Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Mar. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
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 ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 1,744,560 | $ 235,245 |
Escrowed cash | 942,488 | 977,391 |
Trade accounts receivable, net | 654,559 | 483,561 |
Due from related parties | 3,048,250 | 2,539,401 |
Resort inventory and supplies | 801,223 | 847,527 |
Prepaid expenses and other assets | 356,942 | 542,233 |
Total current assets | 7,548,022 | 5,625,358 |
Property, buildings and equipment, net | 12,739,819 | 13,106,914 |
Operating lease right-of-use assets | 54,507 | 73,573 |
Total assets | 20,342,348 | 18,805,845 |
Current liabilities | ||
Current portion of long-term debt | 6,654,621 | 6,664,219 |
Current portion of Paycheck Protection Program loan | 2,784,746 | 1,474,278 |
Current portion of operating lease liabilities | 104,326 | 73,573 |
Current portion of finance lease liabilities | 54,507 | 102,649 |
Escrowed deposits | 942,488 | 977,391 |
Accounts payable | 506,424 | 477,024 |
Accrued rental distribution | 766,913 | 221,528 |
Accrued expenses and other liabilities | 1,204,025 | 1,007,001 |
Current portion of deferred income | 585,777 | 696,544 |
Guest deposits | 1,233,527 | 2,002,139 |
Due to related parties | 1,475,620 | 1,186,165 |
Total current liabilities | 16,312,974 | 14,882,511 |
Long-term portion of Economic Injury Disaster loan | 150,000 | 150,000 |
Long-term portion of Paycheck Protection Program loan | 2,163,806 | 1,474,278 |
Long-term finance lease liabilities | 121,521 | 149,714 |
Deferred income | 710,280 | 643,307 |
Total liabilities | 19,458,581 | 17,299,810 |
Commitments and contingencies (Note 11) | ||
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 |
(Accumulated deficit) retained earnings | (229,360) | 392,908 |
Total shareholder's equity | 883,767 | 1,506,035 |
Total liabilities and shareholder's equity | $ 20,342,348 | $ 18,805,845 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 100,000 | 100,000 |
Common stock, shares outstanding | 100,000 | 100,000 |
Statements of Operations and (A
Statements of Operations and (Accumulated Deficit) Retained Earnings - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Resort revenues | $ 4,312,338 | $ 7,251,566 |
Costs and expenses: | ||
Operating costs of resort | 3,741,586 | 5,707,139 |
Sales and marketing | 78,360 | 350,781 |
General and administrative | 611,616 | 693,187 |
Depreciation | 368,780 | 498,027 |
Total costs and expenses | 4,800,342 | 7,249,134 |
Net operating (loss) income before other (income) expense | (488,004) | 2,432 |
Other (income) expense: | ||
Other income | (5,466) | (5,312) |
Interest expense | 139,730 | 90,472 |
Total other expenses, net | 134,264 | 85,160 |
Net loss | (622,268) | (82,728) |
Retained earnings at beginning of period | 392,908 | 4,929,385 |
(Accumulated deficit) retained earnings at end of period | $ (229,360) | $ 4,846,657 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (622,268) | $ (82,728) |
Non-cash items included in net loss: | ||
Depreciation | 368,780 | 498,027 |
Gain on the disposal of assets | 0 | (6,000) |
Bad debt expense | 0 | 3,143 |
Amortization of debt financing costs | 89,152 | 2,881 |
Amortization of operating lease right-of-use assets | 19,066 | 18,048 |
Interest paid on finance leases | 3,670 | (5,161) |
Decrease (increase) in: | ||
Accounts receivable | (170,998) | (159,616) |
Inventory and supplies | 46,304 | 15,313 |
Prepaid expenses and other assets | 185,291 | (116,620) |
(Decrease) increase in: | ||
Checks issued in excess of cash and cash equivalents | 0 | 301,116 |
Escrowed deposits | (34,903) | (147,586) |
Accounts payable | 29,400 | 14,409 |
Accrued rental distribution | 545,385 | 428,389 |
Guest deposits | (768,612) | (871,190) |
Accrued expenses and other liabilities | 197,020 | (206,748) |
Deferred income | (43,794) | 7,836 |
Operating lease liabilities | (19,066) | (18,048) |
Cash flows from operating activities | (175,573) | (324,535) |
Investing activities: | ||
Capital expenditures | (1,685) | (56,369) |
Cash flows from investing activities | (1,685) | (56,369) |
Financing activities: | ||
Payments on long-term debt | (98,750) | (88,141) |
Proceeds from Paycheck Protection Program loan | 2,000,000 | 0 |
Payments on finance lease obligations | (30,186) | (19,782) |
Net (payments to) advances from related parties | (219,394) | 15,545 |
Cash flows from financing activities | 1,651,670 | (92,378) |
Net change in cash, cash equivalents, and escrowed cash | 1,474,412 | (473,282) |
Cash, cash equivalents, and escrowed cash at beginning of period | 1,212,636 | 1,449,770 |
Cash, cash equivalents, and escrowed cash at end of period | 2,687,048 | 976,488 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 29,239 | $ 87,591 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021, and its statements of operations and accumulated earnings and cash flows for the three month periods ended March 31, 2021 and 2020, 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, 2020 has been derived from the audited financial statements as of that date. The Company’s business is seasonal. Therefore, the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for future interim periods or the full fiscal year. These financial statements and related notes are presented for interim periods in accordance with the requirements of Form 10-Q S-X, 10-K |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 2. Revenue Revenue Recognition Resort revenues are recognized as services are performed or products are delivered with the exception of initiation fee revenue, which is recognized over the average life of the memberships. Resort revenues also include rental revenues for condominium units owned by third parties participating in the Rental Pool. If these rental units were owned by the Company, normal costs associated with ownership such as depreciation, real estate taxes, unit maintenance and other costs would have been incurred. Contract Balances Timing differences among revenue recognition may result in contract assets or liabilities. Contract liabilities consists of guest deposits and deferred income and totaled approximately $2,530,000 and $3,342,000 as of March 31, 2021 and December 31, 2020, 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 $942,000 and $977,000 as of March 31, 2021 and December 31, 2020, respectively. The Company’s net trade accounts receivables were $655,000 and $484,000 as of March 31, 2021 and December 31, 2020, 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 | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Trade Accounts Receivable | Note 3. Trade Accounts Receivable Actual 3/31/2021 12/31/2020 Trade accounts receivable $ 655,176 $ 484,178 Less reserve for bad debts (617 ) (617 ) $ 654,559 $ 483,561 |
Management's Plans Regarding Li
Management's Plans Regarding Liquidity and Capital Resources | 3 Months Ended |
Mar. 31, 2021 | |
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 quarter ending March 31, 2021 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 quarter ending March 31, 2021 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 Towards the end of December 2019, an outbreak of a novel strain of coronavirus (“COVID-19”) COVID-19 COVID-19 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. |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2021 | |
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 three months ended March 31, 2021 is as follows: Lease costs (included in operating costs) $ 19,032 Incremental borrowing rate 5.32 % |
Property, Buildings and Equipme
Property, Buildings and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Buildings and Equipment | Note 6. Property, Buildings and Equipment March 31, 2021 (Unaudited) December 31, 2020 Land and land improvements $ 8,830,867 $ 8,830,867 Buildings and recreational facilities 32,105,124 32,105,124 Machinery and equipment 21,807,186 21,805,495 Construction in progress 96,235 96,235 62,839,412 62,837,721 Less accumulated depreciation (50,099,593 ) (49,730,807 ) $ 12,739,819 $ 13,106,914 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 - 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 July 24, 2020. There was no change to interest rate or maturity date as part of the deferral. In December 2020, this revolving line of credit was modified and consolidated with the existing term loan as described below. 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 On May 25, 2021, the third-party lender assigned the renewal note to a separate third-party lender. Effective the same day, the Company and the assignee entered into a loan extension and modification agreement which extended the maturity date to December 6, 2021, at which any unpaid principal and interest will be due. The loan modification requires interest-only payments through maturity at a rate of 4% over the Prime rate with a minimum interest rate of no lower than 7.50%. At March 31, 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 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. The Company applied for forgiveness with the SBA in which on June 10, 2021, the SBA had forgiven the PPP loan in full. As a result, the Company recognized approximately $2,949,000 of gain on debt forgiveness in June 2021. In March 2021, the Company entered into a term note agreement with the same third-party lender for a second draw Paycheck Protection Program loan (“PPP2”) for $2,000,000. The note bears interest of 1% per annum, matures in March 2026, and requires monthly interest and principal payments after the ten-month deferral period. The currently issued guidelines of the program allow for the loan proceeds to be forgiven if certain requirements are met. At March 31, 2021, $2,000,000 was outstanding under the note. On September 25, 2020, the Company entered into an Economic Injury Disaster Loan (“EIDL”) 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 March 31, 2021, $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 March 31, 2021, the amount due on this finance lease liability was $140,205. 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 March 31, 2021, the amount due on this finance lease liability was $68,934. |
Related Party Receivables
Related Party Receivables | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Receivables | Note 8. Related Party Receivables Related party receivables at March 31, 2021 and December 31, 2020 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 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
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 |
Saddlebrook Rental Pool Operati
Saddlebrook Rental Pool Operation | 3 Months Ended |
Mar. 31, 2021 | |
Saddlebrook Rental Pool Operation [Member] | |
Saddlebrook Rental Pool Operation | SADDLEBROOK RENTAL POOL OPERATION BALANCE SHEETS DISTRIBUTION FUND March 31, December 31, Assets Receivable from Saddlebrook Resorts, Inc. $ 766,912 $ 221,527 Liabilities and Participants’ Fund Balance Due to participants for rental pool distribution $ 638,043 $ 184,099 Due to maintenance escrow fund 128,869 37,428 $ 766,912 $ 221,527 MAINTENANCE ESCROW FUND March 31, December 31, Assets Cash and cash equivalents $ 928,512 $ 964,616 Receivables: Distribution fund 128,869 37,428 Prepaid expenses and other assets 113,865 60,018 Linen Inventory 14,531 — Furniture Inventory 39,651 41,433 $ 1,225,428 $ 1,103,495 Liabilities and Participants’ Fund Balance Due to Saddlebrook Resorts, Inc. $ 179,988 $ 106,689 Participants’ fund balance 1,045,440 996,806 $ 1,225,428 $ 1,103,495 SADDLEBROOK RENTAL POOL OPERATION STATEMENTS OF OPERATIONS (Unaudited) Three months ended 2021 2020 Rental pool revenues $ 1,861,970 $ 1,975,818 Deductions: Marketing fee 139,648 148,186 Management fee 232,746 246,977 Travel agent commissions 15,938 69,230 Credit card expense 55,765 58,349 444,097 522,742 Net rental income 1,417,873 1,453,076 Less operator share of net rental income (638,043 ) (653,884 ) Other revenues (expenses): Complimentary room revenues 4,680 6,251 Minor repairs and replacements (17,598 ) (32,686 ) Amount available for distribution $ 766,912 $ 772,757 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 Three months ended 2021 2020 Balance at beginning of period $ — $ — Additions: Amount available for distribution 766,912 772,757 Reductions: Amount withheld for maintenance escrow fund (128,869 ) (118,873 ) Amount accrued or paid to participants (638,043 ) (653,884 ) Balance at end of period $ — $ — MAINTENANCE ESCROW FUND Three months ended 2021 2020 Balance at beginning of period $ 996,806 1,081,140 Additions: Amount withheld from distribution fund 128,869 118,873 Unit owner payments 25,444 120,777 Interest earned 48 2,617 Reductions: Escrow account refunds (28,611 ) (94,419 ) Maintenance charges (68,796 ) (80,974 ) Unit renovations — (8,393 ) Linen replacement (8,320 ) (30,002 ) Balance at end of period $ 1,045,440 $ 1,109,619 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] | 3 Months Ended |
Mar. 31, 2021 | |
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) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Trade Accounts Receivable | Actual 3/31/2021 12/31/2020 Trade accounts receivable $ 655,176 $ 484,178 Less reserve for bad debts (617 ) (617 ) $ 654,559 $ 483,561 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of lease cost | Lease costs (included in operating costs) $ 19,032 Incremental borrowing rate 5.32 % |
Property, Buildings and Equip_2
Property, Buildings and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Buildings and Equipment | March 31, 2021 (Unaudited) December 31, 2020 Land and land improvements $ 8,830,867 $ 8,830,867 Buildings and recreational facilities 32,105,124 32,105,124 Machinery and equipment 21,807,186 21,805,495 Construction in progress 96,235 96,235 62,839,412 62,837,721 Less accumulated depreciation (50,099,593 ) (49,730,807 ) $ 12,739,819 $ 13,106,914 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 2,530,000 | $ 3,342,000 |
Contract with customer assets | 942,000 | 977,000 |
Accounts receivables | $ 654,559 | $ 483,561 |
Trade Accounts Receivable - Acc
Trade Accounts Receivable - Accounts Receivable (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 655,176 | $ 484,178 |
Less reserve for bad debts | (617) | (617) |
Accounts receivable, net | $ 654,559 | $ 483,561 |
Operating Leases - Additional i
Operating Leases - Additional information (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Operating lease right-of-use assets | $ 54,507 | $ 73,573 | $ 217,000 |
Operating lease liability | $ 217,000 |
Operating Leases - Aggregated i
Operating Leases - Aggregated information regarding leases (Detail) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Lease costs (included in operating costs) | $ 19,032 |
Incremental borrowing rate | 5.32% |
Property, Buildings and Equip_3
Property, Buildings and Equipment - Schedule of Property, Buildings and Equipment (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 62,839,412 | $ 62,837,721 |
Less accumulated depreciation | (50,099,593) | (49,730,807) |
Property, buildings and equipment, net | 12,739,819 | 13,106,914 |
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 | 32,105,124 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 21,807,186 | 21,805,495 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 96,235 | $ 96,235 |
Notes Payable and Finance Lea_2
Notes Payable and Finance Lease Liabilities - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | May 25, 2021 | Mar. 06, 2021 | Dec. 06, 2020 | Sep. 25, 2020 | Apr. 30, 2020 | Apr. 24, 2017 | Dec. 06, 2015 | Mar. 31, 2021 | Dec. 31, 2020 | Apr. 01, 2018 | Mar. 01, 2018 |
Long-term Debt, Excluding Current Maturities | $ 2,163,806 | $ 1,474,278 | ||||||||||
Paycheck Protection Program [Member] | ||||||||||||
Debt Instrument, Advance of additional borrowings | $ 2,949,000 | |||||||||||
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% | |||||||||||
Capital lease obligations, Interest rate | 1.00% | |||||||||||
Debt Securities, Gain (Loss) | $ 2,949,000 | |||||||||||
Paycheck Protection Program loan Two [Member] | ||||||||||||
Debt Instrument, Effective rate | 1.00% | |||||||||||
Proceeds from Issuance of Debt | $ 2,000,000 | |||||||||||
Debt Instrument, Maturity Date, Description | March 2026 | |||||||||||
Long-term Debt, Excluding Current Maturities | $ 2,000,000 | |||||||||||
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% | |||||||||||
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, Monthly principal payment | $ 29,380 | |||||||||||
Debt Instrument, Basis spread on variable rate | 3.00% | |||||||||||
Proceeds From Notes Payable | $ 2,000,000 | |||||||||||
Notes Payable To Third Parties [Member] | Term Note [Member] | Payment Deferral [Member] | ||||||||||||
Debt instrument interest rate increase decrease | 0.00% | |||||||||||
Notes Payable To Third Parties [Member] | Renewal Note [Member] | ||||||||||||
Debt Instrument, Expiration date | Mar. 6, 2021 | |||||||||||
Debt Instrument, Monthly principal payment | $ 28,040 | |||||||||||
Debt Instrument, Description of variable rate basis | interest of 3% over 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% | |||||||||||
Notes Payable To Third Parties [Member] | Renewal Note [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Effective rate | 6.25% | |||||||||||
Notes Payable To Third Parties [Member] | Renewal Note [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Basis spread on variable rate | 6.25% | |||||||||||
Notes Payable To Third Parties [Member] | Renewal Note [Member] | Loan Modification And Forbearance Agreement [Member] | ||||||||||||
Debt Instrument, Expiration date | Jun. 6, 2021 | |||||||||||
Debt Instrument, Monthly principal payment | $ 28,040 | |||||||||||
Notes Payable To Third Parties [Member] | Renewal Note [Member] | Loan Modification And Forbearance Agreement [Member] | Extended Maturity [Member] | ||||||||||||
Debt Instrument, Expiration date | Dec. 6, 2021 | |||||||||||
Notes Payable To Third Parties [Member] | Renewal Note [Member] | Loan Modification And Forbearance Agreement [Member] | Prime Rate [Member] | ||||||||||||
Debt Instrument, Basis spread on variable rate | 4.00% | |||||||||||
Notes Payable To Third Parties [Member] | Renewal Note [Member] | Loan Modification And Forbearance Agreement [Member] | Minimum [Member] | Prime Rate [Member] | ||||||||||||
Long term debt variable interest rate percentage | 7.25% | |||||||||||
Notes Payable To Third Parties [Member] | Renewal Note [Member] | Loan Extension And Modification Agreement [Member] | ||||||||||||
Debt Instrument, Outstanding balance | 6,701,661 | |||||||||||
Notes Payable To Third Parties [Member] | Renewal Note [Member] | Loan Extension And Modification Agreement [Member] | Prime Rate [Member] | ||||||||||||
Debt Instrument, Basis spread on variable rate | 4.00% | |||||||||||
Long term debt variable interest rate percentage | 7.50% | |||||||||||
Economic Injury Disaster Loan [Member] | ||||||||||||
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 | |||||||||||
Capital Lease 5 [Member] | Equipment [Member] | ||||||||||||
Finance lease obligations, Expiration | 2023-02 | |||||||||||
Debt Instrument,Stated Interest Percentage | 6.50% | |||||||||||
Capital lease obligations, Equipment | $ 140,205 | $ 332,206 | ||||||||||
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 | |||||||||||
Capital Lease 6 [Member] | Equipment [Member] | ||||||||||||
Finance lease obligations, Expiration | 2023-03 | |||||||||||
Debt Instrument,Stated Interest Percentage | 6.50% | |||||||||||
Capital lease obligations, Equipment | $ 68,934 | $ 156,942 | ||||||||||
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 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
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 ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Cash and cash equivalents | $ 1,744,560 | $ 235,245 | ||
Receivables: | ||||
Total assets | 20,342,348 | 18,805,845 | ||
Saddlebrook Rental Pool Operation [Member] | Distribution Fund [Member] | ||||
Assets | ||||
Receivable from Saddlebrook Resorts, Inc. | 766,912 | 221,527 | ||
Liabilities and Participants' Fund Balance | ||||
Due to participants for rental pool distribution | 638,043 | 184,099 | ||
Due to maintenance escrow fund | 128,869 | 37,428 | ||
Participants' fund balance | 0 | 0 | $ 0 | $ 0 |
Total liabilities and participants' fund balance | 766,912 | 221,527 | ||
Saddlebrook Rental Pool Operation [Member] | Maintenance Escrow Fund [Member] | ||||
Assets | ||||
Cash and cash equivalents | 928,512 | 964,616 | ||
Receivables: | ||||
Distribution fund | 128,869 | 37,428 | ||
Prepaid expenses and other assets | 113,865 | 60,018 | ||
Linen Inventory | 14,531 | 0 | ||
Furniture inventory | 39,651 | 41,433 | ||
Total assets | 1,225,428 | 1,103,495 | ||
Liabilities and Participants' Fund Balance | ||||
Due to Saddlebrook Resorts, Inc. | 179,988 | 106,689 | ||
Participants' fund balance | 1,045,440 | 996,806 | $ 1,109,619 | $ 1,081,140 |
Total liabilities and participants' fund balance | $ 1,225,428 | $ 1,103,495 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||
Rental pool revenues | $ 1,861,970 | $ 1,975,818 |
Deductions: | ||
Marketing fee | 139,648 | 148,186 |
Management fee | 232,746 | 246,977 |
Travel agent commissions | 15,938 | 69,230 |
Credit card expense | 55,765 | 58,349 |
Rental expenses | 444,097 | 522,742 |
Net rental income | 1,417,873 | 1,453,076 |
Less operator share of net rental income | (638,043) | (653,884) |
Other revenues (expenses): | ||
Complimentary room revenues | 4,680 | 6,251 |
Minor repairs and replacements | (17,598) | (32,686) |
Amount available for distribution | $ 766,912 | $ 772,757 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Distribution Fund [Member] | ||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||
Balances, beginning of year | $ 0 | $ 0 |
Additions | ||
Amount available for distribution | 766,912 | 772,757 |
Reductions | ||
Amount withheld for maintenance escrow fund | (128,869) | (118,873) |
Amount accrued or paid to participants | (638,043) | (653,884) |
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 | 996,806 | 1,081,140 |
Additions: | ||
Amount withheld from distribution fund | 128,869 | 118,873 |
Unit owner payments | 25,444 | 120,777 |
Interest earned | 48 | 2,617 |
Reductions | ||
Escrow account refunds | (28,611) | (94,419) |
Maintenance charges | (68,796) | (80,974) |
Unit renovations | 0 | (8,393) |
Linen replacement | (8,320) | (30,002) |
Reductions | ||
Balances, end of year | $ 1,045,440 | $ 1,109,619 |
Saddlebrook Rental Pool Opera_6
Saddlebrook Rental Pool Operation - Rental Pool Operations and Rental Pool Agreement - Additional Information (Detail) - Saddlebrook Rental Pool Operation [Member] | 3 Months Ended |
Mar. 31, 2021Fund | |
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_7
Saddlebrook Rental Pool Operation - Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
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 |