Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.19.1
SEGMENT REPORTING (Tables)
3 Months Ended
Mar. 31, 2019
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
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
Golf operations
 
$
681

 
$
44,025

 
$

 
$
44,706

Sales of food and beverages
 
1,040

 
8,206

 

 
9,246

Total revenues
 
1,721

 
52,231

 

 
53,952

Operating costs
 
 
 
 
 
 
 
 
Operating expenses (A)
 
1,747

 
45,976

 

 
47,723

Cost of sales - food and beverages
 
251

 
2,447

 

 
2,698

General and administrative expense
 
3,379

 
3,897

 
3,944

 
11,220

General and administrative expense - acquisition and transaction expenses (B)
 
157

 
153

 
89

 
399

Depreciation and amortization
 
709

 
4,217

 
(2
)
 
4,924

Pre-opening costs (C)
 
1,179

 

 

 
1,179

Impairment
 

 
4,088

 

 
4,088

Realized and unrealized (gain) on investments
 

 

 

 

Total operating costs
 
7,422

 
60,778

 
4,031

 
72,231

Operating loss
 
(5,701
)
 
(8,547
)
 
(4,031
)
 
(18,279
)
Other income (expenses)
 
 
 
 
 
 
 
 
Interest and investment income
 
132

 
38

 
174

 
344

Interest expense (D)
 
(3
)
 
(2,190
)
 
(626
)
 
(2,819
)
Capitalized interest (D)
 

 
188

 
478

 
666

Other (loss) income, net
 
(7
)
 
5,030

 
465

 
5,488

Total other income (expenses)
 
122

 
3,066

 
491

 
3,679

Income tax expense
 

 

 

 

Net loss
 
(5,579
)
 
(5,481
)
 
(3,540
)
 
(14,600
)
Preferred dividends
 

 

 
(1,395
)
 
(1,395
)
Loss applicable to common stockholders
 
$
(5,579
)
 
$
(5,481
)
 
$
(4,935
)
 
$
(15,995
)

 
 
 
 
 
 
 
 
 

 
 
Entertainment Golf
 
Traditional Golf
 
Corporate (E)
 
Total
March 31, 2019
 
 
 
 
 
 
 
 
Total assets
 
164,907

 
351,877

 
47,207

 
563,991

Total liabilities
 
42,054

 
349,987

 
61,887

 
453,928

Preferred stock
 

 

 
61,583

 
61,583

Noncontrolling interest
 

 

 

 

Equity attributable to common stockholders
 
$
122,853

 
$
1,890

 
$
(76,263
)
 
$
48,480

 
 
 
 
 
 
 
 
 
Additions to property and equipment (including finance leases) during the three months ended March 31, 2019
 
$
28,037

 
$
2,106

 
$
800

 
$
30,943


Summary segment financial data (continued).
 
 
Entertainment Golf
 
Traditional Golf
 
Corporate (F)
 
Total
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
Golf operations
 
$

 
$
53,554

 
$

 
$
53,554

Sales of food and beverages
 

 
13,106

 

 
13,106

Total revenues
 

 
66,660

 

 
66,660

Operating costs
 
 
 
 
 
 
 
 
Operating expenses (A)
 

 
57,379

 

 
57,379

Cost of sales - food and beverages
 

 
4,040

 

 
4,040

General and administrative expense
 
1,102

 
4,153

 
2,080

 
7,335

General and administrative expense - acquisition and transaction expenses (B)
 
1,253

 
307

 
297

 
1,857

Depreciation and amortization
 
30

 
5,513

 
5

 
5,548

Pre-opening costs (C)
 
1,556

 

 

 
1,556

Impairment
 

 
1,326

 
147

 
1,473

Realized and unrealized (gain) on investments
 

 
(242
)
 

 
(242
)
Total operating costs
 
3,941

 
72,476

 
2,529

 
78,946

Operating loss
 
(3,941
)
 
(5,816
)
 
(2,529
)
 
(12,286
)
Other income (expenses)
 
 
 
 
 
 
 
 
Interest and investment income
 
28

 
51

 
367

 
446

Interest expense (D)
 

 
(3,938
)
 
(494
)
 
(4,432
)
Capitalized interest (D)
 

 
383

 

 
383

Other (loss) income, net
 

 
(938
)
 
532

 
(406
)
Total other income (expenses)
 
28

 
(4,442
)
 
405

 
(4,009
)
Income tax expense
 

 

 

 

Net loss
 
(3,913
)
 
(10,258
)
 
(2,124
)
 
(16,295
)
Preferred dividends
 

 

 
(1,395
)
 
(1,395
)
Loss applicable to common stockholders
 
$
(3,913
)
 
$
(10,258
)
 
$
(3,519
)
 
$
(17,690
)
 
 
 
 
 
 
 
 
 
(A)
Operating expenses include rental expenses recorded under operating leases for carts and equipment in the amount of $0.3 million and $0.6 million for the three months ended March 31, 2019 and 2018, respectively.
(B)
Acquisition and transaction expenses include costs related to completed and potential acquisitions and transactions, which may include advisory, legal, accounting and other professional or consulting fees.
(C)
Pre-opening costs are expensed as incurred and consist primarily of site-related marketing expenses, pre-opening rent, employee payroll, travel and related expenses, training costs, food, beverage and other restaurant operating expenses incurred prior to opening an Entertainment Golf venue.
(D)
Interest expense includes the accretion of membership deposit liabilities in the amount of $1.9 million and $1.7 million for the three months ended March 31, 2019 and 2018, respectively. Interest expense and capitalized interest total to interest expense, net on the Consolidated Statements of Operations.
(E)
Total assets in the corporate segment include an equity method investment in the amount of $23.0 million as of March 31, 2019 recorded in other investments on the Consolidated Balance Sheets.
(F)
The Debt Investments segment and corporate segment as reported previously are combined to conform to the current period's presentation.