Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.21.2
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 30, 2021
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:
Nine Months Ended September 30, 2021 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 13,976  $ 163,194  $ —  $ 177,170 
Sales of food and beverages 17,145  17,022  —  34,167 
Total revenues 31,121  180,216  —  211,337 
Operating costs
Operating expenses 17,397  147,822  15  165,234 
Cost of sales - food and beverages 3,982  4,974  (5) 8,951 
General and administrative expense (A) 8,171  7,700  8,993  24,864 
General and administrative expense - acquisition and transaction expenses (B) 824  —  9  833 
Depreciation and amortization 8,942  8,854  56  17,852 
Pre-opening costs (C) 3,374  —  1  3,375 
(Gain) Loss on lease terminations and impairment 22  (237) 3,187  2,972 
Total operating costs 42,712  169,113  12,256  224,081 
Operating income (loss) (11,591) 11,103  (12,256) (12,744)
Other income (expenses)
Interest and investment income —  55  447  502 
Interest expense (D) (230) (6,848) (964) (8,042)
Capitalized interest (D) (24) 37  65  78 
Other income (loss), net 3  (115) 141  29 
Total other income (expenses) (251) (6,871) (311) (7,433)
Income tax expense —  —  1,562  1,562 
Net income (loss) (11,842) 4,232  (14,129) (21,739)
   Less: net loss attributable to NCI (15) —  —  (15)
   Net loss attributable to the company (11,827) 4,232  (14,129) (21,724)
   Preferred dividends —  —  (4,185) (4,185)
Net income (loss) applicable to common stockholders $ (11,827) $ 4,232  $ (18,314) $ (25,909)
September 30, 2021 Entertainment Golf Traditional Golf Corporate Total
Total assets $ 168,463  $ 254,878  $ 61,135  $ 484,476 
Total liabilities 51,128  329,173  63,360  443,661 
Preferred stock —  —  61,583  61,583 
Noncontrolling interest 1,026  —  —  1,026 
Equity $ 116,309  $ (74,295) $ (63,808) $ (21,794)
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2021 $ 17,810  $ 5,477  $ 375  $ 23,662 
Three Months Ended September 30, 2021 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 5,239  $ 57,018  $ —  $ 62,257 
Sales of food and beverages 6,070  8,039  —  14,109 
Total revenues 11,309  65,057  —  76,366 
Operating costs
Operating expenses 6,718  53,998  13  60,729 
Cost of sales - food and beverages 1,453  2,248  (5) 3,696 
General and administrative expense (A) 3,697  2,628  2,900  9,225 
General and administrative expense - acquisition and transaction expenses (B) 456  —  4  460 
Depreciation and amortization 3,038  2,851  (66) 5,823 
Pre-opening costs (C) 2,030  —  —  2,030 
(Gain) Loss on lease terminations and impairment —  324  —  324 
Total operating costs 17,392  62,049  2,846  82,287 
Operating income (loss) (6,083) 3,008  (2,846) (5,921)
Other income (expenses)
Interest and investment income —  19  171  190 
Interest expense (D) (71) (2,229) (323) (2,623)
Capitalized interest (D) (24) 9  12  (3)
Other income (loss), net 3  60  44  107 
Total other income (expenses) (92) (2,141) (96) (2,329)
Income tax expense —  —  616  616 
Net income (loss) (6,175) 867  (3,558) (8,866)
   Less: net loss attributable to NCI (15) —  —  (15)
   Net loss attributable to the company (6,160) 867  (3,558) (8,851)
   Preferred dividends —  —  (1,395) (1,395)
Net income (loss) applicable to common stockholders $ (6,160) $ 867  $ (4,953) $ (10,246)
Nine Months Ended September 30, 2020 Entertainment Golf Traditional Golf Corporate Total
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)
Total operating costs 36,004  148,791  7,892  192,687 
Operating loss (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)

September 30, 2020 Entertainment Golf Traditional Golf Corporate Total
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 
Three Months Ended September 30, 2020 Entertainment Golf Traditional Golf Corporate Total
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 
Total operating costs 11,062  59,006  2,393  72,461 
Operating loss (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)

(A)General and administrative expenses included severance expenses of $0.1 million and $0.2 million for the three and nine months ended September 30, 2021, respectively, and $0.4 million and $1.1 million for the three and nine months ended September 30, 2020, 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 $2.0 million and $6.2 million for the three and nine months ended September 30, 2021, respectively, and $2.3 million and $6.1 million for the three and nine months ended September 30, 2020, respectively. Interest expense and capitalized interest are combined in interest expense, net on the Consolidated Statements of Operations.