Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING (Tables)

v3.22.2.2
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 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:
Nine Months Ended September 30, 2022 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 22,892  $ 170,252  $ 588  $ 193,732 
Sales of food and beverages 23,682  26,930  —  50,612 
Total revenues 46,574  197,182  588  244,344 
Operating costs
Operating expenses 26,968  163,535  135  190,638 
Cost of sales - food and beverages 6,360  7,774  —  14,134 
General and administrative expense (A)
5,615  9,280  14,295  29,190 
Depreciation and amortization 10,621  8,189  334  19,144 
Pre-opening costs (C)
4,830  —  —  4,830 
(Gain) Loss on lease terminations and impairment 15,366  984  —  16,350 
Total operating costs 69,760  189,762  14,764  274,286 
Operating income (loss) (23,186) 7,420  (14,176) (29,942)
Other income (expenses)
Interest and investment income 7  52  577  636 
Interest expense (D)
(156) (7,876) (770) (8,802)
Other income (loss), net (413) 4,071  901  4,559 
Total other income (expenses) (562) (3,753) 708  (3,607)
Income tax expense 63  2  1,996  2,061 
Net income (loss) (23,811) 3,665  (15,464) (35,610)
   Less: net income (loss) attributable to NCI —  —  (60) (60)
   Net loss attributable to the company (23,811) 3,665  (15,404) (35,550)
   Preferred dividends —  —  (4,185) (4,185)
Net income (loss) applicable to common stockholders $ (23,811) $ 3,665  $ (19,589) $ (39,735)
September 30, 2022 Entertainment Golf Traditional Golf Corporate Total
Total assets $ 202,111  $ 250,187  $ 3,393  $ 455,691 
Total liabilities 76,290  326,093  65,972  468,355 
Preferred stock —  —  61,583  61,583 
Noncontrolling interest 3,507  —  (738) 2,769 
Equity (loss) attributable to common stockholders $ 122,314  $ (75,906) $ (123,424) $ (77,016)
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2022 $ 5,927  $ 3,976  $ 1,307  $ 11,210 
Three Months Ended September 30, 2022 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 9,067  $ 61,608  $ 197  $ 70,872 
Sales of food and beverages 7,617  10,185  —  17,802 
Total revenues 16,684  71,793  197  88,674 
Operating costs
Operating expenses 10,183  59,752  91  70,026 
Cost of sales - food and beverages 1,916  3,069  —  4,985 
General and administrative expense (A)
815  2,463  5,294  8,572 
Depreciation and amortization 3,779  2,916  124  6,819 
Pre-opening costs (C)
2,145  —  —  2,145 
Loss on lease terminations and impairment 318  1,000  —  1,318 
Total operating costs 19,156  69,200  5,509  93,865 
Operating income (loss) (2,472) 2,593  (5,312) (5,191)
Other income (expenses)
Interest and investment income 4  11  205  220 
Interest expense (D)
(46) (2,549) (13) (2,608)
Other income (loss), net (397) 481  836  920 
Total other income (expenses) (439) (2,057) 1,028  (1,468)
Income tax expense 23  —  449  472 
Net income (loss) (2,934) 536  (4,733) (7,131)
   Less: net income (loss) attributable to NCI —  —  21  21 
   Net loss attributable to the company (2,934) 536  (4,754) (7,152)
   Preferred dividends —  —  (1,395) (1,395)
Net income (loss) applicable to common stockholders $ (2,934) $ 536  $ (6,149) $ (8,547)
Nine Months Ended September 30, 2021 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 13,976  $ 163,194  $ —  $ 177,170 
Sales of food and beverages 17,145  17,022  —  34,167 
Total revenues 31,121  180,216  —  211,337 
Operating costs
Operating expenses 17,397  147,822  15  165,234 
Cost of sales - food and beverages 3,982  4,974  (5) 8,951 
General and administrative expense (A)
8,171  7,700  8,993  24,864 
General and administrative expense - acquisition and transaction expenses (B)
824  —  9  833 
Depreciation and amortization 8,942  8,854  56  17,852 
Pre-opening costs (C)
3,374  —  1  3,375 
(Gain) Loss on lease terminations and impairment 22  (237) 3,187  2,972 
Total operating costs 42,712  169,113  12,256  224,081 
Operating loss (11,591) 11,103  (12,256) (12,744)
Other income (expenses)
Interest and investment income —  55  447  502 
Interest expense (D)
(230) (6,848) (964) (8,042)
Capitalized interest (D)
(24) 37  65  78 
Other income (loss), net 3  (115) 141  29 
Total other income (expenses) (251) (6,871) (311) (7,433)
Income tax expense —  —  1,562  1,562 
Net income (loss) (11,842) 4,232  (14,129) (21,739)
   Less: net loss attributable to NCI (15) —  —  (15)
   Net loss attributable to the company (11,827) 4,232  (14,129) (21,724)
   Preferred dividends —  —  (4,185) (4,185)
Loss applicable to common stockholders $ (11,827) $ 4,232  $ (18,314) $ (25,909)

September 30, 2021 Entertainment Golf Traditional Golf Corporate Total
Total assets $ 168,463  $ 254,878  $ 61,135  $ 484,476 
Total liabilities 51,128  329,173  63,360  443,661 
Preferred stock —  —  61,583  61,583 
Noncontrolling interest 1,026  —  —  1,026 
Equity $ 116,309  $ (74,295) $ (63,808) $ (21,794)
Additions to property and equipment (including finance leases) during the nine months ended September 30, 2021 $ 17,810  $ 5,477  $ 375  $ 23,662 
Three Months Ended September 30, 2021 Entertainment Golf Traditional Golf Corporate Total
Revenues
Golf operations $ 5,239  $ 57,018  $ —  $ 62,257 
Sales of food and beverages 6,070  8,039  —  14,109 
Total revenues 11,309  65,057  —  76,366 
Operating costs
Operating expenses 6,718  53,998  13  60,729 
Cost of sales - food and beverages 1,453  2,248  (5) 3,696 
General and administrative expense (A)
3,697  2,628  2,900  9,225 
General and administrative expense - acquisition and transaction expenses (B)
456  —  4  460 
Depreciation and amortization 3,038  2,851  (66) 5,823 
Pre-opening costs (C)
2,030  —  —  2,030 
(Gain) Loss on lease terminations and impairment —  324  —  324 
Total operating costs 17,392  62,049  2,846  82,287 
Operating income (loss) (6,083) 3,008  (2,846) (5,921)
Other income (expenses)
Interest and investment income —  19  171  190 
Interest expense (D)
(71) (2,229) (323) (2,623)
Capitalized interest (D)
(24) 9  12  (3)
Other income (loss), net 3  60  44  107 
Total other income (expenses) (92) (2,141) (96) (2,329)
Income tax expense —  —  616  616 
Net income (loss) (6,175) 867  (3,558) (8,866)
   Less: net income attributable to NCI (15) —  —  (15)
   Net loss attributable to the company (6,160) 867  (3,558) (8,851)
   Preferred dividends —  —  (1,395) (1,395)
Net income (loss) applicable to common stockholders $ (6,160) $ 867  $ (4,953) $ (10,246)

(A)General and administrative expenses included severance expenses of $0.4 million and $0.8 million for the three and nine months ended September 30, 2022 and $0.1 million and $0.2 million three and nine months ended September 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 $2.4 million and $7.3 million for the three and nine months ended September 30, 2022 and $2.0 million and $6.2 million three and nine months ended September 30, 2021, respectively. Interest expense and capitalized interest are combined in interest expense, net on the Consolidated Statements of Operations.