Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING (Tables)

v3.22.0.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Schedule of segment reporting
Summary financial data on the Company’s segments is given below, together with reconciliation to the same data for the Company as a whole:
Entertainment Golf Traditional Golf Corporate Total
Year Ended December 31, 2021
Revenues
Golf operations
 $ 20,427  $ 212,070  $ 63  $ 232,560 
Sales of food and beverages
 24,623  24,681  49,304 
Total revenues
 45,050  236,751  63  281,864 
Operating costs
Operating expenses 25,427  196,819  14  222,260 
Cost of sales - food and beverages
 5,727  7,087  —  12,814 
General and administrative expense (A) 12,287  10,414  11,108  33,809 
Depreciation and amortization
 11,938  11,656  424  24,018 
Pre-opening costs (C) 4,551  —  1  4,552 
Impairment and other losses
 36  1,812  3,187  5,035 
Total operating costs
 59,966  227,788  14,734  302,488 
Operating income (loss) (14,916) 8,963  (14,671) (20,624)
Other income (expenses)
Interest and investment income
 —  71  613  684 
Interest expense (D) (319) (9,095) (1,284) (10,698)
Other income (loss), net
 9  468  178  655 
Total other income (expenses)
 (310) (8,556) (493) (9,359)
Income tax expense 1  1,778  1,779 
Net income (loss) (15,227) 407  (16,942) (31,762)
Less: net loss attributable to NCI (393) —  —  (393)
Net income (loss) attributable to the company (14,834) 407  (16,942) (31,369)
Preferred dividends
 (5,580) (5,580)
Net income (loss) applicable to common stockholders $ (14,834) $ 407  $ (22,522) $ (36,949)

Entertainment Golf Traditional Golf Corporate (E) Total
December 31, 2021
Total assets
 $ 180,729  $ 260,003  $ 42,058  $ 482,790 
Total liabilities
 50,739  339,443  62,753  452,935 
     Preferred stock —  —  61,583  61,583 
          Noncontrolling interest —  —  1,456  1,456 
Equity (loss) attributable to common stockholders $ 129,990  $ (79,440) $ (83,734) $ (33,184)
Additions to property and equipment (including finance leases) during the year ended December 31, 2021 $ 24,344  $ 7,670  $ 375  $ 32,389 
Summary segment financial data (continued).
Entertainment Golf Traditional Golf Corporate Total
Year Ended December 31, 2020
Revenues
Golf operations
 $ 10,536  $ 179,436  $ —  $ 189,972 
Sales of food and beverages
 14,713  15,302  —  30,015 
Total revenues
 25,249  194,738  —  219,987 
Operating costs
Operating expenses 19,525  169,220  —  188,745 
Cost of sales - food and beverages
 3,744  5,090  —  8,834 
General and administrative expense (A) 8,869  9,661  9,478  28,008 
General and administrative expense - acquisition and transaction expenses (B) 1,885  210  1,181  3,276 
Depreciation and amortization
 11,960  14,903  289  27,152 
Pre-opening costs (C) 1,328  —  —  1,328 
Impairment and other losses (gains) (1,960) 1,239  —  (721)
Total operating costs
 45,351  200,323  10,948  256,622 
Operating loss
 (20,102) (5,585) (10,948) (36,635)
Other income (expenses)
Interest and investment income
 1  77  487  565 
Interest expense (D) (389) (9,009) (1,648) (11,046)
Capitalized interest (D) —  22  56  78 
Other income (loss), net
 —  16,164  (23,775) (7,611)
Total other income (expenses)
 (388) 7,254  (24,880) (18,014)
Income tax expense
 75  (19) 1,649  1,705 
Net income (loss) (20,565) 1,688  (37,477) (56,354)
Preferred dividends
 —  —  (5,580) (5,580)
Loss applicable to common stockholders
 $ (20,565) $ 1,688  $ (43,057) $ (61,934)
Traditional Golf Traditional Golf Corporate (E) Total
December 31, 2020
Total assets
 178,132  267,033  11,889  457,054 
Total liabilities
 38,717  345,340  62,960  447,017 
Preferred stock —  —  61,583  61,583 
Equity (loss) attributable to common stockholders $ 139,415  $ (78,307) $ (112,654) $ (51,546)
Additions to property and equipment (including finance leases) during the year ended December 31, 2020 $ 9,447  $ 8,932  $ 764  $ 19,143 
Summary segment financial data (continued).
Traditional Golf Traditional Golf Corporate Total
Year Ended December 31, 2019
Revenues
Golf operations $ 7,806  $ 208,691  $ —  $ 216,497 
Sales of food and beverages 11,974  43,593  —  55,567 
Total revenues 19,780  252,284  —  272,064 
Operating costs
Operating expenses 16,403  212,903  —  229,306 
Cost of sales - food and beverages 2,984  12,233  —  15,217 
General and administrative expense (A) 14,081  16,812  12,008  42,901 
General and administrative expense - acquisition and transaction expenses (B) 3,490  798  787  5,075 
Depreciation and amortization 5,935  16,266  195  22,396 
Pre-opening costs (C) 9,040  —  —  9,040 
Impairment and other losses 10,196  5,217  —  15,413 
Total operating costs 62,129  264,229  12,990  339,348 
Operating (loss) income (42,349) (11,945) (12,990) 0 (67,284)
Other income (expenses)
Interest and investment income 321  105  529  955 
Interest expense (D) (355) (8,238) (2,415) (11,008)
Capitalized interest (D) —  586  1,662  2,248 
Other income, net —  19,069  1,807  20,876 
Total other income (expenses) (34) 11,522  1,583  13,071 
Income tax expense 62  8  571  641 
Net loss (42,445) (431) (11,978) (54,854)
Preferred dividends —  —  (5,580) (5,580)
Loss applicable to common stockholders $ (42,445) $ (431) $ (17,558) $ (60,434)

(A)General and administrative expenses include severance expense in the amount of $0.3 million, $1.1 million and $2.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.
(B)Acquisition and transaction expense includes 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 site-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 includes the accretion of membership deposit liabilities in the amount of $8.2 million, $7.2 million and $7.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Interest expense and capitalized interest total to interest expense, net on the Consolidated Statements of Operations.
(E)Total assets in the corporate segment includes an equity method investment in the amount of zero and $24.0 million as of December 31, 2021 and 2020, respectively, recorded in other investments on the Consolidated Balance Sheets. See Note 2 for additional information.