Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jan. 31, 2018 | Mar. 01, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jan. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | NEVADA GOLD & CASINOS INC | |
Entity Central Index Key | 277,058 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | UWN | |
Entity Common Stock, Shares Outstanding | 16,848,182 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 8,598,633 | $ 10,631,903 |
Restricted cash | 2,058,849 | 1,994,312 |
Accounts receivable, net of allowances | 362,770 | 808,484 |
Prepaid expenses | 1,669,377 | 1,209,507 |
Notes receivable, current portion | 35,205 | 383,093 |
Inventory and other current assets | 444,319 | 423,113 |
Total current assets | 13,169,153 | 15,450,412 |
Real estate held for sale | 750,000 | 750,000 |
Goodwill | 16,923,588 | 16,923,588 |
Intangible assets, net of accumulated amortization | 3,708,355 | 4,107,328 |
Property and equipment, net of accumulated depreciation | 13,261,285 | 13,958,715 |
Deferred tax asset | 838,974 | 1,557,470 |
Other assets | 167,097 | 70,000 |
Total assets | 48,818,452 | 52,817,513 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,470,127 | 1,303,571 |
Accrued payroll and related | 1,407,486 | 1,925,592 |
Accrued player's club points and progressive jackpots | 2,301,566 | 2,348,068 |
Total current liabilities | 5,179,179 | 5,577,231 |
Long-term debt | 9,134,370 | 12,061,411 |
Other long-term liabilities | 633,340 | 667,110 |
Total liabilities | 14,946,889 | 18,305,752 |
Stockholders' equity: | ||
Common stock, $0.12 par value per share; 50,000,000 shares authorized; 18,715,985 and 18,627,167 shares issued and 16,848,182 and 17,547,665 shares outstanding at January 31, 2018, and April 30, 2017, respectively | 2,245,927 | 2,235,269 |
Additional paid-in capital | 27,542,449 | 27,449,319 |
Retained earnings | 13,277,119 | 12,320,814 |
Treasury stock, 1,867,803 and 1,079,502 shares at January 31, 2018 and April 30, 2017, respectively, at cost | (9,193,932) | (7,493,641) |
Total stockholders' equity | 33,871,563 | 34,511,761 |
Total liabilities and stockholders' equity | $ 48,818,452 | $ 52,817,513 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2018 | Apr. 30, 2017 |
Common stock, par value | $ 0.12 | $ 0.12 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 18,715,985 | 18,627,167 |
Common stock, shares outstanding | 16,848,182 | 17,547,665 |
Treasury stock, shares | 1,867,803 | 1,079,502 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Revenues: | ||||
Casino | $ 15,822,508 | $ 15,714,538 | $ 49,595,806 | $ 48,231,536 |
Food and beverage | 3,399,975 | 3,383,641 | 9,817,883 | 10,014,949 |
Other | 480,802 | 534,011 | 1,484,566 | 1,622,271 |
Gross revenues | 19,703,285 | 19,632,190 | 60,898,255 | 59,868,756 |
Less promotional allowances | (1,605,069) | (1,722,078) | (4,831,292) | (5,251,980) |
Net revenues | 18,098,216 | 17,910,112 | 56,066,963 | 54,616,776 |
Expenses: | ||||
Casino | 8,631,595 | 8,550,102 | 27,697,584 | 27,180,611 |
Food and beverage | 1,766,663 | 1,573,445 | 5,011,269 | 4,588,060 |
Other | 51,467 | 46,321 | 156,841 | 153,055 |
Marketing and administrative | 5,378,939 | 5,149,807 | 15,961,424 | 15,583,962 |
Facility | 518,234 | 547,123 | 1,502,303 | 1,627,828 |
Corporate | 578,370 | 627,553 | 1,909,731 | 2,148,422 |
Depreciation and amortization | 538,907 | 756,606 | 1,848,490 | 2,306,628 |
Loss on disposal of assets | 308 | 42,574 | 5,773 | 56,490 |
Impairment of goodwill | 0 | 1,101,471 | 0 | 1,101,471 |
Total operating expenses | 17,464,483 | 18,395,002 | 54,093,415 | 54,746,527 |
Operating income (loss) | 633,733 | (484,890) | 1,973,548 | (129,751) |
Non-operating income (expenses): | ||||
Interest income | 10,749 | 19,149 | 37,424 | 65,241 |
Interest expense and amortization of loan issue costs | (145,280) | (207,626) | (469,615) | (582,014) |
Change in swap fair value | 91,986 | 180,059 | 133,444 | 226,520 |
Income (loss) before income tax expense | 591,188 | (493,308) | 1,674,801 | (420,004) |
Income tax expense | (397,861) | (189,738) | (718,496) | (212,592) |
Net income (loss) | $ 193,327 | $ (683,046) | $ 956,305 | $ (632,596) |
Per share information: | ||||
Net income (loss) per common share - basic | $ 0.01 | $ (0.04) | $ 0.06 | $ (0.04) |
Net income (loss) per common share - diluted | $ 0.01 | $ (0.04) | $ 0.05 | $ (0.04) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 956,305 | $ (632,596) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 1,848,490 | 2,306,628 |
Stock compensation | 89,438 | 117,393 |
Amortization of deferred loan issuance costs | 72,960 | 69,608 |
Change in deferred rent | 6,076 | 30,899 |
Impairment of goodwill | 0 | 1,101,471 |
Changes to restricted cash | (64,537) | (288,519) |
Change in swap fair value | (133,444) | (226,520) |
Loss on disposal of assets | 5,773 | 56,490 |
Changes in deferred income taxes | 718,496 | 212,592 |
Changes in operating assets and liabilities: | ||
Receivables and other assets | (35,362) | 171,101 |
Accounts payable and accrued liabilities | (398,052) | (969,001) |
Net cash provided by operating activities | 3,066,143 | 1,949,546 |
Cash flows from investing activities: | ||
Collections on notes receivable | 347,888 | 605,058 |
Purchase of property and equipment | (759,860) | (942,933) |
Capitalized licensing costs refunded | 0 | 24,946 |
Deposit refunded | (3,500) | 0 |
Proceeds from the sale of assets | 2,000 | 500 |
Net cash used in investing activities | (413,472) | (312,429) |
Cash flows from financing activities: | ||
Purchase of treasury stock | (1,700,291) | (476,816) |
Repayment of credit facilities | (3,700,000) | (3,172,777) |
Proceeds from credit facilities | 700,000 | 0 |
Cash proceeds from exercise of stock options | 14,350 | 13,040 |
Net cash used in financing activities | (4,685,941) | (3,636,553) |
Net decrease in cash and cash equivalents | (2,033,270) | (1,999,436) |
Cash and cash equivalents at beginning of period | 10,631,903 | 11,583,107 |
Cash and cash equivalents at end of period | 8,598,633 | 9,583,671 |
Supplemental cash flow information: | ||
Cash paid for interest | $ 401,350 | $ 528,532 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jan. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The interim financial information included herein is unaudited. However, the accompanying condensed consolidated financial statements include all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly our condensed consolidated balance sheets at January 31, 2018 and April 30, 2017, condensed consolidated statements of operations for the three and nine months ended January 31, 2018 and 2017, and condensed consolidated statements of cash flows for the nine months ended January 31, 2018 and 2017. Although we believe the disclosures in these financial statements are adequate to make the interim information presented not misleading, certain information relating to our organization and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted in this Form 10-Q pursuant to Securities and Exchange Commission (“SEC”) rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended April 30, 2017 and the notes thereto included in our Annual Report on Form 10-K. The results of operations for the three and nine months ended January 31, 2018 are not necessarily indicative of the results expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and disclosure of contingent liabilities. On an ongoing basis, we evaluate our estimates, including those related to bad debts, investments, intangible assets and goodwill, property, plant and equipment, income taxes, employment benefits and contingent liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. Certain reclassifications have been made to conform prior year financial information to the current period presentation. Those reclassifications did not impact operating income, net income, working capital or stockholders’ equity. |
Critical Accounting Policies
Critical Accounting Policies | 9 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Critical Accounting Policies | Note 2. Critical Accounting Policies We record revenues from casino operations. The retail value of food and beverage and other services furnished to guests without charge is included in gross revenue and deducted as promotional allowances. Net revenues do not include the retail amount of food, beverage and other items provided gratuitously to customers. These amounts are included in promotional allowances in the accompanying condensed consolidated statements of operations. We record the redemption of coupons and points for cash as a reduction of revenue. Three Months Ended Nine Months Ended January 31, 2018 January 31, 2017 January 31, 2018 January 31, 2017 Food and beverage $ 1,539,018 $ 1,665,085 $ 4,632,274 $ 5,078,683 Other 66,051 56,993 199,018 173,297 Promotional allowances $ 1,605,069 $ 1,722,078 $ 4,831,292 $ 5,251,980 Three Months Ended Nine Months Ended January 31, 2018 January 31, 2017 January 31, 2018 January 31, 2017 Food and beverage $ 1,425,074 $ 1,508,443 $ 4,354,491 $ 4,646,134 Other 58,940 48,609 186,648 159,824 Total cost of complimentary services $ 1,484,014 $ 1,557,052 $ 4,541,139 $ 4,805,958 U.S. generally accepted accounting principles defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are as follows: Level 1 Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2 Other inputs that are observable directly or indirectly such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Unobservable inputs for which there is little or no market data and for which we make our own assumptions about how market participants would price the assets and liabilities. The following describes the valuation methodologies used by us to measure fair value: Real estate held for sale is recorded at fair value less selling costs. Goodwill and indefinite lived intangible assets are recorded at carrying value and tested for impairment annually, or more frequently, using projections of discounted future cash flows. Interest rate swaps are adjusted on a recurring basis pursuant to accounting standards for fair value measurements. We categorize our interest rate swap as Level 2 for fair value measurement. Financial instruments that potentially subject us to concentrations of credit risk are primarily notes receivable, cash and cash equivalents, accounts receivable and payable, and long term debt. Management performs periodic evaluations of the collectability of these notes and accounts receivable. Our cash deposits are held with large, well-known financial institutions, and, at times, such deposits may be in excess of the federally insured limit. The recorded value of cash, accounts receivable and payable, approximate fair value based on their short term nature; the recorded value of long term debt approximates fair value as interest rates approximate current market rates. In February 2016, the Financial Accounting Standards Board (“FASB”) issued amended accounting guidance that changes the accounting for leases and requires expanded disclosures about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the commencement date for all leases with terms greater than twelve months. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The amended guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2018, and early application is permitted. The Company is currently evaluating the impact this guidance will have on its financial position and results of operations. In May 2014, the FASB issued a new accounting standard for revenue recognition which requires entities to recognize revenue when it transfers promised goods or services to customers, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard supersedes the existing accounting guidance for revenue recognition, including industry-specific guidance, and amends certain accounting guidance for recognition of gains and losses on the transfer of non-financial assets. For public companies, the new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. The Company plans to adopt this standard using the full retrospective method in the first quarter of fiscal 2019. This standard will affect the Company’s accounting policy in relation to the non-discretionary loyalty program transactions. Based on a clarification from the FASB, complementary revenue represents a consideration payable to a customer and therefore is to be treated as a deduction to revenue at the time of the transaction and at the price of the complementary being offered. The Company expects the majority of such amounts will offset casino revenues. The standard also changes the presentation of promotional allowances to be shown as a direct reduction of gross revenues instead of being presented as a separate line on the Statement of Operations. The Company also expects the accounting for our player program to be impacted, with possible changes to the timing and/or classification of certain transactions within revenues and between revenues and operating expenses as we transition from the immediate revenue/cost accrual model to the deferred revenue model. Additionally, the Company expects the estimated costs of providing promotional allowances will no longer be allocated primarily to casino expenses. The quantitative effects of these changes have not yet been determined and are still being analyzed. In January 2017, the FASB issued Accounting Standards Update No. 2017-04 ("ASU 2017-04") "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment." ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual periods and interim periods within those annual periods beginning after 15 December 2019, and early adoption is permitted. The Company adopted this guidance in the second quarter of fiscal 2018 with no material impact on its financial position or results of operations. A variety of proposed or otherwise potential accounting guidance is currently under study by standard-setting organizations and certain regulatory agencies. Due to the tentative and preliminary nature of such proposed accounting guidance, the Company has not yet determined the effect, if any, that the implementation of such proposed accounting guidance would have on its consolidated financial statements. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Jan. 31, 2018 | |
Restricted Cash and Investments [Abstract] | |
Restricted Cash | Note 3. Restricted Cash As of January 31, 2018 and April 30, 2017, we maintained $ 2,058,849 1,994,312 |
Notes Receivable
Notes Receivable | 9 Months Ended |
Jan. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Notes Receivable | Note 4. Notes Receivable G Investments, LLC As of January 31, 2018 and April 30, 2017, we had a note receivable of $ 35,205 383,093 2,300,000 6 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Jan. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 5. Goodwill and Intangible Assets In connection with our acquisitions of the Washington mini-casinos on May 12, 2009, July 23, 2010 and July 18, 2011, the South Dakota slot route on January 27, 2012, and the Club Fortune Casino in Nevada on December 1, 2015, we have goodwill and intangible assets of $ 20,631,943 Other Total Goodwill Intangibles, net Balance as of April 30, 2017 $ 21,030,916 $ 16,923,588 $ 4,107,328 Current year amortization (398,973) - (398,973) Balance as of January 31, 2018 $ 20,631,943 $ 16,923,588 $ 3,708,355 Total Goodwill Other Intangibles, net Washington $ 15,984,117 $ 14,092,154 $ 1,891,963 South Dakota 157,143 - 157,143 Nevada 4,078,179 2,831,434 1,246,745 Corporate 412,504 - 412,504 Total $ 20,631,943 $ 16,923,588 $ 3,708,355 Gross Carrying Accumulated Amount Amortization Net Customer relationships $ 8,673,321 $ (7,920,025) $ 753,296 Non-compete agreements 1,379,000 (1,348,445) 30,555 State gaming registration 412,504 - 412,504 Trade names 2,512,000 - 2,512,000 Total $ 12,976,825 $ (9,268,470) $ 3,708,355 Goodwill represents the excess of the purchase price over the fair market value of net assets acquired. Goodwill for our Nevada operations was $ 2.8 3.7 0.8 Period Amount February 2018-January 2019 $ 334,803 February 2019-January 2020 117,143 February 2020-January 2021 117,143 February 2021-January 2022 117,143 Thereafter 97,619 Total $ 783,851 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Jan. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Estimated January 31, April 30, Service Life 2018 2017 in Years Building and improvements $ 7,803,486 $ 7,762,201 15-39 Gaming equipment 5,478,794 5,300,898 3-5 Furniture and office equipment 4,750,979 4,506,639 3-7 Land and improvements 2,387,750 2,387,750 n/a Leasehold improvements 1,749,130 1,556,824 7-20 Construction in progress 114,727 80,023 22,284,866 21,594,335 Less accumulated depreciation (9,023,581) (7,635,620) Property and equipment, net $ 13,261,285 $ 13,958,715 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 7. Long-Term Debt January 31, April 30, 2018 2017 $23.0 million reducing revolving credit agreement, LIBOR plus an Applicable Margin, $625,000 quarterly reductions beginning January 31, 2016 through November 30, 2020, and the remaining principal due on the maturity date of November 30, 2020, net of accumulated debt issuance costs of $165,630 and $238,589 at January 31, 2018 and April 30, 2017, respectively. $ 9,134,370 $ 12,061,411 Less: current portion - - Total long-term financing obligations $ 9,134,370 $ 12,061,411 On November 30, 2015, the Company amended its existing credit agreement with Mutual of Omaha Bank to increase the lending commitment to $ 23 4.05 50 February 1, 2018 January 31, 2019 $ - February 1, 2019 January 31, 2020 - February 1, 2020 November 30, 2020 9,300,000 Total payments 9,300,000 Unamortized debt discount (165,630) Total long-term debt $ 9,134,370 The unamortized debt discount above consists of debt costs paid directly to the lender. The discount is amortized using the effective interest method over the period of the Credit Facility through interest expense. During the quarter, we paid $ 1.3 8.0 The Credit Facility contains customary covenants for a facility of this nature, including, but not limited to, covenants requiring the preservation and maintenance of the Company’s assets and covenants restricting our ability to merge, transfer ownership, incur additional indebtedness, encumber assets and make certain investments. The Credit Facility also contains covenants requiring the Company to maintain certain financial ratios including a maximum total leverage ratio of 2.75 1.00 2.50 1.00 1.15 1.00 |
Interest Rate Swap
Interest Rate Swap | 9 Months Ended |
Jan. 31, 2018 | |
Interest Rate Swap [Abstract] | |
Interest Rate Swap | Note 8. Interest Rate Swap We are required by the Credit Facility to have a secured interest rate swap for at least 50% of the Credit Facility commitment. On December 28, 2015, the Company entered into a swap transaction with Mutual of Omaha Bank (“MOOB”), which has a calculation period as of the tenth day of each month through the maturity date of the Credit Facility. As of January 31, 2018, the Company had one outstanding interest rate swap with MOOB with a notional amount of $ 8,687,500 1.77 4.27 1.55 The Company did not designate the interest rate swap as a cash flow hedge and the interest rate swap did not qualify for hedge accounting under ASC Topic 815. Changes in our interest rate swap fair value are recorded in our condensed consolidated statements of operations. Each quarter, the Company receives fair value statements from the counterparty, MOOB. The fair value of the interest rate swap is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including forward interest rate curves. To comply with the provisions of ASC Topic 820, Fair Value Measurements and Disclosures, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As a result of our evaluation of our interest rate swap as of January 31, 2018, we recorded a $ 91,986 97,097 36,346 |
Equity Transactions and Stock O
Equity Transactions and Stock Option Plan | 9 Months Ended |
Jan. 31, 2018 | |
Share-based Compensation [Abstract] | |
Equity Transactions and Stock Option Plan | Note 9. Equity Transactions and Stock Option Plan We have obligations under our 2009 Equity Incentive Plan (the “2009 Plan”). On April 14, 2009, our shareholders approved the 2009 Plan providing for the granting of awards to our directors, officers, employees and independent contractors. The number of common stock shares reserved for issuance under the 2009 Plan is 1,750,000 · Stock Options including Incentive Stock Options (“ISO”), · Options not intended to qualify as ISOs, · Stock Appreciation Rights, and · Restricted Stock Grants. Our practice has been to issue new or treasury shares upon the exercise of stock options. Stock option rights granted under the 2009 Plan generally have 5 10 In October of 2017, the Committee granted 26,430 10,000 57,000 135,278 2.8 For the Nine Months Ended January 31, 2018 Weighted Average Grant Date Value (per Grants Shares share) Unvested at beginning of year 20,400 $ 1.98 Issued 83,430 $ 2.27 Vested (34,630) $ 2.19 Forfeited - Unvested at end of year 69,200 $ 2.23 Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term (Year) Value Outstanding at April 30, 2017 693,500 $ 1.10 Granted - Exercised (17,500) $ 0.82 Forfeited or expired - Outstanding at January 31, 2018 676,000 $ 1.10 4.5 $ 1,065,760 Exercisable at January 31, 2018 676,000 $ 1.10 4.5 $ 1,065,760 Available for grant at January 31, 2018 507,611 Compensation cost for stock options granted is based on the fair value of each award, measured by applying the Black-Scholes model. As of January 31, 2018, there was no unamortized compensation cost related to stock options. Treasury Stock In July 2016, our board of directors approved a $ 2.0 788,301 2.16 1,701,597 1.7 Warrants On November 7, 2011, we closed on the sale of 2,625,652 0.75 2.18 36,689 |
Computation of Earnings Per Sha
Computation of Earnings Per Share | 9 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Computation of Earnings Per Share Three Months Ended Nine Months Ended January 31, January 31, January 31, January 31, 2018 2017 2018 2017 Numerator: Basic and Diluted: Net income (loss) available to common shareholders $ 193,327 $ (683,046) $ 956,305 $ (632,596) Denominator: Basic weighted average number of common shares outstanding 16,829,581 17,648,165 17,029,822 17,723,382 Dilutive effect of common stock options and warrants 378,560 - 364,870 - Diluted weighted average number of common shares outstanding 17,208,141 17,648,165 17,394,692 17,723,382 Net income (loss) per common share - basic $ 0.01 $ (0.04) $ 0.06 $ (0.04) Net income (loss) per common share - diluted $ 0.01 $ (0.04) $ 0.05 $ (0.04) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies We are party to contracts in the ordinary course of business, including leases for real property and operating leases for equipment. Period Total February 2018 - January 2019 $ 3,183,540 February 2019 - January 2020 2,665,971 February 2020 - January 2021 2,538,021 February 2021 - January 2022 1,920,858 Thereafter 437,258 $ 10,745,648 We continue to pursue additional development opportunities that may require, individually and in the aggregate, significant commitments of capital, extensions of credit, up-front payments to third parties and guarantees by us of third-party debt. We indemnified our officers and directors for certain events or occurrences while the director or officer is or was serving at our request in such capacity. The maximum potential amount of future payments we could be required to make under these indemnification obligations is unlimited; however, we have a Directors and Officers Liability Insurance policy that limits our exposure and enables us to recover a portion of any future amounts paid, provided that such insurance policy provides coverage. |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income Taxes The Tax Cuts and Jobs Act (“Tax Act”) was enacted on December 22, 2017. The Tax Act reduces the US federal corporate tax rate from 35 21 291 Given the significance of the legislation, the U.S. Securities and Exchange Commission (the "SEC") staff issued Staff Accounting Bulletin ("SAB") No. 118 (SAB 118), which allows registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. However, the measurement period is deemed to have ended earlier when the registrant has obtained, prepared, and analyzed the information necessary to finalize its accounting. During the measurement period, impacts of the law are expected to be recorded at the time a reasonable estimate for all or a portion of the effects can be made, and provisional amounts can be recognized and adjusted as information becomes available, prepared, or analyzed. SAB 118 summarizes a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonable estimate has been determined; and (3) a reasonable estimate cannot yet be made and therefore taxes are reflected in accordance with law prior to the enactment of the Tax Act. Several provisions of the Tax Act have significant impact on our U.S. tax attributes, generally consisting of credits, loss carry-forwards, and reserved notes. Although we have made a reasonable estimate of the gross amounts of the attributes disclosed, the Company is continuing to analyze certain aspects of the Tax Act and is refining its calculations which could potentially affect the measurements of these balances or potentially give rise to new deferred tax amounts. Other significant provisions that are not yet effective, but may impact income taxes in future years, include: limitation on the current deductibility of net interest expense in excess of 30 percent of adjusted taxable income and a limitation of net operating losses generated after December 31, 2017 to 80 percent of taxable income. For the three months ended January 31, 2018 and 2017, our effective tax rates (exclusive of discrete items) were 19 38 28 51 29.7 At January 31, 2018, we have $ 0.8 6.3 We filed income tax returns in the United States federal jurisdiction. No jurisdiction is currently examining our tax filings for any tax years. All of the Company’s tax positions are considered more likely than not to be sustained upon an IRS examination. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 13. Segment Reporting We have three business segments: (i) Washington, (ii) South Dakota and (iii) Nevada, as well as the Company’s corporate location. For the three months ended January 31, 2018, the Washington segment consists of the Washington mini-casinos, the South Dakota segment consists of our slot route operation in South Dakota, the Nevada segment consists of Club Fortune casino and the Corporate column includes the vacant land in Colorado and its taxes and maintenance expenses. The Corporate column also includes corporate-related items, results of insignificant operations, and income and expenses not allocated to other reportable segments. As of, and for the Three Months Ended, January 31, 2018 Washington South Dakota Nevada Corporate Total Net revenues $ 13,619,494 $ 1,168,465 $ 3,310,257 $ - $ 18,098,216 Casino and food and beverage expense 7,239,816 1,131,160 2,027,282 - 10,398,258 Marketing, administrative and corporate expense 4,404,711 134,999 839,229 578,370 5,957,309 Facility and other expenses 458,938 22,796 87,967 - 569,701 Depreciation and amortization 119,007 72,980 340,385 6,535 538,907 Operating income (loss) 1,396,948 (193,704) 15,394 (584,905) 633,733 Assets 27,352,823 1,549,392 16,122,948 3,793,289 48,818,452 Purchase of property and equipment 150,582 - 41,248 2,425 194,255 As of, and for the Three Months Ended, January 31, 2017 Washington South Dakota Nevada Corporate Total Net revenues $ 13,235,038 $ 1,152,186 $ 3,522,888 $ - $ 17,910,112 Casino and food and beverage expense 7,020,786 1,135,935 1,966,826 - 10,123,547 Marketing, administrative and corporate expense 4,158,224 99,131 892,452 627,553 5,777,360 Facility and other expenses 477,781 28,265 87,398 - 593,444 Depreciation and amortization 231,294 139,416 379,223 6,673 756,606 Operating income (loss) 1,344,849 (1,352,047) 156,533 (634,225) (484,890) Assets 27,181,165 1,927,133 17,314,523 6,089,108 52,511,929 Purchase of property and equipment 84,631 5,413 30,012 - 120,056 As of, and for the Nine Months Ended, January 31, 2018 Washington South Dakota Nevada Corporate Total Net revenues $ 40,711,936 $ 5,241,304 $ 10,113,723 $ - $ 56,066,963 Casino and food and beverage expense 21,942,456 4,654,465 6,111,932 - 32,708,853 Marketing, administrative and corporate expense 13,031,138 368,321 2,561,965 1,909,731 17,871,155 Facility and other expenses 1,345,352 67,914 245,878 - 1,659,144 Depreciation and amortization 465,885 275,345 1,087,380 19,880 1,848,490 Operating income (loss) 3,921,445 (124,854) 106,568 (1,929,611) 1,973,548 Assets 27,352,823 1,549,392 16,122,948 3,793,289 48,818,452 Purchase of property and equipment 508,423 107,033 119,417 24,987 759,860 As of, and for the Nine Months Ended, January 31, 2017 Washington South Dakota Nevada Corporate Total Net revenues $ 39,499,325 $ 5,301,417 $ 9,816,034 $ - $ 54,616,776 Casino and food and beverage expense 21,241,276 4,671,422 5,855,973 - 31,768,671 Marketing, administrative and corporate expense 12,319,376 335,111 2,929,475 2,148,422 17,732,384 Facility and other expenses 1,438,721 97,875 244,287 - 1,780,883 Depreciation and amortization 717,917 452,073 1,117,885 18,753 2,306,628 Operating income (loss) 3,779,722 (1,365,215) (377,083) (2,167,175) (129,751) Assets 27,181,165 1,927,133 17,314,523 6,089,108 52,511,929 Purchase of property and equipment 323,731 26,876 537,138 55,188 942,933 |
Critical Accounting Policies (P
Critical Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition We record revenues from casino operations. The retail value of food and beverage and other services furnished to guests without charge is included in gross revenue and deducted as promotional allowances. Net revenues do not include the retail amount of food, beverage and other items provided gratuitously to customers. These amounts are included in promotional allowances in the accompanying condensed consolidated statements of operations. We record the redemption of coupons and points for cash as a reduction of revenue. Three Months Ended Nine Months Ended January 31, 2018 January 31, 2017 January 31, 2018 January 31, 2017 Food and beverage $ 1,539,018 $ 1,665,085 $ 4,632,274 $ 5,078,683 Other 66,051 56,993 199,018 173,297 Promotional allowances $ 1,605,069 $ 1,722,078 $ 4,831,292 $ 5,251,980 Three Months Ended Nine Months Ended January 31, 2018 January 31, 2017 January 31, 2018 January 31, 2017 Food and beverage $ 1,425,074 $ 1,508,443 $ 4,354,491 $ 4,646,134 Other 58,940 48,609 186,648 159,824 Total cost of complimentary services $ 1,484,014 $ 1,557,052 $ 4,541,139 $ 4,805,958 |
Fair Value | Fair Value U.S. generally accepted accounting principles defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are as follows: Level 1 Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2 Other inputs that are observable directly or indirectly such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Unobservable inputs for which there is little or no market data and for which we make our own assumptions about how market participants would price the assets and liabilities. The following describes the valuation methodologies used by us to measure fair value: Real estate held for sale is recorded at fair value less selling costs. Goodwill and indefinite lived intangible assets are recorded at carrying value and tested for impairment annually, or more frequently, using projections of discounted future cash flows. Interest rate swaps are adjusted on a recurring basis pursuant to accounting standards for fair value measurements. We categorize our interest rate swap as Level 2 for fair value measurement. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk are primarily notes receivable, cash and cash equivalents, accounts receivable and payable, and long term debt. Management performs periodic evaluations of the collectability of these notes and accounts receivable. Our cash deposits are held with large, well-known financial institutions, and, at times, such deposits may be in excess of the federally insured limit. The recorded value of cash, accounts receivable and payable, approximate fair value based on their short term nature; the recorded value of long term debt approximates fair value as interest rates approximate current market rates. |
New Accounting Pronouncements | New Accounting Pronouncements and Legislation Issued In February 2016, the Financial Accounting Standards Board (“FASB”) issued amended accounting guidance that changes the accounting for leases and requires expanded disclosures about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the commencement date for all leases with terms greater than twelve months. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The amended guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2018, and early application is permitted. The Company is currently evaluating the impact this guidance will have on its financial position and results of operations. In May 2014, the FASB issued a new accounting standard for revenue recognition which requires entities to recognize revenue when it transfers promised goods or services to customers, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard supersedes the existing accounting guidance for revenue recognition, including industry-specific guidance, and amends certain accounting guidance for recognition of gains and losses on the transfer of non-financial assets. For public companies, the new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. The Company plans to adopt this standard using the full retrospective method in the first quarter of fiscal 2019. This standard will affect the Company’s accounting policy in relation to the non-discretionary loyalty program transactions. Based on a clarification from the FASB, complementary revenue represents a consideration payable to a customer and therefore is to be treated as a deduction to revenue at the time of the transaction and at the price of the complementary being offered. The Company expects the majority of such amounts will offset casino revenues. The standard also changes the presentation of promotional allowances to be shown as a direct reduction of gross revenues instead of being presented as a separate line on the Statement of Operations. The Company also expects the accounting for our player program to be impacted, with possible changes to the timing and/or classification of certain transactions within revenues and between revenues and operating expenses as we transition from the immediate revenue/cost accrual model to the deferred revenue model. Additionally, the Company expects the estimated costs of providing promotional allowances will no longer be allocated primarily to casino expenses. The quantitative effects of these changes have not yet been determined and are still being analyzed. In January 2017, the FASB issued Accounting Standards Update No. 2017-04 ("ASU 2017-04") "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment." ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual periods and interim periods within those annual periods beginning after 15 December 2019, and early adoption is permitted. The Company adopted this guidance in the second quarter of fiscal 2018 with no material impact on its financial position or results of operations. A variety of proposed or otherwise potential accounting guidance is currently under study by standard-setting organizations and certain regulatory agencies. Due to the tentative and preliminary nature of such proposed accounting guidance, the Company has not yet determined the effect, if any, that the implementation of such proposed accounting guidance would have on its consolidated financial statements. |
Critical Accounting Policies (T
Critical Accounting Policies (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule Of Promotional Allowances | Three Months Ended Nine Months Ended January 31, 2018 January 31, 2017 January 31, 2018 January 31, 2017 Food and beverage $ 1,539,018 $ 1,665,085 $ 4,632,274 $ 5,078,683 Other 66,051 56,993 199,018 173,297 Promotional allowances $ 1,605,069 $ 1,722,078 $ 4,831,292 $ 5,251,980 |
Schedule Of Cost Of Revenue | Three Months Ended Nine Months Ended January 31, 2018 January 31, 2017 January 31, 2018 January 31, 2017 Food and beverage $ 1,425,074 $ 1,508,443 $ 4,354,491 $ 4,646,134 Other 58,940 48,609 186,648 159,824 Total cost of complimentary services $ 1,484,014 $ 1,557,052 $ 4,541,139 $ 4,805,958 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Change in Carrying Amount of Goodwill and Intangibles | The change in the carrying amount of goodwill and other intangible assets for the nine months ended January 31, 2018, is as follows: Other Total Goodwill Intangibles, net Balance as of April 30, 2017 $ 21,030,916 $ 16,923,588 $ 4,107,328 Current year amortization (398,973) - (398,973) Balance as of January 31, 2018 $ 20,631,943 $ 16,923,588 $ 3,708,355 |
Goodwill and Net Other Intangibles by Segment | Goodwill and net intangibles assets by segment as of January 31, 2018, are as follows: Total Goodwill Other Intangibles, net Washington $ 15,984,117 $ 14,092,154 $ 1,891,963 South Dakota 157,143 - 157,143 Nevada 4,078,179 2,831,434 1,246,745 Corporate 412,504 - 412,504 Total $ 20,631,943 $ 16,923,588 $ 3,708,355 |
Summary of Intangible Assets and Accumulated Amortization | Intangible assets are generally amortized on a straight line basis over the useful lives of the assets. State gaming registration and trade names are not amortizable. A summary of intangible assets and accumulated amortization as of January 31, 2018, are as follows: Gross Carrying Accumulated Amount Amortization Net Customer relationships $ 8,673,321 $ (7,920,025) $ 753,296 Non-compete agreements 1,379,000 (1,348,445) 30,555 State gaming registration 412,504 - 412,504 Trade names 2,512,000 - 2,512,000 Total $ 12,976,825 $ (9,268,470) $ 3,708,355 |
Estimated Future Annual Amortization of Intangible Assets | The remaining weighted average useful life of acquired intangibles is 3.7 0.8 Period Amount February 2018-January 2019 $ 334,803 February 2019-January 2020 117,143 February 2020-January 2021 117,143 February 2021-January 2022 117,143 Thereafter 97,619 Total $ 783,851 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment at January 31, 2018 and April 30, 2017, consist of the following: Estimated January 31, April 30, Service Life 2018 2017 in Years Building and improvements $ 7,803,486 $ 7,762,201 15-39 Gaming equipment 5,478,794 5,300,898 3-5 Furniture and office equipment 4,750,979 4,506,639 3-7 Land and improvements 2,387,750 2,387,750 n/a Leasehold improvements 1,749,130 1,556,824 7-20 Construction in progress 114,727 80,023 22,284,866 21,594,335 Less accumulated depreciation (9,023,581) (7,635,620) Property and equipment, net $ 13,261,285 $ 13,958,715 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Financing Obligations | Our long-term financing obligations are as follows: January 31, April 30, 2018 2017 $23.0 million reducing revolving credit agreement, LIBOR plus an Applicable Margin, $625,000 quarterly reductions beginning January 31, 2016 through November 30, 2020, and the remaining principal due on the maturity date of November 30, 2020, net of accumulated debt issuance costs of $165,630 and $238,589 at January 31, 2018 and April 30, 2017, respectively. $ 9,134,370 $ 12,061,411 Less: current portion - - Total long-term financing obligations $ 9,134,370 $ 12,061,411 |
Scheduled Principal Payments on Credit Facility | As of January 31, 2018, principal reductions due on the Credit Facility are as follows: February 1, 2018 January 31, 2019 $ - February 1, 2019 January 31, 2020 - February 1, 2020 November 30, 2020 9,300,000 Total payments 9,300,000 Unamortized debt discount (165,630) Total long-term debt $ 9,134,370 |
Equity Transactions and Stock24
Equity Transactions and Stock Option Plan (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Share-based Compensation [Abstract] | |
Summary of Stock Grant Activity Under our Share-Based Payment Plan | A summary of stock grant activity under our share-based payment plan for the nine months ended January 31, 2018 is presented below: For the Nine Months Ended January 31, 2018 Weighted Average Grant Date Value (per Grants Shares share) Unvested at beginning of year 20,400 $ 1.98 Issued 83,430 $ 2.27 Vested (34,630) $ 2.19 Forfeited - Unvested at end of year 69,200 $ 2.23 |
Summary of Activity under Share-Based Payment Plan | A summary of stock option activity under our share-based payment plan for the nine months ended January 31, 2018 is presented below: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term (Year) Value Outstanding at April 30, 2017 693,500 $ 1.10 Granted - Exercised (17,500) $ 0.82 Forfeited or expired - Outstanding at January 31, 2018 676,000 $ 1.10 4.5 $ 1,065,760 Exercisable at January 31, 2018 676,000 $ 1.10 4.5 $ 1,065,760 Available for grant at January 31, 2018 507,611 |
Computation of Earnings Per S25
Computation of Earnings Per Share (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following is presented as a reconciliation of the numerators and denominators of basic and diluted earnings per share computations: Three Months Ended Nine Months Ended January 31, January 31, January 31, January 31, 2018 2017 2018 2017 Numerator: Basic and Diluted: Net income (loss) available to common shareholders $ 193,327 $ (683,046) $ 956,305 $ (632,596) Denominator: Basic weighted average number of common shares outstanding 16,829,581 17,648,165 17,029,822 17,723,382 Dilutive effect of common stock options and warrants 378,560 - 364,870 - Diluted weighted average number of common shares outstanding 17,208,141 17,648,165 17,394,692 17,723,382 Net income (loss) per common share - basic $ 0.01 $ (0.04) $ 0.06 $ (0.04) Net income (loss) per common share - diluted $ 0.01 $ (0.04) $ 0.05 $ (0.04) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Expected Remaining Future Rolling Twelve Months Minimum Lease Payments | The expected remaining future annual minimum lease payments as of January 31, 2018, are as follows: Period Total February 2018 - January 2019 $ 3,183,540 February 2019 - January 2020 2,665,971 February 2020 - January 2021 2,538,021 February 2021 - January 2022 1,920,858 Thereafter 437,258 $ 10,745,648 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Jan. 31, 2018 | |
Segment Reporting [Abstract] | |
Summarized Financial Information for Reportable Segments | Summarized financial information for our reportable segments is shown in the following table: As of, and for the Three Months Ended, January 31, 2018 Washington South Dakota Nevada Corporate Total Net revenues $ 13,619,494 $ 1,168,465 $ 3,310,257 $ - $ 18,098,216 Casino and food and beverage expense 7,239,816 1,131,160 2,027,282 - 10,398,258 Marketing, administrative and corporate expense 4,404,711 134,999 839,229 578,370 5,957,309 Facility and other expenses 458,938 22,796 87,967 - 569,701 Depreciation and amortization 119,007 72,980 340,385 6,535 538,907 Operating income (loss) 1,396,948 (193,704) 15,394 (584,905) 633,733 Assets 27,352,823 1,549,392 16,122,948 3,793,289 48,818,452 Purchase of property and equipment 150,582 - 41,248 2,425 194,255 As of, and for the Three Months Ended, January 31, 2017 Washington South Dakota Nevada Corporate Total Net revenues $ 13,235,038 $ 1,152,186 $ 3,522,888 $ - $ 17,910,112 Casino and food and beverage expense 7,020,786 1,135,935 1,966,826 - 10,123,547 Marketing, administrative and corporate expense 4,158,224 99,131 892,452 627,553 5,777,360 Facility and other expenses 477,781 28,265 87,398 - 593,444 Depreciation and amortization 231,294 139,416 379,223 6,673 756,606 Operating income (loss) 1,344,849 (1,352,047) 156,533 (634,225) (484,890) Assets 27,181,165 1,927,133 17,314,523 6,089,108 52,511,929 Purchase of property and equipment 84,631 5,413 30,012 - 120,056 As of, and for the Nine Months Ended, January 31, 2018 Washington South Dakota Nevada Corporate Total Net revenues $ 40,711,936 $ 5,241,304 $ 10,113,723 $ - $ 56,066,963 Casino and food and beverage expense 21,942,456 4,654,465 6,111,932 - 32,708,853 Marketing, administrative and corporate expense 13,031,138 368,321 2,561,965 1,909,731 17,871,155 Facility and other expenses 1,345,352 67,914 245,878 - 1,659,144 Depreciation and amortization 465,885 275,345 1,087,380 19,880 1,848,490 Operating income (loss) 3,921,445 (124,854) 106,568 (1,929,611) 1,973,548 Assets 27,352,823 1,549,392 16,122,948 3,793,289 48,818,452 Purchase of property and equipment 508,423 107,033 119,417 24,987 759,860 As of, and for the Nine Months Ended, January 31, 2017 Washington South Dakota Nevada Corporate Total Net revenues $ 39,499,325 $ 5,301,417 $ 9,816,034 $ - $ 54,616,776 Casino and food and beverage expense 21,241,276 4,671,422 5,855,973 - 31,768,671 Marketing, administrative and corporate expense 12,319,376 335,111 2,929,475 2,148,422 17,732,384 Facility and other expenses 1,438,721 97,875 244,287 - 1,780,883 Depreciation and amortization 717,917 452,073 1,117,885 18,753 2,306,628 Operating income (loss) 3,779,722 (1,365,215) (377,083) (2,167,175) (129,751) Assets 27,181,165 1,927,133 17,314,523 6,089,108 52,511,929 Purchase of property and equipment 323,731 26,876 537,138 55,188 942,933 |
Estimated Cost of Promotional A
Estimated Cost of Promotional Allowances (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Promotional allowances | $ 1,605,069 | $ 1,722,078 | $ 4,831,292 | $ 5,251,980 |
Food and beverage [Member] | ||||
Promotional allowances | 1,539,018 | 1,665,085 | 4,632,274 | 5,078,683 |
Other [Member] | ||||
Promotional allowances | $ 66,051 | $ 56,993 | $ 199,018 | $ 173,297 |
Estimated Cost of Complimentary
Estimated Cost of Complimentary Services (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Significant Accounting Policies [Line Items] | ||||
Food and beverage | $ 1,425,074 | $ 1,508,443 | $ 4,354,491 | $ 4,646,134 |
Other | 58,940 | 48,609 | 186,648 | 159,824 |
Total cost of complimentary services | $ 1,484,014 | $ 1,557,052 | $ 4,541,139 | $ 4,805,958 |
Restricted Cash - Additional In
Restricted Cash - Additional Information (Detail) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 2,058,849 | $ 1,994,312 |
Notes Receivable - Additional I
Notes Receivable - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
May 25, 2012 | Jan. 31, 2018 | Apr. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 35,205 | $ 383,093 | |
Colorado Grande Casino | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 2,300,000 | ||
Notes receivable, interest rate | 6.00% | ||
Monthly Installment Amount Of Note Receivable | $ 40,000 |
Change in Carrying Amount of Go
Change in Carrying Amount of Goodwill and Other Intangibles (Detail) | 9 Months Ended |
Jan. 31, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Balance as of April 30, 2017 | $ 21,030,916 |
Current year amortization | (398,973) |
Balance as of January 31, 2018 | 20,631,943 |
Goodwill | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Balance as of April 30, 2017 | 16,923,588 |
Current year amortization | 0 |
Balance as of January 31, 2018 | 16,923,588 |
Other Intangibles, net | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Balance as of April 30, 2017 | 4,107,328 |
Current year amortization | (398,973) |
Balance as of January 31, 2018 | $ 3,708,355 |
Goodwill and Net Other Intangib
Goodwill and Net Other Intangibles by Segment (Detail) | Jan. 31, 2018USD ($) |
Goodwill [Line Items] | |
Goodwill and other intangible assets | $ 20,631,943 |
Washington | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 15,984,117 |
South Dakota | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 157,143 |
Nevada | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 4,078,179 |
Corporate | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 412,504 |
Other Intangibles, net | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 3,708,355 |
Other Intangibles, net | Washington | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 1,891,963 |
Other Intangibles, net | South Dakota | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 157,143 |
Other Intangibles, net | Nevada | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 1,246,745 |
Other Intangibles, net | Corporate | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 412,504 |
Goodwill | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 16,923,588 |
Goodwill | Washington | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 14,092,154 |
Goodwill | South Dakota | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 0 |
Goodwill | Nevada | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 2,831,434 |
Goodwill | Corporate | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | $ 0 |
Summary of Intangible Assets an
Summary of Intangible Assets and Accumulated Amortization (Detail) | Jan. 31, 2018USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 12,976,825 |
Accumulated Amortization | (9,268,470) |
Net | 3,708,355 |
Customer relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 8,673,321 |
Accumulated Amortization | (7,920,025) |
Net | 753,296 |
Non-compete agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 1,379,000 |
Accumulated Amortization | (1,348,445) |
Net | 30,555 |
State gaming registration | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 412,504 |
Accumulated Amortization | 0 |
Net | 412,504 |
Trade names | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 2,512,000 |
Accumulated Amortization | 0 |
Net | $ 2,512,000 |
Estimated Future Annual Amortiz
Estimated Future Annual Amortization of Intangible Assets (Detail) | Jan. 31, 2018USD ($) |
Expected Amortization Expense [Line Items] | |
Total | $ 3,708,355 |
Customer relationships and Non-compete agreements | |
Expected Amortization Expense [Line Items] | |
February 2018-January 2019 | 334,803 |
February 2019-January 2020 | 117,143 |
February 2020-January 2021 | 117,143 |
February 2021-January 2022 | 117,143 |
Thereafter | 97,619 |
Total | $ 783,851 |
Goodwill and Intangible Asset36
Goodwill and Intangible Assets - Additional Information (Detail) | 9 Months Ended |
Jan. 31, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Intangible Assets, Net (Including Goodwill), Total | $ 20,631,943 |
Goodwill [Member] | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Intangible Assets, Net (Including Goodwill), Total | 16,923,588 |
Nevada [Member] | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Intangible Assets, Net (Including Goodwill), Total | 4,078,179 |
Nevada [Member] | Goodwill [Member] | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Intangible Assets, Net (Including Goodwill), Total | $ 2,831,434 |
Customer relationships | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Weighted average useful lives of acquired intangibles | 3 years 8 months 12 days |
Non-compete agreements | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Weighted average useful lives of acquired intangibles | 9 months 18 days |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Apr. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 22,284,866 | $ 21,594,335 |
Less accumulated depreciation | (9,023,581) | (7,635,620) |
Property and equipment, net | 13,261,285 | 13,958,715 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 7,803,486 | 7,762,201 |
Building and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 39 years | |
Building and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 15 years | |
Gaming equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 5,478,794 | 5,300,898 |
Gaming equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 5 years | |
Gaming equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 3 years | |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 4,750,979 | 4,506,639 |
Furniture and office equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 7 years | |
Furniture and office equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 3 years | |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,387,750 | 2,387,750 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,749,130 | 1,556,824 |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 20 years | |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 7 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 114,727 | $ 80,023 |
Long-Term Financing Obligations
Long-Term Financing Obligations (Detail) - USD ($) | Jan. 31, 2018 | Apr. 30, 2017 |
Debt Instrument [Line Items] | ||
Less: current portion | $ 0 | $ 0 |
Total long-term financing obligations | 9,134,370 | 12,061,411 |
Revolving Credit One | ||
Debt Instrument [Line Items] | ||
$23.0 million reducing revolving credit agreement, LIBOR plus an Applicable Margin, $625,000 quarterly reductions beginning January 31, 2016 through November 30, 2020, and the remaining principal due on the maturity date of November 30, 2020, net of accumulated debt issuance costs of $165,630 and $238,589 at January 31, 2018 and April 30, 2017, respectively. | $ 9,134,370 | $ 12,061,411 |
Long-Term Financing Obligatio39
Long-Term Financing Obligations (Parenthetical) (Detail) - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Apr. 30, 2017 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 23,000,000 | |
Debt Instrument Maturity Date | Nov. 30, 2020 | |
Debt Instrument, Unamortized Discount | $ 165,630 | $ 238,589 |
January 31, 2016 through November 30, 2020 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Periodic Payment | $ 625,000 |
Schedule of Principal Payments
Schedule of Principal Payments on Credit Facility (Detail) - USD ($) | 9 Months Ended | |
Jan. 31, 2018 | Apr. 30, 2017 | |
Line of Credit Facility [Line Items] | ||
Total payments | $ 9,300,000 | |
Unamortized debt discount | (165,630) | $ (238,589) |
Total long-term debt | 9,134,370 | $ 12,061,411 |
February 1, 2018 - January 31, 2019 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Annual payment | 0 | |
February 1, 2019 - January 31, 2020 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Annual payment | 0 | |
February 1, 2020 - November 30, 2020 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Annual payment | $ 9,300,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Jan. 31, 2018 | Nov. 30, 2015 | |
Debt Disclosure [Line Items] | ||
Percentage Of Remaining Credit Facility Principal Balance | 50.00% | |
Maximum | ||
Debt Disclosure [Line Items] | ||
Line Of Credit Facility Fixed Charge Coverage Ratio | 1.15 | |
Minimum | ||
Debt Disclosure [Line Items] | ||
Line Of Credit Facility Fixed Charge Coverage Ratio | 1 | |
Reducing Revolving Credit Facility | ||
Debt Disclosure [Line Items] | ||
Line of credit facility amount outstanding | $ 23 | |
Debt Instrument, Interest Rate, Effective Percentage | 4.05% | |
February 1, 2018 until maturity | Maximum | ||
Debt Disclosure [Line Items] | ||
Line Of Credit Facility Total Minimum Leverage Ratio | 2.50 | |
February 1, 2018 until maturity | Minimum | ||
Debt Disclosure [Line Items] | ||
Line Of Credit Facility Total Minimum Leverage Ratio | 1 | |
February 1, 2017 through January 31, 2018 | Maximum | ||
Debt Disclosure [Line Items] | ||
Line Of Credit Facility Total Minimum Leverage Ratio | 2.75 | |
February 1, 2017 through January 31, 2018 | Minimum | ||
Debt Disclosure [Line Items] | ||
Line Of Credit Facility Total Minimum Leverage Ratio | 1 | |
Amended Credit Agreement | ||
Debt Disclosure [Line Items] | ||
Line of Credit Facility, Periodic Payment, Principal | $ 1.3 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 8 |
Interest Rate Swap - Additional
Interest Rate Swap - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2018 | Apr. 30, 2017 | Dec. 28, 2015 | |
Interest Rate Swap [Line Items] | ||||
Derivative, Notional Amount | $ 8,687,500 | $ 8,687,500 | ||
Derivative, Variable Interest Rate | 1.77% | 1.77% | ||
Derivative, Swaption Interest Rate | 4.27% | 4.27% | ||
Percentage Of Initial Floating Index | 1.55% | |||
Increase Decrease In Interest Rate Swap | $ 91,986 | $ 133,444 | ||
Other Long-term Debt, Total | $ 97,097 | $ 97,097 | $ 36,346 | |
Secured Interest Rate Swap Percentage On Debt | 50.00% |
Summary of Stock Grant Activity
Summary of Stock Grant Activity Under our Share-Based Payment Plans (Detail) | 9 Months Ended |
Jan. 31, 2018$ / sharesshares | |
Shares Unvested at beginning of year | 20,400 |
Shares Issued | 83,430 |
Shares Vested | (34,630) |
Shares Forfeited | 0 |
Shares Unvested at end of year | 69,200 |
Weighted Average Grant Date Value (per share), Unvested at beginning of year | $ / shares | $ 1.98 |
Weighted Average Grant Date Value (per share), Issued | $ / shares | 2.27 |
Weighted Average Grant Date Value (per share), Vested | $ / shares | 2.19 |
Weighted Average Grant Date Value (per share), Unvested at end of year | $ / shares | $ 2.23 |
Summary of Activity under Share
Summary of Activity under Share-Based Payment Plans (Detail) | 9 Months Ended |
Jan. 31, 2018USD ($)$ / sharesshares | |
Options | |
Outstanding | 693,500 |
Granted | 0 |
Exercised | (17,500) |
Forfeited or expired | 0 |
Outstanding | 676,000 |
Exercisable | 676,000 |
Available for grant | 507,611 |
Weighted Average Exercise Price | |
Outstanding | $ / shares | $ 1.1 |
Exercised | $ / shares | 0.82 |
Outstanding | $ / shares | 1.1 |
Exercisable | $ / shares | $ 1.1 |
Weighted Average Remaining Contractual Term (Year) | |
Outstanding | 4 years 6 months |
Exercisable | 4 years 6 months |
Aggregate Intrinsic Value | |
Outstanding | $ | $ 1,065,760 |
Exercisable | $ | $ 1,065,760 |
Equity Transactions and Stock45
Equity Transactions and Stock Option Plan - Additional Information (Detail) | May 07, 2017shares | Nov. 07, 2011$ / sharesshares | Oct. 31, 2017USD ($)shares | Jul. 31, 2016USD ($) | Jan. 31, 2018USD ($)$ / sharesshares | Jan. 31, 2017USD ($) | Apr. 14, 2009shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation, Total | $ | $ 89,438 | $ 117,393 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 83,430 | ||||||
Payments for Repurchase of Common Stock | $ | $ 2,000,000 | ||||||
Treasury Stock, Shares, Acquired | 788,301 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 2.16 | ||||||
Stock Repurchase Program, Authorized Amount | $ | $ 1,700,000 | ||||||
Stock Issued During Period, Shares, New Issues | 2,625,652 | ||||||
Class Of Warrant Or Right Common Stock Exchange Ratio | 0.75 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.18 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 36,689 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 26,430 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ | 1,701,597 | ||||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ | $ 135,278 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 9 months 18 days | ||||||
Director | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation, Total | $ | $ 10,000 | ||||||
Management | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 57,000 | ||||||
2009 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares of reserved for issuance under stock plan | 1,750,000 | ||||||
2009 Plan | Stock option rights granted prior to fiscal year 2006 | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options terms | 5 years | ||||||
2009 Plan | Stock option rights granted prior to fiscal year 2006 | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options terms | 10 years |
Reconciliation of Numerators an
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Basic and Diluted: | ||||
Net income (loss) available to common shareholders | $ 193,327 | $ (683,046) | $ 956,305 | $ (632,596) |
Denominator: | ||||
Basic weighted average number of common shares outstanding | 16,829,581 | 17,648,165 | 17,029,822 | 17,723,382 |
Dilutive effect of common stock options and warrants | 378,560 | 0 | 364,870 | 0 |
Diluted weighted average number of common shares outstanding | 17,208,141 | 17,648,165 | 17,394,692 | 17,723,382 |
Net income (loss) per common share - basic | $ 0.01 | $ (0.04) | $ 0.06 | $ (0.04) |
Net income (loss) per common share - diluted | $ 0.01 | $ (0.04) | $ 0.05 | $ (0.04) |
Expected Remaining Future Rolli
Expected Remaining Future Rolling Twelve Months Minimum Lease Payments (Detail) | Jan. 31, 2018USD ($) |
Schedule of Operating Leases [Line Items] | |
February 2018 - January 2019 | $ 3,183,540 |
February 2019 - January 2020 | 2,665,971 |
February 2020 - January 2021 | 2,538,021 |
February 2021 - January 2022 | 1,920,858 |
Thereafter | 437,258 |
Total | $ 10,745,648 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 22, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Apr. 30, 2019 | |
Income Tax Disclosure [Line Items] | |||||||
Effective income tax rate reconciliation, at federal statutory income tax rate | 29.70% | 35.00% | |||||
Other Receivables | $ 6,300,000 | $ 6,300,000 | |||||
Deferred tax assets, general business | $ 800,000 | $ 800,000 | |||||
Effective Income Tax Rate Reconciliation, Percent, Total | 19.00% | 38.00% | 28.00% | 51.00% | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 291 | ||||||
Operating Loss Carryforwards, Limitations on Use | Other significant provisions that are not yet effective, but may impact income taxes in future years, include: limitation on the current deductibility of net interest expense in excess of 30 percent of adjusted taxable income and a limitation of net operating losses generated after December 31, 2017 to 80 percent of taxable income. | ||||||
Scenario, Plan [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Effective income tax rate reconciliation, at federal statutory income tax rate | 21.00% |
Segment Reporting (Detail)
Segment Reporting (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Washington | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 13,619,494 | $ 13,235,038 | $ 40,711,936 | $ 39,499,325 |
Casino and food and beverage expense | 7,239,816 | 7,020,786 | 21,942,456 | 21,241,276 |
Marketing, administrative and corporate expense | 4,404,711 | 4,158,224 | 13,031,138 | 12,319,376 |
Facility and other expenses | 458,938 | 477,781 | 1,345,352 | 1,438,721 |
Depreciation and amortization | 119,007 | 231,294 | 465,885 | 717,917 |
Operating income (loss) | 1,396,948 | 1,344,849 | 3,921,445 | 3,779,722 |
Assets | 27,352,823 | 27,181,165 | 27,352,823 | 27,181,165 |
Purchase of property and equipment | 150,582 | 84,631 | 508,423 | 323,731 |
South Dakota | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,168,465 | 1,152,186 | 5,241,304 | 5,301,417 |
Casino and food and beverage expense | 1,131,160 | 1,135,935 | 4,654,465 | 4,671,422 |
Marketing, administrative and corporate expense | 134,999 | 99,131 | 368,321 | 335,111 |
Facility and other expenses | 22,796 | 28,265 | 67,914 | 97,875 |
Depreciation and amortization | 72,980 | 139,416 | 275,345 | 452,073 |
Operating income (loss) | (193,704) | (1,352,047) | (124,854) | (1,365,215) |
Assets | 1,549,392 | 1,927,133 | 1,549,392 | 1,927,133 |
Purchase of property and equipment | 0 | 5,413 | 107,033 | 26,876 |
Nevada | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 3,310,257 | 3,522,888 | 10,113,723 | 9,816,034 |
Casino and food and beverage expense | 2,027,282 | 1,966,826 | 6,111,932 | 5,855,973 |
Marketing, administrative and corporate expense | 839,229 | 892,452 | 2,561,965 | 2,929,475 |
Facility and other expenses | 87,967 | 87,398 | 245,878 | 244,287 |
Depreciation and amortization | 340,385 | 379,223 | 1,087,380 | 1,117,885 |
Operating income (loss) | 15,394 | 156,533 | 106,568 | (377,083) |
Assets | 16,122,948 | 17,314,523 | 16,122,948 | 17,314,523 |
Purchase of property and equipment | 41,248 | 30,012 | 119,417 | 537,138 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Casino and food and beverage expense | 0 | 0 | 0 | 0 |
Marketing, administrative and corporate expense | 578,370 | 627,553 | 1,909,731 | 2,148,422 |
Facility and other expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 6,535 | 6,673 | 19,880 | 18,753 |
Operating income (loss) | (584,905) | (634,225) | (1,929,611) | (2,167,175) |
Assets | 3,793,289 | 6,089,108 | 3,793,289 | 6,089,108 |
Purchase of property and equipment | 2,425 | 0 | 24,987 | 55,188 |
Totals | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 18,098,216 | 17,910,112 | 56,066,963 | 54,616,776 |
Casino and food and beverage expense | 10,398,258 | 10,123,547 | 32,708,853 | 31,768,671 |
Marketing, administrative and corporate expense | 5,957,309 | 5,777,360 | 17,871,155 | 17,732,384 |
Facility and other expenses | 569,701 | 593,444 | 1,659,144 | 1,780,883 |
Depreciation and amortization | 538,907 | 756,606 | 1,848,490 | 2,306,628 |
Operating income (loss) | 633,733 | (484,890) | 1,973,548 | (129,751) |
Assets | 48,818,452 | 52,511,929 | 48,818,452 | 52,511,929 |
Purchase of property and equipment | $ 194,255 | $ 120,056 | $ 759,860 | $ 942,933 |