Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues    
Golf course operations $ 53,554,000 $ 46,296,000
Sales of food and beverages 13,106,000 12,845,000
Total revenues 66,660,000 59,141,000
Operating costs    
Operating expenses 57,379,000 50,509,000
Cost of sales - food and beverages 4,040,000 4,032,000
General and administrative expense 9,192,000 7,487,000
Management fee to affiliate 0 2,677,000
Depreciation and amortization 5,548,000 5,793,000
Pre-opening costs 1,556,000 0
Impairment 1,473,000 0
Realized and unrealized (gain) loss on investments (242,000) 3,389,000
Total operating costs 78,946,000 73,887,000
Operating loss (12,286,000) (14,746,000)
Other income (expenses)    
Interest and investment income 446,000 7,888,000
Interest expense, net (4,049,000) (5,434,000)
Other loss, net (406,000) (123,000)
Total other income (expenses) (4,009,000) 2,331,000
Loss before income tax (16,295,000) (12,415,000)
Income tax expense 0 539,000
Net (loss) income (16,295,000) (12,954,000)
Preferred dividends (1,395,000) (1,395,000)
Loss Applicable to Common Stockholders $ (17,690,000) $ (14,349,000)
Loss Applicable to Common Stock, per share    
Basic (in dollars per share) $ (0.26) $ (0.21)
Diluted (in dollars per share) $ (0.26) $ (0.21)
Weighted Average Number of Shares of Common Stock Outstanding    
Basic (in shares) 66,977,104 66,841,977
Diluted (in shares) 66,977,104 66,841,977
Dividends Declared per Share of Common Stock (in dollars per share) $ 0 $ 0