Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 12-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | FULL HOUSE RESORTS INC | |
Entity Central Index Key | 891482 | |
Trading Symbol | fll | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 18,876,681 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | ||
Casino | $26,354 | $27,481 |
Food and beverage | 5,849 | 5,024 |
Hotel | 1,279 | 1,195 |
Management fees | 494 | |
Other operations | 638 | 611 |
Gross revenues | 34,120 | 34,805 |
Less promotional allowances | -5,036 | -4,356 |
Net revenues | 29,084 | 30,449 |
Operating costs and expenses | ||
Casino | 13,732 | 14,461 |
Food and beverage | 2,100 | 2,099 |
Hotel | 120 | 108 |
Other operations | 268 | 228 |
Selling, general and administrative | 10,844 | 11,133 |
Preopening and other | 42 | 56 |
Depreciation and amortization | 1,992 | 2,455 |
Total operating costs and expenses | 29,098 | 30,540 |
Operating loss | -14 | -91 |
Other (expense) income | ||
Interest expense, net of $0.2 million and $0.08 million, capitalized | -1,525 | -1,517 |
Other | 12 | |
Total Other (expense) income | -1,513 | -1,517 |
Loss before income taxes | -1,527 | -1,608 |
Provision (benefit) for income taxes | 228 | -526 |
Net loss | ($1,755) | ($1,082) |
Basic and diluted loss per share (in dollars per share) | ($0.09) | ($0.06) |
Basic and diluted weighted average number of common shares outstanding (in shares) | 18,876,681 | 18,870,681 |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements Of Operations [Abstract] | ||
Capitalized interest | $0.20 | $0.08 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and equivalents | $14,337 | $15,639 |
Accounts receivable, net of allowance for doubtful accounts of $341 and $513 | 1,316 | 1,573 |
Income tax receivable | 3,095 | |
Prepaid expenses | 2,951 | 2,105 |
Other | 649 | 728 |
Total current assets | 19,253 | 23,140 |
Property and equipment, net | 98,141 | 95,040 |
Other long-term assets | ||
Goodwill | 16,480 | 16,480 |
Intangible assets, net of accumulated amortization of $6,695 and $6,195 | 2,818 | 3,382 |
Deposits | 393 | 178 |
Loan fees, net of accumulated amortization of $4,231 and $3,827 | 2,271 | 2,650 |
Deferred tax asset | 74 | 74 |
Total other long-term assets | 22,036 | 22,764 |
Total assets | 139,430 | 140,944 |
Current liabilities | ||
Accounts payable | 4,092 | 4,102 |
Construction contracts payable | 1,280 | 1,638 |
Accrued player club points and progressive jackpots | 1,932 | 1,709 |
Accrued payroll and related | 2,402 | 3,743 |
Other accrued expenses | 2,895 | 3,704 |
Deferred tax liability | 901 | 901 |
Current portion of capital lease obligation | 679 | 690 |
Current portion of long-term debt | 3,059 | 1,337 |
Total current liabilities | 17,240 | 17,824 |
Long-term debt, net of current portion | 60,033 | 59,294 |
Deferred tax liability | 327 | 99 |
Capital lease obligation, net of current portion | 6,051 | 6,230 |
Total liabilities | 83,651 | 83,447 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 20,233,276 shares issued; 18,876,681 shares outstanding | 2 | 2 |
Additional paid-in capital | 45,915 | 45,878 |
Treasury stock, 1,356,595 common shares | -1,654 | -1,654 |
Retained earnings | 11,516 | 13,271 |
Total stockholders' equity | 55,779 | 57,497 |
Total liabilities and stockholders' equity | $139,430 | $140,944 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts | $341 | $513 |
Accumulated amortization of intangible assets | 6,695 | 6,195 |
Accumulated amortization of loan fees | $4,231 | $3,827 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 20,233,276 | 20,233,276 |
Common stock, shares outstanding | 18,876,681 | 18,876,681 |
Treasury stock, common shares | 1,356,595 | 1,356,595 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (USD $) | Common stock | Additional paid-in capital | Treasury stock | Retained Earnings | Total |
In Thousands, unless otherwise specified | |||||
Beginning balances at Dec. 31, 2014 | $2 | $45,878 | ($1,654) | $13,271 | $57,497 |
Beginning balances (in shares) at Dec. 31, 2014 | 20,233 | 1,357 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation | 37 | 37 | |||
Net loss | -1,755 | -1,755 | |||
Ending balances at Mar. 31, 2015 | $2 | $45,915 | ($1,654) | $11,516 | $55,779 |
Ending balances (in shares) at Mar. 31, 2015 | 20,233 | 1,357 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($1,755) | ($1,082) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 1,492 | 1,814 |
Amortization of loan fees | 404 | 370 |
Amortization of player loyalty program, land lease and water rights | 500 | 641 |
Loss on disposals | 1 | |
Stock-based compensation | 37 | 79 |
Increases and decreases in operating assets and liabilities: | ||
Accounts receivable, net | 257 | 134 |
Income tax receivable | 3,095 | 1,970 |
Prepaid expenses | -846 | -440 |
Other assets | 162 | -9 |
Deferred tax | 228 | |
Accounts payable and accrued expenses | -1,988 | -1,664 |
Net cash provided by operating activities | 1,586 | 1,814 |
Cash flows from investing activities: | ||
Purchase of property and equipment, net of construction contracts payable | -4,900 | -2,019 |
Deposits | -234 | -1,964 |
Other | -10 | |
Net cash used in investing activities | -5,134 | -3,993 |
Cash flows from financing activities: | ||
First Term loan borrowings | 4,461 | |
Revolving loan (repayment)/borrowings | -2,000 | 2,000 |
Repayment of long-term debt on capital lease obligation | -190 | -237 |
Other | -25 | -1 |
Net cash provided by financing activities | 2,246 | 1,762 |
Net decrease in cash and equivalents | -1,302 | -417 |
Cash and equivalents, beginning of period | 15,639 | 14,936 |
Cash and equivalents, end of period | 14,337 | 14,519 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | 1,113 | 1,212 |
Cash received from income tax refunds, net of cash paid of $0.05 million for income taxes in 2014 | -3,095 | -1,915 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Accrued property and equipment capital expenditures | $1,331 | $648 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parentheticals) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Statement of Cash Flows [Abstract] | |
Cash paid for income taxes | $0.05 |
ORGANIZATION
ORGANIZATION | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |||||
ORGANIZATION | 1 | ORGANIZATION | |||
Organization. Formed as a Delaware corporation in 1987, Full House Resorts, Inc., owns, operates, develops, manages, and/or invests in casinos and related hospitality and entertainment facilities. References in this document to “Full House,” the “Company”, “we”, “our,” or “us” refer to Full House Resorts, Inc. and its subsidiaries, except where stated or the context otherwise indicates. | |||||
We currently own three casino properties and operate a fourth casino subject to a lease, as follows: | |||||
Property | Acquisition | Location | |||
Date | |||||
Silver Slipper Casino (Owned) | 2012 | Bay St. Louis, MS (near New Orleans) | |||
Rising Star Casino Resort (Owned) | 2011 | Rising Sun, IN (near Cincinnati) | |||
Stockman’s Casino (Owned) | 2007 | Fallon, NV (one hour east of Reno) | |||
Grand Lodge Casino (leased and part of the Hyatt Regency Lake Tahoe Resort) | 2011 | Incline Village, NV (North Shore of Lake Tahoe) |
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 2 | BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
Basis of Presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2014 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | ||
The interim consolidated financial statements of the Company and its subsidiaries included herein reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. | ||
The consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. Certain minor reclassifications have been made to prior-period amounts to conform to the current period presentation. These reclassifications had no effect on the previously reported net loss. | ||
Preopening expenses. Preopening expenses are expensed as incurred and include payroll, outside services, advertising, and other expenses related to new or start-up operations. | ||
Recently issued accounting standards. Recently issued authoritative standards issued after January 1, 2015 have been reviewed. The new guidance currently is not expected to have a material impact on our financial statements. |
INCOME_TAX_RECEIVABLE
INCOME TAX RECEIVABLE | 3 Months Ended | |
Mar. 31, 2015 | ||
Income Tax Receivable [Abstract] | ||
INCOME TAX RECEIVABLE | 3 | INCOME TAX RECEIVABLE |
In March 2015, we received a $3.1 million refund related to tax losses incurred during 2014 which we elected to carryback to taxable income earned during 2012. |
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
PROPERTY AND EQUIPMENT | 4 | PROPERTY AND EQUIPMENT | |||||||
Property and equipment, including capital lease assets, consisted of the following (in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
(Unaudited) | |||||||||
Land and improvements | $ | 11,670 | $ | 11,670 | |||||
Buildings and improvements | 73,997 | 73,997 | |||||||
Furniture and equipment | 28,097 | 27,951 | |||||||
Construction in progress | 15,712 | 11,264 | |||||||
129,476 | 124,882 | ||||||||
Less accumulated depreciation | (31,335 | ) | (29,842 | ) | |||||
$ | 98,141 | $ | 95,040 | ||||||
Construction in progress amounts primarily related to construction of the hotel at Silver Slipper Casino, and included capitalized interest of $0.6 million and $0.4 million for in-progress projects at March 31, 2015 and December 31, 2014, respectively. |
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accrued Liabilities, Current [Abstract] | |||||||||
ACCRUED LIABILITIES | 5 | ACCRUED LIABILITIES | |||||||
Other accrued expenses consisted of the following (in thousands): | |||||||||
March 31, 2015 (Unaudited) | 31-Dec-14 | ||||||||
Real estate and personal property taxes | $ | 979 | $ | 1,172 | |||||
Gaming taxes | 206 | 294 | |||||||
Other taxes | 468 | 495 | |||||||
Gaming related accruals | 400 | 490 | |||||||
Other | 842 | 1,253 | |||||||
$ | 2,895 | $ | 3,704 |
GOODWILL_OTHER_INTANGIBLES
GOODWILL & OTHER INTANGIBLES | 3 Months Ended | |
Mar. 31, 2015 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
GOODWILL & OTHER INTANGIBLES | 6 | GOODWILL AND OTHER INTANGIBLES |
At least annually during the fourth quarter or more frequently when there is a material change in circumstances that could have a negative effect, the Company performs an assessment of its goodwill and other indefinite-lived intangible assets to determine if the carrying value of such assets exceeds the fair value. No change in circumstances that would trigger an evaluation were observed during the three months ended March 31, 2015 or subsequently, and no impairment charges were recorded during the March 31, 2015 and 2014 quarters. We evaluate these assets using the market (comparable transactions) and income (discounted cash flow) approaches to value, both of which use Level 3 inputs as defined by GAAP. | ||
We amortize our definite-lived intangible assets, including our player loyalty programs, loan fees, land leases and water rights, over their estimated useful lives. For the three months ended March 31, 2015, the aggregate amortization expense was $0.9 million, which includes $0.4 million for loan fees. For the three months ended March 31, 2014, such amount was $1.0 million, including $0.4 million for loan fees. Loan fees are amortized to interest expense. |
CAPITAL_LEASE
CAPITAL LEASE | 3 Months Ended | |
Mar. 31, 2015 | ||
Leases, Capital [Abstract] | ||
CAPITAL LEASE | 7 | CAPITAL LEASE |
Our Indiana subsidiary, Gaming Entertainment (Indiana) LLC, leases a 104-room hotel at Rising Star Casino Resort pursuant to a capital lease agreement (the “Rising Star Lease Agreement”) with Rising Sun/Ohio County First, Inc., an Indiana non-profit corporation (the “Landlord”) for $77,537 per month and an annual interest rate varying between 2.5% and 4.5% during the term of the lease. The Rising Star Lease Agreement is not guaranteed by the parent company or any subsidiary other than Gaming Entertainment (Indiana), LLC. The term is for 10 years with the Landlord having a right to sell the hotel to us at the end of the term for $1 plus closing costs on the terms set forth in the Rising Star Lease Agreement. During the term, we also have the exclusive option to purchase the hotel at any time at a price based upon the project’s actual cost of $7.7 million, reduced by the cumulative principal payments made by the Company during the lease term. Upon expiration of the term of the lease, if we have not exercised our option to purchase the hotel tower, we have the option to purchase the hotel for $1 plus closing costs. In the event of a default on the lease agreement, the Landlord’s recourse allows for them to take possession of the property; collection of rents as defined; the right to seek remediation for any attorneys’ fees and litigation expenses; and the costs of retaking and re-leasing the property. |
LONGTERM_DEBT
LONG-TERM DEBT | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Long-Term Debt [Abstract] | |||||||||||||
LONG-TERM DEBT | 8 | LONG-TERM DEBT | |||||||||||
Long-term debt consisted of the following (in thousands): | |||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||
(Unaudited) | |||||||||||||
Long-term debt, net of current portion: | |||||||||||||
First Term Loan, maturing June 29, 2016, quarterly payments of $0.25 million beginning June 1, 2015; quarterly payments of $1.25 million beginning October 1, 2015; interest payable monthly at a variable rate which averaged 4.75% for both periods presented | $ | 43,092 | $ | 38,631 | |||||||||
Revolving Loan, maturing June 29, 2016, interest payable monthly at a variable rate which averaged 4.75% for both periods presented | -- | 2,000 | |||||||||||
Second Term Loan, maturing April 1, 2017, interest payable monthly at 14.25% per annum (13.25% prior to July 18, 2014) | 20,000 | 20,000 | |||||||||||
Less current portion | (3,059 | ) | (1,337 | ) | |||||||||
$ | 60,033 | $ | 59,294 | ||||||||||
First and Second Lien Credit Facilities. The First Lien Credit Facility, including the Revolving Loan, and Second Lien Credit Facility are secured by substantially all of our assets, and our wholly owned subsidiaries guarantee our obligations under the agreements. As of March 31, 2015, we had drawn $5.6 million of the $10 million term loan under the First Lien Credit Facility. The remaining $4.4 million of funding availability under the term loan will be used to fund a portion of the construction costs of the 129-room hotel addition to the Silver Slipper Casino, which is scheduled to open in phases during the second quarter of 2015. | |||||||||||||
During March 2015, we paid down $2.0 million previously drawn on our $5.0 million Revolving Loan under the First Lien Credit Facility. | |||||||||||||
We have elected to pay interest on the First Lien Credit Facility based on the greater of the elected London Interbank Offered Rate (“LIBOR”) rate or 1.0%, plus a margin rate. As of March 31, 2015, the interest rate was 4.75% on the balance outstanding on the First Lien Credit Facility, based on the 1.0% minimum plus a 3.75% margin. | |||||||||||||
The First and Second Lien Credit Facilities contain customary covenants, including a maximum total leverage ratio, maximum first lien leverage ratio, and a fixed charge coverage ratio, as indicated in the tables below: | |||||||||||||
First Lien Credit Facility | |||||||||||||
Maximum | Maximum | Minimum | |||||||||||
Total Leverage | First Lien Leverage Ratio | Fixed Charge Coverage Ratio | |||||||||||
Applicable Period | Ratio | ||||||||||||
June 30, 2014 through and including September 29, 2014 | 4.75 | x | 3.5 | x | 1.1 | x | |||||||
September 30, 2014 through and including December 30, 2014 | 5.5 | x | 3.5 | x | 1.1 | x | |||||||
December 31, 2014 through and including June 29, 2015 | 5.5 | x | 4 | x | 1.1 | x | |||||||
June 30, 2015 through and including September 29, 2015 | 4.75 | x | 3.5 | x | 1.1 | x | |||||||
September 30, 2015 through and including December 30, 2015 | 4.5 | x | 3.25 | x | 1.1 | x | |||||||
December 31, 2015 through and including March 30, 2016 | 4.25 | x | 3 | x | 1.1 | x | |||||||
March 31, 2016 and thereafter | 4.25 | x | 3 | x | 1.1 | x | |||||||
Second Lien Credit Facility | |||||||||||||
Maximum | Maximum | Minimum | |||||||||||
Total Leverage | First Lien Leverage Ratio | Fixed Charge Coverage Ratio | |||||||||||
Applicable Period | Ratio | ||||||||||||
June 30, 2014 through and including September 29, 2014 | 5 | x | 3.75 | x | 1 | x | |||||||
September 30, 2014 through and including December 30, 2014 | 5.75 | x | 3.75 | x | 1 | x | |||||||
December 31, 2014 through and including March 30, 2015 | 5.75 | x | 4.25 | x | 1 | x | |||||||
March 31, 2015 through and including June 29, 2015 | 5.75 | x | 4.25 | x | 1 | x | |||||||
June 30, 2015 through and including September 29, 2015 | 5 | x | 3.75 | x | 1 | x | |||||||
September 30, 2015 through and including December 30, 2015 | 4.75 | x | 3.5 | x | 1 | x | |||||||
December 31, 2015 through and including March 30, 2016 | 4.5 | x | 3.25 | x | 1 | x | |||||||
March 31, 2016 and thereafter | 4.5 | x | 3.25 | x | 1 | x | |||||||
We were in compliance with our covenants as of March 31, 2015. There can be no assurances that we will remain in compliance with all covenants in all future periods and that, if there is a breach, lenders will waive such breach. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended | |
Mar. 31, 2015 | ||
Income Tax Disclosure [Abstract] | ||
INCOME TAXES | 9 | INCOME TAXES |
We had a provision for income taxes in the first quarter of 2015 despite incurring a pre-tax loss. This was due to the effects of the valuation allowance against our deferred tax assets and the recording of a deferred tax expense on the tax amortization of indefinite-lived intangible assets. Our effective income tax rate for continuing operations for the three months ended March 31, 2015 was -14.9%, or an expense of $0.2 million, as compared to an effective tax rate of 32.7%, or a benefit of $0.5 million, for the corresponding prior-year period. In the prior-year period, we recorded a benefit against a pre-tax loss. Subsequently, in the fourth quarter of 2014, we created a valuation reserve against our deferred tax assets due to the uncertainty that such benefits would be realized. We continued the practice of recording a valuation reserve against our deferred tax assets during the first quarter of 2015. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | ||
Mar. 31, 2015 | |||
Commitments and Contingencies Disclosure [Abstract] | |||
COMMITMENTS AND CONTINGENCIES | 10 | COMMITMENTS AND CONTINGENCIES | |
Operating leases | |||
The nature of our operating leases are as follows: | |||
Leased Property | Term / Expiration | ||
Grand Lodge Casino facility | 7 years/August 2018 | ||
Land lease of Silver Slipper Casino site | 54 years/April 2058 | ||
Additionally, we have less significant operating leases for certain office and warehouse facilities, office equipment, signage and land. | |||
The total rent expense for all operating leases for the quarters ended March 31, 2015 and 2014 was $0.9 million. | |||
Grand Lodge Casino Lease. In 2011, we entered into a lease with Hyatt Equities L.L.C. to operate the Grand Lodge Casino (“Grand Lodge Lease”). The Grand Lodge Lease is secured by the Company’s interests under the lease and property as defined and is subordinate to the liens in the First and Second Lien Credit Facilities. Hyatt Equities, L.L.C. has an option to purchase our leasehold interest and related operating assets of the Grand Lodge Casino subject to assumption of applicable liabilities. The option price is an amount equal to the Grand Lodge Casino’s positive working capital, plus Grand Lodge Casino’s earnings before interest, income taxes, depreciation and amortization (“EBITDA”) for the twelve-month period preceding the acquisition or for such period of time remaining on the lease term, whichever is less, plus the fair market value of the Grand Lodge Casino’s personal property. The Grand Lodge Lease was amended in 2013 to extend the initial term to August 31, 2018 among certain other conforming changes. | |||
Options to Purchase Silver Slipper Casino Leased Land. In 2004, our subsidiary, Silver Slipper Casino Venture, LLC, entered into a land lease with Cure Land Company, LLC for approximately 31 acres of marshlands and a seven-acre parcel on which the Silver Slipper Casino is situated. The lease includes base monthly payments of $77,500 plus 3% of gross gaming revenue in excess of $3.65 million, as defined. The land lease includes an exclusive option to purchase the leased land (“Purchase Option”) after February 26, 2019 through October 1, 2027, as well as an option to purchase only a four-acre portion of the leased land for $2.0 million, which may be exercised at any time in conjunction with the development of a hotel. If there is no change in ownership, the purchase price of the leased land will be $15.5 million ($13.5 million if the four-acre parcel has been previously purchased) plus a retained interest in Silver Slipper Casino operations of 3% of net income as defined. In the event that we sell or transfer substantially all of the assets of our ownership in Silver Slipper Casino, then the purchase price will increase to $17.1 million. The current term of the land lease is through April 30, 2058. | |||
Silver Slipper Casino Hotel Construction | |||
On August 26, 2013, the Silver Slipper Casino entered into an agreement for the construction of a 129-room hotel adjoining the casino. We expect costs related to the construction of the hotel to be approximately $20 million, inclusive of capitalized interest. We intend to finance $10 million of the construction costs with proceeds from the term loan under the First Lien Credit Facility as described in Note 8. The remaining construction and related costs will be funded from available working capital. As of March 31, 2015, we had funded $8.5 million of hotel construction costs in cash, and anticipate funding an additional $1.6 million in cash to complete the project, including capitalized interest. We expect to complete and open the hotel in phases during the second quarter of 2015. | |||
Indiana Department of Revenue | |||
During 2014, we received a proposed assessment of $1.6 million, including interest and penalties, from the Indiana Department of Revenue (“IDOR”) related to unpaid sales and use taxes for periods prior to 2013. We protested and resolved the proposed assessment after March 31, 2015 for an amount that approximated our estimate. See Note 13 for additional information regarding the resolution of this issue. | |||
Legal Matters | |||
We are party to a number of pending legal proceedings which occurred in the normal course of business. Management does not expect that the outcome of such proceedings, either individually or in the aggregate, will have a material effect on our financial position, cash flows or results of operations. |
SHAREBASED_BENEFIT_PLANS
SHARE-BASED BENEFIT PLANS | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Share-Based Compensation [Abstract] | |||||||||
SHARE-BASED BENEFIT PLANS | 11 | SHARE-BASED BENEFIT PLANS | |||||||
Compensation Cost. We recognized stock compensation expense of $37,000 for the three months ended March 31, 2015 compared to $78,000 during the prior-year period. Share-based compensation expense is included in selling, general and administrative expense. As of March 31, 2015, there was approximately $0.6 million of total unrecognized compensation cost related to unvested stock options granted by the Company. This unrecognized compensation cost is expected to be recognized over a weighted-average period of 3.8 years. | |||||||||
Stock Options. The following table summarizes information related to our common stock options, all of which remain unvested as of March 31, 2015. The Company filed a registration statement on SEC Form S-8 on March 26, 2015 to register the shares issuable upon exercise of the nonqualified stock options. | |||||||||
Number | Weighted | ||||||||
of Stock | Average | ||||||||
Options | Exercise Price | ||||||||
Options outstanding at January 1, 2015 | 943,834 | $ | 1.25 | ||||||
Granted | 300,000 | $ | 1.37 | ||||||
Exercised | -- | -- | |||||||
Canceled/Forfeited | -- | -- | |||||||
Options outstanding at March 31, 2015 | 1,243,834 | $ | 1.28 | ||||||
Options exercisable at March 31, 2015 | -- | $ | 1.28 | ||||||
On January 30, 2015, we entered into an employment agreement with Lewis Fanger to serve as the Company’s Senior Vice President, Chief Financial Officer and Treasurer. In connection with entering into the employment agreement, Mr. Fanger was granted, outside of the 2006 Plan and qualifying as inducement options, nonqualified stock options covering 300,000 shares of Company common stock with an exercise price of $1.37, the closing price per share on the grant date. The stock options will vest with respect to 25% of the shares on January 30, 2016 and will continue to vest with respect to an additional 1/48th of the shares on each monthly anniversary thereafter, subject to Mr. Fanger’s continued service through the applicable vesting date. The stock options will vest in full on a change in control of the Company. | |||||||||
The aggregate intrinsic value of options outstanding was $0.3 million at March 31, 2015, none of which were exercisable. The aggregate intrinsic value represents the total pre-tax intrinsic value that would have been realized by the option holders had all option holders exercised their options on the applicable date. The intrinsic value of a stock option is the excess of our closing stock price on that date over the exercise price, multiplied by the number of in-the-money options. | |||||||||
We estimated the fair value of each stock option award on the grant date using the Black-Scholes valuation model. Option valuation models require the input of highly subjective assumptions. Changes in assumptions used can materially affect the fair value estimate. Option valuation assumptions for Mr. Fanger’s options granted during the three months ended March 31, 2015 were as follows: | |||||||||
Vesting commencement date: | 30-Jan-16 | ||||||||
Expected volatility: | 60% | ||||||||
Expected dividend yield: | 0% | ||||||||
Expected life (in years): | 3 years | ||||||||
Weighted average risk free rate: | 0.88% | ||||||||
Restricted Stock. There are 11,000 shares of common stock available for future issuance under the Company’s Amended and Restated 2006 Incentive Compensation Plan (the “2006 Plan”), which expires on January 1, 2016. All previously issued shares have vested. See Note 13 for additional information. |
SEGMENT_REPORTING
SEGMENT REPORTING | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
SEGMENT REPORTING | 12 | SEGMENT REPORTING | |||||||||||||||||||||||
The following tables reflect selected information for our reporting segments for the three months ended March 31, 2015 and 2014. The casino/resort segments include the Silver Slipper Casino in Bay St. Louis, Mississippi; the Rising Star Casino Resort in Rising Sun, Indiana; and the Northern Nevada segment, which consists of the Grand Lodge Casino in Incline Village, Nevada and Stockman’s Casino in Fallon, Nevada. The Development/Management segment includes costs associated with casino development and management projects, including our management contract with the Pueblo of Pojoaque that expired in September 2014. | |||||||||||||||||||||||||
Selected statement of operations data for the three months ended March 31 (in thousands): | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Casino/Resort Operations | |||||||||||||||||||||||||
Northern | Rising Star | Silver Slipper | Development/ | Corporate | Consolidated | ||||||||||||||||||||
Nevada | Casino Resort | Casino | Management | ||||||||||||||||||||||
Revenues, net | $ | 4,245 | $ | 11,115 | $ | 13,724 | $ | -- | $ | -- | $ | 29,084 | |||||||||||||
Selling, general and administrative | 1,501 | 3,896 | 4,283 | -- | 1,164 | 10,844 | |||||||||||||||||||
Depreciation and amortization | 200 | 688 | 1,100 | -- | 4 | 1,992 | |||||||||||||||||||
Operating income (loss) | 83 | (483 | ) | 1,558 | (4 | ) | (1,168 | ) | (14 | ) | |||||||||||||||
Interest expense, net of amounts capitalized | -- | 42 | 5 | -- | 1,478 | 1,525 | |||||||||||||||||||
Net income (loss) | 81 | (516 | ) | 1,334 | (4 | ) | (2,650 | ) | (1,755 | ) | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Casino/Resort Operations | |||||||||||||||||||||||||
Northern | Rising Star | Silver Slipper | Development/ | Corporate | Consolidated | ||||||||||||||||||||
Nevada | Casino Resort | Casino | Management | ||||||||||||||||||||||
Revenues, net | $ | 4,387 | $ | 13,248 | $ | 12,320 | $ | 494 | $ | -- | $ | 30,449 | |||||||||||||
Selling, general and administrative | 1,448 | 4,387 | 4,126 | -- | 1,172 | 11,133 | |||||||||||||||||||
Depreciation and amortization | 217 | 847 | 1,386 | -- | 5 | 2,455 | |||||||||||||||||||
Operating income (loss) | 148 | (250 | ) | 750 | 438 | (1,177 | ) | (91 | ) | ||||||||||||||||
Interest expense, net of amounts capitalized | -- | 48 | -- | -- | 1,469 | 1,517 | |||||||||||||||||||
Net income (loss) | 97 | (248 | ) | 495 | 320 | (1,746 | ) | (1,082 | ) | ||||||||||||||||
Selected balance sheet data as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Casino/Resort Operations | |||||||||||||||||||||||||
Northern | Rising Star | Silver Slipper | Development/ | Corporate | Consolidated | ||||||||||||||||||||
Nevada | Casino Resort | Casino | Management | ||||||||||||||||||||||
Total assets | $ | 10,767 | $ | 38,083 | $ | 80,698 | $ | -- | $ | 9,882 | $ | 139,430 | |||||||||||||
Property, equipment and capital lease, net | 6,483 | 33,129 | 58,498 | -- | 31 | 98,141 | |||||||||||||||||||
Goodwill | 1,809 | -- | 14,671 | -- | -- | 16,480 | |||||||||||||||||||
Liabilities | 1,662 | 11,604 | 4,105 | -- | 66,280 | 83,651 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Casino/Resort Operations | |||||||||||||||||||||||||
Northern | Rising Star | Silver Slipper | Development/ | Corporate | Consolidated | ||||||||||||||||||||
Nevada | Casino Resort | Casino | Management | ||||||||||||||||||||||
Total assets | $ | 12,471 | $ | 39,101 | $ | 76,898 | $ | -- | $ | 12,474 | $ | 140,944 | |||||||||||||
Property, equipment and capital lease, net | 6,656 | 33,801 | 54,548 | -- | 35 | 95,040 | |||||||||||||||||||
Goodwill | 1,809 | -- | 14,671 | -- | -- | 16,480 | |||||||||||||||||||
Liabilities | 1,970 | 11,543 | 4,182 | -- | 65,752 | 83,447 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | 13 | SUBSEQUENT EVENTS |
Indiana Department of Revenue (IDOR). In April 2015, we agreed to withdrawal our formal protest with the IDOR and accept the IDOR’s revised audit findings and proposed assessment relating to unpaid sales and use taxes for periods prior to 2013. The assessment payment totaled $237,000, including interest and penalties, and was remitted in April 2015. | ||
Revolving Loan. On April 1, 2015 we borrowed $2.0 million under our $5.0 million Revolving Loan under the First Lien Credit Facility. | ||
Equity Incentive Plan. On March 31, 2015, our Board adopted the Full House Resorts, Inc. 2015 Equity Incentive Plan (the “2015 Plan”), subject to and effective upon stockholder approval. On May 5, 2015, the 2015 Plan became effective and the 2006 Plan was terminated. The 2015 Plan includes shares reserved for issuance of up to 1,400,000 new shares to directors, employees and consultants, and 1,243,834 shares issuable in respect to non-qualified stock options granted to Mr. Lee and to Mr. Fanger in connection with their employment. The 2015 Plan includes a variety of forms of awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents and performance-based compensation. |
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. As permitted by the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the Company’s 2014 annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. |
The interim consolidated financial statements of the Company and its subsidiaries included herein reflect all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. | |
The consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. Certain minor reclassifications have been made to prior-period amounts to conform to the current period presentation. These reclassifications had no effect on the previously reported net loss. | |
Preopening expenses | Preopening expenses. Preopening expenses are expensed as incurred and include payroll, outside services, advertising, and other expenses related to new or start-up operations. |
Recently issued accounting standards | Recently issued accounting standards. Recently issued authoritative standards issued after January 1, 2015 have been reviewed. The new guidance currently is not expected to have a material impact on our financial statements. |
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of property and equipment | 31-Mar-15 | 31-Dec-14 | |||||||
(Unaudited) | |||||||||
Land and improvements | $ | 11,670 | $ | 11,670 | |||||
Buildings and improvements | 73,997 | 73,997 | |||||||
Furniture and equipment | 28,097 | 27,951 | |||||||
Construction in progress | 15,712 | 11,264 | |||||||
129,476 | 124,882 | ||||||||
Less accumulated depreciation | (31,335 | ) | (29,842 | ) | |||||
$ | 98,141 | $ | 95,040 |
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accrued Liabilities, Current [Abstract] | |||||||||
Schedule of other accrued expenses | March 31, 2015 (Unaudited) | 31-Dec-14 | |||||||
Real estate and personal property taxes | $ | 979 | $ | 1,172 | |||||
Gaming taxes | 206 | 294 | |||||||
Other taxes | 468 | 495 | |||||||
Gaming related accruals | 400 | 490 | |||||||
Other | 842 | 1,253 | |||||||
$ | 2,895 | $ | 3,704 |
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Long-Term Debt [Abstract] | |||||||||||||
Schedule of long-term debt, net of current portion | 31-Mar-15 | 31-Dec-14 | |||||||||||
(Unaudited) | |||||||||||||
Long-term debt, net of current portion: | |||||||||||||
First Term Loan, maturing June 29, 2016, quarterly payments of $0.25 million beginning June 1, 2015; quarterly payments of $1.25 million beginning October 1, 2015; interest payable monthly at a variable rate which averaged 4.75% for both periods presented | $ | 43,092 | $ | 38,631 | |||||||||
Revolving Loan, maturing June 29, 2016, interest payable monthly at a variable rate which averaged 4.75% for both periods presented | -- | 2,000 | |||||||||||
Second Term Loan, maturing April 1, 2017, interest payable monthly at 14.25% per annum (13.25% prior to July 18, 2014) | 20,000 | 20,000 | |||||||||||
Less current portion | (3,059 | ) | (1,337 | ) | |||||||||
$ | 60,033 | $ | 59,294 | ||||||||||
Schedule of first and second lien leverage ratio and fixed charge coverage ratio | First Lien Credit Facility | ||||||||||||
Maximum | Maximum | Minimum | |||||||||||
Total Leverage | First Lien Leverage Ratio | Fixed Charge Coverage Ratio | |||||||||||
Applicable Period | Ratio | ||||||||||||
June 30, 2014 through and including September 29, 2014 | 4.75 | x | 3.5 | x | 1.1 | x | |||||||
September 30, 2014 through and including December 30, 2014 | 5.5 | x | 3.5 | x | 1.1 | x | |||||||
December 31, 2014 through and including June 29, 2015 | 5.5 | x | 4 | x | 1.1 | x | |||||||
June 30, 2015 through and including September 29, 2015 | 4.75 | x | 3.5 | x | 1.1 | x | |||||||
September 30, 2015 through and including December 30, 2015 | 4.5 | x | 3.25 | x | 1.1 | x | |||||||
December 31, 2015 through and including March 30, 2016 | 4.25 | x | 3 | x | 1.1 | x | |||||||
March 31, 2016 and thereafter | 4.25 | x | 3 | x | 1.1 | x | |||||||
Second Lien Credit Facility | |||||||||||||
Maximum | Maximum | Minimum | |||||||||||
Total Leverage | First Lien Leverage Ratio | Fixed Charge Coverage Ratio | |||||||||||
Applicable Period | Ratio | ||||||||||||
June 30, 2014 through and including September 29, 2014 | 5 | x | 3.75 | x | 1 | x | |||||||
September 30, 2014 through and including December 30, 2014 | 5.75 | x | 3.75 | x | 1 | x | |||||||
December 31, 2014 through and including March 30, 2015 | 5.75 | x | 4.25 | x | 1 | x | |||||||
March 31, 2015 through and including June 29, 2015 | 5.75 | x | 4.25 | x | 1 | x | |||||||
June 30, 2015 through and including September 29, 2015 | 5 | x | 3.75 | x | 1 | x | |||||||
September 30, 2015 through and including December 30, 2015 | 4.75 | x | 3.5 | x | 1 | x | |||||||
December 31, 2015 through and including March 30, 2016 | 4.5 | x | 3.25 | x | 1 | x | |||||||
March 31, 2016 and thereafter | 4.5 | x | 3.25 | x | 1 | x |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | ||
Mar. 31, 2015 | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Schedule of operating leases | Leased Property | Term / Expiration | |
Grand Lodge Casino facility | 7 years/August 2018 | ||
Land lease of Silver Slipper Casino site | 54 years/April 2058 |
SHAREBASED_COMPENSATION_PLANS_
SHARE-BASED COMPENSATION PLANS (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Share-Based Compensation [Abstract] | |||||||||
Schedule of common stock options | Number | Weighted | |||||||
of Stock | Average | ||||||||
Options | Exercise Price | ||||||||
Options outstanding at January 1, 2015 | 943,834 | $ | 1.25 | ||||||
Granted | 300,000 | $ | 1.37 | ||||||
Exercised | -- | -- | |||||||
Canceled/Forfeited | -- | -- | |||||||
Options outstanding at March 31, 2015 | 1,243,834 | $ | 1.28 | ||||||
Options exercisable at March 31, 2015 | -- | $ | 1.28 | ||||||
Schedule of option valuation assumptions | Vesting commencement date: | 30-Jan-16 | |||||||
Expected volatility: | 60% | ||||||||
Expected dividend yield: | 0% | ||||||||
Expected life (in years): | 3 years | ||||||||
Weighted average risk free rate: | 0.88% |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of selected statement of operations data | Three Months Ended | ||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Casino/Resort Operations | |||||||||||||||||||||||||
Northern | Rising Star | Silver Slipper | Development/ | Corporate | Consolidated | ||||||||||||||||||||
Nevada | Casino Resort | Casino | Management | ||||||||||||||||||||||
Revenues, net | $ | 4,245 | $ | 11,115 | $ | 13,724 | $ | -- | $ | -- | $ | 29,084 | |||||||||||||
Selling, general and administrative | 1,501 | 3,896 | 4,283 | -- | 1,164 | 10,844 | |||||||||||||||||||
Depreciation and amortization | 200 | 688 | 1,100 | -- | 4 | 1,992 | |||||||||||||||||||
Operating income (loss) | 83 | (483 | ) | 1,558 | (4 | ) | (1,168 | ) | (14 | ) | |||||||||||||||
Interest expense, net of amounts capitalized | -- | 42 | 5 | -- | 1,478 | 1,525 | |||||||||||||||||||
Net income (loss) | 81 | (516 | ) | 1,334 | (4 | ) | (2,650 | ) | (1,755 | ) | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Casino/Resort Operations | |||||||||||||||||||||||||
Northern | Rising Star | Silver Slipper | Development/ | Corporate | Consolidated | ||||||||||||||||||||
Nevada | Casino Resort | Casino | Management | ||||||||||||||||||||||
Revenues, net | $ | 4,387 | $ | 13,248 | $ | 12,320 | $ | 494 | $ | -- | $ | 30,449 | |||||||||||||
Selling, general and administrative | 1,448 | 4,387 | 4,126 | -- | 1,172 | 11,133 | |||||||||||||||||||
Depreciation and amortization | 217 | 847 | 1,386 | -- | 5 | 2,455 | |||||||||||||||||||
Operating income (loss) | 148 | (250 | ) | 750 | 438 | (1,177 | ) | (91 | ) | ||||||||||||||||
Interest expense, net of amounts capitalized | -- | 48 | -- | -- | 1,469 | 1,517 | |||||||||||||||||||
Net income (loss) | 97 | (248 | ) | 495 | 320 | (1,746 | ) | (1,082 | ) | ||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Casino/Resort Operations | |||||||||||||||||||||||||
Northern | Rising Star | Silver Slipper | Development/ | Corporate | Consolidated | ||||||||||||||||||||
Nevada | Casino Resort | Casino | Management | ||||||||||||||||||||||
Total assets | $ | 10,767 | $ | 38,083 | $ | 80,698 | $ | -- | $ | 9,882 | $ | 139,430 | |||||||||||||
Property, equipment and capital lease, net | 6,483 | 33,129 | 58,498 | -- | 31 | 98,141 | |||||||||||||||||||
Goodwill | 1,809 | -- | 14,671 | -- | -- | 16,480 | |||||||||||||||||||
Liabilities | 1,662 | 11,604 | 4,105 | -- | 66,280 | 83,651 | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Casino/Resort Operations | |||||||||||||||||||||||||
Northern | Rising Star | Silver Slipper | Development/ | Corporate | Consolidated | ||||||||||||||||||||
Nevada | Casino Resort | Casino | Management | ||||||||||||||||||||||
Total assets | $ | 12,471 | $ | 39,101 | $ | 76,898 | $ | -- | $ | 12,474 | $ | 140,944 | |||||||||||||
Property, equipment and capital lease, net | 6,656 | 33,801 | 54,548 | -- | 35 | 95,040 | |||||||||||||||||||
Goodwill | 1,809 | -- | 14,671 | -- | -- | 16,480 | |||||||||||||||||||
Liabilities | 1,970 | 11,543 | 4,182 | -- | 65,752 | 83,447 |
INCOME_TAX_RECEIVABLE_Detail_T
INCOME TAX RECEIVABLE (Detail Textuals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Receivable [Abstract] | ||
Refund related to tax losses incurred | ($3,095) | ($1,915) |
PROPERTY_AND_EQUIPMENT_Propert
PROPERTY AND EQUIPMENT - Property and equipment (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $129,476 | $124,882 |
Less accumulated depreciation | -31,335 | -29,842 |
Property and equipment, net of accumulated depreciation | 98,141 | 95,040 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 11,670 | 11,670 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 73,997 | 73,997 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 28,097 | 27,951 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $15,712 | $11,264 |
PROPERTY_AND_EQUIPMENT_Detail_
PROPERTY AND EQUIPMENT (Detail Textuals) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Capitalized interest | $0.20 | $0.08 | |
Construction in progress | Silver Slipper Casino | |||
Property, Plant and Equipment [Line Items] | |||
Capitalized interest | $0.60 | $0.40 |
ACCRUED_LIABILITIES_Details
ACCRUED LIABILITIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Real estate and personal property taxes | $979 | $1,172 |
Gaming taxes | 206 | 294 |
Other taxes | 468 | 495 |
Gaming related accruals | 400 | 490 |
Other | 842 | 1,253 |
Accrued liabilities Total | $2,895 | $3,704 |
GOODWILL_OTHER_INTANGIBLES_Cur
GOODWILL & OTHER INTANGIBLES - Current & Future Amortization (Detail Textuals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense of Intangible Assets | $900,000 | $1,000,000 |
Amortization of loan fees | $404,000 | $370,000 |
CAPITAL_LEASE_Detail_Textuals
CAPITAL LEASE (Detail Textuals) (Rising Sun/Ohio County First, Inc, Rising Star Casino Resort, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Capital Leased Assets [Line Items] | |
Monthly payment per month | $77,537 |
Term of agreement | 10 years |
Option price at lease maturity | 1 |
Project's actual cost | $7,700,000 |
Minimum | |
Capital Leased Assets [Line Items] | |
Annual interest rate | 2.50% |
Maximum | |
Capital Leased Assets [Line Items] | |
Annual interest rate | 4.50% |
LONGTERM_DEBT_Details
LONG-TERM DEBT (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Less current portion | ($3,059) | ($1,337) |
Long-term debt, net of current portion | 60,033 | 59,294 |
Term loan agreement maturing on June 29, 2016 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 43,092 | 38,631 |
Revolving Loan, maturing June 29, 2016 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 2,000 | |
Second Term Loan, maturing April 1, 2017 | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $20,000 | $20,000 |
LONGTERM_DEBT_Parentheticals_D
LONG-TERM DEBT (Parentheticals) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Jul. 17, 2014 |
Term loan agreement maturing on June 29, 2016 | |||
Debt Instrument [Line Items] | |||
Long-term debt, frequency of periodic payment | monthly | monthly | |
Interest rate during quarter and year end | 4.75% | 4.75% | |
Term loan agreement maturing on June 29, 2016 | Debt instrument beginning June 1, 2015 | |||
Debt Instrument [Line Items] | |||
Long-term debt, periodic payment | 0.25 | 0.25 | |
Term loan agreement maturing on June 29, 2016 | Debt Instrument beginning October 1, 2015 | |||
Debt Instrument [Line Items] | |||
Long-term debt, periodic payment | 1.25 | 1.25 | |
Revolving Loan, maturing June 29, 2016 | |||
Debt Instrument [Line Items] | |||
Long-term debt, frequency of periodic payment | monthly | monthly | |
Interest rate during quarter and year end | 4.75% | 4.75% | |
Second Term Loan, maturing April 1, 2017 | |||
Debt Instrument [Line Items] | |||
Long-term debt, frequency of periodic payment | monthly | monthly | |
Fixed rate percentage | 14.25% | 13.25% |
LONGTERM_DEBT_Details_1
LONG-TERM DEBT (Details 1) | 3 Months Ended |
Mar. 31, 2015 | |
First Lien Credit Agreement | Minimum | June 30, 2014 through and including September 29, 2014 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.10x |
First Lien Credit Agreement | Minimum | September 30, 2014 through and including December 30, 2014 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.10 x |
First Lien Credit Agreement | Minimum | December 31, 2014 through and including June 29, 2015 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.10x |
First Lien Credit Agreement | Minimum | June 30, 2015 through and including September 29, 2015 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.10x |
First Lien Credit Agreement | Minimum | September 30, 2015 through and including December 30, 2015 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.10x |
First Lien Credit Agreement | Minimum | December 31, 2015 through and including March 30, 2016 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.10x |
First Lien Credit Agreement | Minimum | March 31, 2016 and thereafter | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.10x |
First Lien Credit Agreement | Maximum | June 30, 2014 through and including September 29, 2014 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 4.75x |
First lien leverage ratio | 3.50x |
First Lien Credit Agreement | Maximum | September 30, 2014 through and including December 30, 2014 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 5.50x |
First lien leverage ratio | 3.50x |
First Lien Credit Agreement | Maximum | December 31, 2014 through and including June 29, 2015 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 5.50x |
First lien leverage ratio | 4.00x |
First Lien Credit Agreement | Maximum | June 30, 2015 through and including September 29, 2015 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 4.75x |
First lien leverage ratio | 3.50x |
First Lien Credit Agreement | Maximum | September 30, 2015 through and including December 30, 2015 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 4.50x |
First lien leverage ratio | 3.25x |
First Lien Credit Agreement | Maximum | December 31, 2015 through and including March 30, 2016 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 4.25x |
First lien leverage ratio | 3.00x |
Fixed charge coverage ratios | 1.10x |
First Lien Credit Agreement | Maximum | March 31, 2016 and thereafter | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 4.25x |
First lien leverage ratio | 3.00x |
Second Lien Credit Agreement | Minimum | June 30, 2014 through and including September 29, 2014 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.00x |
Second Lien Credit Agreement | Minimum | September 30, 2014 through and including December 30, 2014 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.00x |
Second Lien Credit Agreement | Minimum | December 31, 2014 through and including March 30, 2015 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.00x |
Second Lien Credit Agreement | Minimum | March 31, 2015 through and including June 29, 2015 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.00x |
Second Lien Credit Agreement | Minimum | June 30, 2015 through and including September 29, 2015 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.00x |
Second Lien Credit Agreement | Minimum | September 30, 2015 through and including December 30, 2015 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.00x |
Second Lien Credit Agreement | Minimum | December 31, 2015 through and including March 30, 2016 | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.00x |
Second Lien Credit Agreement | Minimum | March 31, 2016 and thereafter | |
Line Of Credit Facility [Line Items] | |
Fixed charge coverage ratios | 1.00x |
Second Lien Credit Agreement | Maximum | June 30, 2014 through and including September 29, 2014 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 5.00x |
First lien leverage ratio | 3.75x |
Second Lien Credit Agreement | Maximum | September 30, 2014 through and including December 30, 2014 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 5.75x |
First lien leverage ratio | 3.75x |
Second Lien Credit Agreement | Maximum | December 31, 2014 through and including March 30, 2015 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 5.75x |
First lien leverage ratio | 4.25x |
Second Lien Credit Agreement | Maximum | March 31, 2015 through and including June 29, 2015 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 5.75x |
First lien leverage ratio | 4.25x |
Second Lien Credit Agreement | Maximum | June 30, 2015 through and including September 29, 2015 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 5.00x |
First lien leverage ratio | 3.75x |
Second Lien Credit Agreement | Maximum | September 30, 2015 through and including December 30, 2015 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 4.75x |
First lien leverage ratio | 3.50x |
Second Lien Credit Agreement | Maximum | December 31, 2015 through and including March 30, 2016 | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 4.50x |
First lien leverage ratio | 3.25x |
Second Lien Credit Agreement | Maximum | March 31, 2016 and thereafter | |
Line Of Credit Facility [Line Items] | |
Total leverage ratio | 4.50x |
First lien leverage ratio | 3.25x |
LONGTERM_DEBT_First_and_Second
LONG-TERM DEBT - First and Second Lien Credit Agreements (Detail Textuals) (First Lien Credit Agreement, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Line Of Credit Facility [Line Items] | |
Interest rate description | We have elected to pay interest on the First Lien Credit Facility based on the greater of the elected London Interbank Offered Rate ("LIBOR") rate or 1.0%, plus a margin rate. |
Interest rate during period | 4.75% |
Minimum interest rate prior to adding the margin | 1.00% |
Applicable margin rate | 3.75% |
Term Loan | |
Line Of Credit Facility [Line Items] | |
Credit facility, borrowed amount | 5.6 |
Maximum borrowing capacity | 10 |
Amount of revolving loan remains undrawn and available | 4.4 |
Revolving Credit Facility | |
Line Of Credit Facility [Line Items] | |
Repayment of outstanding line of credit | 2 |
Maximum borrowing capacity | 5 |
INCOME_TAXES_Detail_Textuals
INCOME TAXES (Detail Textuals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate for continuing operations | -14.90% | 32.70% |
Income tax expense (benefit) | $228 | ($526) |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES - Summary of operating leases (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Grand Lodge Casino facility | |
Commitments and Contingencies [Line Items] | |
Term | 7 years |
Expiration | Aug-18 |
Land lease of Silver Slipper Casino site | |
Commitments and Contingencies [Line Items] | |
Term | 54 years |
Expiration | Apr-58 |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Detail Textuals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent expenses of operating lease | $900,000 | $900,000 |
Land Lease Agreement | Silver Slipper Casino Venture, LLC | ||
Commitments and Contingencies [Line Items] | ||
Lease includes base monthly payments | 77,500 | |
Percentage of gross gaming revenue | 3.00% | |
Gross gaming revenue in excess of | 3,650,000 | |
Option to purchase four acre portion of leased land | 2,000,000 | |
Purchase price of "Purchase Option" of land leases | 15,500,000 | |
Purchase price of land if four acre parcel previously purchased | 13,500,000 | |
Retained interest in percentages of net income | 3.00% | |
Description related land leases | The land lease includes an exclusive option to purchase the leased land ("Purchase Option") after February 26, 2019 through October 1, 2027, as well as an option to purchase only a four-acre portion of the leased land for $2.0 million, which may be exercised at any time in conjunction with the development of a hotel. If there is no change in ownership, the purchase price of the leased land will be $15.5 million ($13.5 million if the four-acre parcel has been previously purchased) plus a retained interest in Silver Slipper Casino operations of 3% of net income as defined. In the event that we sell or transfer substantially all of the assets of our ownership in Silver Slipper Casino, then the purchase price will increase to $17.1 million. | |
Purchase options condition | If there is no change in ownership, the purchase price of the leased land will be $15.5 million ($13.5 million if the four-acre parcel has been previously purchased) plus a retained interest in Silver Slipper Casino operations of 3% of net income as defined. In the event that we sell or transfer substantially all of the assets of our ownership in Silver Slipper Casino, then the purchase price will increase to $17.1 million. | |
New purchase price if change in ownership of Silver Slipper | $17,100,000 | |
Land Lease Agreement | Silver Slipper Casino Venture, LLC | Protected Marshland | ||
Commitments and Contingencies [Line Items] | ||
Area of land of Parcel Purchase Option | 31 | |
Land Lease Agreement | Silver Slipper Casino Venture, LLC | Casino parcel | ||
Commitments and Contingencies [Line Items] | ||
Area of land of Parcel Purchase Option | 7 |
COMMITMENTS_AND_CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Detail Textuals 1) (USD $) | 7 Months Ended | ||
In Millions, unless otherwise specified | Aug. 26, 2013 | Mar. 31, 2015 | Feb. 26, 2013 |
Commitments and Contingencies [Line Items] | |||
Proposed assessment including interest and penalties | $1.60 | ||
Construction Agreement | Silver Slipper Casino | |||
Commitments and Contingencies [Line Items] | |||
Construction cost funded | 8.5 | ||
Anticipated additional funding in cash | 1.6 | ||
Construction Agreement | Term Loan | Silver Slipper Casino | |||
Commitments and Contingencies [Line Items] | |||
Aggregate construction cost inclusive of capitalized interest | 20 | ||
First Lien Credit Agreement | Term Loan | Silver Slipper Casino | |||
Commitments and Contingencies [Line Items] | |||
Credit facility undrawn and available to fund portion of construction of Silver Slipper property | $10 |
SHAREBASED_BENEFIT_PLANS_Summa
SHARE-BASED BENEFIT PLANS - Summarizes information related to our common stock options (Details) (Stock options, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock options | |
Number of Stock Options | |
Options outstanding at January 1, 2015 | 943,834 |
Granted | 300,000 |
Exercised | |
Canceled/Forfeited | |
Options outstanding at March 31, 2015 | 1,243,834 |
Options exercisable at March 31, 2015 | |
Weighted Average Exercise Price | |
Options outstanding at January 1, 2015 | $1.25 |
Granted | $1.37 |
Exercised | |
Canceled/Forfeited | |
Options outstanding at March 31, 2015 | $1.28 |
Options exercisable at March 31, 2015 | $1.28 |
SHAREBASED_BENEFIT_PLANS_Optio
SHARE-BASED BENEFIT PLANS - Option valuation assumptions for options granted (Details 1) (Stock options, Mr. Fanger's) | 3 Months Ended |
Mar. 31, 2015 | |
Stock options | Mr. Fanger's | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting commencement date | 30-Jun-16 |
Expected volatility | 60.00% |
Expected dividend yield | 0.00% |
Expected life (in years) | 3 years |
Weighted average risk free rate | 0.88% |
SHAREBASED_BENEFIT_PLANS_Detai
SHARE-BASED BENEFIT PLANS (Detail Textuals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense included in selling, general and administrative expense | $37,000 | $78,000 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost | $600,000 | |
Weighted-average period of unrecognized compensation cost expected to be recognized | 3 years 9 months 18 days |
SHAREBASED_BENEFIT_PLANS_Detai1
SHARE-BASED BENEFIT PLANS (Detail Textuals 1) (Nonqualified stock options, USD $) | 3 Months Ended | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Jan. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock options granted | 300,000 | |
Exercise price | $1.37 | |
Aggregate intrinsic value of options outstanding | $0.30 | |
Employment Agreement | Mr. Fanger's | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock options granted | 300,000 | |
Exercise price | $1.37 | |
Vesting percentage of stock options | 25.00% | |
Vesting date of stock options | 30-Jan-16 | |
Description of award vesting rights | continue to vest with respect to an additional 1/48th of the shares on each monthly anniversary thereafter, subject to Mr. Fanger's continued service through the applicable vesting date. |
SHAREBASED_BENEFIT_PLANS_Detai2
SHARE-BASED BENEFIT PLANS (Detail Textuals 2) (Restricted Stock, Amended and Restated 2006 Incentive Compensation Plan (the "2006 Plan")) | Mar. 31, 2015 |
Restricted Stock | Amended and Restated 2006 Incentive Compensation Plan (the "2006 Plan") | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock available for future issuance | 11,000 |
SEGMENT_REPORTING_Selected_sta
SEGMENT REPORTING - Selected statement of operations data (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenues, net | $29,084 | $30,449 |
Selling, general and administrative | 10,844 | 11,133 |
Depreciation and amortization | 1,992 | 2,455 |
Operating income (loss) | -14 | -91 |
Interest expense, net of amounts capitalized | 1,525 | 1,517 |
Net income (loss) | -1,755 | -1,082 |
Casino/Resort Operations | Rising Star Casino Resort | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 11,115 | 13,248 |
Selling, general and administrative | 3,896 | 4,387 |
Depreciation and amortization | 688 | 847 |
Operating income (loss) | -483 | -250 |
Interest expense, net of amounts capitalized | 42 | 48 |
Net income (loss) | -516 | -248 |
Casino/Resort Operations | Silver Slipper Casino | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 13,724 | 12,320 |
Selling, general and administrative | 4,283 | 4,126 |
Depreciation and amortization | 1,100 | 1,386 |
Operating income (loss) | 1,558 | 750 |
Interest expense, net of amounts capitalized | 5 | |
Net income (loss) | 1,334 | 495 |
Casino/Resort Operations | Northern Nevada | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 4,245 | 4,387 |
Selling, general and administrative | 1,501 | 1,448 |
Depreciation and amortization | 200 | 217 |
Operating income (loss) | 83 | 148 |
Interest expense, net of amounts capitalized | ||
Net income (loss) | 81 | 97 |
Development / Management | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 494 | |
Selling, general and administrative | ||
Depreciation and amortization | ||
Operating income (loss) | -4 | 438 |
Interest expense, net of amounts capitalized | ||
Net income (loss) | -4 | 320 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | ||
Selling, general and administrative | 1,164 | 1,172 |
Depreciation and amortization | 4 | 5 |
Operating income (loss) | -1,168 | -1,177 |
Interest expense, net of amounts capitalized | 1,478 | 1,469 |
Net income (loss) | ($2,650) | ($1,746) |
SEGMENT_REPORTING_Selected_bal
SEGMENT REPORTING - Selected balance sheet data (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Total assets | $139,430 | $140,944 |
Property, equipment and capital lease, net | 98,141 | 95,040 |
Goodwill | 16,480 | 16,480 |
Liabilities | 83,651 | 83,447 |
Casino/Resort Operations | Rising Star Casino Resort | ||
Segment Reporting Information [Line Items] | ||
Total assets | 38,083 | 39,101 |
Property, equipment and capital lease, net | 33,129 | 33,801 |
Goodwill | ||
Liabilities | 11,604 | 11,543 |
Casino/Resort Operations | Silver Slipper Casino | ||
Segment Reporting Information [Line Items] | ||
Total assets | 80,698 | 76,898 |
Property, equipment and capital lease, net | 58,498 | 54,548 |
Goodwill | 14,671 | 14,671 |
Liabilities | 4,105 | 4,182 |
Casino/Resort Operations | Northern Nevada | ||
Segment Reporting Information [Line Items] | ||
Total assets | 10,767 | 12,471 |
Property, equipment and capital lease, net | 6,483 | 6,656 |
Goodwill | 1,809 | 1,809 |
Liabilities | 1,662 | 1,970 |
Development / Management | ||
Segment Reporting Information [Line Items] | ||
Total assets | ||
Property, equipment and capital lease, net | ||
Goodwill | ||
Liabilities | ||
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | 9,882 | 12,474 |
Property, equipment and capital lease, net | 31 | 35 |
Goodwill | ||
Liabilities | $66,280 | $65,752 |
SUBSEQUENT_EVENTS_Detail_Textu
SUBSEQUENT EVENTS (Detail Textuals) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Apr. 01, 2015 | 5-May-15 | |
Nonqualified stock options | |||
Subsequent Event [Line Items] | |||
Shares issuable in respect to non-qualified stock options granted | 300,000 | ||
First Lien Credit Facility | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Maximum borrowing capacity of first lien credit facility | 5,000,000 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Assessment payment including interest and penalties | 237,000 | ||
Subsequent Event | 2015 Equity Incentive Plan | Directors, employees and consultants | |||
Subsequent Event [Line Items] | |||
Shares reserved for issuance | 1,400,000 | ||
Shares issuable in respect to non-qualified stock options granted | 1,243,834 | ||
Subsequent Event | First Lien Credit Facility | Revolving Credit Facility | |||
Subsequent Event [Line Items] | |||
Amount borrowed under first lien credit facility | 2,000,000 | ||
Maximum borrowing capacity of first lien credit facility | $5,000,000 |