Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2018 | May 14, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PISMO COAST VILLAGE INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 1,775 | |
Amendment Flag | false | |
Entity Central Index Key | 216,877 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 |
Current Assets | |||
Cash and cash equivalents | $ 3,337,288 | $ 2,811,766 | $ 3,075,801 |
Accounts receivable | 15,732 | 21,261 | 18,976 |
Inventories | 215,535 | 191,023 | 197,280 |
Prepaid income taxes | 277,800 | 203,600 | |
Prepaid expenses | 46,914 | 19,976 | 39,283 |
Total current assets | 3,893,269 | 3,044,026 | 3,534,940 |
Property and equipment | |||
Net of accumulated depreciation | 14,625,671 | 14,725,872 | 14,700,319 |
Other Assets | 2,524 | ||
Total Assets | 18,518,940 | 17,769,898 | 18,237,783 |
Current Liabilities | |||
Accounts payable and accrued liabilities | 246,773 | 267,750 | 207,614 |
Accrued salaries and vacation | 87,475 | 326,082 | 77,681 |
Rental deposits | 2,158,472 | 1,488,886 | 2,158,853 |
Income taxes payable | 52,600 | ||
Current portion of note payable | 99,933 | ||
Current portion of capital lease obligations | 41,971 | 47,638 | 29,901 |
Total current liabilities | 2,534,691 | 2,182,956 | 2,573,982 |
Long-Term Liabilities | |||
Deferred taxes | 466,700 | 810,600 | 822,800 |
Note Payable, net of current portion | 974,320 | ||
Capital lease obligations, net of current portion | 112,977 | 131,101 | 89,075 |
Total Liabilities | 3,114,368 | 3,124,657 | 4,460,177 |
Stockholders’ Equity | |||
Common stock – no par value, 1,800 shares Issued, 1,775 and 1775 shares outstanding at March 31, 2018 and 2017, respectively | 5,569,268 | 5,569,268 | 5,569,268 |
Retained earnings | 9,835,304 | 9,075,973 | 8,208,338 |
Total stockholders’ equity | 15,404,572 | 14,645,241 | 13,777,606 |
Total Liabilities and Stockholders’ Equity | $ 18,518,940 | $ 17,769,898 | $ 18,237,783 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 |
Common stock, no par value (in Dollars per share) | |||
Common stock, shares Issued | 1,800 | 1,800 | 1,800 |
Common stock, shares outstanding | 1,775 | 1,775 | 1,775 |
STATEMENTS OF INCOME AND RETAIN
STATEMENTS OF INCOME AND RETAINED EARNINGS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Income | ||||
Income | $ 1,827,148 | $ 1,627,274 | $ 3,658,550 | $ 3,353,539 |
Cost and Expenses | ||||
Operating expenses | 1,263,620 | 1,211,043 | 2,555,299 | 2,476,391 |
Cost of goods sold | 119,347 | 101,754 | 232,901 | 214,702 |
Depreciation and amortization | 106,887 | 104,444 | 213,742 | 207,726 |
Total cost and expenses | 1,489,854 | 1,417,241 | 3,001,942 | 2,898,819 |
Income from Operations | 337,294 | 210,033 | 656,608 | 454,720 |
Other Income (Expense) | ||||
Interest/dividend income | 1,146 | 495 | 2,276 | 2,116 |
Interest expense | (2,395) | (18,777) | (4,803) | (38,865) |
Loss on disposal of fixed assets | (1,304) | |||
Total other income (expense) | (1,249) | (18,282) | (2,527) | (38,053) |
Income Before Provision for Income Tax | 336,045 | 191,751 | 654,081 | 416,667 |
Income Tax (Expense) benefit | 241,650 | (79,600) | 105,250 | (192,000) |
Net Income | 577,695 | 112,151 | 759,331 | 224,667 |
Retained Earnings – Beginning of Period | 9,075,973 | 7,983,671 | ||
Retained Earnings – End of Period | $ 9,835,304 | $ 8,208,338 | $ 9,835,304 | $ 8,208,338 |
Net Income Per Share (in Dollars per share) | $ 325.46 | $ 63.18 | $ 427.79 | $ 126.57 |
Resort Operations [Member] | ||||
Income | ||||
Income | $ 1,581,566 | $ 1,391,617 | $ 3,157,883 | $ 2,846,146 |
Retail Operations [Member] | ||||
Income | ||||
Income | $ 245,582 | $ 235,657 | $ 500,667 | $ 507,393 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows From Operating Activities | ||
Net Income | $ 759,331 | $ 224,667 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 213,742 | 207,726 |
Decrease in accounts receivable | 5,529 | 23,351 |
(Increase) in inventory | (24,512) | (6,051) |
(Increase) in current deferred taxes | (23,400) | |
(Increase) in prepaid income taxes | (277,800) | (47,400) |
(Increase) in prepaid expenses | (26,938) | (15,538) |
(Decrease) in accounts payable and accrued liabilities | (20,977) | (58,868) |
(Decrease) in accrued salaries and vacation | (238,607) | (207,998) |
Increase in rental deposits | 669,586 | 818,261 |
(Decrease) income taxes payable | (52,600) | |
(Decrease) deferred taxes | (343,900) | |
Total adjustments | (96,477) | 690,083 |
Net cash provided by operating activities | 662,854 | 914,750 |
Cash Flows From Investing Activities | ||
Capital expenditures | (113,540) | (80,371) |
Loss on sale of assets | 1,304 | |
Net cash used in investing activities | (113,540) | (79,067) |
Cash Flows from Financing Activities | ||
Principal payments on long term debt | (23,792) | (376,552) |
Net cash used in financing activities | (23,792) | (376,552) |
Net increase in cash and cash equivalents | 525,522 | 459,131 |
Cash and Cash Equivalents – Beginning of Period | 2,811,766 | 2,616,670 |
Cash and Cash Equivalents – End of Period | 3,337,288 | 3,075,801 |
Schedule of Payments of Interest and Taxes | ||
Cash paid for income tax | 499,050 | 262,759 |
Cash paid for interest | $ 4,803 | $ 38,865 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 6 Months Ended |
Mar. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 – NATURE OF BUSINESS Pismo Coast Village, Inc. (Company) is a recreational vehicle camping resort. Its business is seasonal in nature with the fourth quarter, the summer, being its busiest and most profitable. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue and Cost Recognition The Company's revenue is recognized on the accrual basis as earned based on the date of stay. Expenditures are recorded on the accrual basis whereby expenses are recorded when incurred, rather than when paid. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments, including certificates of deposit with an original maturity of three months or less when purchased, to be cash equivalents. As of March 31, 2018, September 30, 2017, and March 31, 2017, the Company had $6,061, $11,444 and $11,435 of cash equivalents. Allowance for Doubtful Accounts It is the policy of management to review the outstanding accounts receivable at year-end, as well as historical bad debt write-offs, and establish an allowance for doubtful accounts for estimated uncollectible accounts. Management did not believe an allowance for doubtful accounts was necessary as of March 31, 2018, September 30, 2017, and March 31, 2017. Inventories Inventory has been valued at the lower of cost or market on a first-in, first-out basis. Inventory is comprised primarily of finished goods in the General Store and in the RV repair shop. Property and Equipment All property and equipment are recorded at cost. Depreciation of property and equipment is computed using the straight line method based on the cost of the assets, less allowance for salvage value, where appropriate. Depreciation rates are based upon the following estimated useful lives: Building and resort improvements 5 to 40 years Furniture, fixtures, equipment and leasehold improvements 5 to 31.5 years Transportation equipment 5 to 10 years Earnings Per Share The earnings per share are based on the 1,775 shares issued and outstanding. The financial statements report only basic earnings per share, as there are no potentially dilutive shares outstanding. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Advertising The Company follows the policy of charging the costs of non-direct advertising as incurred. Advertising expense was $19,132 and $33,007 for the six months ended March 31, 2018 and 2017, respectively. Advertising expense was included in operating expenses on the statement of operations. Concentration of Credit Risk At March 31, 2018, September 30, 2017, and March 31, 2017, the Company had cash deposits of $1,452,818, $946,168, and $1,206,089 in excess of the $250,000 federally insured limit with Pacific Premier Bank (formerly Heritage Oaks Bank), respectively. However, because Pacific Premier Bank is a member of the Certificate of Deposit Account Registry Service (CDARS), large deposits are divided into smaller amounts and placed with other FDIC insured banks which are also members of the CDARS network. Then, those member banks issue CDs in amounts under $250,000, so that the entire deposit balance is eligible for FDIC insurance. Income Taxes The Company uses the asset-liability method of computing deferred taxes in accordance with Accounting Standards Codification (ASC) Income Taxes topic 740. ASC 740 requires, among other things, that if income is expected for the entire year, but there is a net loss to date, a tax benefit is recognized based on the annual effective tax rate. FASB ASC 740 also requires, among other things, the recognition and measurement of uncertain tax positions based on a “more likely than not” (likelihood greater than 50%) approach. As of March 31, 2018, management has considered its tax positions and believes that the Company did not maintain any uncertain tax positions under this approach and, accordingly, all tax positions have been fully recorded in the provision for income taxes. It is the policy of the Company to consistently classify interest and penalties associated with income tax expense separately from the provision for income taxes, and accordingly no interest or penalties associated with income taxes have been included in this calculation, or separately in the Statement of Operations and Retained Earnings. The Company does not expect any material changes through March 31, 2019. Although the Company does not maintain any uncertain tax positions, tax returns remain subject to examination by the internal Revenue Service for fiscal years ending on or after September 30, 2014 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2013. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 – Property and Equipment At March 31, 2018, September 30, 2017, and March 31, 2017, property and equipment included the following: March 31, 2018 September 30, 2017 March 31, 2017 Land $ 10,394,746 $ 10,394,746 $ 10,394,746 Building and resort improvements 11,353,982 11,343,482 11,295,967 Furniture, fixtures, equipment and leasehold improvements 666,766 666,766 661,380 Transportation equipment 710,425 704,358 657,518 Construction in progress 241,301 144,328 156,734 Property, Plant and Equipment, Gross 23,367,220 23,253,680 23,166,345 Less: accumulated depreciation (8,741,549) (8,527,808) (8,466,026) Total $ 14,625,671 $ 14,725,872 $ 14,700,319 Depreciation expense was $213,742 and $207,726 for the six months ended March 31, 2018 and 2017, respectively. At March 31, 2018, September 30, 2017, and March 31, 2017, the cost of assets under capital lease was $292,802, $292,802,and $263,077 and related accumulated amortization was $169,155, $147,336, and $180,323, respectively. Amortization expense on assets under capital lease was $10,910, and $19,551 for the six months ended March 31, 2018 and 2017, respectively. |
LINE OF CREDIT
LINE OF CREDIT | 6 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 4 – LINE OF CREDIT The Company has a revolving line of credit with Pacific Premier Bank (formerly Heritage Oaks Bank) for $500,000, expiring March 24, 2019. There was no outstanding balance on the line of credit as of March 31, 2018, September 30, 2017 or March 31, 2017. |
NOTE PAYABLE
NOTE PAYABLE | 6 Months Ended |
Mar. 31, 2018 | |
Notes Payable [Abstract] | |
Notes Payable [Text Block] | NOTE 5 - NOTE PAYABLE At March 31, 2017, the Company had a note payable to Pacific Premier Bank (formerly Heritage Oaks Bank) with a remaining outstanding balance of $1,074,253. Although the note’s original maturity was May 2018, during 2017 the Company paid off the note in its entirety. As of September 30, 2017, there was no remaining balance on this note. |
CAPITAL LEASE OBLIGATIONS
CAPITAL LEASE OBLIGATIONS | 6 Months Ended |
Mar. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | NOTE 6 – Capital Lease Obligations At March 31, 2018, September 30, 2017, and March 31, 2017, capital lease obligations consisted of the following: March 31, 2018 (Unaudited) September 30, 2017 (Audited) March 31, 2017 (Unaudited) A 2008 tow truck leased from Donahue Transportation $ 1,764 A 2013 Hino truck leased from Donahue Transportation $ 13,233 $ 19,115 25,796 A security system for Lot-K leased from RLC Funding, 8,669 15,576 22,034 A 2016 Hino truck leased from Donahue Transportation 58,032 63,342 69,382 A 2018 Hino truck leased from Donahue Transportation 75,014 80,706 - Total capital lease obligations $ 154,948 $ 178,739 $ 118,976 At March 31, 2018, future minimum payments on the capital lease obligations were as follows: For the Twelve Months Ending March 31, 2019 $ 48,401 2020 27,830 2021 26,784 2022 26,784 2023 24,552 Thereafter 20,088 Total capital lease obligations 174,439 Less amount representing interest (19,491) Present value of future minimum payments 154,948 Less current portion of capital lease obligations (41,971) Total capital lease obligations, net of current portion $ 112,977 |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 - COMMON STOCK Each share of stock is intended to provide the shareholder with free use of the resort for a maximum of 45 nights per year. If the Company is unable to generate sufficient funds from the public, the Company may be required to charge shareholders for services. A shareholder is entitled to a pro rata share of any dividends as well as a pro rata share of the assets of the Company in the event of its liquidation or sale. The shares are personal property and do not constitute an interest in real property. The ownership of a share does not entitle the owner to any interest in any particular site or camping period. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 8 - INCOME TAXES The provision for income taxes for the six months ended March 31, 2018 and 2017 is as follows: Six Months Ended March 31, 2018 2017 Income tax (expense)/benefit $ 105,250 $ (192,000) Recent tax reform was passed on December 22, 2017, commonly referred to as the “Tax Cuts and Jobs Act.” This Act changes the US federal corporate tax brackets--that had a maximum effective rate of 35%--to a flat rate of 21% for tax years beginning after December 31, 2017. Consequently, deferred tax assets and liabilities have been remeasured, resulting in a deferred income tax benefit of $252,100, which is included as a component of income tax expense (benefit) from continuing operations for the six months ended March 31, 2018. Pursuant to the above mentioned federal tax rate change, the Company has used a blended tax rate for the six months ended March 31, 2018. This has been done by applying the Company’s previous bracket rate of 34% and the new 21% flat rate pro rata, based on the number of days in the fiscal year before and after January 1, 2018. The Company uses the asset-liability method of computing deferred taxes in accordance with FASB Accounting Standards Codification (ASC) topic 740. The difference between the effective tax rate and the statutory tax rates is due primarily to the effects of the graduated tax rates, state taxes net of federal tax benefit, nondeductible variable costs of shareholder usage, and the use of the blended tax rate and remeasurement of deferred tax assets and liabilities due to the federal tax rate changes noted above. As of March 31, 2018, September 30, 2017, and March 31, 2017, the Company’s deferred tax liability was $466,700, $810,600, and $822,800, respectively. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. The majority of the balance is due to timing differences of depreciation expense, caused by the use of accelerated depreciation methods for tax calculations. |
OPERATING LEASES
OPERATING LEASES | 6 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | NOTE 9 - OPERATING LEASES The Company leases a lot, located in Oceano, California, for $2,933 per month. The lease has converted to a month-to-month lease. The Company has a five-year lease obligation for a copier. Rental expense under this operating lease is $384 per month. Future minimum lease payments under this obligation are as follows: For the Twelve Months Ending March 31, 2019 $ 4,608 2020 4,608 2021 4,608 2022 3,840 Total $ 17,664 Rent expense under these agreements was $21,674 and $18,570 for the six-months ended March 31, 2018 and 2017, respectively. |
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS | 6 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 10 - EMPLOYEE RETIREMENT PLANS The Company is the sponsor of a 401(k) profit sharing pension plan, which covers substantially all full-time employees. Employer contributions are discretionary and are determined on an annual basis. The Company’s matching portion of the 401(k) safe harbor plan was $33,876 for the six months ended March 31, 2018. The contribution to the pension plan for the six months ended March 31, 2017 was $31,341. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 11 – SUBSEQUENT EVENTS Events subsequent to March 31, 2018, have been evaluated , |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue and Cost Recognition The Company's revenue is recognized on the accrual basis as earned based on the date of stay. Expenditures are recorded on the accrual basis whereby expenses are recorded when incurred, rather than when paid. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments, including certificates of deposit with an original maturity of three months or less when purchased, to be cash equivalents. As of March 31, 2018, September 30, 2017, and March 31, 2017, the Company had $6,061, $11,444 and $11,435 of cash equivalents. |
Receivables, Policy [Policy Text Block] | Allowance for Doubtful Accounts It is the policy of management to review the outstanding accounts receivable at year-end, as well as historical bad debt write-offs, and establish an allowance for doubtful accounts for estimated uncollectible accounts. Management did not believe an allowance for doubtful accounts was necessary as of March 31, 2018, September 30, 2017, and March 31, 2017. |
Inventory, Policy [Policy Text Block] | Inventories Inventory has been valued at the lower of cost or market on a first-in, first-out basis. Inventory is comprised primarily of finished goods in the General Store and in the RV repair shop. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment All property and equipment are recorded at cost. Depreciation of property and equipment is computed using the straight line method based on the cost of the assets, less allowance for salvage value, where appropriate. Depreciation rates are based upon the following estimated useful lives: Building and resort improvements 5 to 40 years Furniture, fixtures, equipment and leasehold improvements 5 to 31.5 years Transportation equipment 5 to 10 years |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share The earnings per share are based on the 1,775 shares issued and outstanding. The financial statements report only basic earnings per share, as there are no potentially dilutive shares outstanding. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Advertising Costs, Policy [Policy Text Block] | Advertising The Company follows the policy of charging the costs of non-direct advertising as incurred. Advertising expense was $19,132 and $33,007 for the six months ended March 31, 2018 and 2017, respectively. Advertising expense was included in operating expenses on the statement of operations. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk At March 31, 2018, September 30, 2017, and March 31, 2017, the Company had cash deposits of $1,452,818, $946,168, and $1,206,089 in excess of the $250,000 federally insured limit with Pacific Premier Bank (formerly Heritage Oaks Bank), respectively. However, because Pacific Premier Bank is a member of the Certificate of Deposit Account Registry Service (CDARS), large deposits are divided into smaller amounts and placed with other FDIC insured banks which are also members of the CDARS network. Then, those member banks issue CDs in amounts under $250,000, so that the entire deposit balance is eligible for FDIC insurance. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the asset-liability method of computing deferred taxes in accordance with Accounting Standards Codification (ASC) Income Taxes topic 740. ASC 740 requires, among other things, that if income is expected for the entire year, but there is a net loss to date, a tax benefit is recognized based on the annual effective tax rate. FASB ASC 740 also requires, among other things, the recognition and measurement of uncertain tax positions based on a “more likely than not” (likelihood greater than 50%) approach. As of March 31, 2018, management has considered its tax positions and believes that the Company did not maintain any uncertain tax positions under this approach and, accordingly, all tax positions have been fully recorded in the provision for income taxes. It is the policy of the Company to consistently classify interest and penalties associated with income tax expense separately from the provision for income taxes, and accordingly no interest or penalties associated with income taxes have been included in this calculation, or separately in the Statement of Operations and Retained Earnings. The Company does not expect any material changes through March 31, 2019. Although the Company does not maintain any uncertain tax positions, tax returns remain subject to examination by the internal Revenue Service for fiscal years ending on or after September 30, 2014 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2013. |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule Of Property, Plant And Equipment, Useful Life [Table Text Block] | Building and resort improvements 5 to 40 years Furniture, fixtures, equipment and leasehold improvements 5 to 31.5 years Transportation equipment 5 to 10 years |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | March 31, 2018 September 30, 2017 March 31, 2017 Land $ 10,394,746 $ 10,394,746 $ 10,394,746 Building and resort improvements 11,353,982 11,343,482 11,295,967 Furniture, fixtures, equipment and leasehold improvements 666,766 666,766 661,380 Transportation equipment 710,425 704,358 657,518 Construction in progress 241,301 144,328 156,734 Property, Plant and Equipment, Gross 23,367,220 23,253,680 23,166,345 Less: accumulated depreciation (8,741,549) (8,527,808) (8,466,026) Total $ 14,625,671 $ 14,725,872 $ 14,700,319 |
CAPITAL LEASE OBLIGATIONS (Tabl
CAPITAL LEASE OBLIGATIONS (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule Of Capital Lease Obligations [Table Text Block] | March 31, 2018 (Unaudited) September 30, 2017 (Audited) March 31, 2017 (Unaudited) A 2008 tow truck leased from Donahue Transportation $ 1,764 A 2013 Hino truck leased from Donahue Transportation $ 13,233 $ 19,115 25,796 A security system for Lot-K leased from RLC Funding, 8,669 15,576 22,034 A 2016 Hino truck leased from Donahue Transportation 58,032 63,342 69,382 A 2018 Hino truck leased from Donahue Transportation 75,014 80,706 - Total capital lease obligations $ 154,948 $ 178,739 $ 118,976 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | For the Twelve Months Ending March 31, 2019 $ 48,401 2020 27,830 2021 26,784 2022 26,784 2023 24,552 Thereafter 20,088 Total capital lease obligations 174,439 Less amount representing interest (19,491) Present value of future minimum payments 154,948 Less current portion of capital lease obligations (41,971) Total capital lease obligations, net of current portion $ 112,977 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Six Months Ended March 31, 2018 2017 Income tax (expense)/benefit $ 105,250 $ (192,000) |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the Twelve Months Ending March 31, 2019 $ 4,608 2020 4,608 2021 4,608 2022 3,840 Total $ 17,664 |
SUMMARY OF SIGNIFICANT ACCOUN23
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | |
Accounting Policies [Abstract] | |||
Cash Equivalents, at Carrying Value | $ 6,061 | $ 11,435 | $ 11,444 |
Weighted Average Number of Shares Outstanding, Basic and Diluted (in Shares) | 1,775 | ||
Advertising Expense | $ 19,132 | 33,007 | |
Deposits | 1,452,818 | $ 1,206,089 | $ 946,168 |
Cash, FDIC Insured Amount | $ 250,000 |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives | 6 Months Ended |
Mar. 31, 2018 | |
Minimum [Member] | Building and Building Improvements [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Minimum [Member] | Furniture Fixtures Equipment And Leasehold Improvements [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Minimum [Member] | Transportation Equipment [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 5 years |
Maximum [Member] | Building and Building Improvements [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 40 years |
Maximum [Member] | Furniture Fixtures Equipment And Leasehold Improvements [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 31 years 6 months |
Maximum [Member] | Transportation Equipment [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives [Line Items] | |
Property, Plant and Equipment, Useful Lives | 10 years |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 213,742 | $ 207,726 | |
Capital Leased Assets, Gross | 292,802 | 263,077 | $ 292,802 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 169,155 | 180,323 | $ 147,336 |
Amortization of Leased Asset | $ 10,910 | $ 19,551 |
Property and Equipment (Detai26
Property and Equipment (Details) - Property and equipment - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 |
Property and equipment [Abstract] | |||
Land | $ 10,394,746 | $ 10,394,746 | $ 10,394,746 |
Building and resort improvements | 11,353,982 | 11,343,482 | 11,295,967 |
Furniture, fixtures, equipment and leasehold improvements | 666,766 | 666,766 | 661,380 |
Transportation equipment | 710,425 | 704,358 | 657,518 |
Construction in progress | 241,301 | 144,328 | 156,734 |
Property, Plant and Equipment, Gross | 23,367,220 | 23,253,680 | 23,166,345 |
Less: accumulated depreciation | (8,741,549) | (8,527,808) | (8,466,026) |
Total | $ 14,625,671 | $ 14,725,872 | $ 14,700,319 |
LINE OF CREDIT (Details)
LINE OF CREDIT (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||
Long-term Line of Credit | $ 0 | $ 0 | $ 0 |
Line of Credit Facility, Expiration Date | Mar. 24, 2019 |
NOTE PAYABLE (Details)
NOTE PAYABLE (Details) | 6 Months Ended |
Mar. 31, 2017USD ($) | |
Notes Payable [Abstract] | |
Notes Payable to Bank | $ 1,074,253 |
Debt Instrument, Maturity Date, Description | Although the note’s original maturity was May 2018, during 2017 the Company paid off the note in its entirety |
CAPITAL LEASE OBLIGATIONS (Deta
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 |
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | $ 154,948 | $ 178,739 | $ 118,976 |
2008 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 1,764 | ||
2013 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 13,233 | 19,115 | 25,796 |
RLC Funding [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 8,669 | 15,576 | 22,034 |
2016 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 58,032 | 63,342 | 69,382 |
2018 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | $ 75,014 | $ 80,706 |
CAPITAL LEASE OBLIGATIONS (De30
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) - USD ($) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | |
2008 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 799 | $ 799 | $ 799 |
Interest | 8.39% | 8.39% | 8.39% |
2013 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,046 | $ 1,046 | $ 1,046 |
Interest | 4.751% | 4.751% | 4.751% |
RLC Funding [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,295 | $ 1,295 | $ 1,295 |
Interest | 13.537% | 13.537% | 13.537% |
2016 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,116 | $ 1,116 | $ 1,116 |
Interest | 4.532% | 4.532% | 4.532% |
2018 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,116 | $ 1,116 | $ 1,116 |
Interest | 4.644% | 4.644% | 4.644% |
CAPITAL LEASE OBLIGATIONS (De31
CAPITAL LEASE OBLIGATIONS (Details) - Future minimum lease payments - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 |
Future minimum lease payments [Abstract] | |||
2,019 | $ 48,401 | ||
2,020 | 27,830 | ||
2,021 | 26,784 | ||
2,022 | 26,784 | ||
2,023 | 24,552 | ||
Thereafter | 20,088 | ||
Total capital lease obligations | 174,439 | ||
Less amount representing interest | (19,491) | ||
Present value of future minimum payments | 154,948 | $ 178,739 | $ 118,976 |
Less current portion of capital lease obligations | (41,971) | (47,638) | (29,901) |
Total capital lease obligations, net of current portion | $ 112,977 | $ 131,101 | $ 89,075 |
COMMON STOCK (Details)
COMMON STOCK (Details) | 6 Months Ended |
Mar. 31, 2018 | |
Common Stock [Member] | Maximum [Member] | |
COMMON STOCK (Details) [Line Items] | |
Period Of Free Use Of Resort By Each Shareholder, Per Year | 45 days |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Deferred Income Tax Expense (Benefit) | $ 252,100 | ||
Effective Income Tax Rate Reconciliation At Federal Statutory Previous Income Tax Rate | 34.00% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Deferred Tax Liabilities, Gross | $ 466,700 | $ 810,600 | $ 822,800 |
INCOME TAXES (Details) - Provis
INCOME TAXES (Details) - Provision for income taxes - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Provision for income taxes [Abstract] | ||||
Income tax (expense)/benefit | $ 241,650 | $ (79,600) | $ 105,250 | $ (192,000) |
OPERATING LEASES (Details)
OPERATING LEASES (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING LEASES (Details) [Line Items] | ||
Operating Leases, Rent Expense | $ 21,674 | $ 18,570 |
Storage Lot In Oceano [Member] | ||
OPERATING LEASES (Details) [Line Items] | ||
Operating Leases Rent Expense, Periodic Payment | 2,933 | |
Copier [Member] | ||
OPERATING LEASES (Details) [Line Items] | ||
Operating Leases Rent Expense, Periodic Payment | $ 384 |
OPERATING LEASES (Details) - Fu
OPERATING LEASES (Details) - Future minimum lease payments | Mar. 31, 2018USD ($) |
Future minimum lease payments [Abstract] | |
2,019 | $ 4,608 |
2,020 | 4,608 |
2,021 | 4,608 |
2,022 | 3,840 |
Total | $ 17,664 |
EMPLOYEE RETIREMENT PLANS (Deta
EMPLOYEE RETIREMENT PLANS (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Retirement Benefits [Abstract] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 33,876 | $ 31,341 |