Golf Entertainment Group Inc 2025年度报告

A Maryland Corporation700 Canal StreetStamford, Connecticut 06902 (646)585-5591https://golfentertainmentgroup.com/investors/ SIC Code: 7990 Annual Report For the period endingDecember 31, 2025(the “Reporting Period”) The number of shares outstanding of our Common Stock is 2,016,706 as of March 27, 2026 The number of shares outstanding of our Common Stock is 2,016,706 as of December 31, 2025 The number of shares outstanding of our Common Stock is 199,442,524 as of December 31, 2024 Indicate by check mark whether the company is a shell company (as defined in Rule 405 of the SecuritiesAct of 1933 and Rule 12b-2 of the Exchange Act of 1934): Yes:☐No:☑ Indicate by check mark whether the company's shell status has changed since the previous reportingperiod: Yes:☐No:☑ Indicate by check mark whether a change in control of the company has occurred over this reportingperiod: Yes:☐No:☑ PART I Part AGeneral Company Information1Part BShare Structure1Part CBusiness Information3Part DManagement Structure and Financial Information5 PART IIFinancial Statements and Supplementary Data9Report of Independent Certified Public Accountants11Consolidated Balance Sheets as of December 31, 2025 and 202414Consolidated Statement of Operations for the years ended December 31, 2025, 2024 and 202316Consolidated Statements of Comprehensive Loss for the years ended December 31, 2025, 2024 and 202317Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 202318Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 202319Notes to the Consolidated Financial Statements21Note 1 Organization21Note 2 Summary of Significant Accounting Policies21Note 3 Revenues28Note 4 Segment Reporting28Note 5 Property and Equipment, Net of Accumulated Depreciation32Note 6 Leases32Note 7 Intangibles, Net of Accumulated Amortization34Note 8 Debt Obligations35Note 9 Real Estate Securities37Note 10 Fair Value of Financial Instruments37Note 11 Equity and Earnings Per Share38Note 12 Commitments and Contingencies42Note 13 Income Taxes43Note 14 Loss on Lease Terminations and Impairment46Note 15 Related Party Transactions46Note 16 Subsequent Events47Management's Discussion and Analysis of Financial Condition and Results of Operations48General48Market Considerations49Application of Critical Accounting Policies49Result of Operations50 Liquidity and Capital ResourcesContractual ObligationsSignaturesArticles of Incorporation and Bylaws Part A General Company Information Item 1: The exact name of the issuer and its predecessor (if any). Golf Entertainment Group Inc. (f/k/a Drive Shack Inc. (2016-2025) and prior to that, Newcastle Investment Corp. (2002-2016)) Item 2: The address of the issuer’s principal executive offices and address(es) of the issuer’sprincipal place of business: The name and address of the issuer’s principal executive office: 700 Canal Street, 3rd FloorStamford, CT, 06902(646) 585-5591 Check box if principal executive office and principal place of business are the same address:☑ http://golfentertainmentgroup.comhttp://driveshack.comhttp://puttery.comhttp://www.americangolf.com The name and email address of the issuer’s investor relations contact: Investor Relationsir@golfentertainmentgroup.com Item 3: The jurisdiction(s) and date of the issuer’s incorporation or organization. Incorporated in the State of Maryland on June 6, 2002Current Standing: Active Part B Share Structure Item 4: The exact title and class of securities outstanding. Title of each classTrading Symbol(s)CUSIP:Common Stock, $0.01 par value per shareGLFE2620775069.75% Series B Cumulative Redeemable PreferredStock, $0.01 par value per shareGLFEP2620772098.05% Series C Cumulative Redeemable PreferredStock, $0.01 par value per shareGLFEO2620773088.375% Series D Cumulative Redeemable PreferredStock, $0.01 par value per shareGLFEN262077407 Item 5: Par or stated value and description of the security. A.Par or Stated Value•Common Stock, $0.01 par value per share •9.75% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share•8.05% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share•8.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value per share B.Common or Preferred Stock 1.Each share of common stock entitles the holder to one vote per share in the election of directors, who are electedby a plurality of votes cast. The Company’s charter does not provide for cumulative voting in the election ofdirectors. Subject to the preferential rights of holders of any outstanding shares of preferred stock, including withrespect to dividends, holders of common stock are entitled to receive dividends when and as declared by the Boardof Directors (the “Board”) out of funds legally available therefor. The Company’s preferred stock containsprovisions that may restrict the payment of dividends on common stock unless all accrued and payable dividendson such preferre