Cover Page - shares |
6 Months Ended | |
|---|---|---|
Jun. 30, 2022 |
Aug. 08, 2022 |
|
| Document Information | ||
| Document Type | 10-Q/A | |
| Document Quarterly Report | true | |
| Document Period End Date | Jun. 30, 2022 | |
| Document Transition Report | false | |
| Entity File Number | 001-31458 | |
| Entity Registrant Name | Drive Shack Inc. | |
| Entity Incorporation, State or Country Code | MD | |
| Entity Tax Identification Number | 81-0559116 | |
| Entity Address, Street | 10670 N. Central Expressway | |
| Entity Address, Suite | Suite 700 | |
| Entity Address, City | Dallas | |
| Entity Address, State | TX | |
| Entity Address, Postal Zip Code | 75231 | |
| City Area Code | 646 | |
| Local Phone Number | 585-5591 | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Accelerated Filer | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity Shell Company | false | |
| Entity Common Stock, Shares Outstanding | 92,385,019 | |
| Amendment Description | This Amendment No. 1 to Form 10-Q (this “Amendment”) amends the Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2022 originally filed on August 9, 2022 (the “Original Filing” and, together with this Amendment, the “Quarterly Report on Form 10-Q”) by Drive Shack Inc., a Maryland corporation (“Drive Shack,” the “Company,” “we,” or “us”).Subsequent to the issuance of the Original Filing, management reevaluated, in consultation with our external auditor, Ernst & Young LLP (“EY”), certain controls relating to long-lived asset impairment testing. As a result of this reevaluation, management has subsequently identified a deficiency in controls related to the design and operating effectiveness of the Company’s internal controls associated with the identification and calculation of long-lived asset impairments and has further concluded that such deficiency represented a material weakness as of June 30, 2022. A “material weakness” is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements would not be prevented or detected on a timely basis. As a result of the material weakness, there is more than a remote likelihood that a material misstatement in our annual or interim financial statements would not be prevented or detected. However, the material weakness did not result in a restatement of our consolidated financial statements presented in this Amendment.This Amendment does not amend, update or change any other items or disclosures in the Original Filing, except for Note 16. Subsequent Events, Going Concern, Item 4. Controls and Procedures, and accordingly, should be read in conjunction with the Original Filing. The Original Filing continues to speak as of the date of the Original Filing, and we have not updated the disclosures contained therein to reflect any events which occurred at a date subsequent to the Original Filing except as otherwise disclosed in this Amendment. | |
| Entity Central Index Key | 0001175483 | |
| Current Fiscal Year End Date | --12-31 | |
| Amendment Flag | true | |
| Document Fiscal Year Focus | 2022 | |
| Document Fiscal Period Focus | Q2 | |
| Common Stock | ||
| Document Information | ||
| Title of each class | Common Stock, $0.01 par value per share | |
| Trading Symbols(s) | DS | |
| Name of each exchange on which registered | NYSE | |
| Series B Cumulative Redeemable Preferred Stock | ||
| Document Information | ||
| Title of each class | 9.75% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share | |
| Trading Symbols(s) | DS-PB | |
| Name of each exchange on which registered | NYSE | |
| Series C Cumulative Redeemable Preferred Stock | ||
| Document Information | ||
| Title of each class | 8.05% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share | |
| Trading Symbols(s) | DS-PC | |
| Name of each exchange on which registered | NYSE | |
| Series D Cumulative Redeemable Preferred Stock | ||
| Document Information | ||
| Title of each class | 8.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value per share | |
| Trading Symbols(s) | DS-PD | |
| Name of each exchange on which registered | NYSE | |
| Preferred Stock | ||
| Document Information | ||
| Title of each class | Preferred Stock Purchase Rights | |
| Trading Symbols(s) | N/A | |
| Name of each exchange on which registered | NYSE |