Attached files
| file | filename |
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| 8-K - SELECTIS HEALTH, INC. | f8k801901proformas.htm |
GLOBAL CASINOS, INC.
PRO FORMA FINANCIAL INFORMATION
The unaudited pro forma consolidated balance sheet that follows has been prepared to give effect to the closing of the Doc Holliday Casino had the event occurred on March 31, 2013.
The accompanying unaudited pro forma consolidated statements of operations for the year ended June 30, 2012 and the nine months ended March 31, 2013 have been prepared as if closing of the Doc Holliday Casino had occurred separately on July 1, 2011 and July 1, 2012, respectively. Explanations of the related pro forma adjustments follow the pro forma financial statements.
GLOBAL CASINOS, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET MARCH 31, 2013 | |||||||||
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| ASSETS |
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Current Assets |
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| Cash and cash equivalents | $ 463,258 |
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| $ 463,258 | |||
| Accrued gaming income | 113,549 |
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| 113,549 | |||
| Inventory | 23,023 |
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| 23,023 | |||
| Prepaid expenses and other current assets | 82,341 |
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| 82,341 | |||
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| Total current assets | 682,171 |
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| 682,171 | |
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Note receivable, Georgia REIT | 500,000 |
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| 500,000 | ||||
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Land, building and improvements, and equipment, net | 2,301,290 |
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| 2,301,290 | ||||
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Total assets | $ 3,483,461 |
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| $ 3,483,461 | ||||
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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| Accounts payable, trade | $ 172,361 |
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| $ 172,361 | |||
| Accounts payable, related parties | 4,083 |
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| 4,083 | |||
| Accrued expenses | 402,654 |
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| 402,654 | |||
| Accrued interest | 108,651 |
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| 108,651 | |||
| Other current liabilities | 111,091 |
| 293,500 | A | 404,591 | |||
| Joint venture obligation | 23,605 |
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| 23,605 | |||
| Notes payable and current portion of long-term debt | 1,258,645 |
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| 1,258,645 | |||
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| Total current liabilities | 2,081,090 |
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| 2,374,590 | |
Loan participation obligations, less current portion | 173,752 |
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| 173,752 | ||||
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Other liabilities | - |
| 356,645 | A | 356,645 | ||||
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| Total liabilities | 2,254,842 |
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| 2,904,987 | |||
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Commitments and contingencies |
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Stockholders' equity: |
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| Preferred stock: 10,000,000 shares authorized | 1,101,000 |
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| 1,101,000 | |||
| Common stock | 358,100 |
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| 358,100 | |||
| Additional paid-in capital | 15,215,533 |
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| 15,215,533 | |||
| Accumulated deficit | (15,446,014) |
| (650,145) | A | (16,096,159) | |||
Total equity | 1,228,619 |
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| 578,474 | ||||
Total liabilities and stockholders' equity | $ 3,483,461 |
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| $ 3,483,461 | ||||
GLOBAL CASINOS, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED MARCH 31, 2013 | ||||||||
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| Pro Forma |
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Revenues: |
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| Casino revenue, net | $ 3,851,724 |
| (1,335,180) | B | $ 2,516,544 | ||
| Promotional allowances | (190,763) |
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| (190,763) | ||
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| Net Revenues | 3,660,961 |
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| 2,325,781 | |
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Expenses: |
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| Casino operations | 3,770,487 |
| (1,722,231) | B | 2,048,256 | ||
| Operating, general, and administrative | 203,456 |
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| 203,456 | ||
| Loss on asset disposals | (2,369) |
| 2,369 | B | - | ||
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| 3,971,574 |
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| 2,251,712 | |
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Loss from operations | (310,613) |
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| 74,069 | |||
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Other income (expense): |
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| Interest | (380,973) |
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| (380,973) | ||
| Settlement of debt | 95,667 |
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| 95,667 | ||
Loss before provision for income taxes | (595,919) |
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| (211,237) | |||
| Provision for income taxes | - |
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| - | ||
Net loss | (595,919) |
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| (211,237) | |||
Series D Preferred dividends | (42,622) |
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| (42,622) | |||
Net loss attributable to common shareholders | $ (638,541) |
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| $ (253,859) | |||
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Loss per common share: |
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| Basic | $ (0.09) |
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| $ (0.04) | ||
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Weighted average shares outstanding: |
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| Basic and diluted | 7,061,615 |
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| 7,061,615 | ||
GLOBAL CASINOS, INC. AND SUBSIDIARIES UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEAR ENDED JUNE 30, 2012 | |||||||
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| Pro Forma |
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| Historical |
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| Pro Forma |
Revenues: |
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| Casino revenue, net | $ 5,365,533 |
| (2,041,715) | B | $ 3,323,818 | |
| Promotional allowances | (210,566) |
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| (210,566) | |
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| Net Revenues | 5,154,967 |
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| 3,113,252 |
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Expenses: |
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| Casino operations | 5,187,881 |
| (2,413,463) | B | 2,774,418 | |
| Operating, general, and administrative | 410,728 |
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| 410,728 | |
| Loss on asset disposals | 9,852 |
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| 9,852 | |
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| 5,608,461 |
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| 3,194,998 |
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Loss from operations | (453,494) |
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| (81,746) | ||
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Other income (expense): |
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| Interest | (391,777) |
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| (391,777) | |
Loss before provision for income taxes | (845,271) |
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| (473,523) | ||
| Provision for income taxes | - |
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| - | |
Net loss | (845,271) |
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| (473,523) | ||
Series D Preferred dividends | (56,933) |
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| (56,933) | ||
Net loss attributable to common shareholders | $ (902,204) |
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| $ (530,456) | ||
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Loss per common share: |
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| Basic | $ (0.13) |
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| $ (0.08) | |
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Weighted average shares outstanding: |
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| Basic and diluted | 6,818,616 |
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| 6,818,616 | |
GLOBAL CASINOS, INC. AND SUBSIDIARIES NOTES TO UNADITED PRO FORMA CONDENSED FINANCIAL STATEMENTS | |
(A) | To record the estimated fair value of remaining lease liabilities at March 31, 2013 pursuant to the existing building lease for the Doc Holliday Casino. The lease requires monthly minimum lease payments of $25,362, subject to certain credits available for building expenses paid. The amount accrued represents the present value of the remaining lease payments discounted at 8%. It does not include any credits that may be available as such credits are currently not estimable. |
(B) | To eliminate revenues and expenses associated with the Doc Holiday Casino. |
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At March 31, 2013 the fixed assets of the Doc Holliday Casino were as follows:
Furniture, fixtures and equipment | $730,689 |
Accumulated depreciation | (659,551) |
Furniture, fixtures and equipment, net | $71,138 |
The assets generally consist of various gaming equipment, casino furniture and fixtures, as well as various office equipment and furniture. The fair value of the casino’s fixed assets is estimated to be in excess of the carrying value of the assets, and as such no pro forma impairment charges are recorded.