The Company maintains disclosure controls and procedures (as defined in Rule 13a – 15(e) and 15d – 15(e) under the Securities Exchange Act of 1934, as amended) that are designed to provide reasonable assurance that information required to be reported in the Company’s SEC filings is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. As of December 31, 2019,2020, under the direction of our chief executive officer and principal financial officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures and concluded that our disclosure controls and procedures were effective at the reasonable assurance level.

In addition, management is responsible for establishing and maintaining adequate internal controls over financial reporting. The Company’s internal control framework and processes are designed to provide reasonable assurance to management and the Board of Directors regarding the reliability of financial reporting and the preparation of the Company’s consolidated financial statements in accordance with generally accepted accounting principles accepted in the United States.

AsThe Company’s management has assessed the effectiveness of December 31, 2019, management conducted an assessment of the Company’s internal control over financial reporting based onas of December 31, 2020. In making this assessment, management used the criteria established in the Internal Control – Integrated Framework issuedset forth by the Committee of Sponsoring Organizations of the Tread way Commission. BasedTreadway Commission (COSO) in Internal Control-Integrated Framework (2013). Due to a lack of accounting personnel, the Company’s inability to segregate various accounting functions, lack of a control function over original documentation of agreements, and a lack of a documented control environment with respect to our operating entities, management has concluded that there was a material weakness in our internal control environment based on the assessment, managementthese matters and has concluded that as of December 31, 2019, the Company’s2020, our internal control over financial reporting was not effective.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this annual report.

The Company’s management, including its Chief Executive Officer and Chief Financial Officer, does not expect that its disclosure controls and procedures and internal controls over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must be considered relative to its cost. Because of the inherent limitation in all control systems, no evaluation of controls can provide absolute assurance that all control issues within the Company have been detected.

PART III

The Directors and Executive Officers of the Company are as follows:

Audit Committee Financial Expert

The Board of Directors of the Company has determined that it does not have an “audit committee financial expert,” as defined by the rules of the Securities and Exchange Commission, serving on the Board of Directors. The Board and Mr. Dempsey, the Company’s principal shareholder, believe that there is adequate financial expertise on the Board and within the senior management of the Company to serve the interests of the shareholders of Saddlebrook Holdings, Inc., which owns all of the stock of the Company, such shareholders being Mr. Dempsey and trusts for the benefit of his daughters and grandchildren.

The following table sets forth the remuneration paid to the Company’s named executive officers by the Company and its parent, Saddlebrook Holdings, Inc. consolidated, during the two years ended December 31, 20192020 and 2018.2019.

Summary Compensation Table

The following table shows the amounts for each category received by each named executive.

Director Compensation and Independence

All of the Company’s directors are executive officers of the Company and their compensation is described in the summary compensation table above.

Compensation Committee

The entire board of directors of the Company serves as the compensation committee.

All of the outstanding shares of the Company’s capital stock are owned by Saddlebrook Holdings, Inc. All of the capital stock of Saddlebrook Holdings, Inc. is owned by Thomas L. Dempsey and trusts for the benefit of his two daughters, Maureen Dempsey and Diane L. Riehle, and their children. Thomas L. Dempsey is the controlling shareholder of Saddlebrook Holdings, Inc.

The Company currently funds (through intercompany loans) a portion of the expenditures for Saddlebrook Holdings, Inc. (”SHI”), its sole shareholder, which is offset by dividends declared thereto, if necessary. SHI’s expenditures include dividends to its shareholders, which are primarily amounts that approximate their income taxes related to the operations of SHI and its subsidiaries.

Saddlebrook International Tennis, Inc. (“SIT”), which is solely owned by SHI, owns a 70% interest in Saddlebrook International Sports, LLC (“SIS”) which operates a tennis training facility and preparatory school at the Resort. SIS owns 10 condominium units at the Resort, of which 2 participate in the Rental Pool Operation. The Company receives revenue for services provided to SIS’s guests. In addition, the Company is reimbursed for actual expenses and other costs incurred on behalf of SIT and SIS.

Cherry Bekaert LLP served as the Company’s independent registered certified pubic accounting firm for the fiscal years ended December 31, 20192020 and December 31, 2018.2019.

The following fees were paid for services rendered during the Company’s last two fiscal years:

Audit Fees: $98,030$101,100 and $95,175$98,030 for the fiscal years ended December 31, 20192020 and 2018,2019, respectively, for professional services rendered for the audit of the Company’s annual financial statements, review of financial statements included in itsForms 10-Q and services that are normally provided by the auditors in connection with statutory and regulatory filings or engagements for those fiscal years.

PART IV

Of this Form10-K.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Company and in the capacities indicated on March 00, 2020.April 28, 2021.

Saddlebrook Resorts, Inc.

Index

December 31, 20192020 and 20182019

Report of Independent Registered Certified Public Accounting Firm

To the Shareholder and the Board of Directors of

Saddlebrook Resorts, Inc.

Wesley Chapel, Florida

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Saddlebrook Resorts, Inc. (“the Company”(the “Company”) as of December 31, 20192020 and 2018,2019, and the related statements of operations, comprehensive loss, changes in shareholder’s equity, (deficit), and cash flows for each of the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 20192020 and 2018,2019, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 4 to the financial statements, the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 4. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)(“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

EmphasisCritical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of Matter

As more fully described in Note 4 to the financial statements that were communicated or required to be communicated to the Company has been negatively impactedaudit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the outbreakcritical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Property, Buildings, and Equipment Impairment Assessment

Description of Matter

The Company’s net property, buildings, and equipment was approximately $13,107,000 at December 31, 2020. The Company’s impairment assessment of property, buildings and equipment involved assessing the recoverability of the carrying value of assets. Management’s assessment included significant judgments and assumptions relating to the recoverability of the carrying value of these assets.

Management made significant judgments when assessing the recoverability of property, buildings, and equipment. As a novel coronavirus (“COVID-19”), whichresult, a high degree of auditor judgment and effort was declared a global pandemic byrequired in performing audit procedures to evaluate the World Health Organizationreasonableness of management’s significant judgments and assumptions identified above. These judgements are sensitive to future events or economic conditions.

How We Addressed the Matter in March 2020.Our Audit

/s/ Cherry Bekaert LLPOur audit procedures included the following:

We have served as

Tampa, Florida

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17

Saddlebrook Resorts, Inc.

Balance Sheets

December 31, 20192020 and 20182019

See notes to financial statements.

18

Saddlebrook Resorts, Inc.

Statements of Operations

Years ended December 31, 20192020 and 20182019

See notes to financial statements.

19

Saddlebrook Resorts, Inc.

Statements of Changes in Shareholder’s (Deficit) Equity (Deficit)

Years ended December 31, 20192020 and 20182019

See notes to financial statements.

20

Saddlebrook Resorts, Inc.

Statements of Cash Flows

Years ended December 31, 20192020 and 20182019

On January 1, 2019, the Company adopted the provisions of Topic 842 within the Accounting Standards Codification, which resulted in the establishment of operating lease right-of-use assets and an operating lease liability each in the aggregate amount of $217,095 (see Notes 1 and 6).

During 2019, the Company eliminated certain related party receivables and payables, which resulted in a decrease to due from related parties of $1,457,134 and a decrease to due to related parties of $15,220,827.

See notes to financial statements.

21

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 20192020 and 20182019

Saddlebrook Resorts, Inc. (the “Company” or “SRI”), a wholly-owned subsidiary of Saddlebrook Holdings, Inc. (“SHI” or the “Parent Company”), was incorporated in the State of Florida in June 1979 at which time it purchased a golf course and tennis complex, as well as certain undeveloped land, located in Pasco County, Florida, which was developed as a resort-condominium and residential homes project. Property improvements for the resort include condominiums, most of which were sold to outside parties. The majority of the condominium units sold are provided as hotel accommodations by their owners under a Rental Pool and Agency Appointment Agreement (the “Rental Pool”). Other resort facilities include two18-hole golf courses, 45 tennis courts, three swimming pools, three restaurants, a convention facility with approximately 95,000 square feet of meeting and function space, a health spa, a fitness center, shops, and other facilities necessary for the operation of a resort.

A summary of the Company’s significant accounting policies are as follows:

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.estimates, particularly given the significant social and economic disruptions and uncertainties associated with the ongoing coronavirus pandemic (“COVID-19”) and the COVID-19 control responses.

Cash and Cash Equivalents and Escrowed Cash

All short-term highly liquid instruments purchased with an original maturity of three months or less is considered to be cash equivalents.

The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the accompanying balance sheets with the total of these amounts shown in the accompanying statements of cash flows:

Amounts included in restricted cash represent escrowed cash. See Note 5 – Escrowed Cash.

The Company places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation (“FDIC”) covers $250,000 for

22

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 2020 and 2019

Accounts Receivable

Substantially all of the Company’s accounts receivable is due from direct billings to companies or individuals who hold conferences or large group stays at the resort. Other receivables include quarterly membership fees and credit card charges. The Company performs ongoing credit evaluations of its customers’ financial conditions and establishes an allowance for doubtful accounts based upon factors surrounding specific customers, historical trends and other information. The Company generally does not require collateral or other security to support accounts receivable, although advance deposits may be required in certain circumstances.

Resort Inventory and Supplies

Inventory includes operating materials and supplies, principally food and beverage, golf and tennis merchandise, and is accounted for at the lower offirst-in,first-out, average cost or market.

Property, Buildings and Equipment

Property, buildings and equipment are stated at cost. Depreciation is provided over the estimated useful lives of the assets on a straight-line basis.

Certain expenditures for renewals and improvements that significantly add to or extend the useful life of an asset are capitalized. Expenditures for repairs and maintenance are charged to expense as incurred. When property, buildings and equipment are retired or otherwise disposed, the cost of the assets and related accumulated depreciation amounts are removed from the accounts, and any resulting gains or losses are reflected in operations.

Asset Impairments

The Company’s management periodically evaluates whether there has been a permanent impairment of long-lived assets (property, buildings and equipment), in accordance with generally accepted accounting principles. During the years ended December 31, 20192020 and 2018,2019, the Company’s management evaluated long-lived assets for impairment and concluded that the sum of the undiscounted expected future cash flows (excluding interest charges) from its assets exceeded their then current carrying values. Accordingly, the Company did not recognize anno impairment losscharge was necessary during the years ended December 31, 2019 or 2018.then ended.

Debt Issuance Costs

Finance costs represent costs incurred in connection with the refinancing of the Company’s long-term debt. Amortization expense for finance costs, included in interest expense on the accompanying statements of operations, amounted to approximately $17,800$33,400 and $26,600$17,800 for the years ended December 31, 20192020 and 2018,2019, respectively.

23

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 20192020 and 20182019

Deferred Income

Deferred income includes deferred liabilities related to the sale of gift certificates, prepaid dues, and deferred income of membership initiation fees. Revenue from gift certificates is recorded when the certificate is redeemed. Revenue from dues is recorded over the annual membership period, and the deferred membership initiation fees are recognized over the historical average life of a membership which approximates 12 years.

Resort Revenues

Resort revenues are recognized as services are performed or products are delivered with the exception of initiation fee revenue, which is recognized over the average life of the memberships. Resort revenues also include rental revenues for condominium units owned by third parties participating in the Rental Pool. If these rental units were owned by the Company, normal costs associated with ownership such as depreciation, real estate taxes, unit maintenance and other costs would have been incurred. Instead, operating costs of the resort for the years ended December 31, 20192020 and 20182019 include rental pool distributions to participants and the maintenance escrow fund approximating $2,600,000$1,100,000 and $3,100,000,$2,600,000, respectively. See Note 3—Revenue for the required disclosures per the guidance in ASC 606.

Advertising

The Company charges costs of advertising to sales and marketing as incurred. The Company incurred advertising costs of approximately $248,000$158,000 and $404,000$248,000 during the years ended December 31, 20192020 and 2018,2019, respectively.

Income Taxes

The Company is currently a Qualified Subchapter S Subsidiary. Accordingly, no income tax expense was reflected in the Company’s operating results as the tax is assessed to the shareholders of its parent company.

Management has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements at December 31, 20192020 and 2018.2019. The parent company’s federal income tax returns for 2016, 2017 and 2018 are subject to examination by the Internal Revenue Service, generally for a period of three years after the federal income tax returns were filed.

24

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 20192020 and 20182019

Recent Accounting Pronouncements

Effective January 1, 2019,In August 2020, the Company adopted the provisions ofFinancial Accounting Standards Board issued Accounting Standards Update (“ASU”)2016-02,2020-06, “Leases,” which createdamends and simplifies existing guidance in an effort to reduce the complexity of accounting for convertible instruments and to provide financial statement users with more meaningful information. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods therein, with early adoption permitted for fiscal years beginning after December 15, 2020. This update may be applied retrospectively or on a new Topic 842 within the Accounting Standards Codification. Topic 842 established the core principle that a lessee should recognize the assets, representingrights-of-use, and liabilities to make lease payments, that arise from leases.

The Company adopted the standard using an optional transition method allowedmodified retrospective basis with the issuancecumulative effect recognized as an adjustment to the opening balance of ASUretained earnings on the date of adoption. Additionally, this update provides for a 2018-11,one-time “Leases – Targeted Improvements (Topic 842),” in July 2018. ASU2018-11 providesirrevocable election by entities the option to not provide comparative period financial statements and instead apply the transition requirementsfair value option in accordance with ASC Topic 825-10, “Financial Instruments - Overall,” for any liability-classified convertible securities, with the difference between the carrying amount and the fair value recorded as a cumulative-effect adjustment to opening retained earnings as of the effective datebeginning of the new standard. Pursuantperiod of adoption. We do not anticipate any impact upon adoption.

25

Saddlebrook Resorts, Inc.

Notes to additional guidance under Topic 842, the Company also elected the optional package of practical expedients, which allowed the Company to not reassess: (i) whether expired or existing contracts contain leases; (ii) lease classification for any expired or existing leases;Financial Statements

December 31, 2020 and (iii) initial direct costs for any existing leases. As a result, the consolidated balance sheet prior to January 1, 2019 was not restated, continues to be reported under ASC 840, “Leases”, which did not require the recognition of operating lease liabilities on the consolidated balance sheet, and is not comparative. Under Topic 842, all leases are required to be recorded on the balance sheet and are classified as either operating leases or finance leases, which is determined at the inception of the lease. The Company also elected under the package of practical expedients, to combine lease andnon-lease components.

Under the new standard, the Company’s lease liability is based on the present value of such payments and the relatedright-of-use asset will generally be based on the lease liability.

See Note 6 for additional information regarding operating leases.

Contract Balances

Timing differences among revenue recognition may result in contract assets or liabilities. Contract liabilities consists of guest deposits and deferred income and totaled approximately $2,807,000$3,342,000 and $3,845,000$2,807,000 as of December 31, 2020 and 2019, and 2018, respectively. Approximately $3,296,000 of contract liabilities at December 31, 2018 were recognized as revenue during the year ended December 31, 2019. Contract assets consist of escrowed cash relating to rental pool owner deposits for the maintenance reserve fund and long-term security deposits and totaled approximately $1,124,000$977,000 and $1,880,000$1,124,000 as of December 31, 20192020 and 2018,2019, respectively.

25

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 2020 and 2019

Practical Expedients and Exemptions

There are several practical expedients and exemptions allowed under ASC 606 that impact timing of revenue recognition and our disclosures. Below is the practical expedient the Companywe applied in the adoption and application of ASC 606:

Application

26

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 2020 and 2019

Escrowed cash, restricted as to use, as of December 31, is comprised of the following:

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 2020 and 2019

Property, buildings and equipment, net as of December 31, consist of the following:

Substantially all property, buildings and equipment are mortgaged, pledged or otherwise subject to lien under a loan agreement (Note 9).

Depreciation expense amounted to approximately $2,050,000$1,749,000 and $2,110,000$2,050,000 for the years ended December 31, 2020 and 2019, and 2018, respectively.

28

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 2020 and 2019

Accrued expenses and other liabilities as of December 31 consist of the following:

Total debt at December 31, 2019 amounted to $6,964,744, net of $11,566 of unamortized finance costs. It is presented as current debt on the accompanying balance sheet since it matures in December 2020. Total debt at December 31, 2018 amounted to $5,817,308, of which $352,560 is presented as current debt and $5,435,394, net of $29,354 of unamortized finance costs, is presented as long-term debt on the accompanying balance sheet.

On December 6, 2015 the Company’s financing agreement with a third party lender was modified to include renewal for the existing principal balance of $4,875,000, along with an advance of an additional $2,000,000. The new term note expires December 6, 2020. At December 31, 2019, $5,464,744 was outstanding under the note. The term note requiresrequired monthly principal payments of $29,380 plus interest of 3% over the one month Libor index (4.75%LIBOR. In April 2020, the Company’s lender deferred interest and principal payments from April 6, 2020 through June 6, 2020 (the “deferral period”) and monthly payments resumed in July 6, 2020. There was no change to interest rate or maturity date as part of the deferral. In December 2020, this term loan was modified and consolidated with the existing revolving line of credit as described below.

On April 24, 2017, the Company entered into a revolving line of credit agreement with the same third party lender with maximum borrowings of $1,500,000 to be used as working capital as needed. The agreement was cross collateralized with the existing term note under the same terms and conditions. Amounts borrowed under the revolving line of credit bears interest at 3% over the one month LIBOR index. In April 2020, the Company’s lender deferred interest and principal payments from April 24, 2020 through June 24, 2020 (the “deferral period”) and monthly payments resumed on July 24, 2020. There was no change to interest rate or maturity date as part of the deferral. In December 2020, this revolving line of credit was modified and consolidated with the existing term loan as described below.

On December 6, 2020, the Company entered into a Renewal and Consolidation Promissory Note (the “renewal note”) with the same third party lender, which consolidated the existing balances on the term note and revolving line of credit. The renewal note requires monthly principal payments of $28,040 plus interest of 3% over the Prime Rate with a minimum interest rate of no lower than 6.25% (6.25% at December 31, 2019)2020). The renewal term note is collateralized by all current and subsequently acquired real and personal property. The renewal term note requires the Company to maintain a Debt Service Ratio, as defined, of 1.25%. The Company was in default of this covenant as of December 31, 2019;2020; however, the Company received a waiver for this default from its lender. The company is currently discussing refinancing of its current mortgage.

On April 24, 2017,Effective on March 6, 2021, the Company entered in tointo a revolving line of creditloan modification and forbearance agreement with the same third party lender which extended the maturity date to June 6, 2021, at which any unpaid principal and interest will be due. The loan modification requires monthly principal payments of $28,040 plus interest of 4% over the Prime Rate with maximum borrowingsa minimum interest rate of $1,500,000 to be used as working capital as needed. The agreement is cross collateralized with the existing term noteno lower than 7.25%. At December 2020, $6,729,701 was outstanding under the same terms and conditions. Amounts borrowed under the revolving line of credit will bear interest at 3% over therenewal note.

2930

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 20192020 and 20182019

one month LIBOR index. (4.75% at December 31, 2019)In April 2020, the Company entered into a term note agreement with the same third party lender for approximately $2,949,000 funded under the Paycheck Protection Program (“PPP”) as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The linenote bears interest of credit will terminate on December 6, 2020.1% per annum, matures in April 2022, and requires a monthly interest and principal payments of $165,529 beginning in November 2020 and through maturity. The currently issued guidelines of the program allow for the loan proceeds to be forgiven if certain requirements are met. See Note 12 for additional information.

On September 25, 2020, the Company entered into an Economic Injury Disaster Loan (“EIDL”) for $150,000 funded by the U.S. Small Business Administration. The note bears interest at 3.75% per annum, matures in September 2050, and requires monthly interest and principal payments of $731 beginning in September 2021 and through maturity. At December 31, 2019,2020, $150,000 was outstanding under the Company had $1,500,000 of outstanding borrowings on this agreement. There were no borrowings outstanding at December 31, 2018.

Operating costs and planned expenditures for capital additions and improvements are expected to be adequately funded by the Company and its affiliates’ current cash reserves and cash generated by the resort operations.note.

On March 1, 2018, the Company entered into a finance lease obligationliability for equipment in the amount of $332,206. The assets associated with this lease cost $461,506, of which $129,300 was reduced through the Company’strade-in of of existing equipment. This finance lease is secured by the equipment purchased, matures in February 2023 and requires monthly payments of $6,500, including interest at 6.5%. At December 30, 2019,31, 2020, the amount due on this finance lease obligationliability was $222,694.$157,242.

31

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 2020 and 2019

On April 1, 2018, the Company entered into a finance lease obligationliability for equipment in the amount of $156,942. The assets associated with this lease cost $178,942, of which $22,000 was reduced through the Company’strade-in of of existing equipment. This finance lease is secured by the equipment purchased, matures in March 2023 and requires monthly payments of $3,071, including interest at 6.5%. At December 31, 2019,2020, the amount due on this finance lease obligationliability was $107,693.$76,939.

Future minimum payments under the finance lease obligations as of December 31, 20192020 are as follows:

Saddlebrook Resorts, Inc.

Notes to Financial Statements

December 31, 2020 and 2019

Amounts due from related parties as of December 31 are comprised of the following: