Exhibit 99.1
FOR THE PERIOD BEGINNING 12/1/2007 AND ENDING 12/31/2007
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 DECEMBER 30, 2007
(UNAUDITED)
ASSETS
December 30, 2007
-----------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 1,094,309
Restricted Cash 250,000
Accounts Receivable 234,320
Prepaid Expenses 311,731
Other Current Assets 207,606
Assets of Discontinued Operations 435
-----------------
TOTAL CURRENT ASSETS 2,098,401
-----------------
VESSELS & EQUIPMENT
Vessel - Palm Beach Princess - under Capital Lease 15,000,000
Vessel - Big Easy - under Capital Lease - Not in Service 8,000,000
Other Fixed Assets 67,066
-----------------
23,067,066
LESS: Accumulated Depreciation and Amortization -
-----------------
TOTAL VESSELS & EQUIPMENT - NET 23,067,066
-----------------
OTHER ASSETS:
Notes Receivable 4,800,658
Deposits and Other Assets - Non-Related Parties 121,071
Spare Parts Inventory 537,460
-----------------
TOTAL OTHER ASSETS 5,459,189
-----------------
TOTAL ASSETS $ 30,624,656
=================
Unaudited Internally Generated Report Subject To Amending Adjustments
These internally generated financials include but are not limited to
significant year end adjustments for the impairment of assets, write offs
of inter-company balances and reserves against related party receivables as
requested by the trustee. These financials are subject to final audit and
may require additional adjustments following the completion of the December
30, 2007 audit of the company's consolidated financial statements scheduled
to be completed on March 30, 2007.
On August 28, 2007 the trustee testified, affirmen by PDS, that that the
bareboat charter fee assigned to PDS was not to be accrued or paid as of
September 2007. The financials do not reflect the contingancy fees of the
bareboat charters after September 30, 2007. As of December 31, 2007, this
issue is being contested by Mr. Murray and will be resolved as part of the
upcoming plan of reorganization.
FOR THE PERIOD BEGINNING 12/1/2007 AND ENDING 12/31/2007
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 DECEMBER 30, 2007
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
December 30, 2007
----------------
CURRENT LIABILITIES:
Accounts Payable $ 1,496,572
Accrued Expenses 2,903,988
DIP Financing 3,155,331
Liabilities of Discontinued Operations 420,200
----------------
TOTAL CURRENT LIABILITIES 7,976,091
----------------
LIABILITIES SUBJECT TO COMPROMISE: 56,610,770
----------------
----------------
TOTAL LIABILITIES 64,586,861
----------------
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) (125,026,201)
----------------
(34,944,618)
LESS:
Treasury Stock, 915,077 Shares 457,538
----------------
TOTAL STOCKHOLDERS' EQUITY (35,402,156)
----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 30,624,656
================
Unaudited Internally Generated Report Subject To Amending Adjustments
These internally generated financials include but are not limited to
significant year end adjustments for the impairment of assets, write offs
of inter-company balances and reserves against related party receivables as
requested by the trustee. These financials are subject to final audit and
may require additional adjustments following the completion of the December
30, 2007 audit of the company's consolidated financial statements scheduled
to be completed on March 30, 2007.
On August 28, 2007 the trustee testified, affirmen by PDS, that that the
bareboat charter fee assigned to PDS was not to be accrued or paid as of
September 2007. The financials do not reflect the contingancy fees of the
bareboat charters after September 30, 2007. As of December 31, 2007, this
issue is being contested by Mr. Murray and will be resolved as part of the
upcoming plan of reorganization.
FOR THE PERIOD BEGINNING 12/1/2007 AND ENDING 12/31/2007
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 DECEMBER 30, 2007
(UNAUDITED)
One Month Ended
December 30, 2007
----------------
OPERATING REVENUES:
Gaming $ 2,005,111
Fare 130,926
On Board 161,952
Other 20,532
----------------
NET OPERATING REVENUES 2,318,521
----------------
OPERATING COSTS AND EXPENSES:
Gaming 911,127
Fare 311,179
On Board 65,278
Maritime & Legal Expenses 508,548
General & Administrative Expenses 298,139
Ship Carrying Costs - Big Easy 114,661
Ship Carrying Costs - Royal Star 35,967
Development Costs - Other -
Depreciation & Amortization 44,285
Impairment of Assets 22,476,526
----------------
TOTAL OPERATING COSTS AND EXPENSES 24,765,710
----------------
OPERATING INCOME (LOSS) (22,447,189)
OTHER INCOME (EXPENSE):
Interest and Financing Expenses -
Interest Income 2,300
Bankruptcy Costs (160,896)
Forgiveness of Debt 17,949
----------------
TOTAL OTHER INCOME (EXPENSE) (140,647)
----------------
(LOSS) BEFORE TAX PROVISION (22,587,836)
Income Tax Expense -
----------------
NET (LOSS) $ (22,587,836)
================
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE: $ (2)
================
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING - Basic and Diluted 11,367,487
================
Unaudited Internally Generated Report Subject To Amending Adjustments
These internally generated financials include but are not limited to
significant year end adjustments for the impairment of assets, write offs
of inter-company balances and reserves against related party receivables as
requested by the trustee. These financials are subject to final audit and
may require additional adjustments following the completion of the December
30, 2007 audit of the company's consolidated financial statements scheduled
to be completed on March 30, 2007.
On August 28, 2007 the trustee testified, affirmen by PDS, that that the
bareboat charter fee assigned to PDS was not to be accrued or paid as of
September 2007. The financials do not reflect the contingancy fees of the
bareboat charters after September 30, 2007. As of December 31, 2007, this
issue is being contested by Mr. Murray and will be resolved as part of the
upcoming plan of reorganization.
FOR THE PERIOD BEGINNING 12/1/2007 AND ENDING 12/31/2007
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 DECEMBER 30, 2007
(UNAUDITED)
One Month Ended
December 30, 2007
-----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
(LOSS) BEFORE DISCONTINUED OPERATIONS $ (22,587,836)
Adjustments to reconcile income (loss)
to net cash (used in)
provided by operating activities:
Depreciation and Amortization 44,285
Inter-Company Adjustments
Impairment of Assets 22,476,679
Changes in Operating Assets and Liabilities -
(Increase) in Restricted Cash & Investments (250,000)
(Increase) Decrease in Accounts Receivable 153,933
(Increase) Decrease in Other Assets 7,061
(Increase) Decrease in Prepaid Expenses 38,432
Increase (Decrease) in Accounts Payable
and Accrued Expenses (179,490)
-----------------
NET CASH PROVIDED BY (USED IN) OPERATING (296,936)
-----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures (142,379)
(Increase) Decrease in Other Investment Activity -
-----------------
NET CASH (USED IN) INVESTING ACTIVITIES (142,379)
-----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Funds Received from PDS Notes & Other Lenders
DIP Financing Funds Received 744,898
Advances (Paid) Received (to) From Related Parties (8,169)
Principal Payments on Short Term Notes -
-----------------
NET CASH (USED IN) FINANCING ACTIVITIES 736,729
-----------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 297,414
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 1,046,897
-----------------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD $ 1,344,311
=================
Unaudited Internally Generated Report Subject To Amending Adjustments
These internally generated financials include but are not limited to
significant year end adjustments for the impairment of assets, write offs
of inter-company balances and reserves against related party receivables as
requested by the trustee. These financials are subject to final audit and
may require additional adjustments following the completion of the December
30, 2007 audit of the company's consolidated financial statements scheduled
to be completed on March 30, 2007.
On August 28, 2007 the trustee testified, affirmen by PDS, that that the
bareboat charter fee assigned to PDS was not to be accrued or paid as of
September 2007. The financials do not reflect the contingancy fees of the
bareboat charters after September 30, 2007. As of December 31, 2007, this
issue is being contested by Mr. Murray and will be resolved as part of the
upcoming plan of reorganization.
FOR THE PERIOD BEGINNING 12/1/2007 AND ENDING 12/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 30, 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 $ 5,231 $ - $ 4,801 $ 1,080,618
Restricted Cash 250,000
Accounts Receivable - - 48,043 156,092
Prepaid Expenses 11,055 94,824 - 157,700
Other Current Assets - - - 207,606
Net Assets of Discontinued
Operations - Current
------------------ ----------------------- ------------------ ------------------
TOTAL CURRENT ASSETS 16,286 94,824 52,844 1,852,016
------------------ ----------------------- ------------------ ------------------
VESSEL, PLANT & EQUIPMENT:
Vessels - PBP & Big Easy - - 15,000,000
Leasehold Improvements -
Port of Palm Beach - - - -
Ship Not Placed in Service -
Royal Star & Big Easy - 8,000,000 -
Equipment 67,066 - - -
------------------ ----------------------- ------------------ ------------------
67,066 - 8,000,000 15,000,000
LESS: Accumulated Depreciation and
Amortization - - - -
------------------ ----------------------- ------------------ ------------------
TOTAL PLANT & EQUIPMENT - NET 67,066 - 8,000,000 15,000,000
------------------ ----------------------- ------------------ ------------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 3,571 - 117,500 -
Vessel Deposits - Related Parties - - - -
Deposits and Other Assets -
Related Parties - - - -
Spare Parts Inventory - - - 537,460
Notes Receivable 2,500,000 - - -
------------------ ----------------------- ------------------ ------------------
TOTAL OTHER ASSETS 2,503,571 - 117,500 537,460
------------------ ----------------------- ------------------ ------------------
TOTAL ASSETS $ 2,586,923 $ 94,824 $ 8,170,344 $ 17,389,476
================== ======================= ================== ==================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
------------------ ----------------
CURRENT ASSETS:
Cash and Cash Equivalents $ - $ -
Restricted Cash
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 - -
------------------ ----------------
- -
LESS: Accumulated Depreciation and
Amortization - -
------------------ ----------------
TOTAL PLANT & EQUIPMENT - NET - -
------------------ ----------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related - -
Vessel Deposits - Related Parties - -
Deposits and Other Assets -
Related Parties - -
Spare Parts Inventory - -
Notes Receivable - -
------------------ ----------------
TOTAL OTHER ASSETS - -
------------------ ----------------
TOTAL ASSETS $ - $ -
================== ================
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 $ 1,388 $ (666) $ 2,937 $ - $ - $ - $ 1,094,309
Restricted Cash 250,000
Accounts Receivable 30,185 - - - - - 234,320
Prepaid Expenses 48,152 - - - - - 311,731
Other Current Assets - - - - - - 207,606
Net Assets of Discontinued
Operations - Current 335 100 435
---------- ---------- -------- ---------- ---------- -------- -------------
TOTAL CURRENT ASSETS 79,725 (666) 2,937 335 100 - 2,098,401
---------- ---------- -------- ---------- ---------- -------- -------------
VESSEL, PLANT & EQUIPMENT:
Vessels - PBP & Big Easy 15,000,000
Leasehold Improvements -
Port of Palm Beach - - - - - - -
Ship Not Placed in Service -
Royal Star & Big Easy 8,000,000
Equipment - - - - - - 67,066
---------- ---------- -------- ---------- ---------- -------- -------------
- - - - - - 23,067,066
LESS: Accumulated Depreciation and
Amortization - - - - - - -
---------- ---------- -------- ---------- ---------- -------- -------------
TOTAL PLANT & EQUIPMENT - NET - - - - - - 23,067,066
---------- ---------- -------- ---------- ---------- -------- -------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related - - - - - - 121,071
Vessel Deposits - Related Parties - - - - - - -
Deposits and Other Assets -
Related Parties - - - - - - -
Spare Parts Inventory - - - - - - 537,460
Notes Receivable - - - - - - 2,500,000
---------- ---------- -------- ---------- ---------- -------- -------------
TOTAL OTHER ASSETS - - - - - - 3,158,531
---------- ---------- -------- ---------- ---------- -------- -------------
TOTAL ASSETS $ 79,725 $ (666) $ 2,937 $ 335 $ 100 $ - $ 28,323,998
========== ========== ======== ========== ========== ======== =============
Unaudited Internally Generated Report Subject To Amending Adjustments
These internally generated financials include but are not limited to
significant year end adjustments for the impairment of assets, write offs
of inter-company balances and reserves against related party receivables as
requested by the trustee. These financials are subject to final audit and
may require additional adjustments following the completion of the December
30, 2007 audit of the company's consolidated financial statements scheduled
to be completed on March 30, 2007.
On August 28, 2007 the trustee testified, affirmen by PDS, that that the
bareboat charter fee assigned to PDS was not to be accrued or paid as of
September 2007. The financials do not reflect the contingancy fees of the
bareboat charters after September 30, 2007. As of December 31, 2007, this
issue is being contested by Mr. Murray and will be resolved as part of the
upcoming plan of reorganization.
FOR THE PERIOD BEGINNING 12/1/2007 AND ENDING 12/31/2007
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 30, 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 $ 87,680 $ 1,140 $ 84,044 $ 1,309,630
Accrued Expenses 163,279 60,149 1,042,212 1,403,679
DIP Financing - - - 3,155,331
Net Liabilities of Discontinued
Operations - Current - - - -
------------------ ----------------------- ------------------ ------------------
TOTAL CURRENT LIABILITIES 250,959 61,289 1,126,256 5,868,640
------------------ ----------------------- ------------------ ------------------
------------------ ----------------------- ------------------ ------------------
LIABILITIES SUBJECT TO COMPRIMISE: 3,354,832 5,073,943 21,816,163 23,087,109
------------------ ----------------------- ------------------ ------------------
DEFERRED INCOME - - - -
------------------ ----------------------- ------------------ ------------------
COMMITMENTS AND CONTINGENCIES - - - -
------------------ ----------------------- ------------------ ------------------
Due To/(From) Affiliates 99,073 (1,660,898) - 1,660,898
------------------ ----------------------- ------------------ ------------------
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) (251,023,587) (3,379,510) (14,772,075) (13,227,172)
------------------ ----------------------- ------------------ ------------------
TOTAL (660,403) (3,379,510) (14,772,075) (13,227,171)
LESS:
Treasury Stock 457,538 - - -
------------------ ----------------------- ------------------ ------------------
TOTAL STOCKHOLDERS' EQUITY (1,117,941) (3,379,510) (14,772,075) (13,227,171)
------------------ ----------------------- ------------------ ------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,586,923 $ 94,824 $ 8,170,344 $ 17,389,476
================== ======================= ================== ==================
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: 188,441 -
------------------ ------------------
DEFERRED INCOME - -
------------------ ------------------
COMMITMENTS AND CONTINGENCIES - -
------------------ ------------------
Due To/(From) Affiliates 193,846 -
------------------ ------------------
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) (382,287) -
------------------ ------------------
TOTAL (382,287) -
LESS:
Treasury Stock - -
------------------ ------------------
TOTAL STOCKHOLDERS' EQUITY (382,287) -
------------------ ------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ - $ -
================== ==================
Bankruptcy Court Case No. Non-Bankrupt Companies
GMO Travel ITB Racing ITB Mgmt RACE TRACK RACE TRACK MGMT INC TOTAL
---------- ---------- ----------- ------------ ---------- -------- -------------
CURRENT LIABILITIES:
Accounts Payable $ (59,920) $ 73,998 $ - $ - $ - $ - $ 1,496,572
Accrued Expenses 12,734 - 221,937 - - - 2,903,990
DIP Financing - - - - - - 3,155,331
Net Liabilities of Discontinued
Operations - Current - - - 209,199 211,000 - 420,199
---------- ---------- ----------- ------------- ----------- --------- -------------
TOTAL CURRENT LIABILITIES (47,186) 73,998 221,937 209,199 211,000 - 7,976,092
---------- ---------- ----------- ------------- ----------- --------- -------------
---------- ---------- ----------- ------------- ----------- --------- -------------
LIABILITIES SUBJECT TO COMPRIMISE: (227,877) 1,017,500 54,310,111
---------- ---------- ----------- ------------- ----------- --------- -------------
DEFERRED INCOME - - - 1,439,951 - - 1,439,951
---------- ---------- ----------- ------------- ----------- --------- -------------
COMMITMENTS AND CONTINGENCIES - - - - - - -
---------- ---------- ----------- ------------- ----------- --------- -------------
Due To/(From) Affiliates - - - - (292,919) - -
---------- ---------- ----------- ------------- ----------- --------- -------------
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) 126,711 153,213 (1,209,010) 161,645,836 (2,958,320) - (125,026,201)
---------- ---------- ----------- ------------- ----------- --------- -------------
TOTAL 126,911 153,213 (1,236,500) (1,648,815) 82,019 - (34,944,618)
LESS:
Treasury Stock - - - - - - 457,538
---------- ---------- ----------- ------------- ----------- --------- -------------
TOTAL STOCKHOLDERS' EQUITY 126,911 153,213 (1,236,500) (1,648,815) 82,019 - (35,402,156)
---------- ---------- ----------- ------------- ----------- --------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 79,725 $ (666) $ 2,937 $ 335 $ 100 $ - $ 28,323,998
========== ========== =========== ============= =========== ========= =============
Unaudited Internally Generated Report Subject To Amending Adjustments
These internally generated financials include but are not limited to
significant year end adjustments for the impairment of assets, write offs
of inter-company balances and reserves against related party receivables as
requested by the trustee. These financials are subject to final audit and
may require additional adjustments following the completion of the December
30, 2007 audit of the company's consolidated financial statements scheduled
to be completed on March 30, 2007.
On August 28, 2007 the trustee testified, affirmen by PDS, that that the
bareboat charter fee assigned to PDS was not to be accrued or paid as of
September 2007. The financials do not reflect the contingancy fees of the
bareboat charters after September 30, 2007. As of December 31, 2007, this
issue is being contested by Mr. Murray and will be resolved as part of the
upcoming plan of reorganization.
FOR THE PERIOD BEGINNING 12/1/2007 AND ENDING 12/31/2007
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 DECEMBER 30, 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 $ - $ - $ - $ 2,005,111
Fare - - - 130,926
On Board - - - 161,952
Other - - - -
------------------ ----------------------- ------------------ ------------------
NET OPERATING REVENUES - - - 2,297,989
------------------ ----------------------- ------------------ ------------------
OPERATING COSTS AND EXPENSES:
Gaming - - - 911,127
Fare - - - 295,873
On Board - - - 65,278
Maritime & Legal Expenses - - - 508,548
G & A Expenses - Palm Beach Princess 42,961 - - 254,647
G & A Expenses - Parent - - - -
Development Costs - 35,967 114,661 -
Impairment of Assets 4,163,792 (266,898) 14,303,415 4,077,448
Depreciation & Amortization - - - 44,285
------------------ ----------------------- ------------------ ------------------
TOTAL OPERATING COSTS AND EXPENSES 4,206,753 (230,931) 14,418,076 6,157,206
------------------ ----------------------- ------------------ ------------------
OPERATING INCOME (LOSS) (4,206,753) 230,931 (14,418,076) (3,859,217)
------------------ ----------------------- ------------------ ------------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - - - -
Interest Income - - - 2,300
ITG Vegas Bankruptcy Costs - - (5,000) (155,896)
Elimination of Inter-Company Balances (245,214,187) 2,810,823 26,856,144 (21,418,819)
Forgiveness of Debt 17,949
------------------ ----------------------- ------------------ ------------------
TOTAL OTHER INCOME (EXPENSE) (245,214,187) 2,810,823 26,851,144 (21,554,466)
------------------ ----------------------- ------------------ ------------------
INCOME (LOSS) BEFORE TAX PROVISION (249,420,940) 3,041,754 12,433,068 (25,413,683)
LESS: State Income Tax Expense - - - -
------------------ ----------------------- ------------------ ------------------
NET INCOME (LOSS) $ (249,420,940) $ 3,041,754 $ 12,433,068 $ (25,413,683)
================== ======================= ================== ==================
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 Princes - -
G & A Expenses - Parent - -
Development Costs - -
Impairment of Assets 198,770 -
Depreciation & Amortization - -
------------------ ------------------
TOTAL OPERATING COSTS AND EXPENSES 198,770 -
------------------ ------------------
OPERATING INCOME (LOSS) (198,770) -
------------------ ------------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - -
Interest Income - -
ITG Vegas Bankruptcy Costs - -
Elimination of Inter-Company Balanc 4,984,666 27,768,897
Forgiveness of Debt
------------------ ------------------
TOTAL OTHER INCOME (EXPENSE) 4,984,666 27,768,897
------------------ ------------------
INCOME (LOSS) BEFORE TAX PROVISION 4,785,896 27,768,897
LESS: State Income Tax Expense - -
------------------ ------------------
NET INCOME (LOSS) $ 4,785,896 $ 27,768,897
================== ==================
Bankruptcy Court Case No. Non-Bankrupt Companies
GMO Travel ITB Racing ITB Mgmt RACE TRACK RACE TRACK GMT INC TOTAL
---------- ---------- ---------- ------------ ------------ --------- ------------
OPERATING REVENUES:
Gaming $ - $ - $ - $ - $ - $ - $ 2,005,111
Fare - - - - - - 130,926
On Board - - - - - - 161,952
Other 20,532 - - - - - 20,532
---------- ---------- ---------- ------------ ------------ --------- ------------
NET OPERATING REVENUES 20,532 - - - - - 2,318,521
---------- ---------- ---------- ------------ ------------ --------- ------------
OPERATING COSTS AND EXPENSES:
Gaming - - - - - - 911,127
Fare 15,306 - - - - - 311,179
On Board - - - - - - 65,278
Maritime & Legal Expenses - - - - - - 508,548
G & A Expenses - Palm Beach Princess 10,768 - - - - - 308,376
G & A Expenses - Parent - 630 (10,237) - - - (9,607)
Development Costs - - - - - - 150,628
Impairment of Assets - - - - - - 22,476,527
Depreciation & Amortization - - - - - - 44,285
---------- ---------- ---------- ------------ ------------ --------- ------------
TOTAL OPERATING COSTS AND EXPENSES 26,074 630 (10,237) - - - 24,766,341
---------- ---------- ---------- ------------ ------------ --------- ------------
OPERATING INCOME (LOSS) (5,542) (630) 10,237 - - - (22,447,820)
---------- ---------- ---------- ------------ ------------ --------- ------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses - - - - - - -
Interest Income - - - - - - 2,300
ITG Vegas Bankruptcy Costs - - - - - - (160,896)
Elimination of Inter-Company Balances 574,677 1,212,699 1,017,177 226,674,474 (25,147,790) (118,761) -
Forgiveness of Debt 17,949
---------- ---------- ---------- ------------ ------------ --------- ------------
TOTAL OTHER INCOME (EXPENSE) 574,677 1,212,699 1,017,177 226,674,474 (25,147,790) (118,761) (140,647)
---------- ---------- ---------- ------------ ------------ --------- ------------
INCOME (LOSS) BEFORE TAX PROVISION 569,135 1,212,069 1,027,414 226,674,474 (25,147,790) (118,761) (22,588,467)
LESS: State Income Tax Expense - - - - - - -
---------- ---------- ---------- ------------ ------------ --------- ------------
NET INCOME (LOSS) $ 569,135 $1,212,069 $ 1,027,414 $ 226,674,474 $(25,147,790) $(118,761) $(22,588,467)
========== ========== ========== ============ ============ ========= ============
Unaudited Internally Generated Report Subject To Amending Adjustments
These internally generated financials include but are not limited to
significant year end adjustments for the impairment of assets, write offs
of inter-company balances and reserves against related party receivables as
requested by the trustee. These financials are subject to final audit and
may require additional adjustments following the completion of the December
30, 2007 audit of the company's consolidated financial statements scheduled
to be completed on March 30, 2007.
On August 28, 2007 the trustee testified, affirmen by PDS, that that the
bareboat charter fee assigned to PDS was not to be accrued or paid as of
September 2007. The financials do not reflect the contingancy fees of the
bareboat charters after September 30, 2007. As of December 31, 2007, this
issue is being contested by Mr. Murray and will be resolved as part of the
upcoming plan of reorganization.