| 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:
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Entertainment Golf |
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Traditional Golf |
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Corporate |
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Total |
Three Months Ended March 31, 2019 |
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Revenues |
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Golf operations |
|
$ |
681 |
|
|
$ |
44,025 |
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|
$ |
— |
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|
$ |
44,706 |
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Sales of food and beverages |
|
1,040 |
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|
8,206 |
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|
— |
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|
9,246 |
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Total revenues |
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1,721 |
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|
52,231 |
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|
— |
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|
53,952 |
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Operating costs |
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Operating expenses (A) |
|
1,747 |
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|
45,976 |
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|
— |
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|
47,723 |
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Cost of sales - food and beverages |
|
251 |
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|
2,447 |
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|
— |
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|
2,698 |
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General and administrative expense |
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3,379 |
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|
3,897 |
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|
3,944 |
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|
11,220 |
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General and administrative expense - acquisition and transaction expenses (B) |
|
157 |
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|
153 |
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|
89 |
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|
399 |
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Depreciation and amortization |
|
709 |
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|
4,217 |
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(2 |
) |
|
4,924 |
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Pre-opening costs (C) |
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1,179 |
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— |
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— |
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|
1,179 |
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Impairment |
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— |
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|
4,088 |
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— |
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|
4,088 |
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Realized and unrealized (gain) on investments |
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— |
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— |
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— |
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|
— |
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Total operating costs |
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7,422 |
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|
60,778 |
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|
4,031 |
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|
72,231 |
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Operating loss |
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(5,701 |
) |
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(8,547 |
) |
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(4,031 |
) |
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(18,279 |
) |
Other income (expenses) |
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Interest and investment income |
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132 |
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|
38 |
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|
174 |
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|
344 |
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Interest expense (D) |
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(3 |
) |
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(2,190 |
) |
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(626 |
) |
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(2,819 |
) |
Capitalized interest (D) |
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— |
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|
188 |
|
|
478 |
|
|
666 |
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Other (loss) income, net |
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(7 |
) |
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5,030 |
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|
465 |
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|
5,488 |
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Total other income (expenses) |
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122 |
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|
3,066 |
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|
491 |
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|
3,679 |
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Income tax expense |
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— |
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— |
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— |
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— |
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Net loss |
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(5,579 |
) |
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(5,481 |
) |
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(3,540 |
) |
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(14,600 |
) |
Preferred dividends |
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— |
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— |
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(1,395 |
) |
|
(1,395 |
) |
Loss applicable to common stockholders |
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$ |
(5,579 |
) |
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$ |
(5,481 |
) |
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$ |
(4,935 |
) |
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$ |
(15,995 |
) |
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Entertainment Golf |
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Traditional Golf |
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Corporate (E) |
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Total |
March 31, 2019 |
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Total assets |
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164,907 |
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|
351,877 |
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|
47,207 |
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|
563,991 |
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Total liabilities |
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42,054 |
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349,987 |
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|
61,887 |
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|
453,928 |
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Preferred stock |
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— |
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— |
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61,583 |
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61,583 |
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Noncontrolling interest |
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— |
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— |
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— |
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— |
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Equity attributable to common stockholders |
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$ |
122,853 |
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$ |
1,890 |
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$ |
(76,263 |
) |
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$ |
48,480 |
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Additions to property and equipment (including finance leases) during the three months ended March 31, 2019 |
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$ |
28,037 |
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$ |
2,106 |
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$ |
800 |
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$ |
30,943 |
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Summary segment financial data (continued).
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Entertainment Golf |
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Traditional Golf |
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Corporate (F) |
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Total |
Three Months Ended March 31, 2018 |
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Revenues |
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Golf operations |
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$ |
— |
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$ |
53,554 |
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$ |
— |
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$ |
53,554 |
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Sales of food and beverages |
|
— |
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|
13,106 |
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|
— |
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|
13,106 |
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Total revenues |
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— |
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|
66,660 |
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|
— |
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|
66,660 |
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Operating costs |
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|
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|
|
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Operating expenses (A) |
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— |
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|
57,379 |
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|
— |
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|
57,379 |
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Cost of sales - food and beverages |
|
— |
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|
4,040 |
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|
— |
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|
4,040 |
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General and administrative expense |
|
1,102 |
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|
4,153 |
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|
2,080 |
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|
7,335 |
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General and administrative expense - acquisition and transaction expenses (B) |
|
1,253 |
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|
307 |
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|
297 |
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|
1,857 |
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Depreciation and amortization |
|
30 |
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|
5,513 |
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|
5 |
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|
5,548 |
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Pre-opening costs (C) |
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1,556 |
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|
— |
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|
— |
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|
1,556 |
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Impairment |
|
— |
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|
1,326 |
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|
147 |
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|
1,473 |
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Realized and unrealized (gain) on investments |
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— |
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|
(242 |
) |
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— |
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|
(242 |
) |
Total operating costs |
|
3,941 |
|
|
72,476 |
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|
2,529 |
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|
78,946 |
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Operating loss |
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(3,941 |
) |
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(5,816 |
) |
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(2,529 |
) |
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(12,286 |
) |
Other income (expenses) |
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Interest and investment income |
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28 |
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|
51 |
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|
367 |
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|
446 |
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Interest expense (D) |
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— |
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(3,938 |
) |
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(494 |
) |
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(4,432 |
) |
Capitalized interest (D) |
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— |
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|
383 |
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— |
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|
383 |
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Other (loss) income, net |
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— |
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|
(938 |
) |
|
532 |
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|
(406 |
) |
Total other income (expenses) |
|
28 |
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(4,442 |
) |
|
405 |
|
|
(4,009 |
) |
Income tax expense |
|
— |
|
|
— |
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|
— |
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|
— |
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Net loss |
|
(3,913 |
) |
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(10,258 |
) |
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(2,124 |
) |
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(16,295 |
) |
Preferred dividends |
|
— |
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|
— |
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(1,395 |
) |
|
(1,395 |
) |
Loss applicable to common stockholders |
|
$ |
(3,913 |
) |
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$ |
(10,258 |
) |
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$ |
(3,519 |
) |
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$ |
(17,690 |
) |
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(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.
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(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. |
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(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. |
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(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.
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(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.
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(F) |
The Debt Investments segment and corporate segment as reported previously are combined to conform to the current period's presentation. |
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