Exhibit 99.2
FOR THE PERIOD BEGINNING 11/1/2007 AND ENDING 11/30/2007
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 NOVEMBER 25, 2007
(UNAUDITED)
ASSETS
November 25, 2007
-----------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 1,046,897
Accounts Receivable 393,180
Prepaid Expenses 350,163
Other Current Assets 214,667
Assets of Discontinued Operations 435
-----------------
TOTAL CURRENT ASSETS 2,005,342
-----------------
VESSELS & EQUIPMENT
Vessel - Palm Beach Princess - under Capital Lease 17,500,000
Equipment 4,044,092
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
-----------------
44,165,539
LESS: Accumulated Depreciation and Amortization 8,409,073
-----------------
TOTAL VESSELS & EQUIPMENT - NET 35,756,466
-----------------
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 287,246
Spare Parts Inventory 1,024,604
-----------------
TOTAL OTHER ASSETS 19,373,424
-----------------
TOTAL ASSETS $ 57,135,232
=================
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 11/1/2007 AND ENDING 11/30/2007
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 NOVEMBER 25, 2007
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
November 25, 2007
-----------------
CURRENT LIABILITIES:
Accounts Payable $ 1,254,294
Accrued Expenses 4,198,387
DIP Financing 2,410,433
Liabilities of Discontinued Operations 420,200
-----------------
TOTAL CURRENT LIABILITIES 8,283,314
-----------------
LIABILITIES SUBJECT TO COMPROMISE: 62,983,263
-----------------
-----------------
TOTAL LIABILITIES 71,266,577
-----------------
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) (105,195,342)
-----------------
(15,113,759)
LESS:
Treasury Stock, 915,077 Shares 457,538
-----------------
TOTAL STOCKHOLDERS' EQUITY (15,571,297)
-----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 57,135,231
=================
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 11/1/2007 AND ENDING 11/30/2007
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 NOVEMBER 25, 2007
(UNAUDITED)
One Month Ended
November 25, 2007
-----------------
OPERATING REVENUES:
Gaming $ 1,178,438
Fare 19,481
On Board 30,138
Other 39,604
-----------------
NET OPERATING REVENUES 1,267,661
-----------------
OPERATING COSTS AND EXPENSES:
Gaming 348,354
Fare 127,496
On Board 22,398
Maritime & Legal Expenses 654,070
General & Administrative Expenses 132,272
Ship Carrying Costs - Big Easy 36,008
Ship Carrying Costs - Royal Star 657
Development Costs - Other -
Depreciation & Amortization 169,803
Impairment of Assets -
-----------------
TOTAL OPERATING COSTS AND EXPENSES 1,491,058
-----------------
OPERATING INCOME (LOSS) (223,397)
OTHER INCOME (EXPENSE):
Interest and Financing Expenses (33,898)
Interest Income 2,077
Bankruptcy Costs (394,807)
-----------------
TOTAL OTHER INCOME (EXPENSE) (426,628)
-----------------
(LOSS) BEFORE TAX PROVISION (650,025)
Income Tax Expense -
-----------------
NET (LOSS) $ (650,025)
=================
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE: $ -
=================
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING - Basic and Diluted 11,367,487
=================
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 11/1/2007 AND ENDING 11/30/2007
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 NOVEMBER 25, 2007
(UNAUDITED)
One Month Ended
November 25, 2007
-----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
(LOSS) BEFORE DISCONTINUED OPERATIONS $ (650,025)
Adjustments to reconcile income (loss)
to net cash (used in)
provided by operating activities:
Depreciation and Amortization 169,803
Impairment of Assets -
Changes in Operating Assets and Liabilities-
(Increase) Decrease in Accounts Receivable (24,031)
(Increase) Decrease in Other Assets (40,957)
(Increase) Decrease in Prepaid Expenses 52,577
Increase (Decrease) in Accounts Payable and
Accrued Expenses (68,646)
-----------------
NET CASH PROVIDED BY (USED IN) OPERATING (561,279)
-----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures (5,902)
(Increase) Decrease in Other Investment Activity (117,481)
-----------------
NET CASH (USED IN) INVESTING ACTIVITIES (123,383)
-----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Funds Received from PDS Notes & Other Lenders
DIP Financing Funds Received 1,003,048
Advances (Paid) Received (to) From Related Parties -
Principal Payments on Short Term Notes -
-----------------
NET CASH (USED IN) FINANCING ACTIVITIES 1,003,048
-----------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 318,386
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 728,511
-----------------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD $ 1,046,897
=================
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 11/1/2007 AND ENDING 11/30/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF NOVEMBER 25, 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 $ 5,331 $ - $ (9,505) $ 1,050,147
Accounts Receivable 1,105 (6,568) 49,508 248,061
Prepaid Expenses 60,161 126,424 11,609 103,687
Other Current Assets - - 8,740 205,927
Net Assets of Discontinued
Operations - Current
----------------- --------------------- ----------------- -----------------
TOTAL CURRENT ASSETS 66,597 119,856 60,352 1,607,822
----------------- --------------------- ----------------- -----------------
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 3,657,818
----------------- --------------------- ----------------- -----------------
83,416 1,394,000 20,527,391 22,079,717
LESS: Accumulated Depreciation and
Amortization 10,643 - 721,597 7,595,818
----------------- --------------------- ----------------- -----------------
TOTAL PLANT & EQUIPMENT - NET 72,773 1,394,000 19,805,794 14,483,899
----------------- --------------------- ----------------- -----------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 287,246 - - -
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 - - - 1,024,604
Notes Receivable 2,999,342 - - -
----------------- --------------------- ----------------- -----------------
TOTAL OTHER ASSETS 6,709,321 - 2,606,882 7,031,274
----------------- --------------------- ----------------- -----------------
TOTAL ASSETS $ 6,848,691 $ 1,513,856 $ 22,473,028 $ 23,122,995
================= ===================== ================= =================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
----------------- -----------------
CURRENT ASSETS:
Cash and Cash Equivalents $ - $ -
Accounts Receivable - -
Prepaid Expenses - -
Other Current Assets - -
Net Assets of Discontinued
Operations - Current
----------------- ----------------
TOTAL CURRENT ASSETS - -
----------------- ----------------
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 $ 356,592 $ 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 $ 1,112 $ (666) $ 478 $ - $ - $ - $ 1,046,897
Accounts Receivable 101,074 - - - - - 393,180
Prepaid Expenses 48,282 - - - - - 350,163
Other Current Assets - - - - - - 214,667
Net Assets of Discontinued
Operations - Current 335 100 435
----------- ------------- ---------- ---------- ---------- -------- -------------
TOTAL CURRENT ASSETS 150,468 (666) 478 335 100 - 2,005,342
----------- ------------- ---------- ---------- ---------- -------- -------------
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 - - - - - - 4,044,092
----------- ------------- ---------- ---------- ---------- -------- -------------
- - - - - - 44,165,539
LESS: Accumulated Depreciation and
Amortization - - - - - - 8,409,073
----------- ------------- ---------- ---------- ---------- -------- -------------
TOTAL PLANT & EQUIPMENT - NET - - - - - - 35,756,466
----------- ------------- ---------- ---------- ---------- -------- -------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related - - - - - - 287,246
Vessel Deposits - Related Parties - - - - - - 9,733,136
Deposits and Other Assets -
Related Parties - 368,697 - - - - 3,028,438
Spare Parts Inventory - - - - - - 1,024,604
Notes Receivable - - - - - - 5,300,000
----------- ------------- ---------- ---------- ---------- -------- -------------
TOTAL OTHER ASSETS - 368,697 - - - - 19,373,424
----------- ------------- ---------- ---------- ---------- -------- -------------
TOTAL ASSETS $ 150,468 $ 368,031 $ 478 $ 335 $ 100 $ - $ 57,135,232
=========== ============= ========== ========== ========== ======== =============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 11/1/2007 AND ENDING 11/30/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF NOVEMBER 25, 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 $ 79,378 $ 88,526 $ 48,377 $ 1,019,213
Accrued Expenses 159,040 (11,377) 1,025,714 2,622,094
DIP Financing - - - 2,410,433
Net Liabilities of Discontinued
Operations - Current - - - -
----------------- --------------------- ----------------- -----------------
TOTAL CURRENT LIABILITIES 238,418 77,149 1,074,091 6,051,740
----------------- --------------------- ----------------- -----------------
----------------- --------------------- ----------------- -----------------
LIABILITIES SUBJECT TO COMPRIMISE: 3,364,524 5,162,969 21,815,116 29,236,069
----------------- --------------------- ----------------- -----------------
DEFERRED INCOME - - - -
----------------- --------------------- ----------------- -----------------
COMMITMENTS AND CONTINGENCIES - - - -
----------------- --------------------- ----------------- -----------------
Due To/(From) Affiliates (245,057,250) 2,695,003 26,788,963 (21,594,350)
----------------- --------------------- ----------------- -----------------
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) (1,602,647) (6,421,265) (27,205,143) 9,429,535
----------------- --------------------- ----------------- -----------------
TOTAL 248,760,537 (6,421,265) (27,205,143) 9,429,536
----------------- --------------------- ----------------- -----------------
LESS:
Treasury Stock 457,538 - - -
----------------- --------------------- ----------------- -----------------
TOTAL STOCKHOLDERS' EQUITY 248,302,999 (6,421,265) (27,205,143) 9,429,536
----------------- --------------------- ----------------- -----------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 6,848,691 $ 1,513,856 $ 22,473,027 $ 23,122,995
================= ===================== ================= =================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
----------------- ----------------
CURRENT LIABILITIES:
Accounts Payable $ - $ -
Accrued Expenses 2,029 -
DIP Financing - -
Net Liabilities of Discontinued
Operations - Current - -
----------------- ----------------
TOTAL CURRENT LIABILITIES 2,029 -
----------------- ----------------
----------------- ----------------
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 $ 356,590 $ 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 $ (55,198) $ 74,000 $ - $ - $ - $ - $ 1,254,296
Accrued Expenses 15,515 122,655 262,716 - - - 4,198,386
DIP Financing - - - - - - 2,410,433
Net Liabilities of Discontinued
Operations - Current - - - 209,200 211,000 - 420,200
---------- ------------ ----------- ------------- ----------- --------- -------------
TOTAL CURRENT LIABILITIES (39,683) 196,655 262,716 209,200 211,000 - 8,283,315
---------- ------------ ----------- ------------- ----------- --------- -------------
---------- ------------ ----------- ------------- ----------- --------- -------------
LIABILITIES SUBJECT TO COMPRIMISE: 18,164 1,017,500 62,983,263
---------- ------------ ----------- ------------- ----------- --------- -------------
DEFERRED INCOME - - - 1,439,951 - - 1,439,951
---------- ------------ ----------- ------------- ----------- --------- -------------
COMMITMENTS AND CONTINGENCIES - - - - - - -
---------- ------------ ----------- ------------- ----------- --------- -------------
Due To/(From) Affiliates 632,375 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) (442,424) (1,059,486) (2,236,424) (65,028,639) 22,189,470 118,761 (105,195,342)
---------- ------------ ----------- ------------- ----------- --------- -------------
TOTAL (442,224) (1,059,486) (2,263,914) (228,323,290) 25,229,809 118,761 (15,113,759)
---------- ------------ ----------- ------------- ----------- --------- -------------
LESS:
Treasury Stock - - - - - - 457,538
---------- ------------ ----------- ------------- ----------- --------- -------------
TOTAL STOCKHOLDERS' EQUITY (442,224) (1,059,486) (2,263,914) (228,323,290) 25,229,809 118,761 (15,571,297)
---------- ------------ ----------- ------------- ----------- --------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 150,468 $ 368,033 $ 480 $ 335 $ 100 $ (1) $ 57,135,232
========== ============ =========== ============= =========== ========= =============
Unaudited Internally Generated Report Subject To Amending Adjustments
FOR THE PERIOD BEGINNING 11/1/2007 AND ENDING 11/30/2007
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 NOVEMBER 25, 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 $ - $ - $ - $ 1,178,438
Fare - - - 19,481
On Board - - - 30,138
Other - - - -
----------------- --------------------- ----------------- -----------------
NET OPERATING REVENUES - - - 1,228,057
----------------- --------------------- ----------------- -----------------
OPERATING COSTS AND EXPENSES:
Gaming - - - 348,354
Fare - - - 93,693
On Board - - - 22,398
Maritime & Legal Expenses - - - 654,070
G & A Expenses - Palm Beach
Princess 9,870 - - 148,581
G & A Expenses - Parent - - - -
Development Costs - 657 36,008 -
Impairment of Assets - - - -
Depreciation & Amortization - - - 169,803
----------------- --------------------- ----------------- -----------------
TOTAL OPERATING COSTS AND EXPENSES 9,870 657 36,008 1,436,899
----------------- --------------------- ----------------- -----------------
OPERATING INCOME (LOSS) (9,870) (657) (36,008) (208,842)
----------------- --------------------- ----------------- -----------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - - - (33,898)
Interest Income - - - 2,077
ITG Vegas Bankruptcy Costs - - (5,000) (389,807)
----------------- --------------------- ----------------- -----------------
TOTAL OTHER INCOME (EXPENSE) - - (5,000) (421,628)
----------------- --------------------- ----------------- -----------------
INCOME (LOSS) BEFORE TAX PROVISION (9,870) (657) (41,008) (630,470)
LESS: State Income Tax Expense - - - -
----------------- --------------------- ----------------- -----------------
NET INCOME (LOSS) $ (9,870) $ (657) $ (41,008) $ (630,470)
================= ===================== ================= =================
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 - -
Interest Income - -
ITG Vegas Bankruptcy Costs - -
----------------- ----------------
TOTAL OTHER INCOME (EXPENSE) - -
----------------- ----------------
INCOME (LOSS) BEFORE TAX PROVISION - -
LESS: State Income Tax Expense - -
----------------- ----------------
NET INCOME (LOSS) $ - $ -
================= ================
Bankruptcy Court Case No. Non-Bankrupt Companies
GMO Travel ITB Racing ITB Mgmt RACE TRACK RACE TRACK MGMT INC TOTAL
------------ ---------- -------- ---------- ---------- -------- -------------
OPERATING REVENUES:
Gaming $ - $ - $ - $ - $ - $ - $ 1,178,438
Fare - - - - - - 19,481
On Board - - - - - - 30,138
Other 39,604 - - - - - 39,604
------------- ---------- -------- ---------- ---------- -------- -------------
NET OPERATING REVENUES 39,604 - - - - - 1,267,661
------------- ---------- -------- ---------- ---------- -------- -------------
OPERATING COSTS AND EXPENSES:
Gaming - - - - - - 348,354
Fare 33,803 - - - - - 127,496
On Board - - - - - - 22,398
Maritime & Legal Expenses - - - - - - 654,070
G & A Expenses - Palm Beach Princess 9,502 - - - - - 167,953
G & A Expenses - Parent - - (35,681) - - - (35,681)
Development Costs - - - - - - 36,665
Impairment of Assets - - - - - - -
Depreciation & Amortization - - - - - - 169,803
------------- ---------- -------- ---------- ---------- -------- -------------
TOTAL OPERATING COSTS AND EXPENSES 43,305 - (35,681) - - - 1,491,058
------------- ---------- -------- ---------- ---------- -------- -------------
OPERATING INCOME (LOSS) (3,701) - 35,681 - - - (223,397)
------------- ---------- -------- ---------- ---------- -------- -------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - - - - - - (33,898)
Interest Income - - - - - - 2,077
ITG Vegas Bankruptcy Costs - - - - - - (394,807)
------------- ---------- -------- ---------- ---------- -------- -------------
TOTAL OTHER INCOME (EXPENSE) - - - - - - (426,628)
------------- ---------- -------- ---------- ---------- -------- -------------
INCOME (LOSS) BEFORE TAX PROVISION (3,701) - 35,681 - - - (650,025)
LESS: State Income Tax Expense - - - - - - -
------------- ---------- -------- ---------- ---------- -------- -------------
NET INCOME (LOSS) $ (3,701) $ - $ 35,681 $ - $ - $ - $ (650,025)
============= ========== ======== ========== ========== ======== =============
Unaudited Internally Generated Report Subject To Amending Adjustments