Exhibit 99.1
FOR THE PERIOD BEGINNING 10/1/2007 AND ENDING 10/31/2007
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 OCTOBER 28,2007
(UNAUDITED)
ASSETS
October 28, 2007
----------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 728,531
Accounts Receivable 369,127
Prepaid Expenses 402,740
Other Current Assets 173,710
Assets of Discontinued Operations 435
---------------
TOTAL CURRENT ASSETS 1,674,543
---------------
VESSELS & EQUIPMENT
Vessel - Palm Beach Princess - under Capital Lease 17,500,000
Equipment 4,038,242
Leasehold Improvements 921,899
Vessel - Big Easy - under Capital Lease - Not in Service 20,305,548
Vessel - Royal Star - Not Placed in Service 1,394,000
---------------
44,159,689
LESS: Accumulated Depreciation and Amortization 8,239,270
---------------
TOTAL VESSELS & EQUIPMENT - NET 35,920,419
---------------
OTHER ASSETS:
Notes Receivable 5,300,000
Vessel Deposits - Related Parties 9,733,136
Deposits and Other Assets - Related Parties 3,028,438
Deposits and Other Assets - Non-Related Parties 170,746
Spare Parts Inventory 1,024,552
---------------
TOTAL OTHER ASSETS 19,256,872
---------------
TOTAL ASSETS $ 56,851,834
===============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 10/1/2007 AND ENDING 10/31/2007
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 OCTOBER 28,2007
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
October 28, 2007
----------------
CURRENT LIABILITIES:
Accounts Payable $ 758,864
Accrued Expenses 4,762,465
DIP Financing 1,407,385
Liabilities of Discontinued Operations 420,200
---------------
TOTAL CURRENT LIABILITIES 7,348,914
---------------
LIABILITIES SUBJECT TO COMPROMISE: 62,984,240
---------------
---------------
TOTAL LIABILITIES 70,333,154
---------------
DEFERRED INCOME 1,439,951
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) (104,545,316)
---------------
(14,463,733)
LESS:
Treasury Stock, 915,077 Shares 457,538
---------------
TOTAL STOCKHOLDERS' EQUITY (14,921,271)
---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 56,851,834
===============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 10/1/2007 AND ENDING 10/31/2007
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 OCTOBER 28, 2007
(UNAUDITED)
One Month Ended
October 28, 2007
----------------
OPERATING REVENUES:
Gaming $ 1,635,379
Fare 27,340
On Board 73,260
Other 35,413
----------------
NET OPERATING REVENUES 1,771,392
----------------
OPERATING COSTS AND EXPENSES:
Gaming 745,137
Fare 194,360
On Board 41,991
Maritime & Legal Expenses 587,293
General & Administrative Expenses 287,692
Ship Carrying Costs - Big Easy 46,983
Ship Carrying Costs - Royal Star 47,771
Development Costs - Other 9,614
Depreciation & Amortization 170,119
Impairment of Assets 1,660,734
----------------
TOTAL OPERATING COSTS AND EXPENSES 3,791,694
----------------
OPERATING INCOME (LOSS) (2,020,302)
OTHER INCOME (EXPENSE):
Interest and Financing Expenses 37,721
Interest Income 1,193
Bankruptcy Costs (253,842)
----------------
TOTAL OTHER INCOME (EXPENSE) (214,928)
----------------
(LOSS) BEFORE TAX PROVISION (2,235,230)
Income Tax Expense -
----------------
NET (LOSS) $ (2,235,230)
================
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE: $ (0.20)
================
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING - Basic and Diluted 11,367,487
================
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 10/1/2007 AND ENDING 10/31/2007
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 OCTOBER 28, 2007
(UNAUDITED)
One Month Ended
October 28, 2007
----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
(LOSS) BEFORE DISCONTINUED OPERATIONS $ (2,235,230)
Adjustments to reconcile income (loss) to net cash
(used in) provided by operating activities:
Depreciation and Amortization 170,119
Impairment of Assets 1,660,734
Changes in Operating Assets and Liabilities -
(Increase) Decrease in Accounts Receivable (14,999)
(Increase) Decrease in Other Assets 16,471
(Increase) Decrease in Prepaid Expenses 287,810
Increase (Decrease) in Accounts Payable
and Accrued Expenses (63,776)
----------------
NET CASH PROVIDED BY (USED IN) OPERATING (178,871)
----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures (59,876)
(Increase) Decrease in Other Investment Activity (13,862)
----------------
NET CASH (USED IN) INVESTING ACTIVITIES (73,738)
----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Funds Received from PDS Notes & Other Lenders
DIP Financing Funds Received 214,892
Advances (Paid) Received (to) From Related Parties (4,542)
Principal Payments on Short Term Notes (69,863)
----------------
NET CASH (USED IN) FINANCING ACTIVITIES 140,487
----------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (112,122)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 840,653
----------------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD $ 728,531
================
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 10/1/2007 AND ENDING 10/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF OCTOBER 28, 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 $ 7,413 $ - $ (10,034) $ 707,261
Accounts Receivable 1,105 (6,568) 44,200 233,857
Prepaid Expenses 60,161 126,424 11,609 156,134
Other Current Assets - - 8,740 164,970
Net Assets of Discontinued
Operations - Current
---------------- ---------------- ---------------- ----------------
TOTAL CURRENT ASSETS 68,679 119,856 54,515 1,262,222
---------------- ---------------- ---------------- ----------------
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 1,394,000 20,305,548 -
Equipment 83,416 - 221,843 3,651,968
---------------- ---------------- ---------------- ----------------
83,416 1,394,000 20,527,391 22,073,867
LESS: Accumulated Depreciation and
Amortization 10,643 - 721,597 7,426,015
---------------- ---------------- ---------------- ----------------
TOTAL PLANT & EQUIPMENT - NET 72,773 1,394,000 19,805,794 14,647,852
---------------- ---------------- ---------------- ----------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 287,246 (116,500) - -
Vessel Deposits - Related Parties 3,244,254 - 2,488,882 4,000,000
Deposits and Other Assets -
Related Parties 178,479 - 118,000 2,006,670
Spare Parts Inventory - - - 1,024,552
Notes Receivable 2,999,342 - - -
---------------- ---------------- ---------------- ----------------
TOTAL OTHER ASSETS 6,709,321 (116,500) 2,606,882 7,031,222
---------------- ---------------- ---------------- ----------------
TOTAL ASSETS $ 6,850,773 $ 1,397,356 $ 22,467,191 $ 22,941,296
================ ================ ================ ================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
---------------- ----------------
CURRENT ASSETS:
Cash and Cash Equivalents $ - $ -
Accounts Receivable (2,030) -
Prepaid Expenses - -
Other Current Assets - -
Net Assets of Discontinued
Operations - Current
---------------- ----------------
TOTAL CURRENT ASSETS (2,030) -
---------------- ----------------
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 356,592 -
Spare Parts Inventory - -
Notes Receivable - 2,300,658
---------------- ----------------
TOTAL OTHER ASSETS 356,592 2,300,658
---------------- ----------------
TOTAL ASSETS $ 354,562 $ 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 $ 12,072 $ (666) $ 12,485 $ - $ - $ - $ 728,531
Accounts Receivable 98,563 - - - - - 369,127
Prepaid Expenses 48,412 - - - - - 402,740
Other Current Assets - - - - - - 173,710
Net Assets of Discontinued
Operations - Current 335 100 435
----------- --------- ---------- ---------- --------- --------- ------------
TOTAL CURRENT ASSETS 159,048 (666) 12,485 335 100 - 1,674,543
----------- --------- ---------- ---------- --------- --------- ------------
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 21,699,548
Equipment - - - - - - 4,038,242
----------- --------- ---------- ---------- --------- --------- ------------
- - - - - - 44,159,689
LESS: Accumulated Depreciation and
Amortization - - - - - - 8,239,270
----------- --------- ---------- ---------- --------- --------- ------------
TOTAL PLANT & EQUIPMENT - NET - - - - - - 35,920,419
----------- --------- ---------- ---------- --------- --------- ------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related - - - - - - 170,746
Vessel Deposits - Related Parties - - - - - - 9,733,136
Deposits and Other Assets -
Related Parties - 368,697 - - - - 3,028,438
Spare Parts Inventory - - - - - - 1,024,552
Notes Receivable - - - - - - 5,300,000
----------- --------- ---------- ---------- --------- --------- ------------
TOTAL OTHER ASSETS - 368,697 - - - - 19,256,872
----------- --------- ---------- ---------- --------- --------- ------------
TOTAL ASSETS $ 159,048 $ 368,031 $ 12,485 $ 335 $ 100 $ - $ 56,851,834
=========== ========= ========== ========== ========= ========= ============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 10/1/2007 AND ENDING 10/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF OCTOBER 28, 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 $ 69,786 $ 91,787 $ 43,069 $ 530,441
Accrued Expenses 174,990 (11,377) 1,035,492 3,113,159
DIP Financing - - - 1,407,385
Net Liabilities of Discontinued
Operations - Current - - - -
---------------- ---------------- ---------------- ----------------
TOTAL CURRENT LIABILITIES 244,776 80,410 1,078,561 5,050,985
---------------- ---------------- ---------------- ----------------
---------------- ---------------- ---------------- ----------------
LIABILITIES SUBJECT TO COMPRIMISE: 3,364,524 5,162,469 21,815,116 29,237,546
---------------- ---------------- ---------------- ----------------
DEFERRED INCOME - - - -
---------------- ---------------- ---------------- ----------------
COMMITMENTS AND CONTINGENCIES - - - -
---------------- ---------------- ---------------- ----------------
Due To/(From) Affiliates (245,071,396) 2,575,084 26,737,647 (21,407,243)
---------------- ---------------- ---------------- ----------------
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 - - 10,060,006
Retained Earnings (Deficit) (1,592,777) (6,420,608) (27,164,135) 9,890,051
---------------- ---------------- ---------------- ----------------
TOTAL 248,770,407 (6,420,608) (27,164,135) 19,950,058
---------------- ---------------- ---------------- ----------------
LESS:
Treasury Stock 457,538 - - -
---------------- ---------------- ---------------- ----------------
TOTAL STOCKHOLDERS' EQUITY 248,312,869 (6,420,608) (27,164,135) 19,950,058
---------------- ---------------- ---------------- ----------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 6,850,773 $ 1,397,355 $ 22,467,189 $ 22,941,296
================ ================ ================ ================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
---------------- ----------------
CURRENT LIABILITIES:
Accounts Payable $ - $ -
Accrued Expenses - -
DIP Financing - -
Net Liabilities of Discontinued
Operations - Current - -
---------------- ----------------
TOTAL CURRENT LIABILITIES - -
---------------- ----------------
---------------- ----------------
LIABILITIES SUBJECT TO COMPRIMISE: 1,118,263 1,250,658
---------------- ----------------
DEFERRED INCOME - -
---------------- ----------------
COMMITMENTS AND CONTINGENCIES - -
---------------- ----------------
Due To/(From) Affiliates 4,404,481 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) (5,168,183) (27,768,897)
---------------- ----------------
TOTAL (5,168,183) (27,768,897)
---------------- ----------------
LESS:
Treasury Stock - -
---------------- ----------------
TOTAL STOCKHOLDERS' EQUITY (5,168,183) (27,768,897)
---------------- ----------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 354,561 $ 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 $ (50,215) $ 73,996 $ - $ - $ - $ - $ 758,864
Accrued Expenses 17,137 122,655 310,404 - - - 4,762,466
DIP Financing - - - - - - 1,407,385
Net Liabilities of Discontinued
Operations - Current - - - 209,200 211,000 - 420,200
--------- ----------- ----------- ------------ ----------- --------- ------------
TOTAL CURRENT LIABILITIES (33,078) 196,653 310,404 209,200 211,000 - 7,348,915
--------- ----------- ----------- ------------ ----------- --------- ------------
--------- ----------- ----------- ------------ ----------- --------- ------------
LIABILITIES SUBJECT TO COMPRIMISE: 18,164 1,017,500 62,984,240
--------- ----------- ----------- ------------ ----------- --------- ------------
DEFERRED INCOME - - - 1,439,951 - - 1,439,951
--------- ----------- ----------- ------------ ----------- --------- ------------
COMMITMENTS AND CONTINGENCIES - - - - - - -
--------- ----------- ----------- ------------ ----------- --------- ------------
Due To/(From) Affiliates 630,649 1,212,700 984,178 226,674,474 (25,440,709) (118,762) -
--------- ----------- ----------- ------------ ----------- --------- ------------
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) (438,723) (1,059,486) (2,272,105) (65,028,639) 22,189,470 118,761 (104,545,316)
--------- ----------- ----------- ------------ ----------- --------- ------------
TOTAL (438,523) (1,059,486) (2,299,595) (228,323,290) 25,229,809 118,761 (14,463,733)
--------- ----------- ----------- ------------ ----------- --------- ------------
LESS:
Treasury Stock - - - - - - 457,538
--------- ----------- ----------- ------------ ----------- --------- ------------
TOTAL STOCKHOLDERS' EQUITY (438,523) (1,059,486) (2,299,595) (228,323,290) 25,229,809 118,761 (14,921,271)
--------- ----------- ----------- ------------ ----------- --------- ------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 159,048 $ 368,031 $ 12,487 $ 335 $ 100 $ (1) $ 56,851,834
========= =========== =========== ============ =========== ========= ============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 10/1/2007 AND ENDING 10/31/2007
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 OCTOBER 28, 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 $ - $ - $ - $ 1,635,379
Fare - - - 27,340
On Board - - - 73,260
Other - - - -
---------------- ---------------- ---------------- ----------------
NET OPERATING REVENUES - - - 1,735,979
---------------- ---------------- ---------------- ----------------
OPERATING COSTS AND EXPENSES:
Gaming - - - 745,137
Fare - - - 164,620
On Board - - - 41,991
Maritime & Legal Expenses - - - 587,293
G & A Expenses - Palm Beach
Princess - - - 336,736
G & A Expenses - Parent (103,964) - - -
Development Costs - 47,771 46,983 9,614
Impairment of Assets - 1,660,735 - -
Depreciation & Amortization - - - 170,119
---------------- ---------------- ---------------- ----------------
TOTAL OPERATING COSTS AND
EXPENSES (103,964) 1,708,506 46,983 2,055,511
---------------- ---------------- ---------------- ----------------
OPERATING INCOME (LOSS) 103,964 (1,708,506) (46,983) (319,532)
---------------- ---------------- ---------------- ----------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses (118,489) 69,862 100,000 (13,652)
ITG Vegas Bankruptcy Costs - (750) (5,500) (247,342)
Interest Income - - - 1,193
---------------- ---------------- ---------------- ----------------
TOTAL OTHER INCOME (EXPENSE) (118,489) 69,112 94,500 (259,801)
---------------- ---------------- ---------------- ----------------
INCOME (LOSS) BEFORE TAX PROVISION (14,525) (1,639,394) 47,517 (579,333)
LESS: State Income Tax Expense - - - -
---------------- ---------------- ---------------- ----------------
NET INCOME (LOSS) $ (14,525) $ (1,639,394) $ 47,517 $ (579,333)
================ ================ ================ ================
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 - -
Impairment of Assets - -
Depreciation & Amortization - -
---------------- ----------------
TOTAL OPERATING COSTS AND
EXPENSES - -
---------------- ----------------
OPERATING INCOME (LOSS) - -
---------------- ----------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - -
ITG Vegas Bankruptcy Costs (250) -
Interest Income - -
---------------- ----------------
TOTAL OTHER INCOME (EXPENSE) (250) -
---------------- ----------------
INCOME (LOSS) BEFORE TAX PROVISION (250) -
LESS: State Income Tax Expense - -
---------------- ----------------
NET INCOME (LOSS) $ (250) $ -
================ ================
Bankruptcy Court Case No. Non-Bankrupt Companies
----------------------
GMO Travel ITB Racing ITB Mgmt RACE TRACK RACE TRACK MGMT INC TOTAL
----------- --------- ----------- ----------- --------- -------- ------------
OPERATING REVENUES:
Gaming $ - $ - $ - $ - $ - $ - $ 1,635,379
Fare - - - - - - 27,340
On Board - - - - - - 73,260
Other 35,413 - - - - - 35,413
----------- --------- ----------- ----------- --------- -------- ------------
NET OPERATING REVENUES 35,413 - - - - - 1,771,392
----------- --------- ----------- ----------- --------- -------- ------------
OPERATING COSTS AND EXPENSES:
Gaming - - - - - - 745,137
Fare 29,740 - - - - - 194,360
On Board - - - - - - 41,991
Maritime & Legal Expenses - - - - - - 587,293
G & A Expenses - Palm Beach
Princess 9,319 - - - - - 346,055
G & A Expenses - Parent - - 45,600 - - - (58,364)
Development Costs - - - - - - 104,368
Impairment of Assets - - - - - - 1,660,734
Depreciation & Amortization - - - - - - 170,119
----------- --------- ----------- ----------- --------- -------- ------------
TOTAL OPERATING COSTS AND
EXPENSES 39,059 - 45,600 - - - 3,791,694
----------- --------- ----------- ----------- --------- -------- ------------
OPERATING INCOME (LOSS) (3,646) - (45,600) - - - (2,020,302)
----------- --------- ----------- ----------- --------- -------- ------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - - - - - - 37,721
ITG Vegas Bankruptcy Costs - - - - - - (253,842)
Interest Income - - - - - - 1,193
----------- --------- ----------- ----------- --------- -------- ------------
TOTAL OTHER INCOME (EXPENSE) - - - - - - (214,928)
----------- --------- ----------- ----------- --------- -------- ------------
INCOME (LOSS) BEFORE TAX PROVISION (3,646) - (45,600) - - - (2,235,230)
LESS: State Income Tax Expense - - - - - - -
----------- --------- ----------- ----------- --------- -------- ------------
NET INCOME (LOSS) $ (3,646) $ - $ (45,600) $ - $ - $ - $ (2,235,230)
=========== ========= =========== =========== ========= ======== ============
Unaudited Internally Generated Report Subject To Amending Adjustments