| Schedule of Unaudited Quarterly Financial Information |
The following tables show the unaudited quarterly consolidated balance sheets and statements of operations for the Company as of and for the quarters ended March 31, June 30 and September 30, 2025.
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March 31, 2025 |
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June 30, 2025 |
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September 30, 2025 |
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Assets |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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Current assets: |
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Cash |
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$ |
9,301,183 |
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$ |
8,853,339 |
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$ |
7,595,794 |
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Receivables: |
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Accounts, net |
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5,139,949 |
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2,475,835 |
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1,120,422 |
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Insurance |
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(383,637 |
) |
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(383,637 |
) |
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- |
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Inventories and supplies |
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1,206,147 |
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1,088,269 |
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1,135,315 |
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Due from affiliates |
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307,317 |
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403,571 |
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537,771 |
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Prepaid expenses and other current assets |
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724,162 |
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308,453 |
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1,280,372 |
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Total current assets |
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16,295,121 |
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12,745,830 |
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11,669,674 |
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Property, buildings and equipment, net |
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34,280,905 |
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34,094,326 |
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34,175,558 |
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Operating lease right-of-use assets |
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1,116,674 |
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1,021,752 |
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925,531 |
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Intangibles |
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4,330,001 |
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4,330,001 |
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4,330,001 |
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Restricted cash |
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2,027,666 |
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2,027,717 |
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2,027,768 |
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Deposits and other assets |
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368,852 |
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356,231 |
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338,365 |
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Total assets |
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$ |
58,419,219 |
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$ |
54,575,857 |
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$ |
53,466,897 |
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Liabilities and Member's Equity |
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Current liabilities: |
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Accounts payable |
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$ |
2,145,542 |
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$ |
1,223,829 |
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$ |
1,317,883 |
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Accrued liabilities |
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2,582,016 |
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2,140,116 |
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2,856,469 |
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Rental Pool liability |
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1,352,002 |
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668,138 |
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385,935 |
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Current portion deferred revenues |
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4,726,411 |
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3,879,471 |
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4,582,924 |
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Due to affiliates |
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1,898,350 |
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2,440,102 |
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2,809,681 |
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Current portion - operating lease |
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387,558 |
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392,869 |
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398,259 |
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Current portion - finance lease |
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90,630 |
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91,716 |
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92,815 |
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Current portion - note payable |
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876,609 |
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876,609 |
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876,609 |
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Total current liabilities |
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14,059,118 |
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11,712,850 |
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13,320,575 |
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Deferred revenues, net of current portion |
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1,829,330 |
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1,780,027 |
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1,734,814 |
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Operating lease, net of current portion |
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729,116 |
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628,883 |
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527,272 |
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Finance lease, net of current portion |
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170,646 |
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147,306 |
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123,685 |
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Note payable, net of current portion and unamortized deferred financing costs |
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7,251,620 |
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7,034,351 |
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6,816,611 |
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Total liabilities |
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24,039,830 |
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21,303,417 |
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22,522,957 |
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Member's equity |
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34,379,389 |
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33,272,440 |
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30,943,940 |
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Total liabilities and member’s equity |
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$ |
58,419,219 |
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$ |
54,575,857 |
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$ |
53,466,897 |
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Three months ended
March 31, 2025 |
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Three months ended
June 30, 2025 |
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Six Months ended
June 30, 2025 |
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Three months ended
September 30, 2025 |
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Nine Months ended
September 30, 2025 |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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(unaudited) |
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Revenues: |
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Room revenues |
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$ |
3,562,025 |
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$ |
1,888,963 |
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$ |
5,450,988 |
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$ |
1,107,374 |
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$ |
6,558,362 |
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Other revenues |
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12,723,240 |
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9,039,593 |
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21,762,833 |
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6,034,903 |
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27,797,736 |
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Total revenues |
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16,285,265 |
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10,928,556 |
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27,213,821 |
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7,142,277 |
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34,356,098 |
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Costs and expenses: |
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Operating costs and expenses |
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8,218,898 |
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6,615,367 |
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14,834,265 |
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5,176,566 |
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20,010,831 |
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General and administrative |
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5,897,547 |
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4,792,899 |
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10,690,446 |
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4,453,113 |
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15,143,559 |
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Depreciation and amortization |
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510,667 |
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515,954 |
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1,026,621 |
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519,996 |
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1,546,617 |
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Total costs and expenses |
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14,627,112 |
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11,924,220 |
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26,551,332 |
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10,149,675 |
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36,701,007 |
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Operating income (loss) |
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1,658,153 |
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(995,664 |
) |
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662,489 |
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(3,007,398 |
) |
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(2,344,909 |
) |
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Interest expense |
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(146,454 |
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(142,083 |
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(288,537 |
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(138,039 |
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(426,576 |
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Interest income |
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45,828 |
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45,800 |
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91,628 |
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69,382 |
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161,010 |
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Gain from insurance recovery |
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— |
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— |
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- |
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744,555 |
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744,555 |
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Income (loss) before provision for income tax |
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1,557,527 |
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(1,091,947 |
) |
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465,580 |
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(2,331,500 |
) |
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(1,865,920 |
) |
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Provision for income tax |
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(21,000 |
) |
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(15,000 |
) |
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(36,000 |
) |
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3,000 |
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(33,000 |
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Net income (loss) |
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$ |
1,536,527 |
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$ |
(1,106,947 |
) |
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$ |
429,580 |
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$ |
(2,328,500 |
) |
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$ |
(1,898,920 |
) |
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