Exhibit 99.1
FOR THE PERIOD BEGINNING 7/1/2008 AND ENDING 7/31/2008
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 27, 2008
(UNAUDITED)
ASSETS
July 27, 2008
---------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 1,581,645
Restricted Cash 77,680
Accounts Receivable 361,033
Prepaid Expenses 597,548
Other Current Assets 206,530
Assets of Discontinued Operations 435
---------------
TOTAL CURRENT ASSETS 2,824,871
---------------
VESSELS & EQUIPMENT
Vessel - Palm Beach Princess - under Capital Lease 15,000,000
Vessel - Big Easy - under Capital Lease - Not in Service 8,712,858
Other Fixed Assets 6,886,017
---------------
30,598,875
LESS: Accumulated Depreciation and Amortization 8,586,786
---------------
TOTAL VESSELS & EQUIPMENT - NET 22,012,089
---------------
OTHER ASSETS:
Notes Receivable 4,800,658
Deposits and Other Assets - Non-Related Parties 121,071
Spare Parts Inventory 427,805
---------------
TOTAL OTHER ASSETS 5,349,534
---------------
TOTAL ASSETS $ 30,186,494
===============
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
not yet scheduled to be finalized.
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 7/1/2008 AND ENDING 7/31/2008
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 27, 2008
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
July 27, 2008
---------------
CURRENT LIABILITIES:
Accounts Payable $ 1,939,028
Accrued Expenses 3,591,595
DIP Financing 3,237,931
Liabilities of Discontinued Operations 420,200
---------------
TOTAL CURRENT LIABILITIES 9,188,754
---------------
LIABILITIES SUBJECT TO COMPROMISE: 54,985,817
---------------
---------------
TOTAL LIABILITIES 64,174,571
---------------
DEFERRED INCOME 1,439,950
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) (125,052,072)
---------------
(34,970,489)
LESS:
Treasury Stock, 915,077 Shares 457,538
---------------
TOTAL STOCKHOLDERS' EQUITY (35,428,027)
---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 30,186,494
===============
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
not yet scheduled to be finalized.
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 7/1/2008 AND ENDING 7/31/2008
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 27, 2008
(UNAUDITED)
One Month Ended
July 27, 2008
---------------
OPERATING REVENUES:
Gaming $ 1,414,587
Fare 86,130
On Board 101,450
Other 3,073
---------------
NET OPERATING REVENUES 1,605,240
---------------
OPERATING COSTS AND EXPENSES:
Gaming 226,428
Fare 235,302
On Board 311,325
Maritime & Legal Expenses 687,558
General & Administrative Expenses 250,946
Ship Carrying Costs - Big Easy 28,195
Depreciation & Amortization 17,917
---------------
TOTAL OPERATING COSTS AND EXPENSES 1,757,671
---------------
OPERATING INCOME (LOSS) (152,431)
OTHER INCOME (EXPENSE):
Interest and Financing Expenses -
Interest Income 397
Bankruptcy Costs (200,925)
---------------
TOTAL OTHER INCOME (EXPENSE) (200,528)
---------------
(LOSS) BEFORE TAX PROVISION (352,959)
Income Tax Expense -
---------------
NET (LOSS) $ (352,959)
===============
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
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
not yet scheduled to be finalized.
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 7/1/2008 AND ENDING 7/31/2008
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 27, 2008
(UNAUDITED)
One Month Ended
July 27, 2008
---------------
CASH FLOWS FROM OPERATING ACTIVITIES:
(LOSS) BEFORE DISCONTINUED OPERATIONS $ (352,959)
Adjustments to reconcile income (loss)
to net cash (used in)
provided by operating activities:
Depreciation and Amortization 138,558
Increase in Deferred Income -
Changes in Operating Assets and Liabilities -
(Increase) in Restricted Cash & Investments -
(Increase) Decrease in Accounts Receivable 67,502
(Increase) Decrease in Other Assets 11,606
(Increase) Decrease in Prepaid Expenses 86,612
Increase (Decrease) in Accounts Payable and
Accrued Expenses (160,114)
---------------
NET CASH PROVIDED BY (USED IN) OPERATING (208,795)
---------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures -
---------------
NET CASH (USED IN) INVESTING ACTIVITIES -
---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal Payments on Short Term Notes -
---------------
NET CASH (USED IN) FINANCING ACTIVITIES -
---------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (208,795)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 1,868,120
---------------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD $ 1,659,325
===============
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
not yet scheduled to be finalized.
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 7/1/2008 AND ENDING 7/31/2008
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 27, 2008
(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 $ - $ $ 14,116 $ 1,549,008
Restricted Cash 77,680
Accounts Receivable 48,043 182,907
Prepaid Expenses 11,055 94,824 32,996 410,521
Other Current Assets 8,740 197,790
Net Assets of Discontinued
Operations - Current
------------------ --------------------- ------------------- ------------------
TOTAL CURRENT ASSETS 11,055 94,824 103,895 2,417,906
------------------ --------------------- ------------------- ------------------
VESSEL, PLANT & EQUIPMENT:
Vessels - Palm Beach Princess 15,000,000
Ship Not Placed in Service -
Big Easy 8,712,858
Equipment 67,066 6,818,951
------------------ --------------------- ------------------- ------------------
67,066 - 8,712,858 21,818,951
LESS: Accumulated Depreciation
and Amortization 721,597 7,865,189
------------------ --------------------- ------------------- ------------------
TOTAL PLANT & EQUIPMENT - NET 67,066 - 7,991,261 13,953,762
------------------ --------------------- ------------------- ------------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 3,571 117,500
Spare Parts Inventory 427,805
Notes Receivable 2,500,000
------------------ --------------------- ------------------- ------------------
TOTAL OTHER ASSETS 2,503,571 - 117,500 427,805
------------------ --------------------- ------------------- ------------------
TOTAL ASSETS $ 2,581,692 $ 94,824 $ 8,212,656 $ 16,799,473
================== ===================== =================== ==================
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 - Palm Beach Princess
Ship Not Placed in Service -
Big Easy
Equipment
------------------------ ------------------------
- -
LESS: Accumulated Depreciation
and Amortization
------------------------ ------------------------
TOTAL PLANT & EQUIPMENT - NET - -
------------------------ ------------------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related
Spare Parts Inventory
Notes Receivable 2,300,658
------------------------ ------------------------
TOTAL OTHER ASSETS - 2,300,658
------------------------ ------------------------
TOTAL ASSETS $ - $ 2,300,658
======================== ========================
Bankruptcy Court Case No. Non-Bankrupt Companies
----------------------
GMO ITB ITB GSRT RACE HOLDFREE
Travel Racing Mgmt TRACK RACE TRACK MGMT INC TOTAL
--------- -------- --------- ---------- ------------ -------- ------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 16,250 $ (666) $ 2,937 $ $ $ $ 1,581,645
Restricted Cash 77,680
Accounts Receivable 130,083 361,033
Prepaid Expenses 48,152 597,548
Other Current Assets 206,530
Net Assets of Discontinued
Operations - Current 335 100 435
--------- -------- --------- ---------- ------------ -------- ------------
TOTAL CURRENT ASSETS 194,485 (666) 2,937 335 100 - 2,824,871
--------- -------- --------- ---------- ------------ -------- ------------
VESSEL, PLANT & EQUIPMENT:
Vessels - Palm Beach Princess 15,000,000
Ship Not Placed in Service -
Big Easy 8,712,858
Equipment 6,886,017
--------- -------- --------- ---------- ------------ -------- ------------
- - - - - - 30,598,875
LESS: Accumulated Depreciation
and Amortization 8,586,786
--------- -------- --------- ---------- ------------ -------- ------------
TOTAL PLANT & EQUIPMENT - NET - - - - - - 22,012,089
--------- -------- --------- ---------- ------------ -------- ------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 121,071
Spare Parts Inventory 427,805
Notes Receivable 4,800,658
--------- -------- --------- ---------- ------------ -------- ------------
TOTAL OTHER ASSETS - - - - - - 5,349,534
--------- -------- --------- ---------- ------------ -------- ------------
TOTAL ASSETS $ 194,485 $ (666) $ 2,937 $ 335 $ 100 $ - $ 30,186,494
========= ======== ========= ========== ============ ======== ============
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
not yet scheduled to be finalized.
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 7/1/2008 AND ENDING 7/31/2008
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 27, 2008
(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 $ 892,158 $ 276 $ 129,273 $ 896,833
Accrued Expenses 425,467 1,140 1,017,034 1,822,293
DIP Financing 3,237,931
Net Liabilities of Discontinued
Operations - Current
----------------- ------------------- ----------------- -----------------
TOTAL CURRENT LIABILITIES 1,317,625 1,416 1,146,307 5,957,057
----------------- ------------------- ----------------- -----------------
----------------- ------------------- ----------------- -----------------
LIABILITIES SUBJECT TO COMPRIMISE: 2,561,242 4,824,257 21,816,163 22,505,433
----------------- ------------------- ----------------- -----------------
DEFERRED INCOME - - - -
----------------- ------------------- ----------------- -----------------
COMMITMENTS AND CONTINGENCIES - - - -
----------------- ------------------- ----------------- -----------------
Due To/(From) Affiliates 137,873 - 462,548 (501,369)
----------------- ------------------- ----------------- -----------------
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) (251,340,693) (4,730,849) (15,212,362) (11,161,649)
----------------- ------------------- ----------------- -----------------
TOTAL (977,509) (4,730,849) (15,212,362) (11,161,648)
----------------- ------------------- ----------------- -----------------
LESS:
Treasury Stock 457,538 - - -
----------------- ------------------- ----------------- -----------------
TOTAL STOCKHOLDERS' EQUITY (1,435,047) (4,730,849) (15,212,362) (11,161,648)
----------------- ------------------- ----------------- -----------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,581,693 $ 94,824 $ 8,212,656 $ 16,799,473
================= =================== ================= =================
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: 1,238,440 1,250,658
----------------- -----------------
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) (1,432,286) 1,050,000
----------------- -----------------
TOTAL (1,432,286) 1,050,000
----------------- -----------------
LESS:
Treasury Stock - -
----------------- -----------------
TOTAL STOCKHOLDERS' EQUITY (1,432,286) 1,050,000
----------------- -----------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ - $ 2,300,658
================= =================
Bankruptcy Court Case No. Non-Bankrupt Companies
----------------------
GMO ITB ITB GSRT RACE HOLDFREE
Travel Racing Mgmt TRACK RACE TRACK MGMT INC TOTAL
--------- --------- ----------- ------------- ----------- -------- -------------
CURRENT LIABILITIES:
Accounts Payable $ (53,510) $ 73,998 $ - $ - $ - $ - $ 1,939,028
Accrued Expenses 103,726 221,937 3,591,596
DIP Financing 3,237,931
Net Liabilities of
Discontinued Operations -
Current 209,200 211,000 420,200
--------- --------- ----------- ------------- ----------- -------- -------------
TOTAL CURRENT LIABILITIES 50,216 73,998 221,937 209,200 211,000 - 9,188,755
--------- --------- ----------- ------------- ----------- -------- -------------
--------- --------- ----------- ------------- ----------- -------- -------------
LIABILITIES SUBJECT TO COMPRIMISE: (227,877) 1,017,500 54,985,816
--------- --------- ----------- ------------- ----------- -------- -------------
DEFERRED INCOME - - - 1,439,950 - - 1,439,950
--------- --------- ----------- ------------- ----------- -------- -------------
COMMITMENTS AND CONTINGENCIES - - - - - - -
--------- --------- ----------- ------------- ----------- -------- -------------
Due To/(From) Affiliates - 20 (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) 144,068 153,193 (1,209,010) 161,645,836 (2,958,320) (125,052,072)
--------- --------- ----------- ------------- ----------- -------- -------------
TOTAL 144,268 153,193 (1,236,500) (1,648,815) 82,019 - (34,970,489)
--------- --------- ----------- ------------- ----------- -------- -------------
LESS:
Treasury Stock - - - - - - 457,538
--------- --------- ----------- ------------- ----------- -------- -------------
TOTAL STOCKHOLDERS' EQUITY 144,268 153,193 (1,236,500) (1,648,815) 82,019 - (35,428,027)
--------- --------- ----------- ------------- ----------- -------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 194,484 $ (666) $ 2,937 $ 335 $ 100 $ - $ 30,186,494
========= ========= =========== ============= =========== ======== =============
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
not yet scheduled to be finalized.
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 7/1/2008 AND ENDING 7/31/2008
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 27, 2008
(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 $ - $ - $ - $ 1,414,587
Fare - - - 86,130
On Board - - - 101,450
Other - - -
----------------- ------------------- ------------------ -----------------
NET OPERATING REVENUES - - - 1,602,167
----------------- ------------------- ------------------ -----------------
OPERATING COSTS AND EXPENSES:
Gaming 226,428
Fare 235,302
On Board 311,325
Maritime & Legal Expenses 687,558
G & A Expenses -
Palm Beach Princess 249,346
G & A Expenses - Parent 418
Development Costs 28,195
Depreciation & Amortization 17,917
----------------- ------------------- ------------------ -----------------
TOTAL OPERATING COSTS AND EXPENSES 418 - 28,195 1,727,876
----------------- ------------------- ------------------ -----------------
OPERATING INCOME (LOSS) (418) - (28,195) (125,709)
----------------- ------------------- ------------------ -----------------
OTHER INCOME (EXPENSE):
Interest Income 397
ITG Vegas Bankruptcy Costs (200,925)
----------------- ------------------- ------------------ -----------------
TOTAL OTHER INCOME (EXPENSE) - - - (200,528)
----------------- ------------------- ------------------ -----------------
INCOME (LOSS) BEFORE TAX PROVISION (418) - (28,195) (326,237)
LESS: State Income Tax Expense - - - -
----------------- ------------------- ------------------ -----------------
NET INCOME (LOSS) $ (418) $ - $ (28,195) $ (326,237)
================= =================== ================== =================
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
Depreciation & Amortization
----------------- ------------------
TOTAL OPERATING COSTS AND EXPENSES - -
----------------- ------------------
OPERATING INCOME (LOSS) - -
----------------- ------------------
OTHER INCOME (EXPENSE):
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 ITB ITB GSRT HOLDFREE
Travel Racing Mgmt RACE TRACK RACE TRACK MGMT INC TOTAL
-------- ------- -------- ------------- ----------- ---------- ----------
OPERATING REVENUES:
Gaming $ - $ - $ - $ - $ - $ - $ 1,414,587
Fare - - - - - - 86,130
On Board - - - - - - 101,450
Other 3,073 - - - - - 3,073
-------- ------- -------- ------------- ----------- ---------- ----------
NET OPERATING REVENUES 3,073 - - - - - 1,605,240
-------- ------- -------- ------------- ----------- ---------- ----------
OPERATING COSTS AND EXPENSES:
Gaming 226,428
Fare - 235,302
On Board 311,325
Maritime & Legal Expenses 687,558
G & A Expenses -
Palm Beach Princess 1,182 250,528
G & A Expenses - Parent 418
Development Costs - 28,195
Depreciation & Amortization 17,917
-------- ------- -------- ------------- ----------- ---------- ----------
TOTAL OPERATING COSTS AND EXPENSES 1,182 - - - - - 1,757,671
-------- ------- -------- ------------- ----------- ---------- ----------
OPERATING INCOME (LOSS) 1,891 - - - - - (152,431)
-------- ------- -------- ------------- ----------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest Income 397
ITG Vegas Bankruptcy Costs (200,925)
-------- ------- -------- ------------- ----------- ---------- ----------
TOTAL OTHER INCOME (EXPENSE) - - - - - - (200,528)
-------- ------- -------- ------------- ----------- ---------- ----------
INCOME (LOSS) BEFORE TAX PROVISION 1,891 - - - - - (352,959)
LESS: State Income Tax Expense - - - - - - -
-------- ------- -------- ------------- ----------- ---------- ----------
NET INCOME (LOSS) $ 1,891 $ - $ - $ - $ - $ - $ (352,959)
======== ======= ======== ============= =========== ========== ==========
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
not yet scheduled to be finalized.
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.