Exhibit 99.1
FOR THE PERIOD BEGINNING 9/1/2008 AND ENDING 9/30/2008
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 SEPTEMBER 28, 2008
(UNAUDITED)
ASSETS
September 28, 2008
------------------
CURRENT ASSETS:
Cash and Cash Equivalents $ 1,761,860
Accounts Receivable 325,233
Prepaid Expenses 111,461
Other Current Assets 628,303
------------------
TOTAL CURRENT ASSETS 2,826,857
------------------
VESSELS & EQUIPMENT
Vessel - Palm Beach Princess -
under Capital Lease 5,603,255
Vessel - Big Easy - under Capital Lease -
Not in Service 8,712,858
Other Fixed Assets 67,066
------------------
14,383,179
LESS: Accumulated Depreciation and Amortization 3,774,852
------------------
TOTAL VESSELS & EQUIPMENT - NET 10,608,327
------------------
OTHER ASSETS:
Notes Receivable 4,800,658
Deposits and Other Assets - Non-Related Parties 121,071
Spare Parts Inventory 14,507
------------------
TOTAL OTHER ASSETS 4,936,236
------------------
TOTAL ASSETS $ 18,371,420
==================
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 9/1/2008 AND ENDING 9/30/2008
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 SEPTEMBER 28, 2008
(UNAUDITED)
LIABILITIES AND STOCKHOLDERS' EQUITY
September 28, 2008
------------------
CURRENT LIABILITIES:
Accounts Payable $ 1,863,947
Accrued Expenses 2,640,502
DIP Financing 4,038,018
------------------
TOTAL CURRENT LIABILITIES 8,542,467
------------------
LIABILITIES SUBJECT TO COMPROMISE: 50,119,861
------------------
------------------
TOTAL LIABILITIES 58,662,328
------------------
DEFERRED INCOME -
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) (129,914,953)
------------------
(39,833,370)
LESS:
Treasury Stock, 915,077 Shares 457,538
------------------
TOTAL STOCKHOLDERS' EQUITY (40,290,908)
------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 18,371,420
==================
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 9/1/2008 AND ENDING 9/30/2008
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 SEPTEMBER 28, 2008
(UNAUDITED)
One Month Ended
September 28, 2008
------------------
OPERATING REVENUES:
Gaming $ 1,182,649
Fare 51,163
On Board 85,754
Other 48,998
------------------
NET OPERATING REVENUES 1,368,564
------------------
OPERATING COSTS AND EXPENSES:
Gaming 204,056
Fare 384,285
On Board 329,560
Maritime & Legal Expenses 649,909
General & Administrative Expenses 201,886
Ship Carrying Costs - Big Easy 52,574
Impairment of Assets 9,899,382
Depreciation & Amortization 125,454
------------------
TOTAL OPERATING COSTS AND EXPENSES 11,847,106
------------------
OPERATING INCOME (LOSS) (10,478,542)
OTHER INCOME (EXPENSE):
Interest and Financing Expenses -
Interest Income 455
Forgiveness of Debt 580,185
Elimination of Inter-Company Balances 56,815
Bankruptcy Costs (249,928)
------------------
TOTAL OTHER INCOME (EXPENSE) 387,527
------------------
(LOSS) BEFORE TAX PROVISION (10,091,015)
Income Tax Expense -
------------------
NET (LOSS) $ (10,091,015)
==================
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE: $ (1)
==================
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 9/1/2008 AND ENDING 9/30/2008
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 SEPTEMBER 28, 2008
(UNAUDITED)
One Month Ended
September 28, 2008
------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
(LOSS) BEFORE DISCONTINUED OPERATIONS $ (10,091,015)
Adjustments to reconcile income (loss) to net
cash (used in) provided by operating
activities:
Depreciation and Amortization 125,454
Inter-Company Adjustments (56,815)
Forgiveness of Debt 580,185
Disposal of Discontinued Operations 1,101,825
(Decrease) in Deferred Income (1,439,951)
Impairment of Assets 9,899,381
Changes in Operating Assets and Liabilities -
(Increase) in Restricted Cash & Investments 77,680
(Increase) Decrease in Accounts Receivable 61,591
(Increase) Decrease in Other Assets (426,311)
(Increase) Decrease in Prepaid Expenses 138,921
Increase (Decrease) in Accounts Payable and
Accrued Expenses (233,463)
------------------
NET CASH PROVIDED BY (USED IN) OPERATING (262,518)
------------------
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 102,532
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 1,659,328
------------------
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD $ 1,761,860
==================
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 9/1/2008 AND ENDING 9/30/2008
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 28, 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 $ - $ $ 38,357 $ 1,704,067
Accounts Receivable 48,043 240,792
Prepaid Expenses 11,055 - 32,996 19,487
Other Current Assets 8,740 619,563
--------------------- ---------------------- --------------------- ----------------------
TOTAL CURRENT ASSETS 11,055 - 128,136 2,583,909
--------------------- ---------------------- --------------------- ----------------------
VESSEL, PLANT & EQUIPMENT:
Vessels - Palm Beach Princess 5,603,255
Ship Not Placed in Service -
Big Easy 8,712,858
Equipment 67,066 -
--------------------- ---------------------- --------------------- ----------------------
67,066 - 8,712,858 5,603,255
LESS: Accumulated Depreciation
and Amortization 721,597 3,053,255
--------------------- ---------------------- --------------------- ----------------------
TOTAL PLANT &
EQUIPMENT - NET 67,066 - 7,991,261 2,550,000
--------------------- ---------------------- --------------------- ----------------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 3,571 117,500
Spare Parts Inventory 14,507
Notes Receivable 2,500,000
TOTAL OTHER ASSETS 2,503,571 - 117,500 14,507
--------------------- ---------------------- --------------------- ----------------------
TOTAL ASSETS $ 2,581,692 $ - $ 8,236,897 $ 5,148,416
===================== ====================== ===================== ======================
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
----------------- ------------------
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 $19,436 $ - $ - $ $ $ $ 1,761,860
Accounts Receivable 36,398 325,233
Prepaid Expenses 47,923 111,461
Other Current Assets 628,303
------- ------- ----------- -------------- ------------ -------- --------------
TOTAL CURRENT ASSETS 103,757 - - - - - 2,826,857
------- ------- ----------- -------------- ------------ -------- --------------
VESSEL, PLANT & EQUIPMENT:
Vessels - Palm Beach Princess 5,603,255
Ship Not Placed in Service -
Big Easy 8,712,858
Equipment 67,066
------- ------- ----------- -------------- ------------ -------- --------------
- - - - - - 14,383,179
LESS: Accumulated Depreciation
and Amortization 3,774,852
------- ------- ----------- -------------- ------------ -------- --------------
TOTAL PLANT &
EQUIPMENT - NET - - - - - - 10,608,327
------- ------- ----------- -------------- ------------ -------- --------------
OTHER ASSETS:
Deposits and Other Assets -
Non-Related 121,071
Spare Parts Inventory 14,507
Notes Receivable 4,800,658
TOTAL OTHER ASSETS - - - - - - 4,936,236
------- ------- ----------- -------------- ------------ -------- --------------
TOTAL ASSETS $103,757 $ - $ - $ - $ - $ - $ 18,371,420
======= ======= =========== ============== ============ ======== ==============
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 9/1/2008 AND ENDING 9/30/2008
Name of Debtor: International Thoroughbred Breeders, Inc
Case Number: 06-16441-BKC-PGH
INTERNATIONAL THOROUGHBRED BREEDERS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 28, 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 $ 892,602 $ 276 $ 99,080 $ 797,702
Accrued Expenses 425,467 - 984,599 1,004,726
DIP Financing 4,038,018
--------------------- ---------------------- --------------------- ----------------------
TOTAL CURRENT LIABILITIES 1,318,069 276 1,083,679 5,840,446
--------------------- ---------------------- --------------------- ----------------------
--------------------- ---------------------- --------------------- ----------------------
LIABILITIES SUBJECT TO COMPRIMISE: 2,561,242 - 21,816,163 22,463,735
--------------------- ---------------------- --------------------- ----------------------
DEFERRED INCOME - - - -
--------------------- ---------------------- --------------------- ----------------------
COMMITMENTS AND CONTINGENCIES - - - -
--------------------- ---------------------- --------------------- ----------------------
Due To/(From) Affiliates 99,073 - 572,549 (572,549)
--------------------- ---------------------- --------------------- ----------------------
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) (251,302,338) (276) (15,235,494) (22,583,217)
--------------------- ---------------------- --------------------- ----------------------
TOTAL (939,154) (276) (15,235,494) (22,583,216)
--------------------- ---------------------- --------------------- ----------------------
LESS:
Treasury Stock 457,538 - - -
--------------------- ---------------------- --------------------- ----------------------
TOTAL STOCKHOLDERS' EQUITY (1,396,692) (276) (15,235,494) (22,583,216)
--------------------- ---------------------- --------------------- ----------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,581,692 $ - $ 8,236,897 $ 5,148,416
===================== ====================== ===================== ======================
Bankruptcy Court Case No. 06-16357-BKC-PGH 06-16356-BKC-PGH
ITGDC Orion
------------------ ------------------
CURRENT LIABILITIES:
Accounts Payable $ $
Accrued Expenses
DIP Financing
------------------ ------------------
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 $ 290 $73,997 $ - $ - $ - $ - $ 1,863,947
Accrued Expenses 3,773 221,937 2,640,501
DIP Financing 4,038,018
------- ------- ----------- -------------- ------------ -------- --------------
TOTAL CURRENT LIABILITIES 4,063 73,997 221,937 - - - 8,542,466
------- ------- ----------- -------------- ------------ -------- --------------
------- ------- ----------- -------------- ------------ -------- --------------
LIABILITIES SUBJECT TO COMPRIMISE: (227,877) 1,017,500 50,119,861
------- ------- ----------- -------------- ------------ -------- --------------
DEFERRED INCOME - - - - - - -
------- ------- ----------- -------------- ------------ -------- --------------
COMMITMENTS AND CONTINGENCIES - - - - - - -
------- ------- ----------- -------------- ------------ -------- --------------
Due To/(From) Affiliates - - (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) 99,494 153,880 (1,211,947) 163,294,651 (2,747,420) (129,914,953)
------- ------- ----------- -------------- ------------ -------- --------------
TOTAL 99,694 153,880 (1,239,437) - 292,919 - (39,833,370)
------- ------- ----------- -------------- ------------ -------- --------------
LESS:
Treasury Stock - - - - - - 457,538
------- ------- ----------- -------------- ------------ -------- --------------
TOTAL STOCKHOLDERS' EQUITY 99,694 153,880 (1,239,437) - 292,919 - (40,290,908)
------- ------- ----------- -------------- ------------ -------- --------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $103,757 $ - $ - $ - $ - $ - $ 18,371,420
======= ======= =========== ============== ============ ======== ==============
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 BEGINNFNG 9/1/2008 AND ENDING 9/30/2008
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 SEPTEMBER 28, 2008
(Unaudited)
Bankruptcy Court Case No. 06-16441-BKC-PGH 06-16354-BKC-PGH 06-16351-BKC-PGH
Royal Star ITG Palm
ITB, Inc. Entertainment, LLC Beach, LLC
--------------------- ---------------------- ---------------------
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 1,351
Development Costs 52,574
Impairment of Assets (39,033) 1,396,187 (89,833)
Depreciation & Amortization
--------------------- ---------------------- ---------------------
TOTAL OPERATING COSTS AND
EXPENSES (37,682) 1,396,187 (37,259)
--------------------- ---------------------- ---------------------
OPERATING INCOME (LOSS) 37,682 (1,396,187) 37,259
--------------------- ---------------------- ---------------------
OTHER INCOME (EXPENSE):
Interest Income
ITG Vegas Bankruptcy Costs
Elimination of Inter-
Company Balances (37,821)
Forgiveness of Debt 1,396,187
--------------------- ---------------------- ---------------------
TOTAL OTHER INCOME (EXPENSE) - 1,396,187 (37,821)
--------------------- ---------------------- ---------------------
INCOME (LOSS) BEFORE TAX PROVISION 37,682 - (562)
LESS: State Income Tax Expense - - -
--------------------- ---------------------- ---------------------
NET INCOME (LOSS) $ 37,682 $ - $ (562)
===================== ====================== =====================
Bankruptcy Court Case No. 06-16350-BKC-PGH 06-16357-BKC-PGH
ITGV, Inc. ITGDC
------------------ ------------------
OPERATING REVENUES:
Gaming $ 1,182,649 $ -
Fare 51,163 -
On Board 85,754 -
Other -
------------------ ------------------
NET OPERATING REVENUES 1,319,566 -
------------------ ------------------
OPERATING COSTS AND EXPENSES:
Gaming 204,056
Fare 344,388
On Board 329,560
Maritime & Legal Expenses 649,909
G & A Expenses -
Palm Beach Princess 188,716
G & A Expenses - Parent
Development Costs
Impairment of Assets 10,471,675
Depreciation & Amortization 125,454
------------------ ------------------
TOTAL OPERATING COSTS AND
EXPENSES 12,313,758 -
------------------ ------------------
OPERATING INCOME (LOSS) (10,994,192) -
------------------ ------------------
OTHER INCOME (EXPENSE):
Interest Income 455
ITG Vegas Bankruptcy Costs (249,928)
Elimination of Inter-
Company Balances 54,671
Forgiveness of Debt (816,002)
------------------ ------------------
TOTAL OTHER INCOME (EXPENSE) (1,010,804) -
------------------ ------------------
INCOME (LOSS) BEFORE TAX PROVISION (12,004,996) -
LESS: State Income Tax Expense - -
------------------ ------------------
NET INCOME (LOSS) $ (12,004,996) $ -
================== ==================
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 $ - $ - $ - $ - $ - $ - $ 1,182,649
Fare - - - - - - 51,163
On Board - - - - - - 85,754
Other 48,998 - - - - - 48,998
------- ------- ----------- -------------- ------------ -------- --------------
NET OPERATING REVENUES 48,998 - - - - - 1,368,564
------- ------- ----------- -------------- ------------ -------- --------------
OPERATING COSTS AND EXPENSES:
Gaming 204,056
Fare 39,897 384,285
On Board 329,560
Maritime & Legal Expenses 649,909
G & A Expenses -
Palm Beach Princess 11,839 200,555
G & A Expenses - Parent (20) 1,331
Development Costs - - 52,574
Impairment of Assets 20,768 (666) (1,648,815) (210,900) 9,899,383
Depreciation & Amortization 125,454
------- ------- ----------- -------------- ------------ -------- --------------
TOTAL OPERATING COSTS AND
EXPENSES 72,504 (686) - (1,648,815) (210,900) - 11,847,107
------- ------- ----------- -------------- ------------ -------- --------------
OPERATING INCOME (LOSS) (23,506) 686 - 1,648,815 210,900 - (10,478,543)
------- ------- ----------- -------------- ------------ -------- --------------
OTHER INCOME (EXPENSE):
Interest Income 455
ITG Vegas Bankruptcy Costs (249,928)
Elimination of Inter-
Company Balances 42,901 (2,937) 56,814
Forgiveness of Debt 580,185
------- ------- ----------- -------------- ------------ -------- --------------
TOTAL OTHER INCOME (EXPENSE) 42,901 - (2,937) - - - 387,526
------- ------- ----------- -------------- ------------ -------- --------------
INCOME (LOSS) BEFORE TAX PROVISION 19,395 686 (2,937) 1,648,815 210,900 - (10,091,017)
LESS: State Income Tax Expense - - - - - - -
------- ------- ----------- -------------- ------------ -------- --------------
NET INCOME (LOSS) $19,395 $ 686 $ (2,937) $ 1,648,815 $ 210,900 $ - $ (10,091,017)
======= ======= =========== ============== ============ ======== ==============
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.