. This certification further requires the Company to take into account their current business activity and ability to access other sources of liquidity sufficient to support the ongoing operations in a manner that is not significantly detrimental to the business. The receipt of the funds from the PPP loan and the forgiveness of the PPP loan is dependent on the Company having initially qualified for the PPP loan and qualifying for the forgiveness of such PPP loan based on funds being used for certain expenditures such as payroll costs and rent, as required by the terms of the PPP loan. If the SBA determines that the PPP loan was not properly obtained and/or expenditures supporting forgiveness were not appropriate, the Company would need to repay some or all of the PPP loan and record additional expense which could have a material adverse effect on the Company’s business, financial condition and results of operations in a future period. |
Saddlebrook Rental Pool Operati
Saddlebrook Rental Pool Operation | 12 Months Ended |
Dec. 31, 2020 | |
Saddlebrook Rental Pool Operation [Member] | |
Saddlebrook Rental Pool Operation | 2020 2019 Distribution Fund Assets Receivable from Saddlebrook Resorts, Inc. $ 221,527 $ 344,366 Liabilities and Participants’ Fund Balance Due to participants for rental pool distribution $ 184,099 $ 299,020 Due to maintenance escrow fund 37,428 45,346 $ 221,527 $ 344,366 Maintenance Escrow Fund Assets Cash in bank $ 964,616 $ 1,108,892 Receivables Distribution fund 37,428 45,346 Prepaid expenses and other assets 60,018 14,605 Furniture inventory 41,433 39,651 $ 1,103,495 $ 1,208,494 Liabilities and Participants’ Fund Balance Due to Saddlebrook Resorts, Inc. $ 106,689 $ 127,354 Participants’ fund balance 996,806 1,081,140 $ 1,103,495 $ 1,208,494 Statements of Operations for the years ended December 31, 2020 and 2019 2020 2019 Distribution Fund Rental pool revenues $ 3,092,215 $ 6,815,885 Deductions Marketing fee 231,916 511,191 Management fee 386,526 851,986 Travel agent commissions 209,745 510,045 Bad debt expense — 9,393 Credit card expense 90,861 189,073 919,048 2,071,688 Net rental income 2,173,167 4,744,197 Operator share of net rental income (977,925 ) (2,134,889 ) Other revenues (expenses) Complimentary room revenues 14,667 31,396 Minor repairs and replacements (93,394 ) (85,928 ) Amounts available for distribution to participants and maintenance escrow fund $ 1,116,515 $ 2,554,776 2020 2019 Distribution Fund Balances, beginning of year $ — $ — Additions Amounts available for distribution 1,116,515 2,554,776 Reductions Amounts withheld for maintenance escrow fund (138,590 ) (419,887 ) Amounts accrued or paid to participants (977,925 ) (2,134,889 ) Balances, end of year $ — $ — Maintenance Escrow Fund Balances, beginning of year $ 1,081,140 $ 2,135,913 Additions Amount withheld from distribution fund 138,590 419,887 Unit owner payments 192,687 419,556 Interest earned 2,838 17,761 Reductions Unit renovations (72,284 ) (1,166,199 ) Refunds of excess amounts in escrow accounts (104,530 ) (337,853 ) Maintenance charges (158,262 ) (284,334 ) Linen expense (83,373 ) (123,591 ) Balances, end of year $ 996,806 $ 1,081,140 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 Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 , particularly given the significant social and economic disruptions and uncertainties associated with the ongoing coronavirus pandemic (“COVID-19”) and the COVID-19 control responses. |
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 following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the accompanying balance sheets with the total of these amounts shown in the accompanying statements of cash flows: 2020 2019 Cash an cash equivilents 235,245 325,696 Escrowed cash 977,391 1,124,074 Total cash, cash equivalents, and escrowed cash shown in the statement of cash flows 1,212,636 1,449,770 Amounts included in restricted cash represent escrowed cash. See Note 5 – Escrowed Cash. 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, 2020, the Company had no amounts on deposit which exceeded approximately $1,548,000 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, 2020 and 2019, the Company’s management evaluated long-lived assets for impairment and concluded that impairment charge was necessary during the years then ended. |
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 $33,400 for the years ended December 31, 2020 and 2019, respectively. |
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, 2020 and 2019 include rental pool distributions to participants and the maintenance escrow fund approximating $1,100,000 and $2,600,000, respectively. See Note 3—Revenue for the required disclosures per the guidance in ASC 606. |
Advertising | Advertising The Company charges costs of advertising to sales and marketing as incurred. The Company incurred advertising costs of approximately $158,000 and $248,000 during the years ended December 31, 2020 and 2019, 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, 2020 and 2019. The parent company’s federal income tax returns for 2016, 2017 and 2018 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 August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-06, 2020-06 one-time 825-10, Financial Instruments - Overall, |
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. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of reconciliation of cash and cash equivalents and restricted cash | The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the accompanying balance sheets with the total of these amounts shown in the accompanying statements of cash flows: 2020 2019 Cash an cash equivilents 235,245 325,696 Escrowed cash 977,391 1,124,074 Total cash, cash equivalents, and escrowed cash shown in the statement of cash flows 1,212,636 1,449,770 |
Escrowed Cash (Tables)
Escrowed Cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: 2020 2019 Rental pool unit owner deposits for maintenance reserve fund held in a bank account which bears an interest rate of 0.05% $ 963,970 $ 1,108,892 Security deposits held on long-term rentals 13,421 15,182 $ 977,391 $ 1,124,074 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of lease cost | Aggregated information regarding the leases as of December 31, 2020 is as follows: Lease costs (included in operating costs) $ 73,650 Incremental borrowing rate 5.32 % |
Property, Buildings and Equip_2
Property, Buildings and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 Land and land improvements $ 8,830,867 $ 8,830,867 Buildings and recreational facilities 10–40 32,105,124 32,093,233 Machinery and equipment 5–15 21,805,495 21,863,715 Construction in progress 96,235 94,379 62,837,721 62,882,194 Accumulated depreciation (49,730,807 ) (48,081,666 ) $ 13,106,914 $ 14,800,528 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities as of December 31 consist of the following: 2020 2019 Accrued payroll and related expenses $ 439,887 $ 639,473 Accrued insurance 60,373 43,476 Accrued property taxes 262,180 295,965 Other accrued expenses and liabilities 244,561 110,613 $ 1,007,001 $ 1,089,527 |
Long-term Debt and Finance Le_2
Long-term Debt and Finance Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Future Minimum Payments under Capital Lease Obligations | Future minimum payments under the finance Years ending December 31, 2021 $ 114,852 2022 114,852 2023 22,216 Less interest (61,066 ) Less current portion (90,167 ) $ 100,687 |
Resort Revenues and Operating_2
Resort Revenues and Operating Costs of Resort (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 Resort Revenues Room revenue subject to rental pool agreement $ 3,499,368 $ 6,815,885 Food and beverage 4,913,036 9,569,352 Resort facilities and other 5,095,204 9,924,169 $ 13,507,608 $ 26,309,406 Operating Costs of Resort Distribution to rental pool participants $ 1,451,516 $ 2,554,750 Food and beverage 3,153,358 5,550,086 Resort facilities and other 8,108,634 14,271,648 $ 12,713,508 $ 22,376,484 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Amount Due from Related Parties | Amounts due from related parties as of December 31 are comprised of the following: 2020 2019 Saddlebrook Resort Condominium Association, Inc. $ 226,850 $ 41,723 Saddlebrook International Sports, LLC 1,482,328 405,626 Dempsey Resort Management, Inc. 4,608 4,608 Saddlebrook Properties LLC 139 — Saddlebrook Realty, Inc. 140,794 — Other 526,992 13,666 $ 2,381,711 $ 465,623 |
Organization and Business - Add
Organization and Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020ft²Facility | |
Product Information [Line Items] | |
Date of incorporation | 1979-06 |
Number of other facilities in resorts | 1 |
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 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents, and Restricted Cash Reported (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | |||
Cash an cash equivilents | $ 235,245 | $ 325,696 | |
Escrowed cash | 977,391 | 1,124,074 | |
Total cash, cash equivalents, and escrowed cash shown in the statement of cash flows | $ 1,212,636 | $ 1,449,770 | $ 2,625,471 |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Significant Accounting Policies [Line Items] | |||||
Insurance coverage | $ 250,000 | ||||
Cash and cash equivalents in excess of insured limit | 1,548,000 | ||||
Asset impairment loss | 0 | $ 0 | |||
Amortization expense for finance costs | $ 33,395 | 17,788 | |||
Average life of membership | 12 years | ||||
Rental pool distributions | $ 1,100,000 | 2,600,000 | |||
Income tax expense recorded | 0 | ||||
Uncertain income tax positions | $ 0 | 0 | |||
Year under income tax examination | 2018 | 2017 | 2016 | ||
Federal income tax returns period | 3 years | ||||
Selling and Marketing Expense [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Advertising costs | $ 158,000 | $ 248,000 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 3,342,000 | $ 2,807,000 |
Contract with customer assets | 977,000 | 1,124,000 |
Accounts receivables | $ 483,561 | $ 1,129,572 |
Escrowed Cash - Schedule of Esc
Escrowed Cash - Schedule of Escrowed Cash Restricted (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Net Escrowed cash restricted | $ 977,391 | $ 1,124,074 |
Interest-Bearing Deposits [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Net Escrowed cash restricted | 963,970 | 1,108,892 |
Security Deposit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Net Escrowed cash restricted | $ 13,421 | $ 15,182 |
Escrowed Cash - Schedule of E_2
Escrowed Cash - Schedule of Escrowed Cash Restricted (Parenthetical) (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||
Bank interest rate | 0.05% | 0.05% |
Operating Leases - Aggregated i
Operating Leases - Aggregated information regarding leases (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease costs (included in operating costs) | $ 73,650 |
Incremental borrowing rate | 5.32% |
Operating Leases - Additional i
Operating Leases - Additional information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating lease right-of-use assets | $ 73,573 | $ 147,223 | $ 217,000 |
Operating lease liability | $ 217,000 | ||
Operating lease expense | 73,700 | $ 69,900 | |
Non cancelable operating leases with initial lease terms in excess of one year | $ 0 |
Property, Buildings and Equip_3
Property, Buildings and Equipment, Net - Schedule of Property, Buildings and Equipment (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 62,837,721 | $ 62,882,194 |
Accumulated depreciation | (49,730,807) | (48,081,666) |
Property, buildings and equipment, net | 13,106,914 | 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 | $ 32,105,124 | 32,093,233 |
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 | $ 21,805,495 | 21,863,715 |
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 | $ 96,235 | $ 94,379 |
Property, Buildings and Equip_4
Property, Buildings and Equipment, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant and Equipment Useful Life and Values [Abstract] | ||
Depreciation expense | $ 1,749,209 | $ 2,050,007 |
Capital leased equipment, purchase amount | 651,000 | 651,000 |
Depreciation expense | $ 167,500 | $ 130,000 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Expenses And Other Liabilities [Abstract] | ||
Accrued payroll and related expenses | $ 439,887 | $ 639,473 |
Accrued insurance | 60,373 | 43,476 |
Accrued property taxes | 262,180 | 295,965 |
Other accrued expenses and liabilities | 244,561 | 110,613 |
Accrued expenses and other liabilities | $ 1,007,001 | $ 1,089,527 |
Long-term Debt and Finance Le_3
Long-term Debt and Finance Lease Obligations - Additional Information (Detail) - USD ($) | Mar. 06, 2021 | Dec. 06, 2020 | Sep. 25, 2020 | Apr. 30, 2020 | Apr. 24, 2017 | Dec. 06, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 01, 2018 | Mar. 01, 2018 |
Capital lease obligations, Equipment | $ 651,000 | $ 651,000 | ||||||||
Long term debt noncurrent | $ 1,474,278 | $ 0 | ||||||||
Paycheck Protection Program [Member] | ||||||||||
Debt Instrument, Advance of additional borrowings | $ 2,949,000 | |||||||||
Capital lease obligations, Interest rate | 1.00% | |||||||||
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 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Debt Instrument, Basis spread on variable rate | 3.00% | |||||||||
Line of Credit Facility, Maximum borrowing capacity | $ 1,500,000 | |||||||||
Revolving Credit Facility [Member] | Payment Deferral [Member] | ||||||||||
Debt instrument interest rate increase decrease | 0.00% | |||||||||
Capital Lease 5 [Member] | Equipment [Member] | ||||||||||
Capital lease obligations, Equipment | $ 157,242 | $ 332,206 | ||||||||
Finance lease obligations, Expiration | 2023-02 | |||||||||
Capital lease obligations, Monthly payments | $ 6,500 | |||||||||
Capital lease obligations, Interest rate | 6.50% | |||||||||
Capital lease obligations, Frequency of periodic payment | monthly | |||||||||
Capital lease obligations, Cost of leased assets | $ 461,506 | |||||||||
Capital lease obligations, Value of Company's trade-in of existing equipment | $ 129,300 | |||||||||
Finance lease obligations, Interest rate | 6.50% | |||||||||
Capital Lease 6 [Member] | Equipment [Member] | ||||||||||
Capital lease obligations, Equipment | $ 76,939 | $ 156,942 | ||||||||
Finance lease obligations, Expiration | 2023-03 | |||||||||
Capital lease obligations, Monthly payments | $ 3,071 | |||||||||
Capital lease obligations, Interest rate | 6.50% | |||||||||
Capital lease obligations, Frequency of periodic payment | monthly | |||||||||
Capital lease obligations, Cost of leased assets | $ 178,942 | |||||||||
Capital lease obligations, Value of Company's trade-in of existing equipment | $ 22,000 | |||||||||
Finance lease obligations, Interest rate | 6.50% | |||||||||
Economic Injury Disaster Loan [Member] | ||||||||||
Long term debt noncurrent | $ 150,000 | |||||||||
Debt Instrument Maturity Date Description | September 2050 | |||||||||
Debt Instrument, Periodic Payment | $ 731 | |||||||||
Proceeds from Issuance of Debt | $ 150,000 | |||||||||
Term Note [Member] | Notes Payable To Third Parties [Member] | ||||||||||
Debt Instrument, Principal balance | $ 4,875,000 | |||||||||
Debt Instrument, Advance of additional borrowings | 2,000,000 | |||||||||
Debt Instrument, Monthly principal payment | $ 29,380 | |||||||||
Debt Instrument, Basis spread on variable rate | 3.00% | |||||||||
Proceeds From Notes Payable | $ 2,000,000 | |||||||||
Term Note [Member] | Notes Payable To Third Parties [Member] | Payment Deferral [Member] | ||||||||||
Debt instrument interest rate increase decrease | 0.00% | |||||||||
Renewal Note [Member] | Notes Payable To Third Parties [Member] | ||||||||||
Debt Instrument, Expiration date | Mar. 6, 2021 | |||||||||
Debt Instrument, Outstanding balance | $ 6,729,701 | |||||||||
Debt Instrument, Monthly principal payment | $ 28,040 | |||||||||
Debt Instrument, Description of variable rate basis | interest of 3% the Prime Rate with a minimum interest rate of no lower than 6.25% (6.25% at December 31, 2020). | |||||||||
Debt Instrument, Debt service ratio | 1.25% | |||||||||
Debt Instrument, Debt service ratio description | The renewal term note requires the Company to maintain a Debt Service Ratio, as defined, of 1.25%. | |||||||||
Renewal Note [Member] | Notes Payable To Third Parties [Member] | Loan Modification And Forbearance Agreement [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument, Expiration date | Jun. 6, 2021 | |||||||||
Debt Instrument, Monthly principal payment | $ 28,040 | |||||||||
Renewal Note [Member] | Notes Payable To Third Parties [Member] | Loan Modification And Forbearance Agreement [Member] | Prime Rate [Member] | Subsequent Event [Member] | ||||||||||
Debt Instrument, Basis spread on variable rate | 4.00% | |||||||||
Renewal Note [Member] | Notes Payable To Third Parties [Member] | Minimum [Member] | ||||||||||
Debt Instrument, Basis spread on variable rate | 6.25% | |||||||||
Renewal Note [Member] | Notes Payable To Third Parties [Member] | Minimum [Member] | Loan Modification And Forbearance Agreement [Member] | Prime Rate [Member] | Subsequent Event [Member] | ||||||||||
Long term debt variable interest rate percentage | 7.25% | |||||||||
Renewal Note [Member] | Notes Payable To Third Parties [Member] | Maximum [Member] | ||||||||||
Debt Instrument, Effective rate | 6.25% |
Long-term Debt and Finance Le_4
Long-term Debt and Finance Lease Obligations - Schedule of Future Minimum Payments under Finance Lease Obligation (Detail) | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 114,852 |
2022 | 114,852 |
2023 | 22,216 |
Less interest | (61,066) |
Less current portion | (90,167) |
Finance lease obligation net | $ 100,687 |
Resort Revenues and Operating_3
Resort Revenues and Operating Costs of Resort - Resort Revenues and Operating Costs of Resort (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort revenues | $ 13,507,608 | $ 26,309,406 |
Operating costs | 12,713,508 | 22,376,484 |
Room Revenue Subject to Rental Pool Agreement [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort revenues | 3,499,368 | 6,815,885 |
Food and Beverage [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort revenues | 4,913,036 | 9,569,352 |
Operating costs | 3,153,358 | 5,550,086 |
Resort Facilities and Other [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Resort revenues | 5,095,204 | 9,924,169 |
Operating costs | 8,108,634 | 14,271,648 |
Distribution to Rental Pool Participants [Member] | ||
Resort Revenues And Operating Costs Of Resort [Line Items] | ||
Operating costs | $ 1,451,516 | $ 2,554,750 |
Related Party Transactions - Am
Related Party Transactions - Amounts Due from Related Parties (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | $ 2,381,711 | $ 465,623 |
Saddlebrook Resort Condominium Association, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 226,850 | 41,723 |
Saddlebrook International Sports, LLC [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 1,482,328 | 405,626 |
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 | 139 | 0 |
Saddlebrook Realty, Inc. [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | 140,794 | 0 |
Other [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Due from related parties | $ 526,992 | $ 13,666 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2013USD ($) | Dec. 31, 2020USD ($)Condominium | Dec. 31, 2019USD ($) | |
Schedule of Other Related Party Transactions [Line Items] | |||
Due from related parties | $ 2,381,711 | $ 465,623 | |
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 | 33 | ||
Participate unit in Rental Pool Operation | Condominium | 22 | ||
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 | 2 | ||
Revenue from related parties | $ 1,885,000 | 1,816,000 | |
Due from related parties | 569,224 | 402,456 | |
Saddlebrook Resort Condominium Association, Inc. [Member] | |||
Schedule of Other Related Party Transactions [Line Items] | |||
Expenses paid on behalf of and services provide | $ 1,438,571 | $ 1,654,000 |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Uncertainties/COVID-19 Pandemic - Additional Information (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Small Business Administration [Member] | Coronavirus Aid Relief and Economic Security Act [Member] | Paycheck Protection Program [Member] | |
Commitments Contingencies And Uncertainties Covid Nineteen Pandemic [Line Items] | |
Debt instrument face amount | $ 2,949,000 |
Saddlebrook Rental Pool Opera_2
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Balance Sheets (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables | |||
Total assets | $ 18,805,845 | $ 19,355,178 | |
Distribution Fund [Member] | |||
Assets | |||
Receivable from Saddlebrook Resorts, Inc. | 221,527 | 344,366 | |
Liabilities and Participants' Fund Balance | |||
Due to participants for rental pool distribution | 184,099 | 299,020 | |
Due to maintenance escrow fund | 37,428 | 45,346 | |
Total liabilities and participants' fund balance | 221,527 | 344,366 | |
Saddlebrook Rental Pool Operation [Member] | Distribution Fund [Member] | |||
Liabilities and Participants' Fund Balance | |||
Participants' fund balance | 0 | 0 | $ 0 |
Saddlebrook Rental Pool Operation [Member] | Maintenance Escrow Fund [Member] | |||
Assets | |||
Cash in bank | 964,616 | 1,108,892 | |
Receivables | |||
Distribution fund | 37,428 | 45,346 | |
Prepaid expenses and other assets | 60,018 | 14,605 | |
Furniture inventory | 41,433 | 39,651 | |
Total assets | 1,103,495 | 1,208,494 | |
Liabilities and Participants' Fund Balance | |||
Due to Saddlebrook Resorts, Inc. | 106,689 | 127,354 | |
Participants' fund balance | 996,806 | 1,081,140 | $ 2,135,913 |
Total liabilities and participants' fund balance | $ 1,103,495 | $ 1,208,494 |
Saddlebrook Rental Pool Opera_3
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, 2020 | Dec. 31, 2019 | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||
Rental pool revenues | $ 3,092,215 | $ 6,815,885 |
Deductions | ||
Marketing fee | 231,916 | 511,191 |
Management fee | 386,526 | 851,986 |
Travel agent commissions | 209,745 | 510,045 |
Bad debt expense | 0 | 9,393 |
Credit card expense | 90,861 | 189,073 |
Rental expenses | 919,048 | 2,071,688 |
Net rental income | 2,173,167 | 4,744,197 |
Operator share of net rental income | (977,925) | (2,134,889) |
Other revenues (expenses) | ||
Complimentary room revenues | 14,667 | 31,396 |
Minor repairs and replacements | (93,394) | (85,928) |
Amounts available for distribution to participants and maintenance escrow fund | $ 1,116,515 | $ 2,554,776 |
Saddlebrook Rental Pool Opera_4
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, 2020 | Dec. 31, 2019 | |
Distribution Fund [Member] | ||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||
Balances, beginning of year | $ 0 | $ 0 |
Additions | ||
Amounts available for distribution | 1,116,515 | 2,554,776 |
Reductions | ||
Amounts withheld for maintenance escrow fund | (138,590) | (419,887) |
Amounts accrued or paid to participants | (977,925) | (2,134,889) |
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 | 138,590 | 419,887 |
Unit owner payments | 192,687 | 419,556 |
Interest earned | 2,838 | 17,761 |
Reductions | ||
Unit renovations | (72,284) | (1,166,199) |
Refunds of excess amounts in escrow accounts | (104,530) | (337,853) |
Maintenance charges | (158,262) | (284,334) |
Linen expense | (83,373) | (123,591) |
Reductions | ||
Balances, end of year | $ 996,806 | $ 1,081,140 |
Saddlebrook Rental Pool Opera_5
Saddlebrook Rental Pool Operation - Rental Pool Operations and Rental Pool Agreement - Additional Information (Detail) - Saddlebrook Rental Pool Operation [Member] | 12 Months Ended |
Dec. 31, 2020Fund | |
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 Opera_6
Saddlebrook Rental Pool Operation - Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 |