Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2021 | Feb. 11, 2022 | |
Document Information Line Items | ||
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 | 0000216877 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 0-8463 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 95-2990441 | |
Entity Address, Address Line One | 165 South Dolliver Street | |
Entity Address, City or Town | Pismo Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 93449 | |
City Area Code | 805 | |
Local Phone Number | 773-5649 | |
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | |||
Cash and cash equivalents | $ 3,016,244 | $ 9,226,456 | $ 6,739,572 |
Cash Reserved for Capital Improvements and Deferred Maintenance | 6,515,881 | ||
Accounts receivable | 31,890 | 36,764 | 22,628 |
Inventories | 191,796 | 200,107 | 203,993 |
Prepaid income taxes | 105,400 | ||
Prepaid expenses | 167,006 | 16,657 | 142,085 |
Total current assets | 9,922,817 | 9,479,984 | 7,213,678 |
Property and equipment | |||
Net of accumulated depreciation and amortization | 15,184,568 | 15,262,544 | 15,458,611 |
Total assets | 25,107,385 | 24,742,528 | 22,672,289 |
Current liabilities | |||
Accounts payable and accrued liabilities | 328,061 | 319,576 | 319,436 |
Accrued salaries and vacation | 116,688 | 417,544 | 112,100 |
Rental deposits | 2,370,390 | 2,244,848 | 2,086,812 |
Income taxes payable | 170,100 | 60,000 | |
Current portion of capital lease obligations | 60,807 | 60,757 | 58,398 |
Total current liabilities | 3,046,046 | 3,102,725 | 2,576,746 |
Long-term labilities | |||
Deferred taxes | 432,200 | 443,300 | 403,300 |
PPP Loan Payable | 556,675 | ||
Capital lease obligations, net of current portion | 141,657 | 156,638 | 202,686 |
Total liabilities | 3,619,903 | 3,702,663 | 3,739,407 |
Stockholders’ equity | |||
Common stock – no par value, 1,800 shares issued 1,775 shares outstanding | 5,569,268 | 5,569,268 | 5,569,268 |
Retained earnings | 15,918,214 | 15,470,597 | 13,363,614 |
Total stockholders’ equity | 21,487,482 | 21,039,865 | 18,932,882 |
Total liabilities and stockholders’ equity | $ 25,107,385 | $ 24,742,528 | $ 22,672,289 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | |||
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 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income | ||
Income | $ 2,229,151 | $ 2,073,643 |
Cost and expenses | ||
Operating expenses | 1,426,573 | 1,371,130 |
Cost of goods sold | 144,964 | 146,688 |
Depreciation | 119,984 | 99,881 |
Total costs and expenses | 1,691,521 | 1,617,699 |
Income from operations | 537,630 | 455,944 |
Other income (expense) | ||
Interest/dividend income | 11,458 | 499 |
Interest expense | (2,471) | (4,091) |
Total other income (expense) | 8,987 | (3,592) |
Income before provision for income tax | 546,617 | 452,352 |
Provision for income tax | 99,000 | 146,000 |
Net income | $ 447,617 | $ 306,352 |
Net income per share (in Dollars per share) | $ 252.18 | $ 172.59 |
Resort Operations [Member] | ||
Income | ||
Income | $ 1,935,658 | $ 1,763,220 |
Retail Operations [Member] | ||
Income | ||
Income | $ 293,493 | $ 310,423 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS` EQUITY - USD ($) | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Mar. 31, 2021 | $ 5,569,268 | $ 13,765,820 | $ 19,335,088 | |
Balance (in Shares) at Mar. 31, 2021 | 1,775 | |||
Net Income | 1,354,311 | 1,354,311 | ||
Balance at Jun. 30, 2021 | $ 5,569,268 | 15,120,131 | 20,689,399 | |
Balance (in Shares) at Jun. 30, 2021 | 1,775 | |||
Net Income | 350,466 | 350,466 | ||
Balance at Sep. 30, 2021 | $ 5,569,268 | 15,470,597 | 21,039,865 | |
Balance (in Shares) at Sep. 30, 2021 | 1,775 | |||
Net Income | 447,617 | 447,617 | ||
Balance at Dec. 31, 2021 | $ 5,569,268 | $ 15,918,214 | $ 21,487,482 | |
Balance (in Shares) at Dec. 31, 2021 | 1,775 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net income | $ 447,617 | $ 306,352 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 119,984 | 99,881 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,874 | 2,982 |
Inventories | 8,311 | (13,782) |
Prepaid income taxes | 165,800 | |
Prepaid expenses | (150,349) | (119,999) |
Accounts payable and accrued liabilities | 8,485 | 38,652 |
Accrued salaries and vacation | (300,856) | (166,774) |
Rental deposits | 125,542 | 28,677 |
Income taxes payable | 110,100 | |
Deferred taxes | (11,100) | (19,800) |
Total adjustments | (85,009) | 15,637 |
Net cash provided by operating activities | 362,608 | 321,989 |
Cash flows from investing activities | ||
Capital expenditures | (42,008) | (21,297) |
Net cash used in investing activities | (42,008) | (21,297) |
Cash flows from financing activities | ||
Borrowings on long-term debt | 960 | |
Principal payments on capital lease obligations | (14,931) | (14,190) |
Net cash used in financing activities | (14,931) | (13,230) |
Net increase in cash and cash equivalents | 305,669 | 287,462 |
Cash and cash equivalents - beginning of period | 9,226,456 | 6,452,110 |
Cash and cash equivalents - end of period | 9,532,125 | 6,739,572 |
Reconciliation of Cash and Cash Equivalents Per Balance Sheets | ||
Cash and equivalents | 3,016,244 | 6,739,572 |
Cash reserved for capital improvements | 6,515,881 | |
Cash and Cash Equivalents Per Statement of Cash Flows | 9,532,125 | 6,739,572 |
Schedule of payments of interest and taxes | ||
Cash paid for interest | $ 2,471 | $ 4,091 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | NOTE 1 – NATURE OF BUSINESS Pismo Coast Village, Inc. (the 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 | 3 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue from Contracts with Customers The Financial Accounting Standards Board (FASB) issued new guidance that created Topic 606, Revenue from Contracts with Customers Revenue Recognition Other Assets and Deferred Costs-Contracts with Customers Revenue primarily consists of recreational camping space rentals, revenue from recreational vehicle storage space and RV service and repairs, food and beverage sales and other ancillary goods and services. Revenue is recognized when spaces are occupied or goods and services have been delivered or rendered, respectively. Sales taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Finally, the Company collects Transient Occupancy Taxes (TOT) and Tourism Business Improvement District (TBID) assessments from guests which are remitted to the City of Pismo Beach and County of San Luis Obispo and are excluded from revenues. As of December 31, 2021, September 30, 2021 and December 31, 2020 the Company had $56,784, $85,714, and $39,433 in TOT and TBID assessments due to the City of Pismo Beach and the County of San Luis Obispo included in accrued expenses on the combined balance sheet, respectively. Performance Obligations For performance obligations related to the Company accommodations and other ancillary goods and services, control transfers to the customer at a point in time. The Company’s principal terms of sale occur simultaneously when control of the goods and services are transferred to the customer and payment is accepted. The Company does not have any significant financing components. The Company does not disclose the value of unsatisfied performance obligations for contracts with an expected length of one year or less. Due to the nature of the business, the Company’s revenue is not significantly impacted by refunds. Cash payments received in advance of guests staying at the resort are refunded to guests if the guest cancels within the specified time period, before any services are rendered. Refunds related to services are generally recognized as an adjustment to the transaction price at the time the resort stay occurs or services are rendered. Disaggregation of Revenue Revenue from performance obligations satisfied at a point in time consists of sales related to the Company accommodations and other ancillary goods and services at the location in Pismo Beach, California. The geographic nature of the revenue could affect the nature, timing, amount and uncertainty of revenue and cash flows. Revenue from site rentals, storage rental, spotting, and store and accessory sales accounts for approximately 63%, 17%, 4%, and 13% of the Company total revenue for the period ended December 31, 2021, respectively. Revenue from other ancillary goods and services accounts for the remaining 3% of revenue for the period ended December 31, 2021. Customer Deposits The Company does not recognize revenue when a customer prepays for resort accommodations. Rather, the Company records a deferred revenue liability equal to the amount received. Revenue is then recognized when the customer stays at the resort. As of December 31, 2021, September 30, 2021 and December 31, 2020, the Company had customer deposits related to prepaid village accommodations of $2,370,390, $2,244,848, and $2,086,812 on the balance sheet as rental deposits, respectively. Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2021, September 30, 2021 and December 31, 2020 the Company had $6,101, $6,097 and $6,097 of cash equivalents, respectively. Cash Reserved for Capital Improvements and Deferred Maintenance The Company keeps separate funds reserved for capital improvements and deferred maintenance. Historically, the Company has not carried a high amount of debt; this separate reserve is kept in order to self-finance major improvement and have cash ready upon project permit approval. 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 December 31, 2021, September 30, 2021, or December 31, 2020. Inventories Inventories have been valued at the lower of cost or market on a first-in, first-out basis. Inventories are comprised primarily of finished goods in the general store and parts in the RV 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 park improvements 5 to 40 years Furniture, fixtures, equipment and leasehold improvements 3 to 31.5 years Transportation equipment 5 to 10 years Earnings per Share The earnings per share are based on the 1,775 shares 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 response advertising as incurred. Advertising expense was $2,233 and $1,247 for the three months ended December 31, 2021 and 2020, respectively. Advertising expense was included in operating expenses on the statement of operations. Concentration of Credit Risk At December 31, 2021, September 30, 2021, and December 31, 2020 the Company had cash deposits of $9,131,743, $7,400,355, and $4,921,367, respectively, in excess of the $250,000 federally insured limit with Pacific Premier Bank. 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. Reclassifications Certain reclassifications have been made to prior year balances to conform to current year presentation. These reclassifications had no effect on the Company’s results of operations or financial position. Income Taxes The Company uses the asset-liability method of computing deferred taxes in accordance with FASB ASC Income Taxes topic. 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 December 31, 2021, 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 December 31, 2022. 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, 2018 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2017. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3 – PROPERTY AND EQUIPMENT At December 31, 2021, September 30, 2021, and December 31, 2020, property and equipment included the following: December 31, 2021 September 30, 2021 December 31, 2020 Land $ 10,394,746 $ 10,394,747 $ 10,394,746 Building and resort improvements 13,185,091 13,185,090 11,349,249 Furniture, fixtures, equipment and leasehold improvements 806,474 777,074 679,303 Transportation equipment 807,580 794,974 794,974 Construction in progress 87,589 87,589 1,873,318 25,281,480 25,239,474 25,091,590 Less accumulated depreciation and amortization (10,096,912) (9,976,930) (9,632,979) 15,184,568 15,262,544 15,458,611 Total depreciation and amortization expense for the three months ended December 31, 2021 and 2020 was $119,984 and $99,881, respectively. At December 31, 2021, September 30, 2021, and December 31, 2020, the cost of assets under capital lease was $405,819, $405,819, and $405,819, respectively, and related accumulated amortization was $283,312, $267,393, and $215,937, respectively. Amortization expense on assets under capital lease was $15,919 and $18,946 for the three months ended December 31, 2021 and 2020, respectively. |
LINE OF CREDIT
LINE OF CREDIT | 3 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 4 – LINE OF CREDIT The Company had a revolving line of credit with Pacific Premier Bank (formerly Heritage Oaks Bank) for $500,000, expiring April 1, 2022. The Company received a Letter of Credit written in favor of the County of San Luis Obispo (the County), California for $412,062 to cover a bond requirement relating to public improvements as part of the Company’s construction of a new RV service facility. The Company completed the required public improvements and the Letter of credit has been exonerated. |
CAPITAL LEASE OBLIGATIONS
CAPITAL LEASE OBLIGATIONS | 3 Months Ended |
Dec. 31, 2021 | |
Debt and Capital Leases Disclosure [Abstract] | |
Debt and Capital Leases Disclosure [Text Block] | NOTE 5 – CAPITAL LEASE OBLIGATIONS At December 31, 2021, September 30, 2021, and December 31, 2020, capital lease obligations consisted of the following: December 31, 2021 September 30, 2021 December 31, 2020 A 2016 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,167, including interest at 4.532% per $ 13,046 $ 16,373 $ 26,104 A 2018 Hino truck leased from Donahue Transportation Services Corp, 33,715 36,762 45,666 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,162, including interest at 4.181% per 41,647 44,677 53,537 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,152, including interest at 4.101% per $ 48,481 $ 51,419 $ 60,054 A 2020 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,166, including interest at 5.406% per 65,575 68,164 75,723 202,464 217,395 261,084 Less current portion (60,807) (60,757) (58,398) Total capital lease obligations $ 141,657 $ 156,638 $ 202,686 At December 31, 2021, future minimum payments on capital lease obligations were as follows: For the Twelve Months Ending December 31, 2022 $ 68,967 2023 55,612 2024 49,912 2025 27,673 2026 13,992 Thereafter 5,830 Present value of future minimum payments 221,986 Less amount representing interest (19,522) 202,464 Less current portion of capital lease obligations (60,807) Total capital lease obligations, net of current portion $ 141,657 |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 6 – COMMON STOCK Each share of stock is intended to provide the shareholder with free use of the resort for a maximum of 45 days 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 | 3 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 7 – INCOME TAXES The provision for income taxes for the three months ended December 31, 2021 and 2020 is as follows: Three Months Ended December 31, 2021 2020 Income tax expense $ 99,000 $ 146,000 The Company uses the asset-liability method of computing deferred taxes in accordance with FASB ASC Topic 740. The difference between the effective tax rate and the statutory tax rates is due primarily to the effects of state taxes net of the federal tax benefit and nondeductible variable costs of shareholder usage. As of December 31, 2021, September 30, 2021, and December 31, 2020, the Company’s deferred tax liability was $432,200, $443,300, and $403,300, 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 | 3 Months Ended |
Dec. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Leases [Text Block] | NOTE 8 – OPERATING LEASES The Company leases a lot which is located in Oceano and is leased at $3,575 per month. The lease has converted to a month-to-month lease; however, the lessor is considering a long-term renewal at this time. 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 December 31, 2021 $ 4,608 2022 768 $ 5,376 Rent expense under these agreements was $12,565 and $11,967 for the three months ended December 31, 2021 and 2020, respectively. |
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS | 3 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Benefits [Text Block] | NOTE 9 – 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 $18,544 and $18,231 for the three months ended December 31, 2021 and 2020, respectively. |
COVID-19 PANDEMIC
COVID-19 PANDEMIC | 3 Months Ended |
Dec. 31, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | NOTE 10 – COVID-19 PANDEMIC Due to the uncertainty surrounding the recent COVID-19 pandemic, the length and severity of the outbreak, and the volatility in the world investment markets, there is uncertainty as to how these events will affect results of the Company’s operations going forward. However, the Company experienced minimal impact from the COVID-19 pandemic during the year ended December 31, 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 11 – SUBSEQUENT EVENTS Events subsequent to December 31, 2021 have been evaluated through February 9, 2022, which is the date the financial statements were available to be issued. Management did not identify any subsequent events that required disclosure. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers The Financial Accounting Standards Board (FASB) issued new guidance that created Topic 606, Revenue from Contracts with Customers Revenue Recognition Other Assets and Deferred Costs-Contracts with Customers Revenue primarily consists of recreational camping space rentals, revenue from recreational vehicle storage space and RV service and repairs, food and beverage sales and other ancillary goods and services. Revenue is recognized when spaces are occupied or goods and services have been delivered or rendered, respectively. Sales taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Finally, the Company collects Transient Occupancy Taxes (TOT) and Tourism Business Improvement District (TBID) assessments from guests which are remitted to the City of Pismo Beach and County of San Luis Obispo and are excluded from revenues. As of December 31, 2021, September 30, 2021 and December 31, 2020 the Company had $56,784, $85,714, and $39,433 in TOT and TBID assessments due to the City of Pismo Beach and the County of San Luis Obispo included in accrued expenses on the combined balance sheet, respectively. Performance Obligations For performance obligations related to the Company accommodations and other ancillary goods and services, control transfers to the customer at a point in time. The Company’s principal terms of sale occur simultaneously when control of the goods and services are transferred to the customer and payment is accepted. The Company does not have any significant financing components. The Company does not disclose the value of unsatisfied performance obligations for contracts with an expected length of one year or less. Due to the nature of the business, the Company’s revenue is not significantly impacted by refunds. Cash payments received in advance of guests staying at the resort are refunded to guests if the guest cancels within the specified time period, before any services are rendered. Refunds related to services are generally recognized as an adjustment to the transaction price at the time the resort stay occurs or services are rendered. Disaggregation of Revenue Revenue from performance obligations satisfied at a point in time consists of sales related to the Company accommodations and other ancillary goods and services at the location in Pismo Beach, California. The geographic nature of the revenue could affect the nature, timing, amount and uncertainty of revenue and cash flows. Revenue from site rentals, storage rental, spotting, and store and accessory sales accounts for approximately 63%, 17%, 4%, and 13% of the Company total revenue for the period ended December 31, 2021, respectively. Revenue from other ancillary goods and services accounts for the remaining 3% of revenue for the period ended December 31, 2021. Customer Deposits The Company does not recognize revenue when a customer prepays for resort accommodations. Rather, the Company records a deferred revenue liability equal to the amount received. Revenue is then recognized when the customer stays at the resort. As of December 31, 2021, September 30, 2021 and December 31, 2020, the Company had customer deposits related to prepaid village accommodations of $2,370,390, $2,244,848, and $2,086,812 on the balance sheet as rental deposits, respectively. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the statements of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2021, September 30, 2021 and December 31, 2020 the Company had $6,101, $6,097 and $6,097 of cash equivalents, respectively. |
Cash Reserved for Capital Improvements and Deferred Maintenance, Policy [Policy Text Block] | Cash Reserved for Capital Improvements and Deferred Maintenance The Company keeps separate funds reserved for capital improvements and deferred maintenance. Historically, the Company has not carried a high amount of debt; this separate reserve is kept in order to self-finance major improvement and have cash ready upon project permit approval. |
Receivable [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 December 31, 2021, September 30, 2021, or December 31, 2020. |
Inventory, Policy [Policy Text Block] | Inventories Inventories have been valued at the lower of cost or market on a first-in, first-out basis. Inventories are comprised primarily of finished goods in the general store and parts in the RV 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 park improvements 5 to 40 years Furniture, fixtures, equipment and leasehold improvements 3 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 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 Cost [Policy Text Block] | Advertising The Company follows the policy of charging the costs of non-direct response advertising as incurred. Advertising expense was $2,233 and $1,247 for the three months ended December 31, 2021 and 2020, 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 December 31, 2021, September 30, 2021, and December 31, 2020 the Company had cash deposits of $9,131,743, $7,400,355, and $4,921,367, respectively, in excess of the $250,000 federally insured limit with Pacific Premier Bank. 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. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to prior year balances to conform to current year presentation. These reclassifications had no effect on the Company’s results of operations or financial position. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the asset-liability method of computing deferred taxes in accordance with FASB ASC Income Taxes topic. 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 December 31, 2021, 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 December 31, 2022. 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, 2018 and by the California Franchise Tax Board for fiscal years ending on or after September 30, 2017. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Property Plant and Equipment Useful Life [Table Text Block] | Building and park improvements 5 to 40 years Furniture, fixtures, equipment and leasehold improvements 3 to 31.5 years Transportation equipment 5 to 10 years |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 September 30, 2021 December 31, 2020 Land $ 10,394,746 $ 10,394,747 $ 10,394,746 Building and resort improvements 13,185,091 13,185,090 11,349,249 Furniture, fixtures, equipment and leasehold improvements 806,474 777,074 679,303 Transportation equipment 807,580 794,974 794,974 Construction in progress 87,589 87,589 1,873,318 25,281,480 25,239,474 25,091,590 Less accumulated depreciation and amortization (10,096,912) (9,976,930) (9,632,979) 15,184,568 15,262,544 15,458,611 |
CAPITAL LEASE OBLIGATIONS (Tabl
CAPITAL LEASE OBLIGATIONS (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Debt and Capital Leases Disclosure [Abstract] | |
Schedule of Capital Lease Obligations [Table Text Block] | December 31, 2021 September 30, 2021 December 31, 2020 A 2016 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,167, including interest at 4.532% per $ 13,046 $ 16,373 $ 26,104 A 2018 Hino truck leased from Donahue Transportation Services Corp, 33,715 36,762 45,666 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,162, including interest at 4.181% per 41,647 44,677 53,537 A 2019 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,152, including interest at 4.101% per $ 48,481 $ 51,419 $ 60,054 A 2020 Hino truck leased from Donahue Transportation Services Corp, payable in monthly installments of $1,166, including interest at 5.406% per 65,575 68,164 75,723 202,464 217,395 261,084 Less current portion (60,807) (60,757) (58,398) Total capital lease obligations $ 141,657 $ 156,638 $ 202,686 |
Schedule of Future Minimum Lease Payment For Capital Leases [Table Text Block] | For the Twelve Months Ending December 31, 2022 $ 68,967 2023 55,612 2024 49,912 2025 27,673 2026 13,992 Thereafter 5,830 Present value of future minimum payments 221,986 Less amount representing interest (19,522) 202,464 Less current portion of capital lease obligations (60,807) Total capital lease obligations, net of current portion $ 141,657 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended December 31, 2021 2020 Income tax expense $ 99,000 $ 146,000 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 3 Months Ended |
Dec. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | For the Twelve Months Ending December 31, 2021 $ 4,608 2022 768 $ 5,376 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Rental Deposits | $ 2,370,390 | $ 2,086,812 | $ 2,244,848 |
Other Cash Equivalents, at Carrying Value | $ 6,101 | 6,097 | 6,097 |
Weighted Average Number of Shares Outstanding, Basic and Diluted (in Shares) | 1,775 | ||
Advertising Expense | $ 2,233 | 1,247 | |
Deposits | 9,131,743 | 4,921,367 | 7,400,355 |
Cash, FDIC Insured Amount | 250,000 | ||
TOT and TBID [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Accrued Liabilities for Commissions, Expense and Taxes | $ 56,784 | $ 39,433 | $ 85,714 |
Customer Concentration Risk [Member] | Site Rentals [Member] | Revenue Benchmark [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Percentage | 63.00% | ||
Customer Concentration Risk [Member] | Storage Rentals [Member] | Revenue Benchmark [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Percentage | 17.00% | ||
Customer Concentration Risk [Member] | Spotting [Member] | Revenue Benchmark [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Percentage | 4.00% | ||
Customer Concentration Risk [Member] | Store and Accessory [Member] | Revenue Benchmark [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Percentage | 13.00% | ||
Customer Concentration Risk [Member] | Other Ancillary Goods And Services [Member] | Revenue Benchmark [Member] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | |||
Concentration Risk, Percentage | 3.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Estimated Useful Lives | 3 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | Building and Park 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 | 3 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 Park 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 ($) | 3 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation, Depletion and Amortization | $ 119,984 | $ 99,881 | |
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | 405,819 | 405,819 | $ 405,819 |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 283,312 | 215,937 | $ 267,393 |
Finance Lease, Right-of-Use Asset, Amortization | $ 15,919 | $ 18,946 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details) - Property and equipment - USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Property and equipment [Abstract] | |||
Land | $ 10,394,746 | $ 10,394,747 | $ 10,394,746 |
Building and resort improvements | 13,185,091 | 13,185,090 | 11,349,249 |
Furniture, fixtures, equipment and leasehold improvements | 806,474 | 777,074 | 679,303 |
Transportation equipment | 807,580 | 794,974 | 794,974 |
Construction in progress | 87,589 | 87,589 | 1,873,318 |
Property and Equipment, Gross | 25,281,480 | 25,239,474 | 25,091,590 |
Less accumulated depreciation and amortization | (10,096,912) | (9,976,930) | (9,632,979) |
Property and Equipment, Net | $ 15,184,568 | $ 15,262,544 | $ 15,458,611 |
LINE OF CREDIT (Details)
LINE OF CREDIT (Details) | 3 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Disclosure [Abstract] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 |
Letters of Credit Outstanding, Amount | $ 412,062 |
Line of Credit Facility, Expiration Date | Apr. 1, 2022 |
CAPITAL LEASE OBLIGATIONS (Deta
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations - USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | $ 202,464 | $ 217,395 | $ 261,084 |
Less current portion | (60,807) | (60,757) | (58,398) |
Total capital lease obligations | 141,657 | 156,638 | 202,686 |
2016 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 13,046 | 16,373 | 26,104 |
2018 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 33,715 | 36,762 | 45,666 |
2019 Capital Lease With Donahue Transportation Corp Through March 2025 [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 41,647 | 44,677 | 53,537 |
2019 Capital Lease With Donahue Transportation Corp Through September 2025 [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | 48,481 | 51,419 | 60,054 |
2020 Capital Lease With Donahue Transportation Corp Through May 2027 [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations [Line Items] | |||
Capital lease obligations | $ 65,575 | $ 68,164 | $ 75,723 |
CAPITAL LEASE OBLIGATIONS (De_2
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
2016 Capital Lease With Donahue Transportation Corp [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,167 | $ 1,167 | $ 1,167 |
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 | $ 1,154 | $ 1,154 | $ 1,154 |
Interest | 4.644% | 4.644% | 4.644% |
2019 Capital Lease With Donahue Transportation Corp Through March 2025 [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,162 | $ 1,162 | $ 1,162 |
Interest | 4.181% | 4.181% | 4.181% |
2019 Capital Lease With Donahue Transportation Corp Through September 2025 [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,152 | $ 1,152 | $ 1,152 |
Interest | 4.101% | 4.101% | 4.101% |
2020 Capital Lease With Donahue Transportation Corp Through May 2027 [Member] | |||
CAPITAL LEASE OBLIGATIONS (Details) - Capital Lease Obligations (Parentheticals) [Line Items] | |||
Monthly Installments | $ 1,166 | $ 1,166 | $ 1,166 |
Interest | 5.406% | 5.406% | 5.406% |
CAPITAL LEASE OBLIGATIONS (De_3
CAPITAL LEASE OBLIGATIONS (Details) - Future minimum lease payments - USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Future minimum lease payments [Abstract] | |||
2022 | $ 68,967 | ||
2023 | 55,612 | ||
2024 | 49,912 | ||
2025 | 27,673 | ||
2026 | 13,992 | ||
Thereafter | 5,830 | ||
Present value of future minimum payments | 221,986 | ||
Less amount representing interest | (19,522) | ||
Present value of lease payments | 202,464 | $ 217,395 | $ 261,084 |
Less current portion of capital lease obligations | (60,807) | (60,757) | (58,398) |
Total capital lease obligations, net of current portion | $ 141,657 | $ 156,638 | $ 202,686 |
COMMON STOCK (Details)
COMMON STOCK (Details) | 3 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Period of Free Use of Resort By Each Shareholder Per Year | 45 days |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Liabilities, Gross | $ 432,200 | $ 443,300 | $ 403,300 |
INCOME TAXES (Details) - Provis
INCOME TAXES (Details) - Provision for income taxes - USD ($) | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Provision for income taxes [Abstract] | ||
Income tax expense | $ 99,000 | $ 146,000 |
OPERATING LEASES (Details)
OPERATING LEASES (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING LEASES (Details) [Line Items] | ||
Operating Lease, Expense | $ 12,565 | $ 11,967 |
Storage Lot In Oceano [Member] | ||
OPERATING LEASES (Details) [Line Items] | ||
Operating Leases Rent Expense Periodic Payment | 3,575 | |
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 | Dec. 31, 2021USD ($) |
Future minimum lease payments [Abstract] | |
2021 | $ 4,608 |
2022 | 768 |
Total | $ 5,376 |
EMPLOYEE RETIREMENT PLANS (Deta
EMPLOYEE RETIREMENT PLANS (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 18,544 | $ 18,231 |