Ehibit 99.1
FOR THE PERIOD BEGINNING 8/1/2008 AND ENDING 8/31/2008
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 AUGUST 24, 2008
(UNAUDITED)
ASSETS
August 24, 2008
----------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 1,620,230
Restricted Cash 77,680
Accounts Receivable 386,814
Prepaid Expenses 184,227
Other Current Assets 201,992
Assets of Discontinued Operations 436
----------------
TOTAL CURRENT ASSETS 2,471,379
----------------
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 8,711,795
----------------
TOTAL VESSELS & EQUIPMENT - NET 21,887,080
----------------
OTHER ASSETS:
Notes Receivable 4,800,658
Deposits and Other Assets - Non-Related Parties 121,071
Spare Parts Inventory 407,287
----------------
TOTAL OTHER ASSETS 5,329,016
----------------
TOTAL ASSETS $ 29,687,475
================
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 8/1/2008 AND ENDING 8/31/2008
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 AUGUST 24, 2008
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
August 24, 2008
------------------
CURRENT LIABILITIES:
Accounts Payable $ 1,950,831
Accrued Expenses 3,622,995
DIP Financing 3,688,018
Liabilities of Discontinued Operations 420,200
------------------
TOTAL CURRENT LIABILITIES 9,682,044
------------------
LIABILITIES SUBJECT TO COMPROMISE: 50,161,560
------------------
------------------
TOTAL LIABILITIES 59,843,604
------------------
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) (121,220,124)
------------------
(31,138,541)
LESS:
Treasury Stock, 915,077 Shares 457,538
------------------
TOTAL STOCKHOLDERS' EQUITY (31,596,079)
------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 29,687,475
==================
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 8/1/2008 AND ENDING 8/31/2008
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 AUGUST 24, 2008
(UNAUDITED)
One Month Ended
August 24, 2008
------------------
OPERATING REVENUES:
Gaming $ 1,442,384
Fare 59,188
On Board 89,963
Other (37,285)
------------------
NET OPERATING REVENUES 1,554,250
------------------
OPERATING COSTS AND EXPENSES:
Gaming 205,910
Fare 256,755
On Board 308,882
Maritime & Legal Expenses 762,729
General & Administrative Expenses 604,022
Ship Carrying Costs - Big Easy 22,570
Depreciation & Amortization 17,917
------------------
TOTAL OPERATING COSTS AND EXPENSES 2,178,785
------------------
OPERATING INCOME (LOSS) (624,535)
OTHER INCOME (EXPENSE):
Interest and Financing Expenses (85,037)
Interest Income 395
Forgiveness of Debt 4,730,573
Elimination of Inter-Company Balances (42,901)
Bankruptcy Costs (146,547)
------------------
TOTAL OTHER INCOME (EXPENSE) 4,456,483
------------------
(LOSS) BEFORE TAX PROVISION 3,831,948
Income Tax Expense -
------------------
NET (LOSS) $ 3,831,948
==================
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE: $ 0.34
==================
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 8/1/2008 AND ENDING 8/31/2008
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 AUGUST 24, 2008
(UNAUDITED)
One Month Ended
August 24, 2008
------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
(LOSS) BEFORE DISCONTINUED OPERATIONS $ 3,831,948
Adjustments to reconcile income (loss)
to net cash (used in)
provided by operating activities:
Depreciation and Amortization 499,581
Inter-Company Adjustments 42,901
Interest Added to PDS Debt 96,191
Forgiveness of Debt (5,371,053)
Increase in Deferred Income -
Changes in Operating Assets and Liabilities -
(Increase) in Restricted Cash & Investments -
(Increase) Decrease in Accounts Receivable (25,781)
(Increase) Decrease in Other Assets 4,538
(Increase) Decrease in Prepaid Expenses 347,068
Increase (Decrease) in Accounts Payable and
Accrued Expenses 248,139
------------------
NET CASH PROVIDED BY (USED IN) OPERATING (326,468)
------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures -
------------------
NET CASH (USED IN) INVESTING ACTIVITIES -
------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
DIP Financing Funds Received 365,050
Principal Payments on Short Term Notes -
------------------
NET CASH (USED IN) FINANCING ACTIVITIES 365,050
------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 38,582
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 1,659,328
------------------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD $ 1,697,910
==================
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 8/1/2008 AND ENDING 8/31/2008
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF AUGUST 24, 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 $ - $ $ 13,460 $ 1,586,267
Restricted Cash 77,680
Accounts Receivable 48,043 239,785
Prepaid Expenses 11,055 - 32,996 92,253
Other Current Assets 8,740 193,252
Net Assets of Discontinued
Operations - Current
--------------------- --------------------- --------------------- ---------------------
TOTAL CURRENT ASSETS 11,055 - 103,239 2,189,237
--------------------- --------------------- --------------------- ---------------------
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 7,990,198
--------------------- --------------------- --------------------- ---------------------
TOTAL PLANT &
EQUIPMENT - NET 67,066 - 7,991,261 13,828,753
--------------------- --------------------- --------------------- ---------------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 3,571 117,500
Spare Parts Inventory 407,287
Notes Receivable 2,500,000
--------------------- --------------------- --------------------- ---------------------
TOTAL OTHER ASSETS 2,503,571 - 117,500 407,287
--------------------- --------------------- --------------------- ---------------------
TOTAL ASSETS $ 2,581,692 $ - $ 8,212,000 $ 16,425,277
===================== ===================== ===================== =====================
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 HOLDFREE
Travel Racing Mgmt RACE TRACK RACE TRACK MGMT INC TOTAL
-------- ---------- --------- ----------- ------------ --------- -------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 18,232 $ (666) $ 2,937 $ $ $ $ 1,620,230
Restricted Cash 77,680
Accounts Receivable 98,986 386,814
Prepaid Expenses 47,923 184,227
Other Current Assets 201,992
Net Assets of Discontinued
Operations - Current 335 100 435
--------- ---------- --------- ---------- ----------- -------- -------------
TOTAL CURRENT ASSETS 165,141 (666) 2,937 335 100 - 2,471,378
--------- ---------- --------- ---------- ----------- -------- -------------
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 8,711,795
--------- ---------- --------- ---------- ----------- -------- -------------
TOTAL PLANT &
EQUIPMENT - NET - - - - - - 21,887,080
--------- ---------- --------- ---------- ----------- -------- -------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 121,071
Spare Parts Inventory 407,287
Notes Receivable 4,800,658
--------- ---------- --------- ---------- ----------- -------- -------------
TOTAL OTHER ASSETS - - - - - - 5,329,016
--------- ---------- --------- ---------- ----------- -------- -------------
TOTAL ASSETS $ 165,141 $ (666) $ 2,937 $ 335 $ 100 $ - $ 29,687,474
========= ========== ========= ========== =========== ======== =============
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 8/1/2008 AND ENDING 8/31/2008
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF AUGUST 24, 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 $ 854,886
Accrued Expenses 425,466 - 996,599 1,962,514
DIP Financing 3,688,018
Net Liabilities of Discontinued
Operations - Current
--------------------- --------------------- --------------------- ---------------------
TOTAL CURRENT LIABILITIES 1,317,624 276 1,125,872 6,505,418
--------------------- --------------------- --------------------- ---------------------
--------------------- --------------------- --------------------- ---------------------
LIABILITIES SUBJECT TO COMPRIMISE: 2,561,242 - 21,816,163 22,505,433
--------------------- --------------------- --------------------- ---------------------
DEFERRED INCOME - - - -
--------------------- --------------------- --------------------- ---------------------
COMMITMENTS AND CONTINGENCIES - - - -
--------------------- --------------------- --------------------- ---------------------
Due To/(From) Affiliates 137,199 - 504,897 (611,167)
--------------------- --------------------- --------------------- ---------------------
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) (251,340,019) (276) (15,234,932) (11,974,408)
--------------------- --------------------- --------------------- ---------------------
TOTAL (976,835) (276) (15,234,932) (11,974,407)
--------------------- --------------------- --------------------- ---------------------
LESS:
Treasury Stock 457,538 - - -
--------------------- --------------------- --------------------- ---------------------
TOTAL STOCKHOLDERS' EQUITY (1,434,373) (276) (15,234,932) (11,974,407)
--------------------- --------------------- --------------------- ---------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,581,692 $ - $ 8,212,000 $ 16,425,277
===================== ===================== ===================== =====================
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 HOLDFREE
Travel Racing Mgmt RACE TRACK RACE TRACK MGMT INC TOTAL
---------- --------- ------------- -------------- --------------- ---------- -------------
CURRENT LIABILITIES:
Accounts Payable $ 240 $ 73,998 $ - $ - $ - $ - $ 1,950,831
Accrued Expenses 16,479 221,937 3,622,994
DIP Financing 3,688,018
Net Liabilities of Discontinued
Operations - Current 209,200 211,000 420,200
---------- --------- ------------- ------------- -------------- --------- --------------
TOTAL CURRENT LIABILITIES 16,719 73,998 221,937 209,200 211,000 - 9,682,043
---------- --------- ------------- ------------- -------------- --------- --------------
---------- --------- ------------- ------------- -------------- --------- --------------
LIABILITIES SUBJECT TO COMPRIMISE: (227,877) 1,017,500 50,161,559
---------- --------- ------------- ------------- -------------- --------- --------------
DEFERRED INCOME - - - 1,439,950 - - 1,439,950
---------- --------- ------------- ------------- -------------- --------- --------------
COMMITMENTS AND CONTINGENCIES - - - - - - -
---------- --------- ------------- ------------- -------------- --------- --------------
Due To/(From) Affiliates 68,124 20 (292,919) 1
---------- --------- ------------- ------------- -------------- --------- --------------
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) 80,098 153,193 (1,209,010) 161,645,836 (2,958,320) (121,220,124)
---------- --------- ------------- ------------- -------------- --------- --------------
TOTAL 80,298 153,193 (1,236,500) (1,648,815) 82,019 - (31,138,541)
---------- --------- ------------- ------------- -------------- --------- --------------
LESS:
Treasury Stock - - - - - - 457,538
---------- --------- ------------- ------------- -------------- --------- --------------
TOTAL STOCKHOLDERS' EQUITY 80,298 153,193 (1,236,500) (1,648,815) 82,019 - (31,596,079)
---------- --------- ------------- ------------- -------------- --------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 165,141 $ (666) $ 2,937 $ 335 $ 100 $ - $ 29,687,474
========== ========= ============= ============= ============== ========= ==============
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 8/1/2008 AND ENDING 8/31/2008
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 AUGUST 24, 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 $ - $ - $ - $ 1,442,384
Fare - - - 59,188
On Board - - - 89,963
Other - - -
--------------------- --------------------- --------------------- ---------------------
NET OPERATING REVENUES - - - 1,591,535
--------------------- --------------------- --------------------- ---------------------
OPERATING COSTS AND EXPENSES:
Gaming 205,910
Fare 293,474
On Board 308,882
Maritime & Legal Expenses 762,729
G & A Expenses -
Palm Beach Princess 584,193
G & A Expenses - Parent (674)
Development Costs 22,570
Depreciation & Amortization 17,917
--------------------- --------------------- --------------------- ---------------------
TOTAL OPERATING COSTS AND
EXPENSES (674) - 22,570 2,173,105
--------------------- --------------------- --------------------- ---------------------
OPERATING INCOME (LOSS) 674 - (22,570) (581,570)
--------------------- --------------------- --------------------- ---------------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses (85,037)
Interest Income 395
ITG Vegas Bankruptcy Costs (146,547)
Elimination of Inter-
Company Balances
Forgiveness of Debt 3,334,387 1,396,187
--------------------- --------------------- --------------------- ---------------------
TOTAL OTHER INCOME (EXPENSE) - 3,334,387 - 1,164,998
--------------------- --------------------- --------------------- ---------------------
INCOME (LOSS) BEFORE TAX PROVISION 674 3,334,387 (22,570) 583,428
LESS: State Income Tax Expense - - - -
--------------------- --------------------- --------------------- ---------------------
NET INCOME (LOSS) $ 674 $ 3,334,387 $ (22,570) $ 583,428
===================== ===================== ===================== =====================
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 and Financing Expenses
Interest Income
ITG Vegas Bankruptcy Costs
Elimination of Inter-
Company Balances
Forgiveness of Debt
---------------------- --------------------
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 $ - $ - $ - $ - $ - $ - $ 1,442,384
Fare - - - - - - 59,188
On Board - - - - - - 89,963
Other (37,285) - - - - - (37,285)
-------------- --------- --------- ----------- -------------- ----------- ------------
NET OPERATING REVENUES (37,285) - - - - - 1,554,250
-------------- --------- --------- ----------- -------------- ----------- ------------
OPERATING COSTS AND EXPENSES:
Gaming 205,910
Fare - 293,474
On Board 308,882
Maritime & Legal Expenses 762,729
G & A Expenses -
Palm Beach Princess (16,216) 567,977
G & A Expenses - Parent (674)
Development Costs - 22,570
Depreciation & Amortization 17,917
-------------- --------- --------- ----------- -------------- ----------- ------------
TOTAL OPERATING COSTS AND
EXPENSES (16,216) - - - - - 2,178,785
-------------- --------- --------- ----------- -------------- ----------- ------------
OPERATING INCOME (LOSS) (21,069) - - - - - (624,535)
-------------- --------- --------- ----------- -------------- ----------- ------------
OTHER INCOME (EXPENSE):
Interest and Financing Expenses (85,037)
Interest Income 395
ITG Vegas Bankruptcy Costs (146,547)
Elimination of Inter-
Company Balances (42,901) (42,901)
Forgiveness of Debt 4,730,574
-------------- --------- --------- ----------- -------------- ----------- ------------
TOTAL OTHER INCOME (EXPENSE) (42,901) - - - - - 4,456,484
-------------- --------- --------- ----------- -------------- ----------- ------------
INCOME (LOSS) BEFORE TAX PROVISION (63,970) - - - - - 3,831,949
LESS: State Income Tax Expense - - - - - - -
-------------- --------- --------- ----------- -------------- ----------- ------------
NET INCOME (LOSS) $ (63,970) $ - $ - $ - $ - $ - $ 3,831,949
============== ========= ========= =========== ============== =========== ============
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.