Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 28, 2020 | |
Entity Registrant Name | DOVER MOTORSPORTS INC | |
Entity Central Index Key | 0001017673 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Title of 12(b) Security | Common Stock, $.10 Par Value | |
Trading Symbol | DVD | |
Security Exchange Name | NYSE | |
Common Stock | Common Stock | ||
Entity Common Stock, Shares Outstanding | 17,862,407 | |
Common Stock | Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 18,509,975 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Revenues | $ 38,044,000 | $ 202,000 | $ 38,358,000 | $ 25,169,000 |
Expenses: | ||||
Operating and marketing | 22,425,000 | 1,347,000 | 24,225,000 | 16,986,000 |
General and administrative | 1,878,000 | 1,888,000 | 5,742,000 | 5,630,000 |
Depreciation | 756,000 | 1,669,000 | 2,289,000 | 3,256,000 |
Costs to remove long-lived assets | 341,000 | |||
Total expenses | 25,059,000 | 4,904,000 | 32,597,000 | 25,872,000 |
Gain on sale of land | 4,843,000 | 4,186,000 | 4,843,000 | 4,325,000 |
Operating earnings (loss) | 17,828,000 | (516,000) | 10,604,000 | 3,622,000 |
Interest (expense) income, net | (21,000) | 20,000 | (34,000) | 4,000 |
Benefit (provision) for contingent obligation | 128,000 | (121,000) | 112,000 | (367,000) |
Other income, net | 90,000 | 29,000 | 115,000 | 218,000 |
Earnings (loss) before income taxes | 18,025,000 | (588,000) | 10,797,000 | 3,477,000 |
Income tax (expense) benefit | (4,835,000) | 174,000 | (1,436,000) | (880,000) |
Net earnings (loss) | 13,190,000 | (414,000) | 9,361,000 | 2,597,000 |
Change in net actuarial loss and prior service cost, net of income taxes | 29,000 | 29,000 | 87,000 | 80,000 |
Comprehensive income (loss) | $ 13,219,000 | $ (385,000) | $ 9,448,000 | $ 2,677,000 |
Net earnings (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.36 | $ (0.01) | $ 0.26 | $ 0.07 |
Diluted (in dollars per share) | $ 0.36 | $ (0.01) | $ 0.26 | $ 0.07 |
Admissions | ||||
Revenues: | ||||
Revenues | $ 2,502,000 | |||
Event-related | ||||
Revenues: | ||||
Revenues | $ 2,394,000 | $ 202,000 | $ 2,708,000 | 3,784,000 |
Broadcasting | ||||
Revenues: | ||||
Revenues | 35,646,000 | 35,646,000 | 18,878,000 | |
Other | ||||
Revenues: | ||||
Revenues | $ 4,000 | $ 4,000 | $ 5,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 21,327,000 | $ 7,577,000 |
Accounts receivable | 1,232,000 | 645,000 |
Inventories | 18,000 | 18,000 |
Prepaid expenses and other | 994,000 | 1,186,000 |
Income taxes receivable | 283,000 | |
Total current assets | 23,571,000 | 9,709,000 |
Property and equipment, net | 68,125,000 | 71,357,000 |
Right of use asset | 131,000 | 188,000 |
Other assets | 1,205,000 | 1,212,000 |
Total assets | 93,032,000 | 82,466,000 |
Current liabilities: | ||
Accounts payable | 793,000 | 119,000 |
Accrued liabilities | 3,559,000 | 3,710,000 |
Income taxes payable | 2,674,000 | |
Contract liabilities | 1,425,000 | 976,000 |
Total current liabilities | 8,451,000 | 4,805,000 |
Liability for pension benefits | 786,000 | 1,016,000 |
Lease liability | 53,000 | 112,000 |
Non-refundable deposit | 500,000 | |
Provision for contingent obligation | 3,276,000 | 3,389,000 |
Deferred income taxes | 6,888,000 | 8,676,000 |
Total liabilities | 19,454,000 | 18,498,000 |
Commitments and contingencies (see Notes to the Consolidated Financial Statements) | ||
Stockholders' equity: | ||
Preferred stock, $0.10 par value; 1,000,000 shares authorized; shares issued and outstanding: none | ||
Additional paid-in capital | 101,152,000 | 100,994,000 |
Accumulated deficit | (27,607,000) | (36,968,000) |
Accumulated other comprehensive loss | (3,604,000) | (3,691,000) |
Total stockholders' equity | 73,578,000 | 63,968,000 |
Total liabilities and stockholders' equity | 93,032,000 | 82,466,000 |
Common Stock | Common Stock | ||
Stockholders' equity: | ||
Common stock | 1,786,000 | 1,782,000 |
Common Stock | Class A Common Stock | ||
Stockholders' equity: | ||
Common stock | 1,851,000 | 1,851,000 |
Total stockholders' equity | $ 1,851,000 | $ 1,851,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock | Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 17,862,407 | 17,823,979 |
Common stock, shares outstanding | 17,862,407 | 17,823,979 |
Common Stock | Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 55,000,000 | 55,000,000 |
Common stock, shares issued | 18,509,975 | 18,509,975 |
Common stock, shares outstanding | 18,509,975 | 18,509,975 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Operating activities: | ||
Net earnings | $ 9,361,000 | $ 2,597,000 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
Depreciation | 2,289,000 | 3,256,000 |
Amortization of credit facility fees | 42,000 | 47,000 |
Stock-based compensation | 256,000 | 243,000 |
Deferred income taxes | (1,822,000) | (659,000) |
(Benefit) Provision for contingent obligation | (112,000) | 367,000 |
Gains on equity investments | (4,000) | (125,000) |
Gain on sale of land | (4,843,000) | (4,325,000) |
Changes in assets and liabilities: | ||
Accounts receivable | (587,000) | (1,190,000) |
Inventories | 0 | 1,000 |
Prepaid expenses and other | 171,000 | (5,159,000) |
Income taxes receivable/payable | 2,957,000 | (213,000) |
Accounts payable | 658,000 | 129,000 |
Accrued liabilities | (266,000) | 38,000 |
Payable to Dover Downs Gaming & Entertainment, Inc. | 0 | (9,000) |
Contract liabilities | 449,000 | 3,386,000 |
Liability for pension benefits | (109,000) | (48,000) |
Net cash provided by (used in) operating activities | 8,440,000 | (1,664,000) |
Investing activities: | ||
Capital expenditures | (545,000) | (4,651,000) |
Proceeds from sale of land and equipment, net | 5,960,000 | 7,224,000 |
Non-refundable deposit received | 0 | 500,000 |
Purchases of equity investments | (316,000) | (14,000) |
Proceeds from sale of equity investments | 305,000 | 1,000 |
Net cash provided by investing activities | 5,404,000 | 3,060,000 |
Financing activities: | ||
Borrowings from revolving line of credit | 3,880,000 | 4,120,000 |
Repayments on revolving line of credit | (3,880,000) | (4,120,000) |
Repurchase of common stock | (94,000) | (528,000) |
Credit facility fees | 0 | (35,000) |
Net cash used in financing activities | (94,000) | (563,000) |
Net increase in cash | 13,750,000 | 833,000 |
Cash, beginning of period | 7,577,000 | 3,951,000 |
Cash, end of period | 21,327,000 | 4,784,000 |
Supplemental information: | ||
Interest received | (10,000) | (10,000) |
Income tax payments | 302,000 | 1,752,000 |
Change in accounts payable for capital expenditures | $ 134,000 | $ 1,315,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Basis of Presentation | |
Basis of Presentation | NOTE 1 – Basis of Presentation References in this document to “we,” “us” and “our” mean Dover Motorsports, Inc. and/or its wholly owned subsidiaries, as appropriate. The accompanying consolidated financial statements have been prepared in compliance with Rule 10-01 of Regulation S-X and U.S. generally accepted accounting principles, and accordingly do not include all of the information and disclosures required for audited financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our latest Annual Report on Form 10-K filed on March 5, 2020. In the opinion of management, these consolidated financial statements include all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of operations, financial position and cash flows for the interim periods presented. Operating results for the three and nine-month periods ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 due to the seasonal nature of our business. |
Business Operations
Business Operations | 9 Months Ended |
Sep. 30, 2020 | |
Business Operations | |
Business Operations | NOTE 2 – Business Operations Dover Motorsports, Inc. is a public holding company that is a marketer and promoter of motorsports entertainment in the United States. Through our subsidiaries, we own and operate Dover International Speedway ® in Dover, Delaware and Nashville Superspeedway ® near Nashville, Tennessee. Our Dover facility was scheduled to promote the following six events during 2020, all of which would be under the auspices of the premier sanctioning body in motorsports - the National Association for Stock Car Auto Racing (“NASCAR”): · 2 NASCAR Cup Series events (May and August); · 2 NASCAR Xfinity Series events (May and August); · 1 NASCAR Gander RV & Outdoors Truck Series event (May); and · 1 NASCAR ARCA Menards Series East event (August). Due to the impacts of the COVID-19 pandemic, our May NASCAR weekend was postponed and the three events originally scheduled for that weekend were held in combination with our already scheduled August NASCAR weekend events. On July 25, 2020 Delaware state officials notified us that due to public safety and health concerns, they would not approve our request to host a limited number of fans at our August NASCAR Weekend. As a result, all of our 2020 events were held with no fans in attendance during the third quarter of 2020. A NASCAR Cup Series event, a NASCAR Xfinity Series event and a NASCAR Gander RV & Outdoors Truck Series event were held at Dover International Speedway during the second quarter of 2019. A NASCAR Cup Series event, a NASCAR Xfinity Series event and a NASCAR ARCA Menards Series East event were held at Dover International Speedway during the fourth quarter of 2019. There are no reliable estimates of how long the pandemic will last or how many people are likely to be affected by it. For that reason, we are unable to predict the long-term impact of the pandemic on our business at this time. The extent to which COVID-19 impacts our results will depend on future developments, but the continued spread of COVID-19 and associated economic impacts could have a material adverse effect on our future financial condition, liquidity, results of operations and cash flows. We hosted the Firefly Music Festival (“Firefly”) on our property in Dover, Delaware for eight consecutive years and it was scheduled to return on June 18-21, 2020. Due to the COVID-19 pandemic, this year's event was cancelled. The inaugural three day festival with 40 musical acts was held in July 2012 and the 2019 event was held on June 21-23, 2019 with approximately 120 musical acts. In September 2014, Red Frog Events LLC formed RFGV Festivals LLC - a joint venture with Goldenvoice that promotes Firefly. Goldenvoice is a company of AEG Presents, LLC, a subsidiary of Anschutz Entertainment Group, Inc. AEG Presents, one of the world’s largest presenters of live music and entertainment events, announced on July 18, 2018 that it had acquired the remainder of RFGV Festivals LLC from Red Frog. Our amended agreement with RFGV Festivals LLC grants them two 5 year options to extend our facility rental agreement through 2032 in exchange for a rental commitment to secure our property. In addition to the facility rental fee, we also receive a percentage of the concession sales we manage at the events. We have not promoted a major motorsports event at our Nashville Superspeedway since 2011. On June 3, 2020, we announced that we would be moving one of our NASCAR Cup Series events historically held at Dover International Speedway to Nashville Superspeedway beginning in 2021. We entered into a four-year sanction agreement to promote a NASCAR Cup Series event in Nashville for the 2021 to 2024 racing seasons. We also entered into a one-year sanction agreement to promote a NASCAR Cup Series event at Dover International Speedway for the 2021 season. On August 17, 2017, we entered into an agreement with an entity owned by Panattoni Development Company (“buyer”) relative to the sale of approximately 147 acres of land at our Nashville property at a purchase price of $35,000 per acre. On March 2, 2018, we closed on the sale of the property with proceeds, less closing costs, of $4,945,000. Net proceeds after taxes were approximately $4,150,000 resulting in a gain of $2,512,000. On September 1, 2017, we also awarded to the buyer a three-year option for 88.03 additional acres at a purchase price of $55,000 per acre. That option agreement has been amended twice since: first, on February 9, 2018, to extend its term and to add additional acreage; and second, on June 25, 2019, in connection with the buyer's exercise of its option on two parcels, we adjusted the acreage and further extended the term of the option on a third parcel. On July 26, 2019, the buyer closed on the sale of the first two parcels, comprising approximately 133 acres, which yielded to us proceeds, less closing costs, of $6,397,000. Net proceeds after taxes were approximately $5,314,000 resulting in a gain of $4,186,000. On July 29, 2020, the buyer closed on the sale of the third parcel of approximately 97 acres at our Nashville property. Proceeds from the sale, less closing costs, were approximately $6,460,000. Net proceeds after taxes were approximately $5,290,000 resulting in a gain of approximately $4,843,000. The buyer had previously paid to us a $500,000 deposit that was credited to the purchase price. None of the acreage sold extends to the land on which our superspeedway is sited and we continue to hold approximately 1,000 acres of commercial real estate in Nashville, including the superspeedway. On February 28, 2019, we entered into an agreement to sell 7.63 acres of land at our Nashville facility for proceeds, less closing costs, of $267,000. The sale closed in the first quarter of 2019 and resulted in a gain of $139,000, which we reported as gain on sale of land in our consolidated statements of operations and comprehensive loss for that period. During September 2018, we entered into negotiations to sell a parcel of land we owned near St. Louis. The sale closed in the first quarter of 2019 with proceeds, less closing costs, of $531,000. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | NOTE 3 – Summary of Significant Accounting Policies Property and equipment— Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the asset’s estimated useful life. Accumulated depreciation was $69,617,000 and $67,328,000 as of September 30, 2020 and December 31, 2019, respectively. Revenue recognition— We classify our revenues as admissions, event-related, broadcasting and other. “Admissions” revenue includes ticket sales for our events. “Event-related” revenue includes amounts received from sponsorship fees; luxury suite rentals; hospitality tent rentals and catering; concessions and vendor commissions for the right to sell concessions and souvenirs at our events; sales of programs; track rentals; broadcasting rights other than domestic television broadcasting revenue, and other event-related revenues. Additionally, event related revenue includes amounts received for the use of our property and a portion of the concession sales we manage from the Firefly Music Festival. “Broadcasting” revenue includes rights fees obtained for domestic television broadcasts of events held at our speedway. All of our revenues are typically based on contracts with customers and, with the exception of certain track rentals, relate to two NASCAR event weekends and the Firefly Music Festival held at our Dover facility. However, due to the COVID-19 pandemic, this year our revenues are primarily related to one combined NASCAR event weekend. Our contracts are typically for specific events or a racing season. We have several multi-year sponsorship contracts for our racing events and our contract with the promoter of the Firefly Music Festival is multi-year. Revenues pertaining to specific events are deferred and recorded as contract liabilities in our consolidated balance sheets until the event is held. All of our 2020 racing events were held on the same weekend from August 21-23. On July 25, 2020 Delaware state officials notified us that due to public safety and health concerns, they would not approve our request to host a limited number of fans at our August NASCAR weekend. As a result, all of our 2020 events were held with no fans in attendance. As of September 30, 2020, $1,345,000 of contract liabilities on our consolidated balance sheet relate to 2021 events and $80,000 relates to 2022 events. As of December 31, 2019 contract liabilities on our consolidated balance sheet related to 2020 events, although customers have since applied some of these amounts to 2021 events or received a refund due to the events being held without fans. As of September 30, 2020, we have issued approximately $1,383,000 in refunds and credits to our patrons and customers for our event weekends. Patrons who previously purchased tickets were given the option to receive a full refund or to apply their funds to Dover International Speedway’s 2021 NASCAR weekend, with a 20% bonus value. Concession and souvenir revenues are recorded at the time of sale. Revenues and related expenses from barter transactions in which we provide sponsorship packages in exchange for goods or services are recorded at fair value. Barter transactions accounted for $213,000 and $261,000 of total revenues for the nine-month periods ended September 30, 2020 and 2019, respectively. The following table summarizes the liability activity related to contracts with customers for the three and nine-month periods ended September 30, 2020 and 2019 (in thousands): Three Months Nine Months Ended September 30 Ended September 30, 2020 2019 2020 2019 Balance, beginning of period $ 3,676 $ 2,008 $ 976 $ 1,140 Reductions from beginning balance (2,342) — (271) (739) Additional liabilities recorded during the period 619 2,518 3,623 7,715 Reduction of additional liabilities recorded during the period, not from beginning balance (528) — (2,903) (3,590) Balance, end of period $ 1,425 $ 4,526 $ 1,425 $ 4,526 We have contracted future revenues representing unsatisfied performance obligations. These contracts contain initial terms typically ranging from one to three years, with some for longer periods, excluding renewal options. We have excluded unsatisfied performance obligations for future NASCAR broadcasting revenue with contract terms through 2024. As of September 30, 2020, we anticipate recognizing unsatisfied performance obligations for the calendar year ending 2021 and beyond of approximately $3,115,000. Under the terms of our sanction agreements with NASCAR, we receive a portion of the broadcast revenue NASCAR negotiates with various television networks. NASCAR typically remits payment to us for the broadcast revenue within 30 days after the event being held. NASCAR retains 10% of the gross broadcast rights fees allocated to each NASCAR-sanctioned event as a component of its sanction fee. The remaining 90% is recorded as revenue. The event promoter is required to pay 25% of the gross broadcast rights fees to the event as part of the awards to the competitors, which we record as operating expenses. Expense recognition— The cost of advertising is expensed as incurred. Advertising expenses were $4,000 and $54,000 and $465,000 and $1,011,000 for the three and nine-month periods ended September 30, 2020 and 2019, respectively. Certain direct expenses pertaining to specific events, including prize and point fund monies and sanction fees paid to NASCAR, and other expenses associated with our racing events are deferred until the event is held, at which point they are expensed. Net earnings (loss) per common share— Nonvested share-based payment awards that include rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities, and the two-class method of computing basic and diluted net earnings (loss) per common share (“EPS”) is applied for all periods presented. The following table sets forth the computation of EPS (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net earnings (loss) per common share – basic and diluted: Net earnings (loss) $ 13,190 $ (414) $ 9,361 $ 2,597 Allocation to nonvested restricted stock awards 199 — 146 42 Net earnings (loss) available to common stockholders $ 12,991 $ (414) $ 9,215 $ 2,555 Weighted-average shares outstanding – basic and diluted 35,836 35,952 35,836 35,998 Net earnings (loss) per common share – basic and diluted $ 0.36 $ (0.01) $ 0.26 $ 0.07 There were no options outstanding and we paid no dividends during the nine months ended September 30, 2020 or 2019. On October 28, 2020, our Board of Directors declared an annual cash dividend on both classes of common stock of $.07 per share to be paid on December 10, 2020. Accounting for stock-based compensation— We recorded total stock-based compensation expense for our restricted stock awards of $38,000 and $256,000 and $67,000 and $243,000 as general and administrative expenses for the three and nine-month periods ended September 30, 2020 and 2019, respectively. We recorded income tax benefits of $11,000 and $54,000 and $19,000 and $57,000 for the three and nine-month periods ended September 30, 2020 and 2019, respectively, related to vesting of our restricted stock awards. Recent accounting pronouncements — In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General . This new standard makes changes to the disclosure requirements for sponsors of defined benefit pension and/or other postretirement benefit plans to improve effectiveness of notes to the financial statements. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, and requires retrospective adoption. The adoption of this ASU did not have a material impact on our financial statement disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement . This new standard makes changes to the disclosure requirements for fair value measurements to improve effectiveness of notes to the financial statements. ASU 2018-14 is effective for fiscal years beginning after December 15, 2019, and generally requires retrospective adoption. The adoption of this ASU did not have a material impact on our financial statement disclosures. Reclassifications - Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. As a result of the announcement that we will be moving one of our NASCAR Cup Series events historically held at Dover International Speedway to Nashville Superspeedway pursuant to a four year sanction agreement with NASCAR, long-term assets that were historically shown separately on the consolidated balance sheet have been included in property and equipment, net. The impact of the reclassification made to prior year amounts is not material and did not affect net earnings or cash flows. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Long-Term Debt | |
Long-Term Debt | NOTE 4 – Long-Term Debt At September 30, 2020, Dover Motorsports, Inc. and its wholly owned subsidiaries Dover International Speedway, Inc. and Nashville Speedway, USA, Inc., as co-borrowers had a $30,000,000 credit agreement with a bank group. The credit facility expires on January 1, 2022. Interest is based upon LIBOR plus a margin that varies between 125 and 175 basis points depending on our leverage ratio. At September 30, 2020, there were no borrowings outstanding under the credit facility. The credit facility contains certain covenants including maximum funded debt to earnings before interest, taxes, depreciation and amortization (“leverage ratio”) and a minimum fixed charge coverage ratio. Material adverse changes in our results of operations could impact our ability to maintain financial ratios necessary to satisfy these requirements. In addition, the credit agreement includes a material adverse change clause. The credit facility also provides that if we default under any other loan agreement, that would be a default under this facility. At September 30, 2020, we were in compliance with the terms of the credit facility. The credit facility provides for seasonal funding needs, capital improvements, letter of credit requirements and other general corporate purposes. After consideration of stand-by letters of credit outstanding, the remaining maximum borrowings available pursuant to the credit facility were $17,494,000 at September 30, 2020. We expect to be in compliance with the financial covenants, and all other covenants, for all measurement periods during the next twelve months. |
Pension Plans
Pension Plans | 9 Months Ended |
Sep. 30, 2020 | |
Pension Plans | |
Pension Plans | NOTE 5 – Pension Plans We maintain a non-contributory tax qualified defined benefit pension plan that has been frozen since July 2011. All of our full time employees were eligible to participate in the qualified plan. Benefits provided by our qualified pension plan were based on years of service and employees' remuneration over their employment period. Compensation earned by employees up to July 31, 2011 is used for purposes of calculating benefits under our pension plan with no future benefit accruals after this date. We also maintain a non-qualified, non-contributory defined benefit pension plan, the excess plan, for certain employees that has been frozen since July 2011. This excess plan provided benefits that would otherwise be provided under the qualified pension plan but for maximum benefit and compensation limits applicable under federal tax law. The cost associated with the excess plan is determined using similar actuarial methods as those used for our qualified pension plan. The assets for the excess plan aggregate $1,197,000 and $1,182,000 as of September 30, 2020 and December 31, 2019, respectively, and are recorded in other assets in our consolidated balance sheets (see NOTE 7 – Fair Value Measurements). The components of net periodic pension benefit for our defined benefit pension plans are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Interest cost $ 108,000 $ 130,000 $ 325,000 $ 387,000 Expected return on plan assets (185,000) (183,000) (556,000) (546,000) Recognized net actuarial loss 41,000 40,000 122,000 111,000 $ (36,000) $ (13,000) $ (109,000) $ (48,000) The net periodic pension benefit is included in other income, net in our consolidated statements of operations and comprehensive income (loss). We have no minimum required pension contributions for 2020. We also maintain a non-elective, non-qualified supplemental executive retirement plan (“SERP”) which provides deferred compensation to certain highly compensated employees that approximates the value of benefits lost by the freezing of the pension plan which are not offset by our enhanced matching contributions in our 401(k) plan. The SERP is a discretionary defined contribution plan and contributions made to the SERP in any given year are not guaranteed and will be at the sole discretion of our Compensation and Stock Incentive Committee. In the three and nine-month periods ended September 30, 2020 and 2019, we recorded expenses of $30,000 and $90,000 and $27,000 and $81,000, respectively, related to the SERP. During the three and nine-month periods ended September 30, 2020 and 2019, we contributed $0 and $120,000 and $0 and $108,000 to the plan, respectively. The liability for SERP pension benefits was $90,000 and $120,000 as of September 30, 2020 and December 31, 2019, respectively, and is included in accrued liabilities in our consolidated balance sheets. We maintain a defined contribution 401(k) plan that permits participation by substantially all employees. Our matching contributions to the 401(k) plan were $28,000 and $93,000 and $31,000 and $90,000 in the three and nine-month periods ended September 30, 2020 and 2019, respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity | |
Stockholders' Equity | NOTE 6 – Stockholders’ Equity Changes in the components of stockholders’ equity for the three and nine-month periods ending September 30, 2020 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2019 $ 1,782 $ 1,851 $ 100,994 $ (36,968) $ (3,691) Net loss — — — (3,140) — Issuance of restricted stock awards, net of forfeitures 13 — (13) — — Stock-based compensation — — 92 — — Repurchase and retirement of common stock (5) — (89) — — Change in net actuarial loss and prior service cost, net of income tax expense of $11 — — — — 29 Balance at March 31, 2020 $ 1,790 $ 1,851 $ 100,984 $ (40,108) $ (3,662) Net loss — — — (689) — Issuance of restricted stock awards, net of forfeitures (2) — 2 — — Stock-based compensation — — 126 — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 29 Balance at June 30, 2020 $ 1,788 $ 1,851 $ 101,112 $ (40,797) $ (3,633) Net earnings — — — 13,190 — Issuance of restricted stock awards, net of forfeitures (2) — 2 — — Stock-based compensation — — 38 — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 29 Balance at September 30, 2020 $ 1,786 $ 1,851 $ 101,152 $ (27,607) $ (3,604) Changes in the components of stockholders’ equity for the three and nine-month periods ending September 30, 2019 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2018 $ 1,805 $ 1,851 $ 101,416 $ (38,826) $ (3,358) Net loss — — — (2,490) — Issuance of restricted stock awards, net of forfeitures 14 — (14) — — Stock-based compensation — — 108 — — Repurchase and retirement of common stock (10) — (190) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 25 Balance at March 31, 2019 $ 1,809 $ 1,851 $ 101,320 $ (41,316) $ (3,333) Net earnings — — — 5,501 — Stock-based compensation — — 68 — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 26 Balance at June 30, 2019 $ 1,809 $ 1,851 $ 101,388 $ (35,815) $ (3,307) Net loss — — — (414) — Stock-based compensation — — 67 — — Repurchase and retirement of common stock (16) — (312) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 29 Balance at September 30, 2019 $ 1,793 $ 1,851 $ 101,143 $ (36,229) $ (3,278) As of September 30, 2020 and December 31, 2019, accumulated other comprehensive loss, net of income taxes, consists of the following: September 30, 2020 December 31, 2019 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,450,000 and $2,485,000, respectively $ (3,604,000) $ (3,691,000) As of September 30, 2019 and December 31, 2018, accumulated other comprehensive loss, net of income taxes, consists of the following: September 30, 2019 December 31, 2018 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,319,000 and $2,350,000, respectively $ (3,278,000) $ (3,358,000) On July 28, 2004, our Board of Directors authorized the repurchase of up to 2,000,000 shares of our outstanding common stock. The purchases may be made in the open market or in privately negotiated transactions as conditions warrant. The repurchase authorization has no expiration date, does not obligate us to acquire any specific number of shares and may be suspended at any time. We made no purchases during the first nine months of 2020. During the first nine months of 2019, we purchased and retired 208,416 shares of our outstanding common stock at an average purchase price of $2.03 per share, not including nominal brokerage commissions. At September 30, 2020, we had remaining repurchase authority of 384,809 shares. We have a stock incentive plan, adopted in 2014, which provides for the grant of up to 2,000,000 shares of common stock to our officers and key employees through stock options and/or awards valued in whole or in part by reference to our common stock, such as nonvested restricted stock awards. Under the plan, nonvested restricted stock vests an aggregate of twenty percent each year beginning on the second anniversary date of the grant. The aggregate market value of the nonvested restricted stock at the date of issuance is being amortized on a straight-line basis over the six-year period. We granted 158,000 and 143,000 stock awards under this plan during the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, there were 1,176,000 shares available for granting options or stock awards. During the nine months ended September 30, 2020 and 2019, we purchased and retired 50,572 and 48,457 shares of our outstanding common stock at an average purchase price of $1.86 and $1.99 per share, respectively. These purchases were made from employees in connection with the vesting of restricted stock awards under our Stock Incentive Plan and were not pursuant to the aforementioned repurchase authorization. Since the vesting of a restricted stock award is a taxable event to our employees for which income tax withholding is required, the plan allows employees to surrender to us some of the shares that would otherwise have transferred to the employee in satisfaction of their tax liability. The surrender of these shares is treated by us as a purchase of the shares. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Measurements | |
Fair Value Measurements | NOTE 7 – Fair Value Measurements Our financial instruments are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The following table summarizes the valuation of our financial instrument pricing levels as of September 30, 2020 and December 31, 2019: Total Level 1 Level 2 Level 3 September 30, 2020 Equity investments $ 1,197,000 $ 1,197,000 $ — $ — December 31, 2019 Equity investments $ 1,182,000 $ 1,182,000 $ — $ — Our equity investments consist of mutual funds. These investments are included in other assets in our consolidated balance sheets. Gains and losses on our equity investments for the three and nine-month periods ended September 30, 2020 and 2019, respectively, are as follows: Three Months Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 Net gains recognized during the period on equity investments $ 54,000 $ 12,000 $ 4,000 $ 125,000 Less: net gains recognized during the period on equity investments sold during the period 14,000 — 37,000 — Unrealized gains (losses) recognized during the period on equity investments still held at period end $ 40,000 $ 12,000 $ (33,000) $ 125,000 The carrying amounts of other financial instruments reported in our consolidated balance sheets for current assets and current liabilities approximate their fair values because of the short maturity of these instruments. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions | |
Related Party Transactions | NOTE 8 – Related Party Transactions During the nine months ended September 30, 2019, Dover Downs Gaming & Entertainment, Inc. (“Gaming”), a company previously related through common ownership, allocated costs of $430,000 to us for certain administrative and operating services, including leased space. We allocated certain administrative and operating service costs of $110,000 to Gaming for the nine months ended September 30, 2019. The allocations were based on an analysis of each company’s share of the costs. In connection with our 2019 spring NASCAR event weekend at Dover International Speedway, we invoiced Gaming $15,000 during the nine months ended September 30, 2019 for tickets to the NASCAR event. Effective March 28, 2019, Gaming became part of Twin River Worldwide Holdings, Inc. as a result of a merger and therefore was no longer related through common ownership. The net costs incurred by each company for these services are not necessarily indicative of the costs that would have been incurred if the companies had been unrelated entities and/or had otherwise independently managed these functions; however, management believes that these costs are reasonable. Prior to the spin-off of Gaming from our company in 2002, both companies shared certain real property in Dover, Delaware. At the time of the spin-off, some of this real property was transferred to Gaming to ensure that the real property holdings of each company was aligned with its past uses and future business needs. During its harness racing season, Gaming has historically used the 5/8-mile harness racing track that is located on our property and is on the inside of our one-mile motorsports superspeedway. In order to continue this historic use, we granted a perpetual easement to the harness track to Gaming at the time of the spin-off. This perpetual easement allows Gaming to have exclusive use of the harness track during the period beginning November 1 of each year and ending April 30 of the following year, together with set up and tear down rights for the two weeks before and after such period. The easement requires that Gaming maintain the harness track but does not require the payment of any rent. Various easements and agreements relative to access, utilities and parking have also been entered into between us and Gaming relative to our respective Dover, Delaware facilities. We pay rent to Gaming for the lease of our principal executive office space. Henry B. Tippie, Chairman of our Board of Directors, controls in excess of fifty percent of our voting power. Mr. Tippie's voting control emanates from his direct and indirect holdings of common stock and Class A common stock and from his status as a trustee of the RMT Trust, our largest stockholder. This means that Mr. Tippie has the ability to determine the outcome of the election of directors and to determine the outcome of many significant corporate transactions, many of which only require the approval of a majority of our voting power. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | NOTE 9 – Commitments and Contingencies In September 1999, the Sports Authority of the County of Wilson (Tennessee) issued $25,900,000 in Variable Rate Tax Exempt Infrastructure Revenue Bonds, Series 1999, to acquire, construct and develop certain public infrastructure improvements which benefit Nashville Superspeedway, of which $12,300,000 was outstanding at September 30, 2020. Annual principal payments range from $1,100,000 in September 2021 to $1,600,000 in 2029 and are payable solely from sales taxes and incremental property taxes generated from the facility. These bonds are direct obligations of the Sports Authority and therefore have historically not been required to be recorded on our consolidated balance sheets. If the sales taxes and incremental property taxes (“applicable taxes”) are insufficient for the payment of principal and interest on the bonds, we would become responsible for the difference. In the event we were unable to make the payments, they would be made pursuant to a $12,506,000 irrevocable direct-pay letter of credit issued by our bank group. We are exposed to fluctuations in interest rates for these bonds. As of September 30, 2020 and December 31, 2019, $264,000 and $637,000, respectively, was available in the sales and incremental property tax fund maintained by the Sports Authority to pay the remaining principal and interest due under the bonds. During the first nine months of 2020, we paid $945,000 into the sales and incremental property tax fund and $1,318,000 was deducted from the fund for debt service. If we fail to maintain the letter of credit that secures the bonds or we allow an uncured event of default to exist under our reimbursement agreement relative to the letter of credit, the bonds would be immediately redeemable. We have not promoted major motorsports event at our Nashville Superspeedway since 2011. In 2011, we recorded a $2,250,000 provision for contingent obligation reflecting the present value of the estimated portion of the revenue bonds debt service that may not be covered by the projected sales and incremental property taxes from the facility. Due to our recent decision to reopen the facility to major events in 2021 and changing interest rates, the contingent obligation (decreased) increased by ($128,000) and ($112,000), and $121,000 and $367,000 in the three and nine-month periods ended September 30, 2020 and 2019, respectively, and is $3,276,000 at September 30, 2020. An increase in the bonds’ interest rates would result in an increase in the portion of debt service not covered by applicable taxes and therefore an increase in our liability. We are also a party to ordinary routine litigation incidental to our business. Management does not believe that the resolution of any of these matters is likely to have a material adverse effect on our results of operations, financial position or cash flows. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes | |
Income Taxes | NOTE 10 - Income Taxes Deferred income taxes relate to the temporary differences between financial accounting income and taxable income and are primarily attributable to differences between the book and tax basis of property and equipment and net operating loss carryforwards (expiring through 2032). At September 30, 2020, we have available state net operating loss carryforwards of $45,965,000. Valuation allowances which reserve a portion of the state net operating loss carryforwards, net of federal tax benefit, decreased in the second quarter of 2020 by $1,240,000 from reassessing the realizability of the deferred tax assets for projected future taxable income related to the reopening of Nashville Superspeedway. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Significant Accounting Policies | |
Property and equipment | Property and equipment— Property and equipment is stated at cost. Depreciation is provided using the straight-line method over the asset’s estimated useful life. Accumulated depreciation was $69,617,000 and $67,328,000 as of September 30, 2020 and December 31, 2019, respectively. |
Revenue recognition | Revenue recognition— We classify our revenues as admissions, event-related, broadcasting and other. “Admissions” revenue includes ticket sales for our events. “Event-related” revenue includes amounts received from sponsorship fees; luxury suite rentals; hospitality tent rentals and catering; concessions and vendor commissions for the right to sell concessions and souvenirs at our events; sales of programs; track rentals; broadcasting rights other than domestic television broadcasting revenue, and other event-related revenues. Additionally, event related revenue includes amounts received for the use of our property and a portion of the concession sales we manage from the Firefly Music Festival. “Broadcasting” revenue includes rights fees obtained for domestic television broadcasts of events held at our speedway. All of our revenues are typically based on contracts with customers and, with the exception of certain track rentals, relate to two NASCAR event weekends and the Firefly Music Festival held at our Dover facility. However, due to the COVID-19 pandemic, this year our revenues are primarily related to one combined NASCAR event weekend. Our contracts are typically for specific events or a racing season. We have several multi-year sponsorship contracts for our racing events and our contract with the promoter of the Firefly Music Festival is multi-year. Revenues pertaining to specific events are deferred and recorded as contract liabilities in our consolidated balance sheets until the event is held. All of our 2020 racing events were held on the same weekend from August 21-23. On July 25, 2020 Delaware state officials notified us that due to public safety and health concerns, they would not approve our request to host a limited number of fans at our August NASCAR weekend. As a result, all of our 2020 events were held with no fans in attendance. As of September 30, 2020, $1,345,000 of contract liabilities on our consolidated balance sheet relate to 2021 events and $80,000 relates to 2022 events. As of December 31, 2019 contract liabilities on our consolidated balance sheet related to 2020 events, although customers have since applied some of these amounts to 2021 events or received a refund due to the events being held without fans. As of September 30, 2020, we have issued approximately $1,383,000 in refunds and credits to our patrons and customers for our event weekends. Patrons who previously purchased tickets were given the option to receive a full refund or to apply their funds to Dover International Speedway’s 2021 NASCAR weekend, with a 20% bonus value. Concession and souvenir revenues are recorded at the time of sale. Revenues and related expenses from barter transactions in which we provide sponsorship packages in exchange for goods or services are recorded at fair value. Barter transactions accounted for $213,000 and $261,000 of total revenues for the nine-month periods ended September 30, 2020 and 2019, respectively. The following table summarizes the liability activity related to contracts with customers for the three and nine-month periods ended September 30, 2020 and 2019 (in thousands): Three Months Nine Months Ended September 30 Ended September 30, 2020 2019 2020 2019 Balance, beginning of period $ 3,676 $ 2,008 $ 976 $ 1,140 Reductions from beginning balance (2,342) — (271) (739) Additional liabilities recorded during the period 619 2,518 3,623 7,715 Reduction of additional liabilities recorded during the period, not from beginning balance (528) — (2,903) (3,590) Balance, end of period $ 1,425 $ 4,526 $ 1,425 $ 4,526 We have contracted future revenues representing unsatisfied performance obligations. These contracts contain initial terms typically ranging from one to three years, with some for longer periods, excluding renewal options. We have excluded unsatisfied performance obligations for future NASCAR broadcasting revenue with contract terms through 2024. As of September 30, 2020, we anticipate recognizing unsatisfied performance obligations for the calendar year ending 2021 and beyond of approximately $3,115,000. Under the terms of our sanction agreements with NASCAR, we receive a portion of the broadcast revenue NASCAR negotiates with various television networks. NASCAR typically remits payment to us for the broadcast revenue within 30 days after the event being held. NASCAR retains 10% of the gross broadcast rights fees allocated to each NASCAR-sanctioned event as a component of its sanction fee. The remaining 90% is recorded as revenue. The event promoter is required to pay 25% of the gross broadcast rights fees to the event as part of the awards to the competitors, which we record as operating expenses. |
Expense recognition | Expense recognition— The cost of advertising is expensed as incurred. Advertising expenses were $4,000 and $54,000 and $465,000 and $1,011,000 for the three and nine-month periods ended September 30, 2020 and 2019, respectively. Certain direct expenses pertaining to specific events, including prize and point fund monies and sanction fees paid to NASCAR, and other expenses associated with our racing events are deferred until the event is held, at which point they are expensed. |
Net earnings (loss) per common share | Net earnings (loss) per common share— Nonvested share-based payment awards that include rights to dividends or dividend equivalents, whether paid or unpaid, are considered participating securities, and the two-class method of computing basic and diluted net earnings (loss) per common share (“EPS”) is applied for all periods presented. The following table sets forth the computation of EPS (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net earnings (loss) per common share – basic and diluted: Net earnings (loss) $ 13,190 $ (414) $ 9,361 $ 2,597 Allocation to nonvested restricted stock awards 199 — 146 42 Net earnings (loss) available to common stockholders $ 12,991 $ (414) $ 9,215 $ 2,555 Weighted-average shares outstanding – basic and diluted 35,836 35,952 35,836 35,998 Net earnings (loss) per common share – basic and diluted $ 0.36 $ (0.01) $ 0.26 $ 0.07 There were no options outstanding and we paid no dividends during the nine months ended September 30, 2020 or 2019. On October 28, 2020, our Board of Directors declared an annual cash dividend on both classes of common stock of $.07 per share to be paid on December 10, 2020. |
Accounting for stock-based compensation | Accounting for stock-based compensation— We recorded total stock-based compensation expense for our restricted stock awards of $38,000 and $256,000 and $67,000 and $243,000 as general and administrative expenses for the three and nine-month periods ended September 30, 2020 and 2019, respectively. We recorded income tax benefits of $11,000 and $54,000 and $19,000 and $57,000 for the three and nine-month periods ended September 30, 2020 and 2019, respectively, related to vesting of our restricted stock awards. |
Recent accounting pronouncements | Recent accounting pronouncements — In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General . This new standard makes changes to the disclosure requirements for sponsors of defined benefit pension and/or other postretirement benefit plans to improve effectiveness of notes to the financial statements. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, and requires retrospective adoption. The adoption of this ASU did not have a material impact on our financial statement disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement . This new standard makes changes to the disclosure requirements for fair value measurements to improve effectiveness of notes to the financial statements. ASU 2018-14 is effective for fiscal years beginning after December 15, 2019, and generally requires retrospective adoption. The adoption of this ASU did not have a material impact on our financial statement disclosures. |
Reclassifications | Reclassifications - Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. As a result of the announcement that we will be moving one of our NASCAR Cup Series events historically held at Dover International Speedway to Nashville Superspeedway pursuant to a four year sanction agreement with NASCAR, long-term assets that were historically shown separately on the consolidated balance sheet have been included in property and equipment, net. The impact of the reclassification made to prior year amounts is not material and did not affect net earnings or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Significant Accounting Policies | |
Summarized liability activity related to contracts with customers | The following table summarizes the liability activity related to contracts with customers for the three and nine-month periods ended September 30, 2020 and 2019 (in thousands): Three Months Nine Months Ended September 30 Ended September 30, 2020 2019 2020 2019 Balance, beginning of period $ 3,676 $ 2,008 $ 976 $ 1,140 Reductions from beginning balance (2,342) — (271) (739) Additional liabilities recorded during the period 619 2,518 3,623 7,715 Reduction of additional liabilities recorded during the period, not from beginning balance (528) — (2,903) (3,590) Balance, end of period $ 1,425 $ 4,526 $ 1,425 $ 4,526 |
Schedule of the computation of EPS | The following table sets forth the computation of EPS (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net earnings (loss) per common share – basic and diluted: Net earnings (loss) $ 13,190 $ (414) $ 9,361 $ 2,597 Allocation to nonvested restricted stock awards 199 — 146 42 Net earnings (loss) available to common stockholders $ 12,991 $ (414) $ 9,215 $ 2,555 Weighted-average shares outstanding – basic and diluted 35,836 35,952 35,836 35,998 Net earnings (loss) per common share – basic and diluted $ 0.36 $ (0.01) $ 0.26 $ 0.07 |
Pension Plans (Tables)
Pension Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Pension Plans | |
Schedule of components of net periodic pension benefit for defined benefit pension plans | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Interest cost $ 108,000 $ 130,000 $ 325,000 $ 387,000 Expected return on plan assets (185,000) (183,000) (556,000) (546,000) Recognized net actuarial loss 41,000 40,000 122,000 111,000 $ (36,000) $ (13,000) $ (109,000) $ (48,000) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity | |
Schedule of the changes in the components of stockholders' equity | Changes in the components of stockholders’ equity for the three and nine-month periods ending September 30, 2020 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2019 $ 1,782 $ 1,851 $ 100,994 $ (36,968) $ (3,691) Net loss — — — (3,140) — Issuance of restricted stock awards, net of forfeitures 13 — (13) — — Stock-based compensation — — 92 — — Repurchase and retirement of common stock (5) — (89) — — Change in net actuarial loss and prior service cost, net of income tax expense of $11 — — — — 29 Balance at March 31, 2020 $ 1,790 $ 1,851 $ 100,984 $ (40,108) $ (3,662) Net loss — — — (689) — Issuance of restricted stock awards, net of forfeitures (2) — 2 — — Stock-based compensation — — 126 — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 29 Balance at June 30, 2020 $ 1,788 $ 1,851 $ 101,112 $ (40,797) $ (3,633) Net earnings — — — 13,190 — Issuance of restricted stock awards, net of forfeitures (2) — 2 — — Stock-based compensation — — 38 — — Change in net actuarial loss and prior service cost, net of income tax expense of $12 — — — — 29 Balance at September 30, 2020 $ 1,786 $ 1,851 $ 101,152 $ (27,607) $ (3,604) Changes in the components of stockholders’ equity for the three and nine-month periods ending September 30, 2019 are as follows (in thousands): Accumulated Class A Additional Other Common Common Paid-in Accumulated Comprehensive Stock Stock Capital Deficit Loss Balance at December 31, 2018 $ 1,805 $ 1,851 $ 101,416 $ (38,826) $ (3,358) Net loss — — — (2,490) — Issuance of restricted stock awards, net of forfeitures 14 — (14) — — Stock-based compensation — — 108 — — Repurchase and retirement of common stock (10) — (190) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 25 Balance at March 31, 2019 $ 1,809 $ 1,851 $ 101,320 $ (41,316) $ (3,333) Net earnings — — — 5,501 — Stock-based compensation — — 68 — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 26 Balance at June 30, 2019 $ 1,809 $ 1,851 $ 101,388 $ (35,815) $ (3,307) Net loss — — — (414) — Stock-based compensation — — 67 — — Repurchase and retirement of common stock (16) — (312) — — Change in net actuarial loss and prior service cost, net of income tax expense of $10 — — — — 29 Balance at September 30, 2019 $ 1,793 $ 1,851 $ 101,143 $ (36,229) $ (3,278) |
Schedule of accumulated other comprehensive loss, net of income taxes | As of September 30, 2020 and December 31, 2019, accumulated other comprehensive loss, net of income taxes, consists of the following: September 30, 2020 December 31, 2019 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,450,000 and $2,485,000, respectively $ (3,604,000) $ (3,691,000) As of September 30, 2019 and December 31, 2018, accumulated other comprehensive loss, net of income taxes, consists of the following: September 30, 2019 December 31, 2018 Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit of $2,319,000 and $2,350,000, respectively $ (3,278,000) $ (3,358,000) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Measurements | |
Summary of the valuation of financial instrument pricing levels | Total Level 1 Level 2 Level 3 September 30, 2020 Equity investments $ 1,197,000 $ 1,197,000 $ — $ — December 31, 2019 Equity investments $ 1,182,000 $ 1,182,000 $ — $ — |
Schedule of gains and losses on equity investments | Three Months Nine Months Ended September 30, Ended September 30, 2020 2019 2020 2019 Net gains recognized during the period on equity investments $ 54,000 $ 12,000 $ 4,000 $ 125,000 Less: net gains recognized during the period on equity investments sold during the period 14,000 — 37,000 — Unrealized gains (losses) recognized during the period on equity investments still held at period end $ 40,000 $ 12,000 $ (33,000) $ 125,000 |
Business Operations - Dover Int
Business Operations - Dover International Speedway (Details) - item | Jun. 23, 2019 | Jul. 31, 2012 | Sep. 30, 2020 |
Business Operations | |||
Number of events promoted | 6 | ||
RFGV Festivals | |||
Business Operations | |||
Number of options granted to extend rent agreement | 2 | ||
Number of years Firefly Music Festival hosted | 5 years | ||
NASCAR Cup Series events | |||
Business Operations | |||
Number of events promoted | 2 | ||
NASCAR XFINITY Series events | |||
Business Operations | |||
Number of events promoted | 2 | ||
NASCAR Gander RV & Outdoors Truck Series event | |||
Business Operations | |||
Number of events promoted | 1 | ||
Nascar ARCA Menards Series East event | |||
Business Operations | |||
Number of events promoted | 1 | ||
Firefly Music Festival ("Firefly") | |||
Business Operations | |||
Number of years Firefly Music Festival hosted | 8 years | ||
Number of days the event is held | 3 days | ||
Number of music acts featured in the event | 120 | 40 |
Business Operations - Assets he
Business Operations - Assets held for sale (Details) | Jul. 29, 2020USD ($)a | Jul. 26, 2019USD ($)a | Feb. 28, 2019USD ($)a | Mar. 02, 2018USD ($) | Sep. 01, 2017USD ($)a | Sep. 30, 2020USD ($)a | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2020USD ($)a | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Aug. 17, 2017USD ($)a |
Business Operations | ||||||||||||
Non-refundable deposit | $ 500,000 | |||||||||||
Gain (loss) on sale of land | $ 4,843,000 | $ 4,186,000 | $ 4,843,000 | $ 4,325,000 | ||||||||
Nashville Superspeedway | Assets held for sale | ||||||||||||
Business Operations | ||||||||||||
Acres | a | 7.63 | |||||||||||
Proceeds, less closing costs | $ 267,000 | |||||||||||
Gain (loss) on sale of land | $ 139,000 | |||||||||||
Nashville Superspeedway | Land | ||||||||||||
Business Operations | ||||||||||||
Acres | a | 97 | 133 | 88.03 | 1,000 | 1,000 | 147 | ||||||
Purchase price (per acre) | $ 35,000 | |||||||||||
Option purchase price (per acre) | $ 55,000 | |||||||||||
Non-refundable deposit | $ 500,000 | |||||||||||
Period of option to execute the agreement | 3 years | |||||||||||
Proceeds, less closing costs | 6,460,000 | $ 6,397,000 | $ 4,945,000 | |||||||||
Net proceeds after taxes | 5,290,000 | 5,314,000 | 4,150,000 | |||||||||
Gain (loss) on sale of land | $ 4,843,000 | $ 4,186,000 | $ 2,512,000 | |||||||||
Parcel of land near St. Louis | Assets held for sale | ||||||||||||
Business Operations | ||||||||||||
Proceeds, less closing costs | $ 531,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Property and equipment (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Summary of Significant Accounting Policies | ||
Accumulated depreciation | $ 69,617,000 | $ 67,328,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Revenue recognition (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($) | |
Revenue recognition | ||||
Refund issued to patrons | $ 1,383,000 | |||
Percentage of bonus value on tickets to next year's event | 20.00% | |||
Revenues from barter transaction | $ 213,000 | $ 261,000 | ||
Contract with customer liability rollforward | ||||
Balance, beginning of period | $ 3,676,000 | $ 2,008,000 | 976,000 | 1,140,000 |
Reductions from beginning balance | (2,342,000) | (271,000) | (739,000) | |
Additional liabilities recorded during the period | 619,000 | 2,518,000 | 3,623,000 | 7,715,000 |
Reduction of additional liabilities recorded during the period, not from beginning balance | (528,000) | (2,903,000) | (3,590,000) | |
Balance, end of period | 1,425,000 | $ 4,526,000 | 1,425,000 | $ 4,526,000 |
Unsatisfied performance obligations amount | $ 3,115,000 | $ 3,115,000 | ||
Remittance period (in days) | 30 days | |||
Gross broadcast rights fees retained by NASCAR (in percent) | 10.00% | 10.00% | ||
Gross broadcast rights fees recorded as revenue (in percent) | 90.00% | 90.00% | ||
Gross broadcast rights fees payable to the event (in percent) | 25.00% | 25.00% | ||
Minimum | ||||
Contract with customer liability rollforward | ||||
Contract term (in years) | 1 year | |||
Maximum | ||||
Contract with customer liability rollforward | ||||
Contract term (in years) | 3 years | |||
NASCAR | ||||
Revenue recognition | ||||
Events excluded from revenue based on contract with customers (number) | item | 2 | |||
Events 2021 | ||||
Revenue recognition | ||||
Contract liabilities | $ 1,345,000 | $ 1,345,000 | ||
Events 2022 [Member] | ||||
Revenue recognition | ||||
Contract liabilities | $ 80,000 | $ 80,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Expense recognition (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Summary of Significant Accounting Policies | ||||
Advertising expenses | $ 4,000 | $ 465,000 | $ 54,000 | $ 1,011,000 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Net (loss) earnings per common share (Details) - USD ($) | Oct. 28, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Net earnings (loss) | $ 13,190,000 | $ (414,000) | $ 9,361,000 | $ 2,597,000 | |
Allocation to nonvested restricted stock awards | (199,000) | (146,000) | (42,000) | ||
Net earnings (loss) available to common stockholders | $ 12,991,000 | $ (414,000) | $ 9,215,000 | $ 2,555,000 | |
Weighted-average shares outstanding - basic and diluted | 35,836,000 | 35,952,000 | 35,836,000 | 35,998,000 | |
Net earnings (loss) per common share - basic and diluted | $ 0.36 | $ (0.01) | $ 0.26 | $ 0.07 | |
Options outstanding (in shares) | 0 | 0 | 0 | 0 | |
Dividends paid | $ 0 | $ 0 | |||
Annual cash dividend on both classes of common stock | |||||
Annual cash dividend declared | $ 0.07 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Accounting for stock-based compensation (Details) - Restricted Stock - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounting for stock-based compensation | ||||
Stock-based compensation expense | $ 38,000 | $ 67,000 | $ 256,000 | $ 243,000 |
Income tax benefits related to vesting of restricted stock awards | $ 11,000 | $ 19,000 | $ 54,000 | $ 57,000 |
Long-Term Debt (Details)
Long-Term Debt (Details) - Credit Facility | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Long-Term Debt | |
Maximum borrowing capacity | $ 30,000,000 |
Amount outstanding under the credit facility | 0 |
Remaining maximum borrowing capacity | $ 17,494,000 |
Minimum | LIBOR | |
Long-Term Debt | |
Basis points (in percent) | 1.25% |
Maximum | LIBOR | |
Long-Term Debt | |
Basis points (in percent) | 1.75% |
Pension Plans (Details)
Pension Plans (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
The excess plan | ||
Pension plans | ||
Fair values of pension assets | $ 1,197,000 | $ 1,182,000 |
Pension Plans - Defined benefit
Pension Plans - Defined benefit plan (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Change in benefit obligation: | ||||
Interest cost | $ 108,000 | $ 130,000 | $ 325,000 | $ 387,000 |
Components of net periodic pension benefit | ||||
Interest cost | 108,000 | 130,000 | 325,000 | 387,000 |
Expected return on plan assets | (185,000) | (183,000) | (556,000) | (546,000) |
Recognized net actuarial loss | 41,000 | 40,000 | 122,000 | 111,000 |
Total net periodic pension benefit | (36,000) | $ (13,000) | (109,000) | $ (48,000) |
Minimum required pension contributions for 2020 | $ 0 | $ 0 |
Pension Plans - SERP (Details)
Pension Plans - SERP (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
SERP | |||||
Defined contribution plan | |||||
Expenses recorded | $ 30,000 | $ 90,000 | $ 27,000 | $ 81,000 | |
Employer contributions | 0 | 120,000 | 0 | 108,000 | |
Liability for pension benefits | 90,000 | 90,000 | $ 120,000 | ||
401(k) plan | |||||
Defined contribution plan | |||||
Employer contributions | $ 28,000 | $ 93,000 | $ 31,000 | $ 90,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in the components of stockholders' equity | ||||||||||
Balance at the beginning of the period | $ 63,968,000 | $ 63,968,000 | ||||||||
Net earnings (loss) | $ 13,190,000 | $ (414,000) | 9,361,000 | $ 2,597,000 | ||||||
Change in net actuarial loss and prior service cost, net of income tax expense | 29,000 | 29,000 | 87,000 | 80,000 | ||||||
Balance at the end of the period | 73,578,000 | 73,578,000 | $ 63,968,000 | |||||||
Income tax expense on change in net actuarial loss and prior service cost | 12,000 | $ 12,000 | 11,000 | 10,000 | $ 10,000 | $ 10,000 | ||||
Accumulated other comprehensive loss, net of income taxes | ||||||||||
Net actuarial loss and prior service cost not yet recognized in net periodic benefit cost, net of income tax benefit | 3,604,000 | 3,278,000 | 3,604,000 | 3,278,000 | 3,691,000 | $ 3,358,000 | ||||
Income tax benefit on net actuarial loss and prior service cost not yet recognized in net periodic benefit cost | 2,450,000 | 2,319,000 | 2,485,000 | 2,350,000 | ||||||
Common Stock | Common Stock | ||||||||||
Changes in the components of stockholders' equity | ||||||||||
Balance at the beginning of the period | 1,788,000 | 1,790,000 | 1,782,000 | 1,809,000 | 1,809,000 | 1,805,000 | 1,782,000 | 1,805,000 | 1,805,000 | |
Issuance of restricted stock awards, net of forfeitures | (2,000) | (2,000) | 13,000 | 14,000 | ||||||
Repurchase and retirement of common stock | (5,000) | (16,000) | (10,000) | |||||||
Balance at the end of the period | 1,786,000 | 1,788,000 | 1,790,000 | 1,793,000 | 1,809,000 | 1,809,000 | 1,786,000 | 1,793,000 | 1,782,000 | 1,805,000 |
Common Stock | Class A Common Stock | ||||||||||
Changes in the components of stockholders' equity | ||||||||||
Balance at the beginning of the period | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | |
Balance at the end of the period | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 | 1,851,000 |
Additional Paid-in Capital | ||||||||||
Changes in the components of stockholders' equity | ||||||||||
Balance at the beginning of the period | 101,112,000 | 100,984,000 | 100,994,000 | 101,388,000 | 101,320,000 | 101,416,000 | 100,994,000 | 101,416,000 | 101,416,000 | |
Issuance of restricted stock awards, net of forfeitures | 2,000 | 2,000 | (13,000) | (14,000) | ||||||
Stock-based compensation | 38,000 | 126,000 | 92,000 | 67,000 | 68,000 | 108,000 | ||||
Repurchase and retirement of common stock | (89,000) | (312,000) | (190,000) | |||||||
Balance at the end of the period | 101,152,000 | 101,112,000 | 100,984,000 | 101,143,000 | 101,388,000 | 101,320,000 | 101,152,000 | 101,143,000 | 100,994,000 | 101,416,000 |
Accumulated Deficit | ||||||||||
Changes in the components of stockholders' equity | ||||||||||
Balance at the beginning of the period | (40,797,000) | (40,108,000) | (36,968,000) | (35,815,000) | (41,316,000) | (38,826,000) | (36,968,000) | (38,826,000) | (38,826,000) | |
Net earnings (loss) | 13,190,000 | (689,000) | (3,140,000) | (414,000) | 5,501,000 | (2,490,000) | ||||
Balance at the end of the period | (27,607,000) | (40,797,000) | (40,108,000) | (36,229,000) | (35,815,000) | (41,316,000) | (27,607,000) | (36,229,000) | (36,968,000) | (38,826,000) |
Accumulated Other Comprehensive Loss | ||||||||||
Changes in the components of stockholders' equity | ||||||||||
Balance at the beginning of the period | (3,633,000) | (3,662,000) | (3,691,000) | (3,307,000) | (3,333,000) | (3,358,000) | (3,691,000) | (3,358,000) | (3,358,000) | |
Change in net actuarial loss and prior service cost, net of income tax expense | 29,000 | 29,000 | (29,000) | 29,000 | 26,000 | 25,000 | ||||
Balance at the end of the period | $ (3,604,000) | $ (3,633,000) | $ (3,662,000) | $ (3,278,000) | $ (3,307,000) | $ (3,333,000) | $ (3,604,000) | $ (3,278,000) | $ (3,691,000) | $ (3,358,000) |
Stockholders' Equity - Stock in
Stockholders' Equity - Stock incentive plan (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2014 | Jul. 28, 2004 | |
Stockholders Equity | ||||
Maximum number of shares authorized for grant | 2,000,000 | |||
Options granted (in shares) | 158,000 | 143,000 | ||
Number of shares available for granting options or stock awards | 1,176,000 | |||
Share Repurchase Authorization 2004 | ||||
Stockholders Equity | ||||
Number of shares of common stock authorized to be repurchased | 2,000,000 | |||
Number of shares purchased | 0 | 50,220 | ||
Number of shares retired | 208,416 | |||
Average purchase price of shares purchased and retired (in dollars per share) | $ 2.03 | |||
Remaining number of shares authorized to be repurchased | 384,809 | |||
Restricted Stock | ||||
Stockholders Equity | ||||
Average purchase price of shares purchased and retired (in dollars per share) | $ 1.86 | $ 1.99 | ||
Vesting rights percentage each year beginning on the second anniversary date of the grant | 20.00% | |||
Service period over which the aggregate market value of stock is being amortized | 6 years | |||
Number of shares purchased and retired | 50,572 | 48,457 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Gains and losses on equity instruments | |||||
Net gains recognized during the period on equity investments | $ 54,000 | $ 12,000 | $ 4,000 | $ 125,000 | |
Less: net gains recognized during the period on equity investments sold during the period | 14,000 | 37,000 | |||
Unrealized gains (losses) recognized during the period on equity investments still held at period end | 40,000 | $ 12,000 | (33,000) | $ 125,000 | |
Total | |||||
Fair Value Measurements | |||||
Equity investments | 1,197,000 | 1,197,000 | $ 1,182,000 | ||
Level 1 | |||||
Fair Value Measurements | |||||
Equity investments | $ 1,197,000 | $ 1,197,000 | $ 1,182,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | 9 Months Ended | |
Sep. 30, 2020mi | Sep. 30, 2019USD ($) | |
Dover Downs Gaming & Entertainment, Inc. | ||
Related Party Transactions | ||
Payable to related party | $ 430,000 | |
Receivable from related party | 110,000 | |
Harness racing track length (in miles) | mi | 0.625 | |
Motorsports superspeedway length (in miles) | mi | 1 | |
Period for set up and tear down rights | 14 days | |
Dover Downs Gaming & Entertainment, Inc. | NASCAR | ||
Related Party Transactions | ||
Receivable from related party | $ 15,000 | |
Chairman of the Board | ||
Related Party Transactions | ||
Voting rights (in percent) | 50.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2011 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Sep. 30, 1999 |
Contingent obligation | |||||||
(Benefit) Provision for contingent obligation | $ 2,250,000 | $ (128,000) | $ 121,000 | $ (112,000) | $ 367,000 | ||
Provision for contingent obligation | 3,276,000 | 3,276,000 | $ 3,389,000 | ||||
Increase (decrease) in the provision for contingent obligation due to changing interest rates | (128,000) | $ 121,000 | (112,000) | $ 367,000 | |||
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Indirect Guarantee of Indebtedness | |||||||
Commitments and Contingencies | |||||||
Debt issued | $ 25,900,000 | ||||||
Outstanding amount | 12,300,000 | 12,300,000 | |||||
Balance available in the sales and incremental property tax fund | 264,000 | 264,000 | $ 637,000 | ||||
Amount paid into the sales and incremental property tax fund | 945,000 | ||||||
Debt service fee | 1,318,000 | 1,318,000 | |||||
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Irrevocable direct-pay letter of credit | |||||||
Commitments and Contingencies | |||||||
Irrevocable direct-pay letter of credit issued | 12,506,000 | 12,506,000 | |||||
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Minimum | Indirect Guarantee of Indebtedness | |||||||
Commitments and Contingencies | |||||||
Annual payment range | 1,100,000 | 1,100,000 | |||||
Variable Rate Tax Exempt Infrastructure Revenue Bonds | Maximum | Indirect Guarantee of Indebtedness | |||||||
Commitments and Contingencies | |||||||
Annual payment range | $ 1,600,000 | $ 1,600,000 |
Income Taxes - Carryforward and
Income Taxes - Carryforward and Valuation allowances (Details) | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Income Taxes | |
Net operating loss carryforwards | $ 45,965,000 |
Decrease in valuation allowances | $ (1,240,000) |