What changed in this filing

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Item 1. Business

2026-03-31 compared with 2025-03-28 · 78 added, 79 removed, 574 unchanged (21% of the section changed)

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open to the public daily, Kissimmee Bay is also intertwined with the local community through our membership in the Association and maintains

100 members as of September 30, 2024.

100 members as of December 31, 2025.

It is specifically located in a neighborhood in Kissimmee, Florida near the intersection of Irlo

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Golf Club is specifically located in Kissimmee Florida near the intersection of Irlo Bronson Hwy (US192) and the Florida Turnpike.

Remington opened for play in May 1996.

Remington is also intertwined with the local community through our membership in the

Association and has 30 members as of the date of this Annual Report.

Approximately 34,493 rounds of golf were played at

Remington for the twelve months ended December 31, 2024.

opened for play in May 1996.

Remington is also intertwined with the local community through our membership in the Association and has

30 members as of the date of this Annual Report.

Approximately 23,000 rounds of golf were played at Remington for the twelve months

ended December 31, 2025.

clubhouse features a full kitchen, a bar, a pro-shop and three of our offices.

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they can enjoy leisure and social activities.

of our golf-courses are conveniently located just south of Orlando, Florida and both Remington and Kissimmee Bay are an approximate 23-minute

drive to popular attractions such as Walt Disney World Resort.

Similarly, both our golf-courses are easily accessible via major highways

and in close proximity to Orlando International Airport.

According to Frost & Sullivan Limited, whom we commissioned in December

2023 to produce a report which covers and analyzes the golf club industry for a period of 2018-2022, Orlando, Florida is one of the most

visited cities in the world for leisure travelers with domestic and international visitors combined rising from 111.8 million in 2018

to 137.4 million in 2022.

Further, both our golf-courses are open for play to the general public provided, however, Kissimmee Bay and

Remington maintain club memberships in order to provide exclusive benefits to those members, including but not limited to, reduced green

and food and beverage fees.

For the fiscal year ended December 31, 2024, Kissimmee Bay accounted for 58% of our total club

revenue and business, Remington accounted for 42% of our total club revenue and business.

of our golf-courses are conveniently located just south of Orlando, Florida and both Remington and Kissimmee Bay are an approximate

23-minute drive to popular attractions such as Walt Disney World Resort.

Similarly, both our golf-courses are easily accessible via

major highways and in close proximity to Orlando International Airport.

According to Frost & Sullivan Limited, whom we

commissioned in December 2023 to produce a report which covers and analyzes the golf club industry for a period of 2018-2022,

Orlando, Florida is one of the most visited cities in the world for leisure travelers with domestic and international visitors

combined rising from 111.8 million in 2018 to 137.4 million in 2022.

Further, both our golf-courses are open for play to the general

public provided, however, Kissimmee Bay and Remington maintain club memberships in order to provide exclusive benefits to those

members, including but not limited to, reduced green and food and beverage fees.

For the fiscal year ended December 31, 2025,

Kissimmee Bay accounted for 61% of our total club revenue and business, Remington accounted for 39% of our total club revenue and

In 2025, we have completed our renovation projects for Kissimmee Bay and Remington including the installation of

19 new TiffEagle greens at Remington Golf Club and extensive renovations to the interior and exterior of the clubhouse at

Kissimmee Bay Country Club.

are a service-oriented business, but we depend on a number of third-party suppliers in order to comprehensively operate our golf country

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services and amenities.

the years ended December 31, 2024 and December 31,

2023, we generated approximately 65% and 70% of our

gross revenue from collecting daily green fees which each golfer is charged for every round of eighteen holes that golfer plays, respectively.

Green fee rates differ by the day of the week, time of day, or season.

In both Kissimmee Bay and Remington, our club golf cart rentals

are included with green fees which we believe allow our customers to traverse each round with ease and keep traffic flowing throughout

our golf clubs.

We also feature practice putting greens at both clubs in order for our customers to practice their short distance golf-games.

Short-game is where golf-players practice finesse-related skills due to the need for accuracy over short distances.

Practice greens, also

called putting greens are included with green fees and are popular amongst those customers warming up before a round of golf.

fiscal years ended December 31, 2024, and 2023, our green fees revenue decreased from $$2,475,133 to $2,139,636, respectively representing

a year over year decrease of approximately 14%.

For the years ended December 31, 2025 and 2024, we generated approximately 64% and 65% of our gross revenue from collecting

daily green fees which each golfer is charged for every round of eighteen holes that golfer plays, respectively.

Green fee rates differ

by the day of the week, time of day, or season.

In both Kissimmee Bay and Remington, our club golf cart rentals are included with green

fees which we believe allow our customers to traverse each round with ease and keep traffic flowing throughout our golf clubs.

feature practice putting greens at both clubs in order for our customers to practice their short distance golf-games.

Short-game is where

golf-players practice finesse-related skills due to the need for accuracy over short distances.

Practice greens, also called putting

greens are included with green fees and are popular amongst those customers warming up before a round of golf.

For the fiscal years ended

December 31, 2025 and 2024, our green fees revenue decreased from $ 2,443,178

to $ 2,174,376 ,

respectively representing a year over year decrease of approximately 11%.

Both Remington and Kissimmee Bay offer driving ranges for golfers to practice their long golf-game.

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and provide customers with a better golfing experience in order to generate reasonable returns for each golf club rental.

As of the date of this Annual Report, we lease approximately 76 golf carts from Yamaha Golf-Car Company (“Yamaha”)

at each golf-course in January 2020.

As of the date of this Annual Report, we lease approximately 76 golf carts from Yamaha Golf-Car Company

(“Yamaha”) at each golf-course in January 2020.

Historically, we have renewed our Yamaha leases every four years.

However, in 2023 and due to Yamaha’s

supply chain issues, our current golf cart leases have gone beyond four years.

In the third quarter of 2024, we renewed our golf cart

leases with Yamaha.

Golf cart rentals are included in the price of green fees, and we believe including the golf carts with each round

of golf provides our customers with a comfortable and enjoyable experience.

We believe the use of golf carts at our golf country clubs

allows our customers to swiftly and easily travel between the eighteen holes at each of our golf-courses without delaying or interfering

with other customers use of the same golf-course.

However, in 2023 and due to Yamaha’s supply chain issues, our current golf cart leases have gone beyond four years.

third quarter of 2024, we renewed our golf cart leases with Yamaha.

Golf cart rentals are included in the price of green fees, and

we believe including the golf carts with each round of golf provides our customers with a comfortable and enjoyable experience.

believe the use of golf carts at our golf country clubs allows our customers to swiftly and easily travel between the eighteen holes

at each of our golf-courses without delaying or interfering with other customers use of the same golf-course.

provide club memberships to a group of legacy members who are part of the Association pursuant to the CCR who enjoy the lifestyle of

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by not widely advertising our memberships.

We believe we have a

great relationship with all of our members and in turn our members provide stable recurring revenue throughout the year.

As of the date

of this Annual Report, Kissimmee Bay had approximately 100 memberships and Remington had approximately 30 memberships .

For the years ended December 31, 2024, and December

31, 2023, membership dues totaled $303,541 and $168,723, respectively each of which represented approximately 9% and 5% of our total

believe we have a great relationship with all of our members and in turn our members provide stable recurring revenue throughout the

As of the date of this Annual Report, Kissimmee Bay and Remington had approximately 100 memberships in total.

For the years ended December 31, 2025 and 2024, membership dues totaled $ 290,177

and $303,541, respectively each of which represented approximately 10% and 9% of our total revenues.

and Beverage Services

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Remington similarly offers hot and cold food along with drinks at the clubhouse bar.

For the fiscal

years ended December 31, 2023 and 2024, food and beverage revenue increased from $682,281 to $648,738 or 5%, which accounts for

approximate 19% and 20% of our total revenue, respectively.

the fiscal years ended December 31, 2025 and 2024, food and beverage revenue decreased from $648,738 to $ 614,997 or 5%, which

accounts for approximate 21% and 20% of our total revenue, respectively.

Services and Amenities

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Kissimmee Bay

are subject to change due to market conditions and competitor rates during each period stated above.

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search advertisements to maintain our visibility and prevent competitors from securing top positions in search results for similar search

addition to traditional digital marketing, we partner with one of the preeminent tee-time booking platforms GolfNow.com, managed by GolfNow

Inc., (“GolfNow”).

GolfNow maintains an online reservations and revenue management platform featuring our golf-courses among

In fact, we believe GolfNow’s booking and search engine is a dominant platform in the Florida golf market, making it easy

for golfers to find our golf country clubs and book tee times at our golf-courses through GolfNow mobile App.

GolfNow also provides our

management with operational dashboards, email databases of our customers, and reports regarding the status of tee times at our golf country

We believe we are able to leverage this insight to increase retail bookings and revenue through the insight GolfNow provides.

Not only can we easily track tee times and improve any ongoing deals to our golfing clientele, we are also able to make promotional announcements

to GolfNow’s email listserv once a month.

With this insight, we have collaborated with GolfNow to advertise three barter tee times

on the GolfNow platform daily.

GolfNow sells these barter tee times at prices lower than our publicly published rates.

of our marketing partners include two golf wholesale vendors, Tee Times USA and Golfpac Travel.

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Our employees are non-unionized.

We believe we have a good working relationship with our employees and have yet to experience an interruption of business as a result

of labor disputes.

we have a good working relationship with our employees and have yet to experience an interruption of business as a result of labor disputes.

following table sets forth the breakdown of our employees by function as of the date of this Annual Report:

Functional Area

of Employees (1)

Number of Employees (1)

Golf Operations

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or every two years upon expiring.

Operating Company, LLC.

Expiration Date

Registration Agency