Exhibit 99.1
FOR THE PERIOD BEGINNING 7/1/2007 AND ENDING 7/31/2007
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 JULY 29,2007
(UNAUDITED)
ASSETS
July 29, 2007
---------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 590,101
Accounts Receivable 399,427
Prepaid Expenses 2,199,190
Other Current Assets 172,221
Assets of Discontinued Operations 435
---------------
TOTAL CURRENT ASSETS 3,361,374
---------------
VESSELS & EQUIPMENT
Vessel - Palm Beach Princess - under Capital Lease 17,500,000
Equipment 4,054,255
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
---------------
45,836,237
LESS: Accumulated Depreciation and Amortization 7,768,346
---------------
TOTAL VESSELS & EQUIPMENT - NET 38,067,891
---------------
OTHER ASSETS:
Notes Receivable 5,300,000
Vessel Deposits - Related Parties 9,733,136
Deposits and Other Assets - Related Parties 3,027,868
Deposits and Other Assets - Non-Related Parties 971,333
Spare Parts Inventory 987,225
---------------
TOTAL OTHER ASSETS 20,019,562
---------------
TOTAL ASSETS $ 61,448,827
===============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 7/1/2007 AND ENDING 7/31/2007
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 JULY 29,2007
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
July 29, 2007
-------------
CURRENT LIABILITIES:
Accounts Payable $ 1,280,945
Accrued Expenses 3,655,570
Liabilities of Discontinued Operations 420,200
-------------
TOTAL CURRENT LIABILITIES 5,356,715
-------------
LIABILITIES SUBJECT TO COMPROMISE: 62,621,405
-------------
-------------
TOTAL LIABILITIES 67,978,120
-------------
DEFERRED INCOME 1,445,923
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) (97,599,261)
-------------
(7,517,678)
LESS:
Treasury Stock, 915,077 Shares 457,538
-------------
TOTAL STOCKHOLDERS' EQUITY (7,975,216)
-------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 61,448,827
=============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 7/1/2007 AND ENDING 7/31/2007
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 JULY 29, 2007
(UNAUDITED)
One Month Ended
July 29, 2007
---------------
OPERATING REVENUES:
Gaming $ 1,596,773
Fare 130,896
On Board 117,730
Other 62,945
---------------
NET OPERATING REVENUES 1,908,343
---------------
OPERATING COSTS AND EXPENSES:
Gaming 777,204
Fare 380,696
On Board 59,052
Maritime & Legal Expenses 712,375
General & Administrative Expenses 191,608
General & Administrative Expenses - Parent 86,689
Ship Carrying Costs - Big Easy 128,781
Ship Carrying Costs - Royal Star 35,555
Development Costs - Other 4,740
Depreciation & Amortization 197,142
---------------
TOTAL OPERATING COSTS AND EXPENSES 2,573,842
---------------
OPERATING INCOME (LOSS) (665,499)
OTHER INCOME (EXPENSE):
Interest and Financing Expenses (861,759)
Interest Income 161
Bankruptcy Costs (50,000)
---------------
TOTAL OTHER INCOME (EXPENSE) (911,598)
---------------
(LOSS) BEFORE TAX PROVISION (1,577,097)
Income Tax Expense -
---------------
NET (LOSS) $ (1,577,097)
===============
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE: $ (0.14)
===============
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING - Basic and Diluted 11,367,487
===============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 7/1/2007 AND ENDING 7/31/2007
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 JULY 29, 2007
(UNAUDITED)
One Month Ended
July 29, 2007
---------------
CASH FLOWS FROM OPERATING ACTIVITIES:
(LOSS) BEFORE DISCONTINUED OPERATIONS $ (1,577,097)
Adjustments to reconcile income (loss) to net cash
(used in)provided by operating activities:
Depreciation and Amortization 197,142
Loss on Disposal of Assets 350
Interest Added to Capital Lease Debt - PDS 560,516
Increase (Decrease) in Deferred Income (5,972)
Changes in Operating Assets and Liabilities -
(Increase) Decrease in Accounts Receivable (64,035)
(Increase) Decrease in Other Assets (2,285)
(Increase) Decrease in Prepaid Expenses (87,851)
Increase (Decrease) in Accounts Payable
and Accrued Expenses 1,081,856
---------------
NET CASH PROVIDED BY (USED IN) OPERATING 102,624
---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures 37,225
(Increase) Decrease in Other Investment Activity 78,149
(Increase) in Other Investment Activity - Related Party 5,633
---------------
NET CASH (USED IN) INVESTING ACTIVITIES 121,007
---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances (Paid) Received (to) From Related Parties 22,576
---------------
NET CASH (USED IN) FINANCING ACTIVITIES 22,576
---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 246,207
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 343,895
---------------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD $ 590,101
===============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 7/1/2007 AND ENDING 7/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF JULY 29, 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 $ 21,156 $ 8,677 $ 4,706 $ 553,989
Accounts Receivable 1,105 (6,568) 37,551 267,614
Prepaid Expenses 220,602 147,759 224,506 1,557,520
Other Current Assets - - 8,740 163,481
Net Assets of Discontinued
Operations - Current
---------------- ----------------- ----------------- ----------------
TOTAL CURRENT ASSETS 242,863 149,868 275,503 2,542,604
---------------- ----------------- ----------------- ----------------
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 - 222,043 3,626,063
---------------- ----------------- ----------------- ----------------
125,134 3,054,735 20,527,391 22,047,962
LESS: Accumulated Depreciation and
Amortization 51,026 - 721,597 6,914,708
---------------- ----------------- ----------------- ----------------
TOTAL PLANT & EQUIPMENT - NET 74,108 3,054,735 19,805,794 15,133,254
---------------- ----------------- ----------------- ----------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 287,246 1,181 225,335 457,571
Vessel Deposits - Related Parties 3,244,254 - 2,488,882 4,000,000
Deposits and Other Assets -
Related Parties 178,479 - 117,500 2,006,670
Spare Parts Inventory - - - 987,225
Notes Receivable 2,999,342 - - -
---------------- ----------------- ----------------- ----------------
TOTAL OTHER ASSETS 6,709,321 1,181 2,831,717 7,451,466
---------------- ----------------- ----------------- ----------------
TOTAL ASSETS $ 7,026,292 $ 3,205,784 $ 22,913,014 $ 25,127,324
================ ================= ================= ================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
----------------- ----------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 1,242 $ -
Accounts Receivable (3,009) -
Prepaid Expenses - -
Other Current Assets - -
Net Assets of Discontinued
Operations - Current
----------------- ----------------
TOTAL CURRENT ASSETS (1,767) -
----------------- ----------------
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 356,522 -
Spare Parts Inventory - -
Notes Receivable - 2,300,658
----------------- ----------------
TOTAL OTHER ASSETS 356,522 2,300,658
----------------- ----------------
TOTAL ASSETS $ 354,755 $ 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 $ 245 $ (666) $ 752 $ - $ - $ - $ 590,101
Accounts Receivable 102,734 - - - - - 399,427
Prepaid Expenses 48,803 - - - - - 2,199,190
Other Current Assets - - - - - - 172,221
Net Assets of Discontinued
Operations - Current 335 100 435
---------- ------------ -------- ----------- ---------- ---------- -----------
TOTAL CURRENT ASSETS 151,782 (666) 752 335 100 - 3,361,374
---------- ------------ -------- ----------- ---------- ---------- -----------
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 - - - - - - 4,054,255
---------- ------------ -------- ----------- ---------- ---------- -----------
- - - - - - 45,836,237
LESS: Accumulated Depreciation and
Amortization - - - - - - 7,768,346
---------- ------------ -------- ----------- ---------- ---------- -----------
TOTAL PLANT & EQUIPMENT - NET - - - - - - 38,067,891
---------- ------------ -------- ----------- ---------- ---------- -----------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related - - - - - - 971,333
Vessel Deposits - Related Parties - - - - - - 9,733,136
Deposits and Other Assets -
Related Parties - 368,697 - - - - 3,027,868
Spare Parts Inventory - - - - - - 987,225
Notes Receivable - - - - - - 5,300,000
---------- ------------ -------- ----------- ---------- ---------- -----------
TOTAL OTHER ASSETS - 368,697 - - - - 20,019,562
---------- ------------ -------- ----------- ---------- ---------- -----------
TOTAL ASSETS $ 151,782 $ 368,031 $ 752 $ 335 $ 100 $ - $61,448,827
========== ============ ======== =========== ========== ========== ===========
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 7/1/2007 AND ENDING 7/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF JULY 29, 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 $ 77,642 $ 112,117 $ 67,135 $ 986,325
Accrued Expenses 199,616 1,420 916,538 2,078,833
Net Liabilities of Discontinued
Operations - Current - - - -
---------------- ----------------- ----------------- ----------------
TOTAL CURRENT LIABILITIES 277,258 113,537 983,673 3,065,158
---------------- ----------------- ----------------- ----------------
---------------- ----------------- ----------------- ----------------
LIABILITIES SUBJECT TO COMPRIMISE: 3,364,524 5,092,607 21,815,116 28,974,573
---------------- ----------------- ----------------- ----------------
DEFERRED INCOME - - - 5,972
---------------- ----------------- ----------------- ----------------
COMMITMENTS AND CONTINGENCIES - - - -
---------------- ----------------- ----------------- ----------------
Due To/(From) Affiliates (245,096,086) 2,580,916 26,523,500 (21,053,629)
---------------- ----------------- ----------------- ----------------
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) (1,425,049) (4,581,277) (26,409,275) 14,135,249
---------------- ----------------- ----------------- ----------------
TOTAL 248,938,135 (4,581,277) (26,409,275) 14,135,250
---------------- ----------------- ----------------- ----------------
LESS:
Treasury Stock 457,538 - - -
---------------- ----------------- ----------------- ----------------
TOTAL STOCKHOLDERS' EQUITY 248,480,596 (4,581,277) (26,409,275) 14,135,250
---------------- ----------------- ----------------- ----------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 7,026,292 $ 3,205,783 $ 22,913,014 $ 25,127,324
================ ================= ================= ================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
----------------- ----------------
CURRENT LIABILITIES:
Accounts Payable $ 14,166 $ -
Accrued Expenses - -
Net Liabilities of Discontinued
Operations - Current - -
----------------- ----------------
TOTAL CURRENT LIABILITIES 14,166 -
----------------- ----------------
----------------- ----------------
LIABILITIES SUBJECT TO COMPRIMISE: 1,118,263 1,250,658
----------------- ----------------
DEFERRED INCOME - -
----------------- ----------------
COMMITMENTS AND CONTINGENCIES - -
----------------- ----------------
Due To/(From) Affiliates 4,387,895 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) (5,165,569) (27,768,897)
----------------- ----------------
TOTAL (5,165,569) (27,768,897)
----------------- ----------------
LESS:
Treasury Stock - -
----------------- ----------------
TOTAL STOCKHOLDERS' EQUITY (5,165,569) (27,768,897)
----------------- ----------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 354,755 $ 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 $ (50,438) $ 73,998 $ - $ - $ - $ - $ 1,280,945
Accrued Expenses 26,108 122,655 310,404 - - - 3,655,574
Net Liabilities of Discontinued
Operations - Current - - - 209,200 211,000 - 420,200
---------- ------------ ---------- ------------- ------------ ---------- -------------
TOTAL CURRENT LIABILITIES (24,330) 196,653 310,404 209,200 211,000 - 5,356,719
---------- ------------ ---------- ------------- ------------ ---------- -------------
---------- ------------ ---------- ------------- ------------ ---------- -------------
LIABILITIES SUBJECT TO COMPRIMISE: 18,164 987,500 62,621,405
---------- ------------ ---------- ------------- ------------ ---------- -------------
DEFERRED INCOME - - - 1,439,951 - - 1,445,923
---------- ------------ ---------- ------------- ------------ ---------- -------------
COMMITMENTS AND CONTINGENCIES - - - - - - -
---------- ------------ ---------- ------------- ------------ ---------- -------------
Due To/(From) Affiliates 593,968 1,212,700 916,834 226,674,474 (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) (418,054) (1,059,486) (2,186,495) (65,028,639) 22,189,470 118,761 (97,599,261)
---------- ------------ ---------- ------------- ------------ ---------- -------------
TOTAL (417,854) (1,059,486) (2,213,985) (228,323,290) 25,229,809 118,761 (7,517,678)
---------- ------------ ---------- ------------- ------------ ---------- -------------
LESS:
Treasury Stock - - - - - - 457,538
---------- ------------ ---------- ------------- ------------ ---------- -------------
TOTAL STOCKHOLDERS' EQUITY (417,854) (1,059,486) (2,213,985) (228,323,290) 25,229,809 118,761 (7,975,217)
---------- ------------ ---------- ------------- ------------ ---------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 151,784 $ 368,031 $ 753 $ 335 $ 100 $ (1) $ 61,448,829
========== ============ ========== ============= ============ ========== =============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 7/1/2007 AND ENDING 7/31/2007
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 JULY 29, 2007
(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 $ - $ - $ - $ 1,596,773
Fare - - - 130,896
On Board - - - 117,730
Other - - - -
---------------- ----------------- ----------------- ----------------
NET OPERATING REVENUES - - - 1,845,398
---------------- ----------------- ----------------- ----------------
OPERATING COSTS AND EXPENSES:
Gaming - - - 777,204
Fare - - - 324,482
On Board - - - 59,052
Maritime & Legal Expenses - - - 712,375
G & A Expenses - Palm Beach
Princess - - - 180,809
G & A Expenses - Parent 25,183 - - (1,923)
Development Costs - 35,555 128,781 1,924
Depreciation & Amortization - - - 197,142
---------------- ----------------- ----------------- ----------------
TOTAL OPERATING COSTS AND
EXPENSES 25,183 35,555 128,781 2,251,065
---------------- ----------------- ----------------- ----------------
OPERATING INCOME (25,183) (35,555) (128,781) (405,667)
---------------- ----------------- ----------------- ----------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - (71,023) (420,893) (369,843)
ITG Vegas Bankruptcy Costs - (5,750) (8,750) (35,000)
Interest Income - - - 161
---------------- ----------------- ----------------- ----------------
TOTAL OTHER INCOME (EXPENSE) - (76,773) (429,643) (404,682)
---------------- ----------------- ----------------- ----------------
INCOME (LOSS) BEFORE TAX PROVISION (25,183) (112,328) (558,424) (810,349)
LESS: State Income Tax Expense - - - -
---------------- ----------------- ----------------- ----------------
NET INCOME (LOSS) $ (25,183) $ (112,328) $ (558,424) $ (810,349)
================ ================= ================= ================
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 2,816 -
Depreciation & Amortization - -
----------------- ----------------
TOTAL OPERATING COSTS AND
EXPENSES 2,816 -
----------------- ----------------
OPERATING INCOME (2,816) -
----------------- ----------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - -
ITG Vegas Bankruptcy Costs (500) -
Interest Income - -
----------------- ----------------
TOTAL OTHER INCOME (EXPENSE) (500) -
----------------- ----------------
INCOME (LOSS) BEFORE TAX PROVISION (3,316) -
LESS: State Income Tax Expense - -
----------------- ----------------
NET INCOME (LOSS) $ (3,316) $ -
================= ================
Bankruptcy Court Case No. Non-Bankrupt Companies
----------------------
GMO Travel ITB Racing ITB Mgmt RACE TRACK RACE TRACK MGMT INC TOTAL
---------- ------------ ---------- ---------- ---------- ---------- -------------
OPERATING REVENUES:
Gaming $ - $ - $ - $ - $ - $ - $ 1,596,773
Fare - - - - - - 130,896
On Board - - - - - - 117,730
Other 62,945 - - - - - 62,945
---------- ------------ ---------- ---------- ---------- ---------- -------------
NET OPERATING REVENUES 62,945 - - - - - 1,908,343
---------- ------------ ---------- ---------- ---------- ---------- -------------
OPERATING COSTS AND EXPENSES:
Gaming - - - - - - 777,204
Fare 56,214 - - - - - 380,696
On Board - - - - - - 59,052
Maritime & Legal Expenses - - - - - - 712,375
G & A Expenses - Palm Beach
Princess 10,799 - - - - - 191,608
G & A Expenses - Parent - - 63,429 - - - 86,689
Development Costs - - - - - - 169,076
Depreciation & Amortization - - - - - - 197,142
---------- ------------ ---------- ---------- ---------- ---------- -------------
TOTAL OPERATING COSTS AND
EXPENSES 67,013 - 63,429 - - - 2,573,842
---------- ------------ ---------- ---------- ---------- ---------- -------------
OPERATING INCOME (4,068) - (63,429) - - - (665,499)
---------- ------------ ---------- ---------- ---------- ---------- -------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - - - - - - (861,759)
ITG Vegas Bankruptcy Costs - - - - - - (50,000)
Interest Income - - - - - - 161
---------- ------------ ---------- ---------- ---------- ---------- -------------
TOTAL OTHER INCOME (EXPENSE) - - - - - - (911,598)
---------- ------------ ---------- ---------- ---------- ---------- -------------
INCOME (LOSS) BEFORE TAX PROVISION (4,068) - (63,429) - - - (1,577,097)
LESS: State Income Tax Expense - - - - - - -
---------- ------------ ---------- ---------- ---------- ---------- -------------
NET INCOME (LOSS) $ (4,068) $ - $ (63,429) $ - $ - $ - $ (1,577,097)
========== ============ ========== ========== ========== ========== =============
Unaudited Internally Generated Report Subject To Amending Adjustments