v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND CHANGES IN MEMBER'S EQUITY - USD ($)
Total
Room revenues
Other revenues
Distribution Fund
Innisbrook Rental Pool Lease Operation
Total revenues $ 47,224,259 $ 9,627,545 $ 37,596,714  
Gross Revenues       $ 9,327,519
Costs and expenses:        
Operating costs and expenses 26,547,788      
General and administrative 20,432,358      
Depreciation and amortization 1,877,834      
Total costs and expenses 48,857,980      
Operating income (loss) (1,633,721)      
Interest expense (689,703)      
Interest income 337,498      
Income (loss) before provision for income tax (1,985,926)      
Provision for income tax (23,000)      
Net income (loss) (2,008,926)      
Member's equity, beginning of year at Dec. 31, 2023 34,851,786      
Member's equity, end of year at Dec. 31, 2024 32,842,860      
DEDUCTIONS:        
Agents' commissions       378,733
Credit card fees       256,886
Audit fees       170,060
Linen replacements       103,807
Rental pool complimentary fees       17,353
Total Operating Expenses       926,839
Adjusted gross revenues       8,400,680
Amount retained by lessee       (4,853,859)
Gross income distribution       3,546,821
Adjustments to gross income distribution:        
General pooled expense       (31,958)
Miscellaneous pool adjustments       (655)
Occupancy fees       (865,443)
Advisory Committee expenses       (107,064)
Net income distribution       2,541,701
Adjustments to net income distribution:        
Occupancy fees       865,443
Hospitality suite fees       2,404
Corporate comps       13,589
Associate room fees       14,199
Available for distribution to participants       3,437,336
Total revenues 16,285,265 3,562,025 12,723,240  
Operating costs and expenses 8,218,898      
General and administrative 5,897,547      
Depreciation and amortization 510,667      
Total costs and expenses 14,627,112      
Operating income (loss) 1,658,153      
Interest expense (146,454)      
Interest income 45,828      
Income (loss) before provision for income tax 1,557,527      
Provision for income tax (21,000)      
Net income (loss) 1,536,527      
Member's equity, end of year at Mar. 31, 2025 34,379,389      
Total revenues 27,213,821 5,450,988 21,762,833  
Costs and expenses:        
Operating costs and expenses 14,834,265      
General and administrative 10,690,446      
Depreciation and amortization 1,026,621      
Total costs and expenses 26,551,332      
Operating income (loss) 662,489      
Interest expense (288,537)      
Interest income 91,628      
Income (loss) before provision for income tax 465,580      
Provision for income tax (36,000)      
Net income (loss) 429,580      
Member's equity, beginning of year at Dec. 31, 2024 32,842,860      
Member's equity, end of year at Jun. 30, 2025 33,272,440      
Total revenues 34,356,098 6,558,362 27,797,736  
Costs and expenses:        
Operating costs and expenses 20,010,831      
General and administrative 15,143,559      
Depreciation and amortization 1,546,617      
Total costs and expenses 36,701,007      
Operating income (loss) (2,344,909)      
Interest expense (426,576)      
Interest income 161,010      
Gain from insurance recovery 744,555      
Income (loss) before provision for income tax (1,865,920)      
Provision for income tax (33,000)      
Net income (loss) (1,898,920)      
Member's equity, beginning of year at Dec. 31, 2024 32,842,860      
Member's equity, end of year at Sep. 30, 2025 30,943,940      
Total revenues 46,492,085 8,607,124 37,884,961  
Gross Revenues       8,419,457
Costs and expenses:        
Operating costs and expenses 26,997,681      
General and administrative 20,000,515      
Depreciation and amortization 2,069,028      
Total costs and expenses 49,067,224      
Operating income (loss) (2,575,139)      
Interest expense (560,655)      
Interest income 206,383      
Gain on sale of assets 65,223      
Gain from insurance recovery 744,555      
Income (loss) before provision for income tax (2,119,633)      
Provision for income tax (26,000)      
Net income (loss) (2,145,633)      
Member's equity, beginning of year at Dec. 31, 2024 32,842,860      
Member's equity, end of year at Dec. 31, 2025 30,697,227      
DEDUCTIONS:        
Agents' commissions       321,268
Credit card fees       241,383
Audit fees       159,907
Linen replacements       84,201
Rental pool complimentary fees       16,618
Total Operating Expenses       823,377
Adjusted gross revenues       7,596,080
Amount retained by lessee       (4,405,062)
Gross income distribution       3,191,018
Adjustments to gross income distribution:        
General pooled expense       (1,145)
Miscellaneous pool adjustments       (1,607)
Occupancy fees       (768,613)
Advisory Committee expenses       (97,569)
Net income distribution       2,322,084
Adjustments to net income distribution:        
Occupancy fees       768,613
Hospitality suite fees       3,086
Corporate comps       16,528
Associate room fees       16,501
Available for distribution to participants       $ 3,126,812
Total revenues 10,928,556 1,888,963 9,039,593  
Operating costs and expenses 6,615,367      
General and administrative 4,792,899      
Depreciation and amortization 515,954      
Total costs and expenses 11,924,220      
Operating income (loss) (995,664)      
Interest expense (142,083)      
Interest income 45,800      
Income (loss) before provision for income tax (1,091,947)      
Provision for income tax (15,000)      
Net income (loss) (1,106,947)      
Member's equity, beginning of year at Mar. 31, 2025 34,379,389      
Member's equity, end of year at Jun. 30, 2025 33,272,440      
Total revenues 7,142,277 $ 1,107,374 $ 6,034,903  
Costs and expenses:        
Operating costs and expenses 5,176,566      
General and administrative 4,453,113      
Depreciation and amortization 519,996      
Total costs and expenses 10,149,675      
Operating income (loss) (3,007,398)      
Interest expense (138,039)      
Interest income 69,382      
Gain from insurance recovery 744,555      
Income (loss) before provision for income tax (2,331,500)      
Provision for income tax 3,000      
Net income (loss) (2,328,500)      
Member's equity, end of year at Sep. 30, 2025 $ 30,943,940