Note 9 – Revenue

 

Revenues disaggregated by major revenue streams and timing of revenue recognition for the years ended December 31, 2025 and 2024 are disclosed in the table below:

 

   2025   2024 
   For the Years ended December 31 
   2025   2024 
Over time:          
Golf operations – annual subscription green fees  $290,177   $303,542 
           
Point in time:          
Golf operations – one-time green fees   1,884,199    2,139,636 
Sales of food and beverage   614,997    648,738 
Sales of merchandise   105,380    115,262 
Ancillary revenue   69,624    91,183 
Total revenue - Point in time   2,674,200    2,994,819 
           
Total revenue  $2,964,377   $3,298,361 

 

Historical Timeline

Fiscal YearFiled
2025Mar 31, 2026Showing above
2024Mar 28, 2025

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.