Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

11. Contingencies

Hurricane Helene and Milton

In the last week of September and the second week of October 2024, Hurricanes Helene and Milton made landfall on the central west coast of Florida, causing widespread damage across the greater Tampa Bay area. The impacts included property damage to the Resort, the closing and disruption of the Company’s operations, and damage to the community infrastructure. As a result of the hurricanes, we incurred approximately $816,000 of repairs and maintenance costs arising from damage to our golf courses and other property. However, subsequent to year end, our insurance company agreed to reimburse us for such costs and remitted an advance to us of $1,200,000 in March 2025 (and subsequent to such date we settled with our insurance company for a total of $1,561,000, inclusive of such advance). The final settlement represents recovery for approximately $1,039,000 of casualty losses and $522,000 of lost business and profits. However, pursuant to generally accepted accounting principles in the United States of America the casualty losses in excess of the aforementioned charges of $816,000 and the $522,000 arising from lost business and profits are considered gain contingencies and therefore will be given effect to in our 2025 consolidated financial statement.