Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.20.1
SEGMENT REPORTING (Tables)
3 Months Ended
Mar. 31, 2020
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, 2020
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
Golf operations
 
$
3,910

 
$
44,715

 
$

 
$
48,625

Sales of food and beverages
 
6,207

 
6,303

 

 
12,510

Total revenues
 
10,117

 
51,018

 

 
61,135

Operating costs
 
 
 
 
 
 
 
 
Operating expenses
 
8,172

 
46,195

 

 
54,367

Cost of sales - food and beverages
 
1,610

 
2,045

 

 
3,655

General and administrative expense (A)
 
3,169

 
3,093

 
2,378

 
8,640

General and administrative expense - acquisition and transaction expenses (B)
 
34

 
122

 
1,022

 
1,178

Depreciation and amortization
 
3,020

 
3,703

 
71

 
6,794

Pre-opening costs (C)
 
552

 

 

 
552

Impairment and other losses
 

 
792

 

 
792

Total operating costs
 
16,557

 
55,950

 
3,471

 
75,978

Operating loss
 
(6,440
)
 
(4,932
)
 
(3,471
)
 
(14,843
)
Other income (expenses)
 
 
 
 
 
 
 
 
Interest and investment income
 
1

 
15

 
114

 
130

Interest expense (D)
 
(105
)
 
(2,147
)
 
(526
)
 
(2,778
)
Capitalized interest (D)
 

 
9

 
24

 
33

Other (loss) income, net
 

 
(46
)
 
413

 
367

Total other income (expenses)
 
(104
)
 
(2,169
)
 
25

 
(2,248
)
Income tax expense
 

 

 
271

 
271

Net (loss) income
 
(6,544
)
 
(7,101
)
 
(3,717
)
 
(17,362
)
Preferred dividends
 

 

 
(1,395
)
 
(1,395
)
(Loss) income applicable to common stockholders
 
$
(6,544
)
 
$
(7,101
)
 
$
(5,112
)
 
$
(18,757
)

 
 
Entertainment Golf
 
Traditional Golf
 
Corporate (E)
 
Total
March 31, 2020
 
 
 
 
 
 
 
 
Total assets
 
164,212

 
299,573

 
37,638

 
501,423

Total liabilities
 
41,182

 
349,105

 
63,225

 
453,512

Preferred stock
 

 

 
61,583

 
61,583

Equity attributable to common stockholders
 
$
123,030

 
$
(49,532
)
 
$
(87,170
)
 
$
(13,672
)
 
 
 
 
 
 
 
 
 
Additions to property and equipment (including finance leases) during the three months ended March 31, 2020
 
$
4,240

 
$
1,894

 
$
403

 
$
6,537


Summary segment financial data (continued).
 
 
 
 
 
 
 
 
 
 
 
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
 
1,747

 
45,976

 

 
47,723

Cost of sales - food and beverages
 
251

 
2,447

 

 
2,698

General and administrative expense (A)
 
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 and other losses
 

 
4,088

 

 
4,088

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
)
(A)
General and administrative expenses include severance expense in the amount of $0.7 million for the three months ended March 31, 2020, and $0.4 million for the three months ended March 31, 2019.
(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 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 $1.9 million for the three months ended March 31, 2020, and $1.9 million for the three months ended March 31, 2019. Interest expense and capitalized interest are combined in 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 $24.4 million as of March 31, 2020 recorded in other investments on the Consolidated Balance Sheets.