Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.22.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2022
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:
Three Months Ended March 31, 2022 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 6,428  $ 48,673  $ 183  $ 55,284 
Sales of food and beverages 7,749  5,949  —  13,698 
Total revenues 14,177  54,622  183  68,982 
Operating costs
Operating expenses 8,260  46,815  64  55,139 
Cost of sales - food and beverages 1,743  1,618  —  3,361 
General and administrative expense (A) 3,726  2,894  2,443  9,063 
Depreciation and amortization 3,441  2,644  108  6,193 
Pre-opening costs (C) 747  —  —  747 
(Gain) Loss on lease terminations and impairment 12,889  (18) —  12,871 
Total operating costs 30,806  53,953  2,615  87,374 
Operating income (loss) (16,629) 669  (2,432) (18,392)
Other income (expenses)
Interest and investment income 1  26  174  201 
Interest expense (D) (58) (2,249) (339) (2,646)
Other income (loss), net (16) 2,628  33  2,645 
Total other income (expenses) (73) 405  (132) 200 
Income tax expense 31  —  690  721 
Net income (loss) (16,733) 1,074  (3,254) (18,913)
   Less: net income attributable to NCI —  —  53  53 
   Net loss attributable to the company (16,733) 1,074  (3,307) (18,966)
   Preferred dividends —  —  (1,395) (1,395)
Net income (loss) applicable to common stockholders $ (16,733) $ 1,074  $ (4,702) $ (20,361)
March 31, 2022 Entertainment Golf Traditional Golf Corporate Total
Total assets $ 191,043  $ 258,616  $ 30,058  $ 479,717 
Total liabilities 68,520  337,113  65,270  470,903 
Preferred stock —  —  61,583  61,583 
Noncontrolling interest 1,852  —  (380) 1,472 
Equity (loss) attributable to common stockholders $ 120,671  $ (78,497) $ (96,415) $ (54,241)
Additions to property and equipment (including finance leases) during the three months ended March 31, 2022 $ 10,459  $ 1,759  $ (686) $ 11,532 
Three Months Ended March 31, 2021 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 3,421  $ 49,740  $ —  $ 53,161 
Sales of food and beverages 4,802  3,128  —  7,930 
Total revenues 8,223  52,868  —  61,091 
Operating costs
Operating expenses 5,133  43,737  —  48,870 
Cost of sales - food and beverages 1,085  1,019  —  2,104 
General and administrative expense (A) 2,198  2,378  3,210  7,786 
General and administrative expense - acquisition and transaction expenses (B) 192  —  4  196 
Depreciation and amortization 2,952  3,221  72  6,245 
Pre-opening costs (C) 556  —  —  556 
(Gain) Loss on lease terminations and impairment 22  —  3,187  3,209 
Total operating costs 12,138  50,355  6,473  68,966 
Operating loss (3,915) 2,513  (6,473) (7,875)
Other income (expenses)
Interest and investment income —  20  133  153 
Interest expense (D) (82) (2,251) (316) (2,649)
Capitalized interest (D) —  8  15  23 
Other income (loss), net —  (114) 53  (61)
Total other income (expenses) (82) (2,337) (115) (2,534)
Income tax expense —  —  495  495 
Net loss (3,997) 176  (7,083) (10,904)
   Preferred dividends —  —  (1,395) (1,395)
Loss applicable to common stockholders $ (3,997) $ 176  $ (8,478) $ (12,299)

March 31, 2021 Entertainment Golf Traditional Golf Corporate Total
Total assets $ 176,618  $ 261,310  $ 61,933  $ 499,861 
Total liabilities 44,951  339,447  63,081  447,479 
Preferred stock —  —  61,583  61,583 
Equity $ 131,667  $ (78,137) $ (62,731) $ (9,201)
Additions to property and equipment (including finance leases) during the three months ended March 31, 2021 $ 3,789  $ 1,135  $ —  $ 4,924 
General and administrative expenses included severance expenses of $0.2 million and $0.1 million for the three months ended March 31, 2022 and 2021, 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 $2.0 million and $2.0 million for the three months ended March 31, 2022 and 2021, respectively. Interest expense and capitalized interest are combined in interest expense, net on the Consolidated Statements of Operations.