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, in the Accounting Standards Codification (ASC).  Topic 606 supersedes the revenue recognition requirements in FASB ASC 605, Revenue Recognition, and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services.  The new guidance also added Subtopic 340-40, Other Assets and Deferred Costs-Contracts with Customers, to the ASC to require the deferral of incremental costs of obtaining a contract with a customer.  The cumulative impact of adopting FASB ASC 606 was immaterial and did not require an adjustment to retained earnings. 

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.