Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.21.2
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 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:
Six Months Ended June 30, 2021 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 8,737  $ 106,175  $ —  $ 114,912 
Sales of food and beverages 11,075  8,984  —  20,059 
Total revenues 19,812  115,159  —  134,971 
Operating costs
Operating expenses 10,679  93,823  2  104,504 
Cost of sales - food and beverages 2,530  2,725  —  5,255 
General and administrative expense (A) 4,472  5,073  6,095  15,640 
General and administrative expense - acquisition and transaction expenses (B) 368  —  4  372 
Depreciation and amortization 5,904  6,003  122  12,029 
Pre-opening costs (C) 1,344  —  1  1,345 
(Gain) Loss on lease terminations and impairment 22  (561) 3,187  2,648 
Total operating costs 25,319  107,063  9,411  141,793 
Operating income (loss) (5,507) 8,096  (9,411) (6,822)
Other income (expenses)
Interest and investment income —  36  276  312 
Interest expense (D) (159) (4,620) (641) (5,420)
Capitalized interest (D) —  28  53  81 
Other income (loss), net —  (176) 97  (79)
Total other income (expenses) (159) (4,732) (215) (5,106)
Income tax expense —  —  945  945 
Net income (loss) (5,666) 3,364  (10,571) (12,873)
Preferred dividends —  —  (2,790) (2,790)
Net income (loss) applicable to common stockholders $ (5,666) $ 3,364  $ (13,361) $ (15,663)
June 30, 2021 Entertainment Golf Traditional Golf Corporate Total
Total assets $ 171,386  $ 262,049  $ 62,404  $ 495,839 
Total liabilities 47,133  336,894  62,302  446,329 
Preferred stock —  —  61,583  61,583 
Equity $ 124,253  $ (74,845) $ (61,481) $ (12,073)
Additions to property and equipment (including finance leases) during the six months ended June 30, 2021 $ 10,903  $ 2,989  $ 375  $ 14,267 
Three Months Ended June 30, 2021 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 5,316  $ 56,434  $ —  $ 61,750 
Sales of food and beverages 6,273  5,856  —  12,129 
Total revenues 11,589  62,290  —  73,879 
Operating costs
Operating expenses 5,546  50,087  2  55,635 
Cost of sales - food and beverages 1,445  1,706  —  3,151 
General and administrative expense (A) 2,274  2,693  2,885  7,852 
General and administrative expense - acquisition and transaction expenses (B) 176  —  —  176 
Depreciation and amortization 2,952  2,782  50  5,784 
Pre-opening costs (C) 788  —  1  789 
(Gain) Loss on lease terminations and impairment —  (561) —  (561)
Total operating costs 13,181  56,707  2,938  72,826 
Operating income (loss) (1,592) 5,583  (2,938) 1,053 
Other income (expenses)
Interest and investment income —  16  143  159 
Interest expense (D) (77) (2,369) (325) (2,771)
Capitalized interest (D) —  20  38  58 
Other income (loss), net —  (62) 44  (18)
Total other income (expenses) (77) (2,395) (100) (2,572)
Income tax expense —  —  450  450 
Net income (loss) (1,669) 3,188  (3,488) (1,969)
Preferred dividends —  —  (1,395) (1,395)
Net income (loss) applicable to common stockholders $ (1,669) $ 3,188  $ (4,883) $ (3,364)
Six Months Ended June 30, 2020 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 4,672  $ 73,628  $ —  $ 78,300 
Sales of food and beverages 7,235  7,700  —  14,935 
Total revenues 11,907  81,328  —  93,235 
Operating costs
Operating expenses 10,801  76,790  —  87,591 
Cost of sales - food and beverages 1,904  2,580  —  4,484 
General and administrative expense (A) 4,529  5,282  4,361  14,172 
General and administrative expense - acquisition and transaction expenses (B) 865  155  994  2,014 
Depreciation and amortization 6,021  7,311  144  13,476 
Pre-opening costs (C) 822  —  —  822 
(Gain) Loss on lease terminations and impairment —  (2,333) —  (2,333)
Total operating costs 24,942  89,785  5,499  120,226 
Operating loss (13,035) (8,457) (5,499) (26,991)
Other income (expenses)
Interest and investment income 1  38  226  265 
Interest expense (D) (207) (4,245) (962) (5,414)
Capitalized interest (D) —  22  56  78 
Other income (loss), net —  (166) (23,889) (24,055)
Total other income (expenses) (206) (4,351) (24,569) (29,126)
Income tax expense —  —  771  771 
Net loss (13,241) (12,808) (30,839) (56,888)
Preferred dividends —  —  (2,790) (2,790)
Loss applicable to common stockholders $ (13,241) $ (12,808) $ (33,629) $ (59,678)
Three Months Ended June 30, 2020 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 762  $ 28,913  $ —  $ 29,675 
Sales of food and beverages 1,028  1,397  —  2,425 
Total revenues 1,790  30,310  —  32,100 
Operating costs
Operating expenses 2,629  30,595  —  33,224 
Cost of sales - food and beverages 294  535  —  829 
General and administrative expense (A) 1,360  2,189  1,983  5,532 
General and administrative expense - acquisition and transaction expenses (B) 831  33  (28) 836 
Depreciation and amortization 3,001  3,608  73  6,682 
Pre-opening costs (C) 270  —  —  270 
Total operating costs 8,385  33,835  2,028  44,248 
Operating loss (6,595) (3,525) (2,028) (12,148)
Other income (expenses)
Interest and investment income —  23  112  135 
Interest expense (D) (102) (2,098) (436) (2,636)
Capitalized interest (D) —  13  32  45 
Other income (loss), net —  (120) (24,302) (24,422)
Total other income (expenses) (102) (2,182) (24,594) (26,878)
Income tax expense —  —  500  500 
Net loss (6,697) (5,707) (27,122) (39,526)
Preferred dividends —  —  (1,395) (1,395)
Loss applicable to common stockholders $ (6,697) $ (5,707) $ (28,517) $ (40,921)

(A)General and administrative expenses included severance expenses of zero and $0.1 million for the three and six months ended June 30, 2021, respectively, and zero and $0.7 million for the three and six months ended June 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 $2.1 million and $4.1 million for the three and six months ended June 30, 2021, respectively, and $1.9 million and $3.6 million for the three and six months ended June 30, 2020, respectively. Interest expense and capitalized interest are combined in interest expense, net on the Consolidated Statements of Operations.