Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.8.0.1
SEGMENT REPORTING (Tables)
3 Months Ended
Mar. 31, 2018
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:
 
Traditional Golf
 
Entertainment Golf
 
Debt Investments
 
Corporate
 
Total
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
Golf course operations
$
53,554

 
$

 
$

 
$

 
$
53,554

Sales of food and beverages
13,106

 

 

 

 
13,106

Total revenues
66,660

 

 

 

 
66,660

Operating costs
 
 
 
 
 
 
 
 
 
Operating expenses (A)
57,379

 

 

 

 
57,379

Cost of sales - food and beverages
4,040

 

 

 

 
4,040

General and administrative expense
4,153

 
1,102

 
6

 
2,074

 
7,335

General and administrative expense - acquisition and transaction expenses (B)
307

 
1,253

 

 
297

 
1,857

Depreciation and amortization
5,513

 
30

 

 
5

 
5,548

Pre-opening costs (C)

 
1,556

 

 

 
1,556

Impairment
1,326

 

 
147

 

 
1,473

Realized and unrealized loss on investments
(242
)
 

 

 

 
(242
)
Total operating costs
72,476

 
3,941

 
153

 
2,376

 
78,946

Operating loss
(5,816
)
 
(3,941
)
 
(153
)
 
(2,376
)
 
(12,286
)
Other income (expenses)
 
 
 
 
 
 
 
 
 
Interest and investment income
51

 
28

 
59

 
308

 
446

Interest expense, net (D)
(3,555
)
 

 

 
(494
)
 
(4,049
)
Other (loss) income, net
(938
)
 

 
532

 

 
(406
)
Total other income (expenses)
(4,442
)
 
28

 
591

 
(186
)
 
(4,009
)
Income tax expense

 

 

 

 

Net (loss) income
(10,258
)
 
(3,913
)
 
438

 
(2,562
)
 
(16,295
)
Preferred dividends

 

 

 
(1,395
)
 
(1,395
)
(Loss) income applicable to common stockholders
$
(10,258
)
 
$
(3,913
)
 
$
438

 
$
(3,957
)
 
$
(17,690
)


 
 
 
 
 
 
 
 
 
 

 
Traditional Golf
 
Entertainment Golf
 
Debt Investments (E)
 
Corporate
 
Total
March 31, 2018
 
 
 
 
 
 
 
 
 
Total assets
320,491

 
81,575

 
24,306

 
87,604

 
513,976

Total liabilities
290,553

 
9,160

 
79

 
55,703

 
355,495

Preferred stock

 

 

 
61,583

 
61,583

Equity attributable to common stockholders
$
29,938

 
$
72,415

 
$
24,227

 
$
(29,682
)
 
$
96,898

 
 
 
 
 
 
 
 
 
 
Additions to property and equipment (including capital leases) during the three months ended March 31, 2018
$
4,040

 
$
9,498

 
$

 
$

 
$
13,538

Summary segment financial data (continued).
 
Traditional Golf
 
Entertainment Golf
 
Debt Investments
 
Corporate
 
Total
Three Months Ended March 31, 2017
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
Golf course operations
$
46,296

 
$

 
$

 
$

 
$
46,296

Sales of food and beverages
12,845

 

 

 

 
12,845

Total revenues
59,141

 

 

 

 
59,141

Operating costs
 
 
 
 
 
 
 
 
 
Operating expenses (A)
50,509

 

 

 

 
50,509

Cost of sales - food and beverages
4,032

 

 

 

 
4,032

General and administrative expense
4,222

 
15

 
1

 
1,595

 
5,833

General and administrative expense - acquisition and transaction expenses (B)
276

 
1,261

 

 
117

 
1,654

Management fee to affiliate

 

 

 
2,677

 
2,677

Depreciation and amortization
5,793

 

 

 

 
5,793

Realized and unrealized loss on investments
120

 

 
3,269

 

 
3,389

Total operating costs
64,952

 
1,276

 
3,270

 
4,389

 
73,887

Operating loss
(5,811
)
 
(1,276
)
 
(3,270
)
 
(4,389
)
 
(14,746
)
Other income (expenses)
 
 
 
 
 
 
 
 
 
Interest and investment income
39

 

 
7,802

 
47

 
7,888

Interest expense, net (D)
(3,817
)
 

 
(1,206
)
 
(411
)
 
(5,434
)
Other (loss) income, net
(624
)
 

 
501

 

 
(123
)
Total other income (expenses)
(4,402
)
 

 
7,097

 
(364
)
 
2,331

Income tax expense

 

 

 
539

 
539

Net (loss) income
(10,213
)
 
(1,276
)
 
3,827

 
(5,292
)
 
(12,954
)
Preferred dividends

 

 

 
(1,395
)
 
(1,395
)
(Loss) income applicable to common stockholders
$
(10,213
)
 
$
(1,276
)
 
$
3,827

 
$
(6,687
)
 
$
(14,349
)
 
 
 
 
 
 
 
 
 
 
(A)
Operating expenses includes rental expenses recorded under operating leases for carts and equipment in the amount of $0.6 million and $0.8 million for the three months ended March 31, 2018 and 2017, respectively. Operating expenses also includes amortization of favorable and unfavorable lease intangibles in the amount of $1.0 million and $1.0 million for the three months ended March 31, 2018 and 2017, respectively.
(B)
Acquisition and transaction expenses include costs related to completed and potential acquisitions and transactions which may include advisory, legal, accounting, valuation and other professional or consulting fees.
(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.
(D)
Interest expense, net includes the accretion of membership deposit liabilities in the amount of $1.7 million and $1.6 million for the three months ended March 31, 2018 and 2017, respectively. Interest expense is net of $0.4 million related to capitalized interest for Entertainment Golf for the three months ended March 31, 2018.
(E)
Total assets in the Debt Investments segment includes an equity method investment in the amount of $21.5 million as of March 31, 2018 recorded in other investments on the Consolidated Balance Sheets. See Note 2 for additional information.