Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 06, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SADDLEBROOK RESORTS INC | |
Entity Central Index Key | 0000313151 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | true | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Address, State or Province | FL | |
Entity Common Stock, Shares Outstanding | 100,000 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 476,025 | $ 745,240 |
Escrowed cash | 1,584,302 | 1,880,231 |
Trade accounts receivable, net | 2,141,011 | 1,319,156 |
Due from related parties | 2,451,325 | 1,966,456 |
Inventory and supplies | 1,038,980 | 1,053,645 |
Prepaid expenses and other assets | 422,129 | 1,157,022 |
Total current assets | 8,113,772 | 8,121,750 |
Property, buildings and equipment, net | 15,805,095 | 16,566,016 |
Operating lease right-of-use assets | 182,608 | 0 |
Total assets | 24,101,475 | 24,687,766 |
Current liabilities: | ||
Current portion of long-term debt | 1,852,564 | 352,560 |
Current portion of finance lease liabilities | 93,138 | 90,167 |
Current portion of operating lease liabilities | 71,723 | 0 |
Escrowed deposits | 1,584,302 | 1,880,231 |
Accounts payable | 693,676 | 673,135 |
Accrued rental distribution | 579,340 | 503,066 |
Accrued expenses and other liabilities | 920,142 | 1,157,553 |
Current portion of deferred income | 788,739 | 729,485 |
Guest deposits | 609,699 | 2,566,150 |
Due to related parties | 13,805,671 | 14,698,670 |
Total current liabilities | 20,998,994 | 22,651,017 |
Long-term debt, net of deferred issuance costs of $17,330 and $29,354 at June 30, 2019 and December 31, 2018, respectively | 5,271,133 | 5,435,394 |
Long-term finance lease liabilities | 310,089 | 330,391 |
Long-term operating lease liabilities | 110,887 | 0 |
Deferred income | 634,960 | 549,109 |
Total liabilities | 27,326,063 | 28,965,911 |
Shareholder's deficit: | ||
Common stock, $1.00 par value, 100,000 shares authorized and outstanding | 100,000 | 100,000 |
Additional paid-in capital | 1,013,127 | 1,013,127 |
Accumulated deficit | (4,337,715) | (5,391,272) |
Total shareholder's deficit | (3,224,588) | (4,278,145) |
Total liabilities and shareholder's deficit | $ 24,101,475 | $ 24,687,766 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Deferred issuance costs | $ 17,330 | $ 29,354 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares outstanding | 100,000 | 100,000 |
STATEMENTS OF OPERATIONS AND A
STATEMENTS OF OPERATIONS AND ACCUMULATED (DEFICIT) EARNINGS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Resort revenues | $ 6,319,161 | $ 6,975,684 | $ 18,435,166 | $ 19,773,369 |
Costs and expenses: | ||||
Operating costs | 5,588,788 | 5,822,368 | 13,617,156 | 14,280,094 |
Sales and marketing | 545,620 | 617,627 | 1,077,517 | 1,187,743 |
General and administrative | 723,769 | 726,276 | 1,439,384 | 1,446,076 |
Depreciation | 516,164 | 529,700 | 1,034,407 | 1,039,482 |
Total costs and expenses | 7,374,341 | 7,695,971 | 17,168,464 | 17,953,395 |
Net operating (loss) income before other income (expenses) | (1,055,180) | (720,287) | 1,266,702 | 1,819,974 |
Other income (expenses) | ||||
Other income | 4,848 | 5,765 | 9,938 | 127,058 |
Interest expense | (112,460) | (124,942) | (223,083) | (230,421) |
Total other expenses, net | (107,612) | (119,177) | (213,145) | (103,363) |
Net (loss) income | (1,162,792) | (839,464) | 1,053,557 | 1,716,611 |
Accumulated deficit at beginning of period | (3,174,923) | (189,871) | (5,391,272) | (2,745,946) |
Accumulated deficit at end of period | $ (4,337,715) | $ (1,029,335) | $ (4,337,715) | $ (1,029,335) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Net income | $ 1,053,557 | $ 1,716,611 |
Non-cash items included in net income: | ||
Depreciation | 1,034,407 | 1,039,482 |
(Gain) loss on the disposal of assets | (85,159) | |
Amortization of debt financing costs | 12,024 | 13,251 |
Amortization of operating lease right-of-use assets | 34,488 | |
Interest paid on finance leases | (5,365) | |
(Increase) decrease in: | ||
Accounts receivable | (821,855) | (96,941) |
Inventory and supplies | 14,665 | 57,364 |
Prepaid expenses and other assets | 734,893 | (249,757) |
Increase (decrease) in: | ||
Escrowed deposits | (295,929) | |
Accounts payable | 20,541 | (49,067) |
Accrued rental distribution | 76,274 | (78,415) |
Guest deposits | (1,956,451) | (1,716,437) |
Accrued expenses and other liabilities | (237,411) | (401,600) |
Deferred income | 145,104 | 94,970 |
Operating lease liabilities | (34,485) | |
Cash flows from operating activities | (225,543) | 244,302 |
Investing activities: | ||
Capital expenditures | (273,486) | (256,549) |
Cash flows from investing activities | (273,486) | (256,549) |
Financing activities: | ||
Payments on long-term debt | (176,285) | (178,291) |
Proceeds from line of credit | 1,500,004 | 800,000 |
Payments on finance lease obligations | (11,966) | (55,090) |
Net (payments to) borrowings from related parties | (1,377,868) | (772,238) |
Cash flows from financing activities | (66,115) | (205,619) |
Net decrease in cash, cash equivalents and escrowed cash | (565,144) | (217,866) |
Cash, cash equivalents and escrowed cash at beginning of period | 2,625,471 | 698,033 |
Cash, cash equivalents and escrowed cash at end of period | 2,060,327 | 480,167 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 211,059 | $ 217,170 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) - USD ($) | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating lease right-of-use assets | $ 182,608 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating lease right-of-use assets | $ 217,095 | ||
Operating lease liability | $ 217,095 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation Saddlebrook Resorts, Inc. (the “Company”) developed and operates Saddlebrook Resort, which is a condominium hotel and resort located in Wesley Chapel, Florida. The Company’s accompanying balance sheet for June 30, 2019, and its statements of operations and accumulated earnings and cash flows for the six month periods ended June 30, 2019 and 2018, are unaudited but reflect all adjustments which are, in the opinion of management, necessary for the fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The balance sheet at December 31, 2018 has been derived from the audited financial statements as of that date. The Company’s business is seasonal. Therefore, the results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for future interim periods or the full fiscal year. These financial statements and related notes are presented for interim periods in accordance with the requirements of Form 10-Q S-X, 10-K Recently Adopted Accounting Standard Effective January 1, 2019, the Company adopted the provisions of Accounting Standards Update (“ASU”) 2016-02, rights-of-use, The Company adopted the standard using an optional transition method allowed with the issuance of ASU 2018-11, 2018-11 non-lease Under the new standard, the Company’s lease liability is based on the present value of such payments and the related right-of-use See Note 4 for additional information regarding operating leases. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 2. Revenue Revenue Recognition Resort revenues are recognized as services are performed or products are delivered with the exception of initiation fee revenue, which is recognized over the average life of the memberships. Resort revenues also include rental revenues for condominium units owned by third parties participating in the Rental Pool. If these rental units were owned by the Company, normal costs associated with ownership such as depreciation, real estate taxes, unit maintenance and other costs would have been incurred. Contract Balances Timing differences among revenue recognition may result in contract assets or liabilities. Contract liabilities totaled $2,033,398 and $3,845,000 as of , 2019 and December 31, 2018, respectively. Our net trade accounts receivables were approximately $2,141,000 and $1,319,000 as of June 30, 2019 and December 31, 2018, respectively. Trade accounts receivable are stated in the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to the allowance of doubtful accounts based on its assessment of the current status of individual accounts. Balances still outstanding after management has used reasonable collection efforts are written off through a charge to the allowance of doubtful accounts and a credit to trade accounts receivable. Changes in the allowance for doubtful accounts have not been material to the consolidated financial statements. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under the new revenue recognition standard. The transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our revenue transactional and the contracts performance obligation is generally satisfied at the time of the transaction. |
Trade Accounts Receivable
Trade Accounts Receivable | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Trade Accounts Receivable | Note 3. Trade Accounts Receivable June 30, 2019 December 31, Trade accounts receivable $ 2,161,897 $ 1,338,966 Less reserve for bad debts (20,886 ) (19,810 ) $ 2,141,011 $ 1,319,156 |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Operating Leases | Note 4. Operating Leases The Company leases certain equipment under non-cancellable right-of-use Aggregated information regarding the leases as of and for the six months ended June 30, 2019 is as follows: Lease costs (included in operating costs) $ 19,926 Incremental borrowing rate 5.32 % |
Property, Buildings and Equipme
Property, Buildings and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Buildings and Equipment | Note 5. Property, Buildings and Equipment June 30, 2019 December 31, Land and land improvements $ 8,830,867 $ 8,830,867 Buildings and recreational facilities 32,080,687 32,055,525 Machinery and equipment 21,736,306 21,592,565 Construction in progress 223,305 118,722 62,871,165 62,597,679 Less accumulated depreciation (47,066,070 ) (46,031,663 ) $ 15,805,095 $ 16,566,016 The Company’s property, buildings and equipment are pledged as security for its debt (see Note 6). |
Notes Payable and Finance Lease
Notes Payable and Finance Lease Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Notes Payable and Finance Lease Liabilities | Note 6. Notes Payable and Finance Lease Liabilities On December 6, 2015 the Company’s financing agreement with a third party lender was modified to include renewal for the existing principal balance of $4,875,000, along with an advance of an additional $2,000,000. The new term note expires December 6, 2020. At June 30, 2019, $5,641,026 was outstanding under the note. The term note requires monthly principal payments of $29,380 plus interest of 3% over the one month Libor index (5.43% at June 30, 2019). The term note is collateralized by all current and subsequently acquired real and personal property. The term note requires the Company to maintain a Debt Service Ratio, as defined, of 1.25%. The Company was in default of this covenant as of December 31, 2018; however, the Company received a waiver for this default from its lender. The debt service covenant will be re-measured On April 24, 2017, the Company entered in to a revolving line of credit agreement with the same third party lender with maximum borrowings of $1,500,000 to be used as working capital as needed. The agreement is cross collateralized with the existing term note under the same terms and conditions. Amounts borrowed under the revolving line of credit will bear interest at 3% over the one month LIBOR index. (5.43% at June 30, 2019). The line of credit will terminate on December 6, 2020. As of June 30, 2019, the Company had $1,500,000 in outstanding borrowings on this agreement. On March 1, 2018, the Company entered into a finance lease liability for equipment in the amount of $332,206. The assets associated with this lease cost $461,506, of which $129,300 was reduced through the Company’s trade-in On April 1, 2018, the Company entered into a finance lease liability for equipment in the amount of $156,942. The assets associated with this lease cost $178,942, of which $22,000 was reduced through the Company’s trade-in |
Related Party Receivables and P
Related Party Receivables and Payables | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6. Related Party Receivables and Payables Related party receivables and payables at June 30, 2019 and December 31, 2018 are the result of net intercompany transactions and cash transfers between the Company and its shareholder and affiliated companies. Related party receivables and payables are unsecured and non-interest |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes The Company is currently a member of a Qualified Subchapter S Subsidiary Group. Accordingly, no income tax expense was reflected in the Company’s operating results as the tax is assessed to the shareholders of the Company’s parent company. |
Saddlebrook Rental Pool Operati
Saddlebrook Rental Pool Operation | 6 Months Ended |
Jun. 30, 2019 | |
Saddlebrook Rental Pool Operation | SADDLEBROOK RENTAL POOL OPERATION BALANCE SHEETS DISTRIBUTION FUND June 30, 2019 December 31, (Unaudited) 2018 Assets Receivable from Saddlebrook Resorts, Inc. $ 579,340 $ 503,066 Liabilities and Participants’ Fund Balance Due to participants for rental pool distribution $ 481,310 $ 424,193 Due to maintenance escrow fund 98,030 78,873 $ 579,340 $ 503,066 MAINTENANCE ESCROW FUND June 30, 2019 December 31, (Unaudited) 2018 Assets Cash and cash equivalents $ 1,570,203 $ 1,864,132 Receivables: Distribution fund 98,030 78,873 From owners 7,062 — Prepaid expenses and other assets 14,650 58,710 Due from Saddlebrook Resorts, Inc. — 94,547 Linen Inventory 43,964 — Furniture Inventory 39,651 39,651 $ 1,773,560 $ 2,135,913 Liabilities and Participants’ Fund Balance Saddlebrook Resorts, Inc. $ 72,769 $ — Participants’ fund balance 1,700,791 2,135,913 $ 1,773,560 $ 2,135,913 SADDLEBROOK RENTAL POOL OPERATION STATEMENTS OF OPERATIONS (Unaudited) Three months ended June 30, Six months ended June 30, 2019 2018 2019 2018 Rental pool revenues $ 1,653,930 $ 1,878,857 $ 5,271,180 $ 5,896,675 Deductions: Marketing fee 124,045 140,914 395,339 442,250 Management fee 206,741 234,857 658,897 737,084 Travel agent commissions 206,967 202,361 383,888 352,747 Credit card expense 46,599 77,212 133,087 170,473 584,352 655,344 1,571,211 1,702,554 Net rental income 1,069,578 1,223,513 3,699,969 4,194,121 Less operator share of net rental income (481,310 ) (550,581 ) (1,664,986 ) (1,887,355 ) Other revenues (expenses): Complimentary room revenues 9,021 8,273 21,874 19,918 Minor repairs and replacements (17,949 ) (24,348 ) (47,923 ) (47,139 ) Amount available for distribution $ 579,340 $ 656,857 $ 2,008,934 $ 2,279,545 SADDLEBROOK RENTAL POOL OPERATION STATEMENTS OF CHANGES IN PARTICIPANTS’ FUND BALANCES (Unaudited) DISTRIBUTION FUND Six months ended June 30, 2019 2018 Balance at beginning of period $ — $ — Additions: Amount available for distribution 2,008,934 2,279,545 Reductions: Amount withheld for maintenance escrow fund (343,947 ) (392,191 ) Amount accrued or paid to participants (1,664,987 ) (1,887,355 ) Balance at end of period $ — $ — MAINTENANCE ESCROW FUND Six months ended June 30, 2019 2018 Balance at beginning of period $ 2,135,913 334,392 Additions: Amount withheld from distribution fund 343,947 392,191 Unit owner payments 142,226 46,224 Interest earned 7,162 13 Reductions: Escrow account refunds (306,483 ) (10,731 ) Maintenance charges (121,096 ) (145,359 ) Unit renovations (423,399 ) (49,136 ) Linen replacement (77,479 ) (91,482 ) Balance at end of period $ 1,700,791 $ 476,112 Note 1. Rental Pool Operations and Rental Pool Agreement Condominium units are provided as rental (hotel) accommodations by their owners under the Rental Pool and Agency Appointment Agreement (the “Agreement”) with Saddlebrook Resorts, Inc. (collectively, the “Rental Pool”). Saddlebrook Resorts, Inc. (“Saddlebrook”) acts as operator of the Rental Pool which provides for the distribution of a percentage of net rental income, as defined, to the owners. The Saddlebrook Rental Pool Operation consists of two funds: the Rental Pool Income Distribution Fund (“Distribution Fund”) and the Maintenance and Furniture Replacement Escrow Fund (“Maintenance Escrow Fund”). The operations of the Distribution Fund reflect the earnings of the Rental Pool. The Distribution Fund balance sheets reflect amounts due from Saddlebrook for the rental pool distribution payable to participants and amounts due to the Maintenance Escrow fund. The amounts due from Saddlebrook are required to be distributed no later than forty-five days following the end of each calendar quarter. The Maintenance Escrow Fund reflects the accounting for escrowed assets used to maintain unit interiors and replace furniture as it becomes necessary. Rental pool participants and Saddlebrook share rental revenues according to the provisions of the Agreement. Net Rental Income shared consists of rentals received less a marketing surcharge of 7.5%, a 12.5% management fee, travel agent commissions, credit card expenses and provision for bad debts, if warranted. Saddlebrook receives 45% of Net Rental Income as operator of the Rental Pool. The remaining 55% of Net Rental Income, after adjustments for complimentary room revenues (ten percent of the normal unit rental price paid by Saddlebrook for promotional use of the unit) and certain minor repair and maintenance charges, is available for distribution to the participants and Maintenance Escrow Fund based upon each participant’s respective participation factor (computed using the value of a furnished unit and the number of days it was available to the pool). Quarterly, 45% of Net Rental Income is distributed to participants and 10%, as adjusted for complimentary room revenues and minor interior maintenance and replacement charges, is deposited in an escrow account until a maximum of 20% of the set value of the individual owner’s furniture package has been accumulated. Excess escrow balances are refunded to participants. Note 2. Summary of Significant Accounting Policies Basis of Accounting The accounting records of the funds are maintained on the accrual basis of accounting. Income Taxes No federal or state taxes have been reflected in the accompanying financial statements as the tax effect of fund activities accrues to the rental pool participants and Saddlebrook. |
Saddlebrook Rental Pool Opera_2
Saddlebrook Rental Pool Operation (Policies) - Saddlebrook Rental Pool Operation [Member] | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Accounting | Basis of Accounting The accounting records of the funds are maintained on the accrual basis of accounting. |
Income Taxes | Income Taxes No federal or state taxes have been reflected in the accompanying financial statements as the tax effect of fund activities accrues to the rental pool participants and Saddlebrook. |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Trade Accounts Receivable | June 30, 2019 December 31, Trade accounts receivable $ 2,161,897 $ 1,338,966 Less reserve for bad debts (20,886 ) (19,810 ) $ 2,141,011 $ 1,319,156 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Operating Leases | Lease costs (included in operating costs) $ 19,926 Incremental borrowing rate 5.32 % |
Property, Buildings and Equip_2
Property, Buildings and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Buildings and Equipment | June 30, 2019 December 31, Land and land improvements $ 8,830,867 $ 8,830,867 Buildings and recreational facilities 32,080,687 32,055,525 Machinery and equipment 21,736,306 21,592,565 Construction in progress 223,305 118,722 62,871,165 62,597,679 Less accumulated depreciation (47,066,070 ) (46,031,663 ) $ 15,805,095 $ 16,566,016 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Contract liabilities | $ 2,033,398 | $ 3,845,000 |
Accounts receivables | $ 2,141,011 | $ 1,319,156 |
Trade Accounts Receivable - Acc
Trade Accounts Receivable - Accounts Receivable (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 2,161,897 | $ 1,338,966 |
Less reserve for bad debts | (20,886) | (19,810) |
Accounts receivable, net | $ 2,141,011 | $ 1,319,156 |
Operating Leases - Aggregated i
Operating Leases - Aggregated information regarding leases (Detail) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Lease costs (included in operating costs) | $ 19,926 |
Incremental borrowing rate | 5.32% |
Operating Leases - Additional i
Operating Leases - Additional information (Detail) - USD ($) | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating lease right-of-use assets | $ 182,608 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating lease right-of-use assets | $ 217,095 | ||
Operating lease liability | $ 217,095 |
Property, Buildings and Equip_3
Property, Buildings and Equipment - Schedule of Property, Buildings and Equipment (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 62,871,165 | $ 62,597,679 |
Less accumulated depreciation | (47,066,070) | (46,031,663) |
Property, buildings and equipment, net | 15,805,095 | 16,566,016 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 8,830,867 | 8,830,867 |
Buildings and Recreational Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 32,080,687 | 32,055,525 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | 21,736,306 | 21,592,565 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, buildings and equipment | $ 223,305 | $ 118,722 |
Notes Payable and Finance Lea_2
Notes Payable and Finance Lease Liabilities - Additional Information (Detail) - USD ($) | Dec. 06, 2015 | Jun. 30, 2019 | Apr. 01, 2018 | Mar. 01, 2018 | Apr. 24, 2017 |
Revolving Credit Facility [Member] | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Debt Instrument, Basis spread on variable rate | 3.00% | ||||
Debt Instrument, Effective rate | 5.43% | ||||
Debt Instrument, Description of variable rate basis | one month LIBOR index. | ||||
Line of Credit Facility, Maximum borrowing capacity | $ 1,500,000 | ||||
Line of Credit Facility, Expiration date | Dec. 6, 2020 | ||||
Line of Credit Facility, Interest rate description | Amounts borrowed under the revolving line of credit will bear interest at 3% over the one month LIBOR index. | ||||
Line of Credit Facility, Amount drawn | $ 1,500,000 | ||||
Notes Payable To Third Parties [Member] | Term Note [Member] | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Debt Instrument, Principal balance | $ 4,875,000 | ||||
Debt Instrument, Advance of additional borrowings | 2,000,000 | ||||
Debt Instrument, Expiration date | Dec. 6, 2020 | ||||
Debt Instrument, Outstanding balance | $ 5,641,026 | ||||
Debt Instrument, Monthly principal payment | $ 29,380 | ||||
Debt Instrument, Basis spread on variable rate | 3.00% | ||||
Debt Instrument, Effective rate | 5.43% | ||||
Debt Instrument, Interest rate term description | 3% over the one month Libor index ( % at June 30, 2019) | ||||
Debt Instrument, Description of variable rate basis | one month Libor index | ||||
Debt Instrument, Debt service ratio | 1.25% | ||||
Debt Instrument, Debt service ratio description | The term note requires the Company to maintain a Debt Service Ratio, as defined, of 1.25%. | ||||
Finance Lease 5 [Member] | Equipment [Member] | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Finance lease obligations, Equipment | $ 253,864 | $ 332,206 | |||
Finance lease obligations, Expiration | 2023-02 | ||||
Finance lease obligations, Monthly payments | $ 6,500 | ||||
Finance lease obligations, Interest rate | 6.50% | ||||
Finance lease obligations, Frequency of periodic payment | monthly | ||||
Finance lease obligations, Cost of leased assets | $ 461,506 | ||||
Finance lease obligations, Value of Company's trade-in of existing equipment | $ 129,300 | ||||
Finance Lease 6 [Member] | Equipment [Member] | |||||
Property Subject to or Available for Operating Lease [Line Items] | |||||
Finance lease obligations, Equipment | $ 122,339 | $ 156,942 | |||
Finance lease obligations, Expiration | 2023-03 | ||||
Finance lease obligations, Monthly payments | $ 3,071 | ||||
Finance lease obligations, Interest rate | 6.50% | ||||
Finance lease obligations, Frequency of periodic payment | monthly | ||||
Finance lease obligations, Cost of leased assets | $ 178,942 | ||||
Finance lease obligations, Value of Company's trade-in of existing equipment | $ 22,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |
Income tax expense recorded | $ 0 |
Saddlebrook Rental Pool Opera_3
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Balance Sheets (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||||
Cash and cash equivalents | $ 476,025 | $ 745,240 | ||
Receivables | ||||
Total assets | 24,101,475 | 24,687,766 | ||
Saddlebrook Rental Pool Operation [Member] | Distribution Fund [Member] | ||||
Assets | ||||
Receivable from Saddlebrook Resorts, Inc. | 579,340 | 503,066 | ||
Liabilities and Participants' Fund Balance | ||||
Due to participants for rental pool distribution | 481,310 | 424,193 | ||
Due to maintenance escrow fund | 98,030 | 78,873 | ||
Total liabilities and participants' fund balance | 579,340 | 503,066 | ||
Saddlebrook Rental Pool Operation [Member] | Maintenance Escrow Fund [Member] | ||||
Assets | ||||
Cash and cash equivalents | 1,570,203 | 1,864,132 | ||
Receivables | ||||
Distribution fund | 98,030 | 78,873 | ||
From owners | 7,062 | |||
Prepaid expenses and other assets | 14,650 | 58,710 | ||
Due from Saddlebrook Resorts, Inc. | 94,547 | |||
Linen Inventory | 43,964 | |||
Furniture inventory | 39,651 | 39,651 | ||
Total assets | 1,773,560 | 2,135,913 | ||
Liabilities and Participants' Fund Balance | ||||
Saddlebrook Resorts, Inc. | 72,769 | |||
Participants' fund balance | 1,700,791 | 2,135,913 | $ 476,112 | $ 334,392 |
Total liabilities and participants' fund balance | $ 1,773,560 | $ 2,135,913 |
Saddlebrook Rental Pool Opera_4
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Statements of Operations (Detail) - Saddlebrook Rental Pool Operation [Member] - Distribution Fund [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||||
Rental pool revenues | $ 1,653,930 | $ 1,878,857 | $ 5,271,180 | $ 5,896,675 |
Deductions: | ||||
Marketing fee | 124,045 | 140,914 | 395,339 | 442,250 |
Management fee | 206,741 | 234,857 | 658,897 | 737,084 |
Travel agent commissions | 206,967 | 202,361 | 383,888 | 352,747 |
Credit card expense | 46,599 | 77,212 | 133,087 | 170,473 |
Rental expenses | 584,352 | 655,344 | 1,571,211 | 1,702,554 |
Net rental income | 1,069,578 | 1,223,513 | 3,699,969 | 4,194,121 |
Less operator share of net rental income | (481,310) | (550,581) | (1,664,986) | (1,887,355) |
Other revenues (expenses): | ||||
Complimentary room revenues | 9,021 | 8,273 | 21,874 | 19,918 |
Minor repairs and replacements | (17,949) | (24,348) | (47,923) | (47,139) |
Amount available for distribution | $ 579,340 | $ 656,857 | $ 2,008,934 | $ 2,279,545 |
Saddlebrook Rental Pool Opera_5
Saddlebrook Rental Pool Operation - Schedule of Financial Information - Statements of Changes in Participants' Fund Balances (Detail) - Saddlebrook Rental Pool Operation [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Distribution Fund [Member] | ||||
Additions | ||||
Amounts available for distribution | $ 579,340 | $ 656,857 | $ 2,008,934 | $ 2,279,545 |
Reductions | ||||
Amount withheld for maintenance escrow fund | (343,947) | (392,191) | ||
Amount accrued or paid to participants | (1,664,987) | (1,887,355) | ||
Maintenance Escrow Fund [Member] | ||||
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | ||||
Balances, beginning of year | 2,135,913 | 334,392 | ||
Additions: | ||||
Amount withheld from distribution fund | 343,947 | 392,191 | ||
Unit owner payments | 142,226 | 46,224 | ||
Interest earned | 7,162 | 13 | ||
Reductions | ||||
Escrow account refunds | (306,483) | (10,731) | ||
Maintenance charges | (121,096) | (145,359) | ||
Unit renovations | (423,399) | (49,136) | ||
Linen replacement | (77,479) | (91,482) | ||
Reductions | ||||
Balances, end of year | $ 1,700,791 | $ 476,112 | $ 1,700,791 | $ 476,112 |
Saddlebrook Rental Pool Opera_6
Saddlebrook Rental Pool Operation - Rental Pool Operations and Rental Pool Agreement - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019Fund | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | |
Number of funds consisted by variable interest entity | 2 |
Saddlebrook Rental Pool Operation [Member] | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | |
Number of days for distribution of amount due | 45 days |
Marketing fees percentage | 7.50% |
Management fees percentage | 12.50% |
Rental income attributable to entity percentage | 45.00% |
Rental income attributable to parties other entity percentage | 55.00% |
Rental income net distributed to participants quarterly percentage | 45.00% |
Rental income net charged to complimentary room revenues and minor interior maintenance quarterly percent | 10.00% |
Rental income net charged to complimentary room revenues and minor interior maintenance quarterly maximum accumulation percentage | 20.00% |
Saddlebrook Rental Pool Opera_7
Saddlebrook Rental Pool Operation - Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | |
Income tax expense recorded | $ 0 |
Saddlebrook Rental Pool Operation [Member] | |
Supplementary Financial Statements For Owners Participating In Condo Rental Pool Agreement [Line Items] | |
Income tax expense recorded | $ 0 |