Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.22.2
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 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:
Six Months Ended June 30, 2022 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 13,827  $ 108,641  $ 393  $ 122,861 
Sales of food and beverages 16,066  16,744  —  32,810 
Total revenues 29,893  125,385  393  155,671 
Operating costs
Operating expenses 16,785  103,783  45  120,613 
Cost of sales - food and beverages 4,444  4,705  —  9,149 
General and administrative expense (A)
4,800  6,817  9,005  20,622 
Depreciation and amortization 6,842  5,273  210  12,325 
Pre-opening costs (C)
2,685  —  —  2,685 
(Gain) Loss on lease terminations and impairment 15,048  (16) —  15,032 
Total operating costs 50,604  120,562  9,260  180,426 
Operating income (loss) (20,711) 4,823  (8,867) (24,755)
Other income (expenses)
Interest and investment income 2  41  373  416 
Interest expense (D)
(110) (5,327) (757) (6,194)
Other income (loss), net (16) 3,590  66  3,640 
Total other income (expenses) (124) (1,696) (318) (2,138)
Income tax expense 40  2  1,547  1,589 
Net income (loss) (20,875) 3,125  (10,732) (28,482)
   Less: net loss attributable to NCI —  —  (81) (81)
   Net loss attributable to the company (20,875) 3,125  (10,651) (28,401)
   Preferred dividends —  —  (2,790) (2,790)
Net income (loss) applicable to common stockholders $ (20,875) $ 3,125  $ (13,441) $ (31,191)
June 30, 2022 Entertainment Golf Traditional Golf Corporate Total
Total assets $ 196,605  $ 248,672  $ 12,761  $ 458,038 
Total liabilities 69,734  325,114  66,189  461,037 
Preferred stock —  —  61,583  61,583 
Noncontrolling interest 2,579  —  (514) 2,065 
Equity (loss) attributable to common stockholders $ 124,292  $ (76,442) $ (114,497) $ (66,647)
Additions to property and equipment (including finance leases) during the three months ended June 30, 2022 $ 6,276  $ 2,428  $ (86) $ 8,618 
Three Months Ended June 30, 2022 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 7,397  $ 59,972  $ 208  $ 67,577 
Sales of food and beverages 8,316  10,796  —  19,112 
Total revenues 15,713  70,768  208  86,689 
Operating costs
Operating expenses 8,525  56,968  (20) 65,473 
Cost of sales - food and beverages 2,701  3,087  —  5,788 
General and administrative expense (A)
1,074  3,923  6,561  11,558 
Depreciation and amortization 3,401  2,629  102  6,132 
Pre-opening costs (C)
1,938  —  —  1,938 
Loss on lease terminations and impairment 2,159  2  —  2,161 
Total operating costs 19,798  66,609  6,643  93,050 
Operating income (loss) (4,085) 4,159  (6,435) (6,361)
Other income (expenses)
Interest and investment income 2  15  199  216 
Interest expense (D)
(52) (3,078) (417) (3,547)
Capitalized interest (D)
—  —  —  — 
Other income (loss), net —  962  31  993 
Total other income (expenses) (50) (2,101) (187) (2,338)
Income tax expense 8  2  858  868 
Net income (loss) (4,143) 2,056  (7,480) (9,567)
   Less: net loss attributable to NCI —  —  (134) (134)
   Net loss attributable to the company (4,143) 2,056  (7,346) (9,433)
   Preferred dividends —  —  (1,395) (1,395)
Net income (loss) applicable to common stockholders $ (4,143) $ 2,056  $ (8,741) $ (10,828)
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 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)
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)

(A)General and administrative expenses included severance expenses of $0.2 million and $0.4 million for the three and six months ended June 30, 2022 and $0.1 million and $0.1 million three and six months ended June 30, 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 $2.9 million and $4.9 million for the three and six months ended June 30, 2022 and $2.1 million and $4.1 million three and six months ended June 30, 2021, respectively. Interest expense and capitalized interest are combined in interest expense, net on the Consolidated Statements of Operations.