Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Segment Reporting) (Details)

v3.20.2
SEGMENT REPORTING (Segment Reporting) (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Revenues              
Total revenues $ 32,100,000   $ 71,615,000   $ 93,235,000 $ 125,567,000  
Operating costs              
Operating expenses 33,224,000   58,720,000   87,591,000 106,443,000  
Cost of sales - food and beverages 829,000   3,904,000   4,484,000 6,601,000  
General and administrative expense 5,532,000   12,432,000   14,172,000 23,652,000  
General and administrative expense - acquisition and transaction expenses 836,000   1,175,000   2,014,000 1,574,000  
Depreciation and amortization 6,682,000   5,122,000   13,476,000 10,046,000  
Pre-opening costs 270,000   1,700,000   822,000 2,879,000  
(Gain) Loss on lease terminations and impairment (3,125,000)   118,000   (2,333,000) 4,206,000  
Realized and unrealized gain (loss) on investments 0       0 0  
Total operating costs 44,248,000   83,171,000   120,226,000 155,401,000  
Operating loss (12,148,000)   (11,556,000)   (26,991,000) (29,834,000)  
Other income (expenses)              
Interest and investment income 135,000   265,000   265,000 608,000  
Interest expense (2,636,000)   (2,632,000)   (5,414,000) (5,449,000)  
Capitalized interest 45,000   837,000   78,000 1,502,000  
Other income (loss), net (24,422,000)   127,000   (24,055,000) 5,614,000  
Total other income (expenses) (26,878,000)   (1,403,000)   (29,126,000) 2,275,000  
Income tax expense 500,000   0   771,000 0  
Net Loss (39,526,000) $ (17,362,000) (12,959,000) $ (14,600,000) (56,888,000) (27,559,000)  
Preferred dividends (1,395,000)   (1,395,000)   (2,790,000) (2,790,000)  
Loss Applicable to Common Stockholders (40,921,000)   (14,354,000)   (59,678,000) (30,349,000)  
Total assets 457,073,000       457,073,000   $ 515,991,000
Total liabilities 448,405,000       448,405,000   450,416,000
Preferred stock 61,583,000       61,583,000   61,583,000
Equity (52,915,000)       (52,915,000)    
Additions to property and equipment (including finance leases) during the six months ended June 30, 2020         7,702,000    
Severance expenses 0   700,000   700,000 1,100,000  
Equity method investment 0       0   $ 24,020,000
Golf operations              
Revenues              
Total revenues 29,675,000   57,386,000   78,300,000 102,092,000  
Food and beverages              
Revenues              
Total revenues 2,425,000   14,229,000   14,935,000 23,475,000  
Entertainment Golf              
Other income (expenses)              
Accretion of membership deposit liabilities 1,900,000   1,600,000   3,800,000 3,600,000  
Entertainment Golf | Operating Segments              
Revenues              
Total revenues 1,790,000   1,479,000   11,907,000 3,199,000  
Operating costs              
Operating expenses 2,629,000   1,857,000   10,801,000 3,605,000  
Cost of sales - food and beverages 294,000   251,000   1,904,000 501,000  
General and administrative expense 1,360,000   3,551,000   4,529,000 6,930,000  
General and administrative expense - acquisition and transaction expenses 831,000   806,000   865,000 963,000  
Depreciation and amortization 3,001,000   961,000   6,021,000 1,670,000  
Pre-opening costs 270,000   1,700,000   822,000 2,879,000  
(Gain) Loss on lease terminations and impairment 0   118,000   0 118,000  
Realized and unrealized gain (loss) on investments 0       0 0  
Total operating costs 8,385,000   9,244,000   24,942,000 16,666,000  
Operating loss (6,595,000)   (7,765,000)   (13,035,000) (13,467,000)  
Other income (expenses)              
Interest and investment income 0   114,000   1,000 246,000  
Interest expense (102,000)   (142,000)   (207,000) (142,000)  
Capitalized interest 0   0   0 0  
Other income (loss), net 0   0   0 (7,000)  
Total other income (expenses) (102,000)   (28,000)   (206,000) 97,000  
Income tax expense 0   0   0 0  
Net Loss (6,697,000)   (7,793,000)   (13,241,000) (13,370,000)  
Preferred dividends 0   0   0 0  
Loss Applicable to Common Stockholders (6,697,000)   (7,793,000)   (13,241,000) (13,370,000)  
Total assets 158,187,000       158,187,000    
Total liabilities 41,997,000       41,997,000    
Preferred stock 0       0    
Equity 116,190,000       116,190,000    
Additions to property and equipment (including finance leases) during the six months ended June 30, 2020         4,297,000    
Entertainment Golf | Operating Segments | Golf operations              
Revenues              
Total revenues 762,000   607,000   4,672,000 1,288,000  
Entertainment Golf | Operating Segments | Food and beverages              
Revenues              
Total revenues 1,028,000   872,000   7,235,000 1,911,000  
Traditional Golf | Operating Segments              
Revenues              
Total revenues 30,310,000   70,136,000   81,328,000 122,368,000  
Operating costs              
Operating expenses 30,595,000   56,863,000   76,790,000 102,838,000  
Cost of sales - food and beverages 535,000   3,653,000   2,580,000 6,100,000  
General and administrative expense 2,189,000   4,316,000   5,282,000 8,212,000  
General and administrative expense - acquisition and transaction expenses 33,000   179,000   155,000 333,000  
Depreciation and amortization 3,608,000   4,118,000   7,311,000 8,335,000  
Pre-opening costs 0   0   0 0  
(Gain) Loss on lease terminations and impairment (3,125,000)   0   (2,333,000) 4,088,000  
Realized and unrealized gain (loss) on investments 0       0 0  
Total operating costs 33,835,000   69,129,000   89,785,000 129,906,000  
Operating loss (3,525,000)   1,007,000   (8,457,000) (7,538,000)  
Other income (expenses)              
Interest and investment income 23,000   23,000   38,000 61,000  
Interest expense (2,098,000)   (1,861,000)   (4,245,000) (4,051,000)  
Capitalized interest 13,000   226,000   22,000 413,000  
Other income (loss), net (120,000)   (343,000)   (166,000) 4,688,000  
Total other income (expenses) (2,182,000)   (1,955,000)   (4,351,000) 1,111,000  
Income tax expense 0   0   0 0  
Net Loss (5,707,000)   (948,000)   (12,808,000) (6,427,000)  
Preferred dividends 0   0   0 0  
Loss Applicable to Common Stockholders (5,707,000)   (948,000)   (12,808,000) (6,427,000)  
Total assets 284,874,000       284,874,000    
Total liabilities 343,136,000       343,136,000    
Preferred stock 0       0    
Equity (58,262,000)       (58,262,000)    
Additions to property and equipment (including finance leases) during the six months ended June 30, 2020         2,982,000    
Traditional Golf | Operating Segments | Golf operations              
Revenues              
Total revenues 28,913,000   56,779,000   73,628,000 100,804,000  
Traditional Golf | Operating Segments | Food and beverages              
Revenues              
Total revenues 1,397,000   13,357,000   7,700,000 21,564,000  
Corporate | Operating Segments              
Revenues              
Total revenues 0   0   0 0  
Operating costs              
Operating expenses 0   0   0 0  
Cost of sales - food and beverages 0   0   0 0  
General and administrative expense 1,983,000   4,565,000   4,361,000 8,510,000  
General and administrative expense - acquisition and transaction expenses (28,000)   190,000   994,000 278,000  
Depreciation and amortization 73,000   43,000   144,000 41,000  
Pre-opening costs 0   0   0 0  
(Gain) Loss on lease terminations and impairment 0   0   0 0  
Realized and unrealized gain (loss) on investments 0       0 0  
Total operating costs 2,028,000   4,798,000   5,499,000 8,829,000  
Operating loss (2,028,000)   (4,798,000)   (5,499,000) (8,829,000)  
Other income (expenses)              
Interest and investment income 112,000   128,000   226,000 301,000  
Interest expense (436,000)   (629,000)   (962,000) (1,256,000)  
Capitalized interest 32,000   611,000   56,000 1,089,000  
Other income (loss), net (24,302,000)   470,000   (23,889,000) 933,000  
Total other income (expenses) (24,594,000)   580,000   (24,569,000) 1,067,000  
Income tax expense 500,000   0   771,000 0  
Net Loss (27,122,000)   (4,218,000)   (30,839,000) (7,762,000)  
Preferred dividends (1,395,000)   (1,395,000)   (2,790,000) (2,790,000)  
Loss Applicable to Common Stockholders (28,517,000)   (5,613,000)   (33,629,000) (10,552,000)  
Total assets 14,012,000       14,012,000    
Total liabilities 63,272,000       63,272,000    
Preferred stock 61,583,000       61,583,000    
Equity (110,843,000)       (110,843,000)    
Additions to property and equipment (including finance leases) during the six months ended June 30, 2020         423,000    
Corporate | Operating Segments | Golf operations              
Revenues              
Total revenues 0   0   0 0  
Corporate | Operating Segments | Food and beverages              
Revenues              
Total revenues $ 0   $ 0   $ 0 $ 0