Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.20.2
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Schedule of segment reporting Summary financial data on the Company’s segments is given below, together with a reconciliation to the same data for the Company as a whole:
  Entertainment Golf Traditional Golf Corporate Total
Nine Months Ended September 30, 2020        
Revenues
Golf operations $ 7,408  $ 129,658  $ —  $ 137,066 
Sales of food and beverages 10,675  11,959  —  22,634 
Total revenues 18,083  141,617  —  159,700 
Operating costs
Operating expenses 15,041  127,543  —  142,584 
Cost of sales - food and beverages 2,747  3,907  —  6,654 
General and administrative expense (A) 6,278  8,092  6,617  20,987 
General and administrative expense - acquisition and transaction expenses (B) 1,861  196  1,058  3,115 
Depreciation and amortization 9,012  11,100  217  20,329 
Pre-opening costs (C) 1,049  —  —  1,049 
(Gain) Loss on lease terminations and impairment 16  (2,047) —  (2,031)
Realized and unrealized (gain) on investments —  —  —  — 
Total operating costs 36,004  148,791  7,892  192,687 
Operating (loss) income (17,921) (7,174) (7,892) (32,987)
Other income (expenses)
Interest and investment income 1  56  343  400 
Interest expense (D) (301) (6,691) (1,319) (8,311)
Capitalized interest (D) —  23  56  79 
Other income (loss), net —  (381) (23,831) (24,212)
Total other income (expenses) (300) (6,993) (24,751) (32,044)
Income tax expense 1  —  1,268  1,269 
Net loss (18,222) (14,167) (33,911) (66,300)
Preferred dividends —  —  (4,185) (4,185)
Loss applicable to common stockholders $ (18,222) $ (14,167) $ (38,096) $ (70,485)
Entertainment Golf Traditional Golf Corporate Total
Three Months Ended September 30, 2020
Revenues
Golf operations $ 2,736  $ 56,030  $ —  $ 58,766 
Sales of food and beverages 3,440  4,259  —  7,699 
Total revenues 6,176  60,289  —  66,465 
Operating costs
Operating expenses 4,240  50,753  —  54,993 
Cost of sales - food and beverages 843  1,327  —  2,170 
General and administrative expense (A) 1,749  2,810  2,256  6,815 
General and administrative expense - acquisition and transaction expenses (B) 996  41  64  1,101 
Depreciation and amortization 2,991  3,789  73  6,853 
Pre-opening costs (C) 227  —  —  227 
(Gain) Loss on lease terminations and impairment 16  286  —  302 
Realized and unrealized loss on investments —  —  —  — 
Total operating costs 11,062  59,006  2,393  72,461 
Operating (loss) income (4,886) 1,283  (2,393) (5,996)
Other income (expenses)
Interest and investment income —  18  117  135 
Interest expense (D) (94) (2,446) (357) (2,897)
Capitalized interest (D) —  1  —  1 
Other income (loss), net —  (215) 58  (157)
Total other income (expenses) (94) (2,642) (182) (2,918)
Income tax expense 1  —  497  498 
Net loss (4,981) (1,359) (3,072) (9,412)
Preferred dividends —  —  (1,395) (1,395)
Loss applicable to common stockholders $ (4,981) $ (1,359) $ (4,467) $ (10,807)
Entertainment Golf Traditional Golf Corporate Total
September 30, 2020
Total assets 152,062  285,262  12,165  449,489 
Total liabilities 40,340  345,851  63,673  449,864 
Preferred stock —  —  61,583  61,583 
Equity $ 111,722  $ (60,589) $ (113,091) $ (61,958)
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2020 $ 5,506  $ 3,596  $ 403  $ 9,505 
Summary segment financial data (continued).
  Entertainment Golf Traditional Golf Corporate Total
Nine Months Ended September 30, 2019        
Revenues
Golf operations $ 2,720  $ 160,169  $ —  $ 162,889 
Sales of food and beverages 4,167  33,193  —  37,360 
Total revenues 6,887  193,362  —  200,249 
Operating costs
Operating expenses 6,807  163,090  —  169,897 
Cost of sales - food and beverages 1,106  9,352  —  10,458 
General and administrative expense (A) 10,349  12,713  10,977  34,039 
General and administrative expense - acquisition and transaction expenses (B) 3,094  539  309  3,942 
Depreciation and amortization 3,119  12,528  122  15,769 
Pre-opening costs (C) 7,229  —  —  7,229 
(Gain) Loss on lease terminations and impairment 1,270  4,807  —  6,077 
Realized and unrealized (gain) on investments —  —  —  — 
Total operating costs 32,974  203,029  11,408  247,411 
Operating (loss) income (26,087) (9,667) (11,408) (47,162)
Other income (expenses)
Interest and investment income 311  84  404  799 
Interest expense (D) (245) (6,140) (1,856) (8,241)
Capitalized interest (D) —  583  1,650  2,233 
Other income (loss), net (7) 11,582  1,380  12,955 
Total other income (expenses) 59  6,109  1,578  7,746 
Income tax expense —  —  162  162 
Net loss (26,028) (3,558) (9,992) (39,578)
Preferred dividends —  —  (4,185) (4,185)
Loss applicable to common stockholders $ (26,028) $ (3,558) $ (14,177) $ (43,763)
Entertainment Golf Traditional Golf Corporate Total
Three Months Ended September 30, 2019
Revenues
Golf operations $ 1,431  $ 59,366  $ —  $ 60,797 
Sales of food and beverages 2,256  11,629  —  13,885 
Total revenues 3,687  70,995  —  74,682 
Operating costs
Operating expenses 3,202  60,252  —  63,454 
Cost of sales - food and beverages 604  3,252  —  3,856 
General and administrative expense (A) 3,433  4,500  2,467  10,400 
General and administrative expense - acquisition and transaction expenses (B) 2,117  207  31  2,355 
Depreciation and amortization 1,450  4,192  81  5,723 
Pre-opening costs (C) 4,350  —  —  4,350 
(Gain) Loss on lease terminations and impairment 1,152  720  —  1,872 
Total operating costs 16,308  73,123  2,579  92,010 
Operating (loss) income (12,621) (2,128) (2,579) (17,328)
Other income (expenses)
Interest and investment income 64  24  103  191 
Interest expense (D) (103) (2,088) (599) (2,790)
Capitalized interest (D) —  169  560  729 
Other income (loss), net —  6,896  445  7,341 
Total other income (expenses) (39) 5,001  509  5,471 
Income tax expense —  —  162  162 
Net loss (12,660) 2,873  (2,232) (12,019)
Preferred dividends —  —  (1,395) (1,395)
Loss applicable to common stockholders $ (12,660) $ 2,873  $ (3,627) $ (13,414)
General and administrative expenses included severance expenses of $0.4 million and $1.1 million for the three and nine months ended September 30, 2020, respectively, and $0.5 million and $1.6 million for the three and nine months ended September 30, 2019, respectively.
(B)Acquisition and transaction expenses include costs related to completed and potential acquisitions and transactions and strategic initiatives which may include advisory, legal, accounting and other professional or consulting fees.
(C)Pre-opening costs are expensed as incurred and consist primarily of venue-related marketing expenses, lease expense, employee payroll, travel and related expenses, training costs, food, beverage and other operating expenses incurred prior to opening an Entertainment Golf venue.
(D)Interest expense included the accretion of membership deposit liabilities in the amount of $2.3 million and $6.1 million for the three and nine months ended September 30, 2020, respectively, and $1.8 million and $5.4 million for the three and nine months ended September 30, 2019, respectively. Interest expense and capitalized interest are combined in interest expense, net on the Consolidated Statements of Operations.