Exhibit 99.1
FOR THE PERIOD BEGINNING 5/1/2007 AND ENDING 5/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
(Debtor-in-Possession)
CONSOLIDATED BALANCE SHEETS
AS OF MAY 27,2007
(UNAUDITED)
ASSETS
May 27, 2007
----------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 973,612
Accounts Receivable 344,216
Prepaid Expenses 1,939,285
Other Current Assets 207,501
Assets of Discontinued Operations 436
----------------
TOTAL CURRENT ASSETS 3,465,050
----------------
VESSELS & EQUIPMENT
Vessel - Palm Beach Princess - under Capital Lease 17,500,000
Equipment 4,049,631
Leasehold Improvements 921,899
Vessel - Big Easy - under Capital Lease - Not in Service 20,305,348
Vessel - Royal Star - Not Placed in Service 3,054,735
----------------
45,831,613
LESS: Accumulated Depreciation and Amortization 7,425,005
----------------
TOTAL VESSELS & EQUIPMENT - NET 38,406,608
----------------
OTHER ASSETS:
Notes Receivable 5,300,000
Vessel Deposits - Related Parties 9,733,136
Deposits and Other Assets - Related Parties 2,998,394
Deposits and Other Assets - Non-Related Parties 1,019,036
Spare Parts Inventory 1,022,848
----------------
TOTAL OTHER ASSETS 20,073,414
----------------
TOTAL ASSETS $ 61,945,072
================
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 5/1/2007 AND ENDING 5/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
(Debtor-in-Possession)
CONSOLIDATED BALANCE SHEETS
AS OF MAY 27,2007
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
May 27, 2007
---------------
CURRENT LIABILITIES:
Accounts Payable $ 449,360
Accrued Expenses 1,548,608
Liabilities of Discontinued Operations 419,400
---------------
TOTAL CURRENT LIABILITIES 2,417,368
---------------
LIABILITIES SUBJECT TO COMPROMISE: 61,352,011
---------------
---------------
TOTAL LIABILITIES 63,769,379
---------------
DEFERRED INCOME 1,457,867
COMMITMENTS AND CONTINGENCIES -
STOCKHOLDERS' EQUITY:
Series A Preferred Stock $100.00 Par Value 36,284,375
Series B Preferred Stock $10.00 Par Value 5,000,000
Common Stock $2.00 Par Value 24,565,125
Capital in Excess of Par 24,232,083
Retained Earnings (Deficit) (92,906,219)
---------------
(2,824,636)
LESS:
Treasury Stock, 915,077 Shares 457,538
---------------
TOTAL STOCKHOLDERS' EQUITY (3,282,174)
---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 61,945,072
===============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 5/1/2007 AND ENDING 5/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
(Debtor-in-Possession)
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE ONE MONTH ENDED MAY 27, 2007
(UNAUDITED)
One Month Ended
May 27, 2007
----------------
OPERATING REVENUES:
Gaming $ 1,523,543
Fare 137,295
On Board 104,451
Other 20,566
----------------
NET OPERATING REVENUES 1,785,855
----------------
OPERATING COSTS AND EXPENSES:
Gaming 762,426
Fare 218,670
On Board 66,557
Maritime & Legal Expenses 599,695
General & Administrative Expenses 223,117
General & Administrative Expenses - Parent 135,302
Ship Carrying Costs - Big Easy 178,958
Ship Carrying Costs - Royal Star 35,099
Development Costs - Other 12,356
Depreciation & Amortization 197,490
----------------
TOTAL OPERATING COSTS AND EXPENSES 2,429,669
----------------
OPERATING INCOME (LOSS) (643,815)
OTHER INCOME (EXPENSE):
Interest and Financing Expenses (836,019)
Interest Income 1,646
Bankruptcy Costs (38,750)
----------------
TOTAL OTHER INCOME (EXPENSE) (873,123)
----------------
(LOSS) BEFORE TAX PROVISION (1,516,938)
Income Tax Expense -
----------------
NET (LOSS) $ (1,516,938)
================
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE: $ (0.13)
================
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING - Basic and Diluted 11,367,487
================
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 5/1/2007 AND ENDING 5/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
(Debtor-in-Possession)
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE ONE MONTH ENDED MAY 27, 2007
(UNAUDITED)
One Month Ended
May 27, 2007
----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
(LOSS) BEFORE DISCONTINUED OPERATIONS $ (1,516,938)
Adjustments to reconcile income (loss) to net cash
(used in)provided by operating activities:
Depreciation and Amortization 197,490
Interest Added to Capital Lease Debt - PDS 551,557
Increase (Decrease) in Deferred Income (5,971)
Changes in Operating Assets and Liabilities -
(Increase) Decrease in Accounts Receivable (17,115)
(Increase) Decrease in Other Assets (57,803)
(Increase) Decrease in Prepaid Expenses (97,381)
Increase (Decrease) in Accounts Payable
and Accrued Expenses 529,300
----------------
CASH PROVIDED BY (USED IN) OPERATING (416,861)
----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures (52,564)
(Increase) Decrease in Other Investment Activity 591
(Increase) in Other Investment Activity - Related Party 14,538
----------------
NET CASH (USED IN) INVESTING ACTIVITIES (37,435)
----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances (Paid) Received (to) From Related Parties 8,404
----------------
CASH (USED IN) FINANCING ACTIVITIES 8,404
----------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (445,896)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 1,419,508
----------------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD $ 973,612
================
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 5/1/2007 AND ENDING 5/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF MAY 27, 2007
(Unaudited)
ASSETS
Bankruptcy Court Case No. 06-16441-BKC-PGH 06-16354-BKC-PGH 06-16351-BKC-PGH 06-16350-BKC-PGH
Royal Star ITG Palm
ITB, Inc. Entertainment, LLC Beach, LLC ITGV, Inc.
--------------- --------------------- ----------------- ------------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 6,823 $ 4,639 $ 18,968 $ 918,968
Accounts Receivable 1,087 (6,568) 11,421 266,871
Prepaid Expenses 226,819 165,766 247,781 1,249,856
Other Current Assets - - 8,740 198,761
Net Assets of Discontinued
Operations - Current
--------------- --------------------- ----------------- ------------------
TOTAL CURRENT ASSETS 234,729 163,837 286,910 2,634,456
--------------- --------------------- ----------------- ------------------
VESSEL, PLANT & EQUIPMENT:
Vessels - PBP & Big Easy - - 17,500,000
Leasehold Improvements -
Port of Palm Beach - - - 921,899
Ship Not Placed in Service -
Royal Star & Big Easy 3,054,735 20,305,348 -
Equipment 125,134 - 222,643 3,620,839
--------------- --------------------- ----------------- ------------------
125,134 3,054,735 20,527,991 22,042,738
LESS: Accumulated Depreciation and
Amortization 50,168 - 721,597 6,572,225
--------------- --------------------- ----------------- ------------------
TOTAL PLANT & EQUIPMENT - NET 74,966 3,054,735 19,806,394 15,470,513
--------------- --------------------- ----------------- ------------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 287,246 2,362 271,857 457,571
Vessel Deposits - Related Parties 3,244,254 - 2,488,882 4,000,000
Deposits and Other Assets -
Related Parties 176,394 - 118,000 2,021,177
Spare Parts Inventory - - - 1,022,848
Notes Receivable 2,999,342 - - -
--------------- --------------------- ----------------- ------------------
TOTAL OTHER ASSETS 6,707,236 2,362 2,878,739 7,501,596
--------------- --------------------- ----------------- ------------------
TOTAL ASSETS $ 7,016,931 $ 3,220,934 $ 22,972,043 $ 25,606,565
=============== ===================== ================= ==================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
--------------- ---------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 6,356 $ -
Accounts Receivable (2,676) -
Prepaid Expenses - -
Other Current Assets - -
Net Assets of Discontinued
Operations - Current
--------------- ---------------
TOTAL CURRENT ASSETS 3,680 -
--------------- ---------------
VESSEL, PLANT & EQUIPMENT:
Vessels - PBP & Big Easy
Leasehold Improvements -
Port of Palm Beach - -
Ship Not Placed in Service -
Royal Star & Big Easy
Equipment 81,015 -
--------------- ---------------
81,015 -
LESS: Accumulated Depreciation and
Amortization 81,015 -
--------------- ---------------
TOTAL PLANT & EQUIPMENT - NET - -
--------------- ---------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related - -
Vessel Deposits - Related Parties - -
Deposits and Other Assets -
Related Parties 314,126 -
Spare Parts Inventory - -
Notes Receivable - 2,300,658
--------------- ---------------
TOTAL OTHER ASSETS 314,126 2,300,658
--------------- ---------------
TOTAL ASSETS $ 317,806 $ 2,300,658
=============== ===============
Bankruptcy Court Case No. Non-Bankrupt Companies
----------------------
GMO Travel ITB Racing ITB Mgmt RACE TRACK RACE TRACK MGMT INC TOTAL
---------- --------- --------- ----------- ---------- --------- ----------
CURRENT ASSETS:
Cash and Cash Equivalents $ 17,687 $ (634) $ 805 $ - $ - $ - $ 973,612
Accounts Receivable 74,081 - - - - - 344,216
Prepaid Expenses 49,063 - - - - - 1,939,285
Other Current Assets - - - - - - 207,501
Net Assets of Discontinued
Operations - Current 336 100 436
-------- --------- --------- ----------- ---------- --------- ----------
TOTAL CURRENT ASSETS 140,831 (634) 805 336 100 - 3,465,050
-------- --------- --------- ----------- ---------- --------- ----------
VESSEL, PLANT & EQUIPMENT:
Vessels - PBP & Big Easy 17,500,000
Leasehold Improvements -
Port of Palm Beach - - - - - - 921,899
Ship Not Placed in Service -
Royal Star & Big Easy 23,360,083
Equipment - - - - - - 4,049,631
-------- --------- --------- ----------- ---------- --------- ----------
- - - - - - 45,831,613
LESS: Accumulated Depreciation and
Amortization - - - - - - 7,425,005
-------- --------- --------- ----------- ---------- --------- ----------
TOTAL PLANT & EQUIPMENT - NET - - - - - - 38,406,608
-------- --------- --------- ----------- ---------- --------- ----------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related - - - - - - 1,019,036
Vessel Deposits - Related Parties - - - - - - 9,733,136
Deposits and Other Assets -
Related Parties - 368,697 - - - - 2,998,394
Spare Parts Inventory - - - - - - 1,022,848
Notes Receivable - - - - - - 5,300,000
-------- --------- --------- ----------- ---------- --------- ----------
TOTAL OTHER ASSETS - 368,697 - - - - 20,073,414
-------- --------- --------- ----------- ---------- --------- ----------
TOTAL ASSETS $ 140,831 $ 368,063 $ 805 $ 336 $ 100 $ - $61,945,072
======== ========= ========= =========== ========== ========= ==========
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 5/1/2007 AND ENDING 5/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF MAY 27, 2007
(Unaudited)
LIBILITIES AND STOCKHOLDERS' EQUITY
Bankruptcy Court Case No. 06-16441-BKC-PGH 06-16354-BKC-PGH 06-16351-BKC-PGH 06-16350-BKC-PGH
Royal Star ITG Palm
ITB, Inc. Entertainment, LLC Beach, LLC ITGV, Inc.
--------------- --------------------- ----------------- ------------------
CURRENT LIABILITIES:
Accounts Payable $ 46,840 $ 90,198 $ 11,973 $ 247,237
Accrued Expenses (13,586) 14,216 704,354 493,547
Net Liabilities of Discontinued
Operations - Current - - - -
--------------- --------------------- ----------------- ------------------
TOTAL CURRENT LIABILITIES 33,254 104,414 716,327 740,784
--------------- --------------------- ----------------- ------------------
--------------- --------------------- ----------------- ------------------
LIABILITIES SUBJECT TO COMPRIMISE: 3,364,524 4,952,883 21,228,687 28,493,086
--------------- --------------------- ----------------- ------------------
DEFERRED INCOME - - - 17,916
--------------- --------------------- ----------------- ------------------
COMMITMENTS AND CONTINGENCIES - - - -
--------------- --------------------- ----------------- ------------------
Due To/(From) Affiliates (245,135,318) 2,525,505 26,256,937 (20,579,403)
--------------- --------------------- ----------------- ------------------
STOCKHOLDERS' EQUITY:
Series A Preferred Stock
$100.00 Par Value 36,284,375 - - -
Series B Preferred Stock
$10.00 Par Value 5,000,000 - - -
Common Stock $2.00 Par Value 24,526,024 - - 1
Capital in Excess of Par 184,552,785 - - -
Retained Earnings (Deficit) (1,151,173) (4,361,869) (25,229,910) 16,934,180
--------------- --------------------- ----------------- ------------------
TOTAL 249,212,011 (4,361,869) (25,229,910) 16,934,181
--------------- --------------------- ----------------- ------------------
LESS:
Treasury Stock 457,538 - - -
--------------- --------------------- ----------------- ------------------
TOTAL STOCKHOLDERS' EQUITY 248,754,472 (4,361,869) (25,229,910) 16,934,181
--------------- --------------------- ----------------- ------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 7,016,932 $ 3,220,933 $ 22,972,041 $ 25,606,564
=============== ===================== ================= ==================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
----------------- -----------------
CURRENT LIABILITIES:
Accounts Payable $ 587 $ -
Accrued Expenses - -
Net Liabilities of Discontinued
Operations - Current - -
--------------- ---------------
TOTAL CURRENT LIABILITIES 587 -
--------------- ---------------
--------------- ---------------
LIABILITIES SUBJECT TO COMPRIMISE: 1,102,086 1,250,658
--------------- ---------------
DEFERRED INCOME - -
--------------- ---------------
COMMITMENTS AND CONTINGENCIES - -
--------------- ---------------
Due To/(From) Affiliates 4,370,001 28,818,897
--------------- ---------------
STOCKHOLDERS' EQUITY:
Series A Preferred Stock
$100.00 Par Value - -
Series B Preferred Stock
$10.00 Par Value - -
Common Stock $2.00 Par Value - -
Capital in Excess of Par - -
Retained Earnings (Deficit) (5,154,868) (27,768,897)
--------------- ---------------
TOTAL (5,154,868) (27,768,897)
--------------- ---------------
LESS:
Treasury Stock - -
--------------- ---------------
TOTAL STOCKHOLDERS' EQUITY (5,154,868) (27,768,897)
--------------- ---------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 317,806 $ 2,300,658
=============== ===============
Bankruptcy Court Case No. Non-Bankrupt Companies
----------------------
GMO Travel ITB Racing ITB Mgmt RACE TRACK RACE TRACK MGMT INC TOTAL
-------- --------- --------- ----------- ---------- --------- ------------
CURRENT LIABILITIES:
Accounts Payable $ (21,476) $ 74,001 $ - $ - $ - $ - $ 449,360
Accrued Expenses 11,371 122,655 216,053 - - - 1,548,610
Net Liabilities of Discontinued
Operations - Current - - - 208,400 211,000 - 419,400
-------- --------- --------- ------------ ---------- --------- -----------
TOTAL CURRENT LIABILITIES (10,105) 196,656 216,053 208,400 211,000 - 2,417,370
-------- --------- --------- ------------ ---------- --------- -----------
-------- --------- --------- ------------ ---------- --------- -----------
LIABILITIES SUBJECT TO COMPRIMISE: 18,164 941,923 61,352,011
-------- --------- --------- ------------ ---------- --------- -----------
DEFERRED INCOME - - - 1,439,951 - - 1,457,867
-------- --------- --------- ------------ ---------- --------- -----------
COMMITMENTS AND CONTINGENCIES - - - - - - -
-------- --------- --------- ------------ ---------- --------- -----------
Due To/(From) Affiliates 561,830 1,212,700 853,046 226,675,274 (25,440,709) (118,762) (2)
-------- --------- --------- ------------ ---------- --------- -----------
STOCKHOLDERS' EQUITY:
Series A Preferred Stock
$100.00 Par Value - - - - - - 36,284,375
Series B Preferred Stock
$10.00 Par Value - - - - - - 5,000,000
Common Stock $2.00 Par Value 200 - 12,500 1,000 25,400 - 24,565,125
Capital in Excess of Par - - (39,990) (163,295,651) 3,014,939 - 24,232,083
Retained Earnings (Deficit) (411,093) (1,059,454) (1,982,727) (65,028,639) 22,189,470 118,761 (92,906,219)
-------- --------- --------- ------------ ---------- --------- -----------
TOTAL (410,893) (1,059,454) (2,010,217) (228,323,290) 25,229,809 118,761 (2,824,636)
-------- --------- --------- ------------ ---------- --------- -----------
LESS:
Treasury Stock - - - - - - 457,538
-------- --------- --------- ------------ ---------- --------- -----------
TOTAL STOCKHOLDERS' EQUITY (410,893) (1,059,454) (2,010,217) (228,323,290) 25,229,809 118,761 (3,282,175)
-------- --------- --------- ------------ ---------- --------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 140,832 $ 368,066 $ 805 $ 335 $ 100 $ (1) $61,945,072
======== ========= ========= =========== ========== ========= ===========
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 5/1/2007 AND ENDING 5/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE ONE MONTH ENDED MAY 27, 2006
(Unaudited)
Bankruptcy Court Case No. 06-16441-BKC-PGH 06-16354-BKC-PGH 06-16351-BKC-PGH 06-16350-BKC-PGH
Royal Star ITG Palm
ITB, Inc. Entertainment, LLC Beach, LLC ITGV, Inc.
--------------- --------------------- ----------------- ------------------
OPERATING REVENUES:
Gaming $ - $ - $ - $ 1,523,543
Fare - - - 137,295
On Board - - - 104,451
Other - - - -
--------------- --------------------- ----------------- ------------------
NET OPERATING REVENUES - - - 1,765,289
--------------- --------------------- ----------------- ------------------
OPERATING COSTS AND EXPENSES:
Gaming - - - 762,426
Fare - - - 202,508
On Board - - - 66,557
Maritime & Legal Expenses - - - 599,695
G & A Expenses - Palm Beach
Princess - - - 211,886
G & A Expenses - Parent 42,077 - - (1,878)
Development Costs - 35,099 178,958 1,877
Depreciation & Amortization - - - 197,490
--------------- --------------------- ----------------- ------------------
TOTAL OPERATING COSTS AND
EXPENSES 42,077 35,099 178,958 2,040,560
--------------- --------------------- ----------------- ------------------
OPERATING INCOME (42,077) (35,099) (178,958) (275,272)
--------------- --------------------- ----------------- ------------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - (69,167) (415,830) (351,022)
ITG Vegas Bankruptcy Costs (3,750) (5,000) (5,000) (25,000)
Interest Income - - - 1,646
--------------- --------------------- ----------------- ------------------
TOTAL OTHER INCOME (EXPENSE) (3,750) (74,167) (420,830) (374,376)
--------------- --------------------- ----------------- ------------------
INCOME (LOSS) BEFORE TAX PROVISION (45,827) (109,266) (599,788) (649,648)
LESS: State Income Tax Expense - - - -
--------------- --------------------- ----------------- ------------------
NET INCOME (LOSS) $ (45,827) $ (109,266) $ (599,788) $ (649,648)
=============== ===================== ================= ==================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
----------------- -----------------
OPERATING REVENUES:
Gaming $ - $ -
Fare - -
On Board - -
Other - -
--------------- ---------------
NET OPERATING REVENUES - -
--------------- ---------------
OPERATING COSTS AND EXPENSES:
Gaming - -
Fare - -
On Board - -
Maritime & Legal Expenses - -
G & A Expenses - Palm Beach
Princess - -
G & A Expenses - Parent - -
Development Costs 10,479 -
Depreciation & Amortization - -
--------------- ---------------
TOTAL OPERATING COSTS AND
EXPENSES 10,479 -
--------------- ---------------
OPERATING INCOME (10,479) -
--------------- ---------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - -
ITG Vegas Bankruptcy Costs - -
Interest Income - -
--------------- ---------------
TOTAL OTHER INCOME (EXPENSE) - -
--------------- ---------------
INCOME (LOSS) BEFORE TAX PROVISION (10,479) -
LESS: State Income Tax Expense - -
--------------- ---------------
NET INCOME (LOSS) $ (10,479) $ -
=============== ===============
Bankruptcy Court Case No. Non-Bankrupt Companies
----------------------
GMO Travel ITB Racing ITB Mgmt RACE TRACK RACE TRACK MGMT INC TOTAL
----------- ---------- -------- ----------- ---------- --------- ----------
OPERATING REVENUES:
Gaming $ - $ - $ - $ - $ - $ - $ 1,523,543
Fare - - - - - - 137,295
On Board - - - - - - 104,451
Other 20,566 - - - - - 20,566
-------- --------- --------- ----------- ---------- --------- ----------
NET OPERATING REVENUES 20,566 - - - - - 1,785,855
-------- --------- --------- ----------- ---------- --------- ----------
OPERATING COSTS AND EXPENSES:
Gaming - - - - - - 762,426
Fare 16,162 - - - - - 218,670
On Board - - - - - - 66,557
Maritime & Legal Expenses - - - - - - 599,695
G & A Expenses - Palm Beach
Princess 11,231 - - - - - 223,117
G & A Expenses - Parent - 16 95,087 - - - 135,302
Development Costs - - - - - - 226,413
Depreciation & Amortization - - - - - - 197,490
-------- --------- --------- ----------- ---------- --------- ----------
TOTAL OPERATING COSTS AND
EXPENSES 27,393 16 95,087 - - - 2,429,669
-------- --------- --------- ----------- ---------- --------- ----------
OPERATING INCOME (6,827) (16) (95,087) - - - (643,815)
-------- --------- --------- ----------- ---------- --------- ----------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - - - - - - (836,019)
ITG Vegas Bankruptcy Costs - - - - - - (38,750)
Interest Income - - - - - - 1,646
-------- --------- --------- ----------- ---------- --------- ----------
TOTAL OTHER INCOME (EXPENSE) - - - - - - (873,123)
-------- --------- --------- ----------- ---------- --------- ----------
INCOME (LOSS) BEFORE TAX PROVISION (6,827) (16) (95,087) - - - (1,516,938)
LESS: State Income Tax Expense - - - - - - -
-------- --------- --------- ----------- ---------- --------- ----------
NET INCOME (LOSS) $ (6,827) $ (16) $ (95,087) $ - $ - $ - $(1,516,938)
======== ========= ========= =========== ========== ========= ==========
Unaudited Internally Generated Report Subject To Amending Adjustments