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BETM.. $0.19
American Wagering Launches Legal Sports Betting Application for BlackBerry® Users in Nevada
American Wagering, Inc.: (OTC Bulletin Board: BETM), the North American leader in sports wagering products, announced today that its wholly owned subsidiary, LEROY'S SPORTSBOOKS (LEROY'S), launches its mobile phone sports betting application, simply named the LEROY'S® APP©, and it will be available beginning this football season for Research In Motion (RIM) BlackBerry® users to legally bet on sports anywhere in the state of Nevada on their BlackBerry® mobile phones. The LEROY'S® APP© was developed with LEROY'S® sister company, Computerized Bookmaking Systems, Inc. (CBS), and with the help of BlackBerry's Sports division.
The Nevada Gaming Control Board recently approved the LEROY'S® APP©, and it is currently available to BlackBerry® users on Sprint, AT&T, and T-Mobile, with other wireless carriers coming soon.
"The company spent more than a year planning and developing the new application," according to John English, Senior Vice President and spokesperson of the product for Las Vegas-based American Wagering, Inc. "The Nevada Gaming Control Board scrutinized the project with a very thorough lab investigation, which helped us in setting the bar for our security features. We have developed the first mobile phone betting application to be approved in Nevada. We feel strongly that the application will change the way people bet on sports. Convenience is critical in today's society," says English.
"LEROY'S® APP© will offer the same array of sports bets including, straight bets, parlays, teasers, in game betting, contests, scores, and more," stated Vic Salerno, the company's Chief Executive Officer. "We plan to unveil new, state of the art technologies in the coming months such as applications for the iPhone®, Droid®, and Windows-based mobile phones. We also plan to add our race book and unique fantasy sports features. We are making sports betting simple and fun. Everyone has a mobile phone. With the LEROY'S® APP©, if you want to place a sports bet sitting at a poker table, go ahead. No need to check out any special equipment. You are not limited to where in the casino you can make your bet. Oh, you want to go home, go back to the office, or maybe you live in Reno, Lake Tahoe, Winnemucca, or Elko; no worries, you can make your bets there too. The LEROY'S® APP© goes with you on your BlackBerry®. That is the beauty of our product. It's real mobile wagering," added Salerno.
ABOUT AMERICAN WAGERING, INC.:
American Wagering, Inc. (www.americanwagering.com) is a publicly-traded company that primarily operates through wholly-owned subsidiaries including Leroy's Horse & Sports Place, Inc. ("LEROY'S®") (www.leroys.com), Computerized Bookmaking Systems, Inc. ("CBS"), AWI Manufacturing, Inc. ("AWIM"), and AWI Gaming, Inc. ("AWIG"). LEROY'S® 'owns and operates over 58 race/sports book outlets in the state of Nevada, CBS is the dominant supplier of sports wagering hardware/software to the Nevada gaming industry, and AWIM is a Nevada Gaming Commission-licensed manufacturer/distributor and supplier of race/sports self-service wagering kiosks. AWIG is a subsidiary with the goal of becoming a market leader in operating smaller hotel/casino properties.
Safe Harbor Statement
This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties, such as statements relating to anticipated future sales or the timing thereof; the long-term growth and prospects of our business or any jurisdiction; the duration or effects of unfavorable economic conditions which may reduce our product sales; and the long term potential of the mobile sports wagering device application market and the ability of American Wagering, Inc. to capitalize on any such growth opportunities. Actual results or achievements may be materially different from those expressed or implied. American Wagering, Inc.'s plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, the timing and its ability to consummate, acquisitions, and future business decisions and other risks and uncertainties identified in Part I-Item 1A, "Risk Factors" of the Company's Form 10-K for the period ended January 31, 2010, all of which are difficult or impossible to predict accurately and many of which are beyond its control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate.
Research In Motion (RIM) is authorizing the use of its trademarks in this specific press release only. RIM's limited approval is not a license, implied or otherwise, to its trademarks or any other intellectual property rights. Notwithstanding this limited approval, RIM reserves all rights with respect to its intellectual property."
Contact: John English, 1-702-735-5529
SOURCE American Wagering, Inc.
BETM.. Termination..
Item 1.02 Termination of a Material Definitive Agreement.
Item 5.02 Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 27, 2010, to be effective August 1, 2010, American Wagering, Inc. (the “Company”) gave notice to Bruce Dewing that the Company was terminating the at-will employment relationship between Mr. Dewing and the Company’s wholly-owned subsidiary, AWI Gaming, Inc., whereby Mr. Dewing served as President of AWI Gaming, Inc. As a result of the termination, the at-will employment agreement (the “Employment Agreement”) between Mr. Dewing and the Company filed as an exhibit to the Company’s Form 10-K, as filed with the Securities and Exchange Commission on May 7, 2010, will also terminate. Pursuant to the terms of the Employment Agreement, the Company will pay Mr. Dewing three months salary as severance pay, continue to provide Mr. Dewing with medical insurance coverage through December 31, 2010, and continue to pay the remaining balance of Mr. Dewing’s accrued, but unused, paid time off. Victor Salerno, the Company’s President and Chief Executive Officer, will replace Mr. Dewing as President of AWI Gaming, Inc.
On July 27, 2010, to be effective August 1, 2010, Mr. Dewing also resigned from the Company’s Board of Directors. Mr. Dewing’s resignation from the Board of Directors was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
BETM.. $0.27 10Q Shows a loss..
BLOOD MONEY...???
Unregistered Sale of Equity Securities.
Secured Promissory Note
On June 11, 2010, American Wagering, Inc. (the “Company”) entered into a secured promissory note in the principal amount of $195,000 (the “Note”) in favor of Alpine Advisors LLC (“Alpine”). The maturity date of the Note is June 17, 2010 (the “Maturity Date”), and the unpaid principal balance of the Note will bear interest at an annual rate of 15% through the Maturity Date. If the principal amount of this Note is not paid on the Maturity Date, the outstanding principal amount of the Note shall bear interest from the Maturity Date until paid in full at the annual rate of 22.0% and shall be payable on demand or, in the absence of a demand, weekly, on the first business day of each week.
The Company’s obligations under the Note are secured by a pledge of: (i) the Company’s equity interests in Computerized Bookmaking Systems, Inc.; (ii) all shares of stock, certificates, instruments or other documents evidencing or representing the same; and (iii) all present and future payments, proceeds, dividends, distributions, instruments, compensation, property, assets, interests and rights in connection with or related to any of the foregoing.
Warrant
In consideration of the Note, the Company issued a warrant, dated June 11, 2010 (the “Warrant”), to Alpine for the purchase of 600,000 shares of the Company’s common stock at an exercise price of $0.22 per share. The Warrant was issued in reliance on Section 4(2) and Regulation D of the Securities Act of 1933, as amended.
Subject to adjustment as provided in the Warrant, the holder of the Warrant will be entitled to acquire from the Company, in whole or in part, up to an aggregate of 600,000 fully paid and nonassessable shares of the Company’s common stock. The Warrant is exercisable, in whole or in part by the holder, at any time until 5:00 p.m., Pacific Standard Time, June 11, 2015.
The Company also granted to Alpine demand registration rights on or after June 11, 2012 and piggy-back registration rights with respect to the Company’s common stock issued or issuable to Alpine with respect to the Warrant.
Management’s Discussion and Analysis or Plan of Operation.
The following discussion and analysis should be read together with our unaudited consolidated financial statements and the accompanying notes. This discussion contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements regarding our expected financial position, business and financing plans. Some of the forward-looking statements can be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “should,” “could,” “seek,” “intends,” “plans,” “estimates,” “anticipates,” or other comparable terms. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statement including those discussed herein and elsewhere in our Form 10-K for the year ended January 31, 2010, particularly under the heading “Risk Factors.” We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We do not intend, and undertake no obligation to update our forward-looking statements to reflect future events or circumstances.
Definitions. For the purposes of this report, the following terms have the following meanings:
“Company” means American Wagering, Inc. and its subsidiaries collectively.
“AWI” means American Wagering, Inc.
“AWIG” means AWI Gaming, Inc., a wholly-owned subsidiary of AWI.
“AWIM” means AWI Manufacturing, Inc., a wholly-owned subsidiary of AWI.
“CBS” means Computerized Bookmaking Systems, Inc., a wholly-owned subsidiary of AWI.
“Leroy’s” means Leroy’s Horse & Sports Place, Inc., a wholly-owned subsidiary of AWI.
“Sturgeons, LLC” means Sturgeons, LLC, a wholly-owned subsidiary of AWIG.
“Sturgeon’s” means Sturgeon’s Inn & Casino (which, as of March 1, 2006, is owned by Sturgeons, LLC).
Overview. Our primary operating strategies for the foreseeable future are to maintain and increase the profitability of our core businesses relating to the race and sports industry, improving profitability of Sturgeon’s, and developing new products.
Our core businesses are operated by the following subsidiaries which have the following strategic plans:
· Leroy’s - operating existing sports books, generating revenue from customer wagers less pay outs, adding new books where and when appropriate, and continuing to become more efficient in order to reduce expenses. We periodically review our existing Leroy’s locations in order to close those locations that are not operating efficiently. Based on our strategy, the number of race and sports books operated by Leroy’s may increase or decrease in the future, due to the closure of unprofitable locations or host properties, closures due to other factors beyond our control and/or the possible opening of new locations with greater potential for profitability. There is no assurance that Leroy’s will be able to add new locations and/or that any new locations so added will be profitable.
· CBS — developing, selling and maintaining computerized race and sports wagering systems for the gaming industry and seeking strategic international alliances with third party gaming suppliers and/or gaming operators that desire to utilize our expertise in the race and sports industry. These strategies should enable us to gain a competitive advantage by offering the gaming operator and/or the betting patron a well-rounded gaming experience, both in the United States and abroad. There is no assurance that CBS will be successful in obtaining any strategic alliances.
· AWIM — developing the self-service wagering kiosk, installing kiosks in Leroy’s locations to assist in controlling personnel costs, and marketing the kiosks to non-Leroy’s locations.
· Sturgeon’s — effectively operating the hotel/casino while periodically reviewing and modifying existing procedures and personnel alignment to increase efficiency and reduce expenses.
We have implemented, and are continuing to initiate cost cutting measures throughout the Company. In the first quarter of fiscal 2010, the Company reduced its workforce by means of staffing reductions and hour reductions in each of our subsidiaries and began to focus more on cost controls. During the remainder of fiscal 2010 and continuing though the first quarter of fiscal 2011, AWI’s corporate expenses that are allocated to Leroy’s and CBS have been reduced primarily due to reductions in administrative salaries and benefits, including accounting, decreased audit fees and outside services; which were partially offset by increases in interest expense, contributed services expense for certain executives, legal expense and insurance expenses. We will continue to evaluate and closely monitor costs, looking for additional efficiencies and improvements during at least the remainder of fiscal 2011. Subject to our cost constraints, where appropriate, we will continue to explore possible new locations for our products, including foreign jurisdictions.
During the latter part of fiscal 2008, and continuing throughout fiscal 2009 and into 2010, our local, regional and national economy has been negatively impacted due to a number of factors, including the nationwide economic recession and the subprime mortgage crisis and higher gasoline and transportation costs. Confidence in the credit market has also eroded, which resulted in a tightening of credit availability. During fiscal 2010 and continuing through the first quarter of fiscal 2011, Las Vegas has experienced higher foreclosure and unemployment rates and reduced passenger traffic at McCarran airport. The effects of higher unemployment rates, foreclosures and continued pressure on housing prices, as well as business failures and stock market volatility place added strain on consumers’ ability to make purchases, repay their loans and thus, leave less funds available for travel and leisure activities. Consumer demand for gambling, due to decreased disposable income, has declined as a result of the current economic recession. We have also experienced a change in gambling patterns of our patrons, including a trend toward more conservative bets, which tend to be less profitable to the Company. In addition, because Sturgeon’s Hotel and Casino is heavily dependent on the drive-through market, these factors have and will continue to have an adverse affect on our business. Accordingly, if the economic recession in the United States continues, it will likely continue to hurt our financial performance, due to, among other things, decreased wagering activity and a change in the types of wagers made.
Liquidity and Capital Resources.
The United States continues to experience a recession accompanied by, among other things, the BP oil spill in the Gulf of Mexico, the continued weakness in the commercial and investment banking industry resulting in reduced credit and capital financing availability, highly curtailed gaming, other recreational activities and general discretionary consumer spending, and is also engaged in war, all of which are likely to continue to have far-reaching effects on economic conditions in the country for an indeterminate period. The effects and duration of these developments and related risks and uncertainties on our future operations and cash flows, including, our principal officer’s ability to continue to provide financial support to the Company, as in the past, and other access to capital or credit financing, cannot be estimated at this time but may likely be significant.
As of April 30, 2010, we had working capital of $428,920 compared to working capital deficit of ($227,706) at April 30, 2009. (Also see Restricted Cash Requirements (Regulation 22.040.)) The increase in working capital is primarily due to positive operating performance in fiscal year 2010 combined with the restructuring of debt commitments from our Chief Executive Officer, and the timing of and increases in future bets and unpaid winning tickets.
Our principal cash requirements relate primarily to operation activities associated with our core businesses. For the first quarter of fiscal 2011, cash used in operating activities totaled approximately $803,577 as compared to $1,355,335 for the same quarter of fiscal 2010 which is primarily due to the timing of wagers placed on the Super Bowl. In addition to “playing unlucky” which had a significant negative effect on the current quarter as explained below under Results of Operations, the reduction of accrued expenses, customer deposits and unpaid winning tickets (as a result of the timing of bets placed on the Super Bowl, which occurred on February 7, 2010) also required the use of cash.
Significant cost reduction efforts resulted in improved operating performance for fiscal year 2010. The focus for fiscal 2011 will be cost containment and deployment of new products. However, the timing of spending required to develop new products is flexible and can be accelerated or deferred depending on the availability of funds.
The Company expects that it will experience a short term liquidity issue during the summer months. In anticipation of such event, the Company sought bridge financing and was successful in raising $445,000 from two sources. Victor Salerno, President and Chief Executive Officer, provided an interest free revolving line of credit to the Company of $250,000 on May 17, 2010 (of which the full amount has been drawn down), and the Company recently finalized an agreement to borrow an additional $195,000 from an unrelated party. The $195,000 loan became due on June 17, 2010, at which point the interest rate increased from 15% to 22% until paid in full. The loan was intended as bridge financing until the Company could negotiate a $500,000 loan from the same lender. No assurance can be given that the Company will be successful in negotiating the $500,000 loan. These financing agreements are expected to provide the necessary cash to overcome the expected short term liquidity issue. Management is also investigating more comprehensive, long term refinancing and capital raising alternatives. There is no assurance that such objective can be accomplished with acceptable terms. If we are unable to secure long-term financing or other capital raising efforts, we may not be able to satisfy our obligations as they come due.
Net cash used in financing activities for the first quarter of fiscal 2011 was approximately $68,000 compared to approximately $189,000 for the same quarter of fiscal 2010 primarily due to a reduction in principal maturities.
Restricted Cash Requirements (Regulation 22.040)
Nevada Gaming Commission Regulation 22.040 (“Regulation 22.040”) requires us to maintain reserves (cash, surety bonds, irrevocable standby letter of credit, etc.) sufficient to cover any outstanding wagering liability including unpaid winning tickets, future tickets and telephone account deposits.
As of April 30, 2010 the Company has $1.62 million on deposit at Nevada State Bank for purposes of meeting the Regulation 22.040 reserve requirement. In addition, Victor and Terina Salerno pledged a certificate of deposit for $200,000 and Robert and Tracey Kocienski pledged two certificates of deposit totaling $500,000 for the benefit of Leroy’s creating a reserve of $2.32 million. The pledged certificates expire in November 2010 and unless the pledge is renewed we may be required to make additional reserve deposits during football season. We believe that the $2.32 million reserve is adequate until football season, at which time we may need to increase the reserve amount. If we are required to increase the Regulation 22.040 reserve and are unable to do so, it would have an adverse impact on us including, but not limited to, requiring a significant reduction in the number of race/sports locations operated by Leroy’s, or an elimination or reduction of telephone wagering accounts, resulting in an adverse change in our operating results.
The Company has an off-balance sheet arrangement whereby Leroy’s has received the benefit of the pledges made by Victor and Terina Salerno for $200,000 and Robert and Tracey Kocienski for $500,000 to the Nevada Gaming Control Board to meet its reserve requirements under Regulation 22.040. The pledges are treated as off-balance sheet financing although the Company agreed with the pledgors to repay the pledges or increase the reserve deposits in order to release the pledges. Interest accrues on the pledges at 1% per month and the interest is payable on the first day of every month. The pledges will expire in November, 2010.
We may, from time to time, seek additional capital to fund our operations, reduce our liabilities, or fund our expansion plans (including acquisitions). The Company engaged a financial advisor on an exclusive basis to provide advisory services to the Company, including the identification of potential investors in an offering of debt, equity, or equity linked securities of the Company, or a strategic based transaction involving the Company. The sale of additional equity or convertible securities would result in dilution to our shareholders.
BETM.. $0.20 Where to info..
American Wagering Inc.
675 Grier Drive
Las Vegas, NV 89119
United States - Map
Phone: 702-735-0101
Fax: 702-735-0142
Website: http://www.americanwagering.com
Details
Index Membership: N/A
Sector: Services
Industry: Gaming Activities
Full Time Employees: 200
Business Summary
American Wagering, Inc., through its subsidiaries, operates in the race and sports industry. It owns and operates a network of race and sports wagering facilities in leased space within nonrestricted casinos in the state of Nevada. As of April 11, 2009, the company operated 62 race and sports wagering locations. It also designs, sells, installs, and maintains computerized race and sports wagering systems. In addition, American Wagering, Inc. develops and leases self-service race and sports wagering kiosks to the gaming industry; and operates hotel and casino properties. The company was founded in 1995 and is based in Las Vegas, Nevada.
BETM.. $0.20.. NOTIFICATION OF LATE FILING
FORM 12b-25
SEC File Number: 000-20685
CUSIP Number: 030405104
(Check one):
x Form 10-K
o Form 20-F
o Form 11-K
o Form 10-Q
o Form N-SAR
o Form N-CSR
For Period Ended:
January 31, 2010
o Transition Report on Form 10-K
o Transition Report on Form 20-F
o Transition Report on Form 11-K
o Transition Report on Form 10-Q
o Transition Report on Form N-SAR
For the Transition Period Ended:
Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART I — REGISTRANT INFORMATION
American Wagering, Inc.
675 Grier Drive
Las Vegas, Nevada 89119
PART II — RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate).
a.. The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
b.. The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and
c.. The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
PART III — NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 20-F, 11-K, 20-F, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof could not be filed within the prescribed time period.
The filing of American Wagering, Inc.’s (the “Company’s”) annual report on Form 10-K was delayed in order to permit the finalization of the Company’s financial statements and to enable the Company to complete its review of the disclosure and information required to be included in the Form 10-K. The Company expects to file the Form 10-K within 15 calendar days following the prescribed due date.
PART IV — OTHER INFORMATION
Name and telephone number of person to contact in regard to this notification
Victor Salerno
702 735-0101
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).
x Yes o No
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
x Yes o No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
Management expects the Company to report net income for the fiscal year ended January 31, 2010 of approximately $980,000 compared to a reported net loss of $999,584 for the fiscal year ended January 31, 2009.
American Wagering, Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 3, 2010
By:
/s/ Victor Salerno
Victor Salerno
Chief Executive Officer and President
8K..Filing This is why the s**t hit the fan..
Item 1.01 Entry into a Material Definitive Agreement.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Item 3.02. Unregistered Sale of Equity Securities.
Secured Promissory Note
On June 11, 2010, American Wagering, Inc. (the “Company”) entered into a secured promissory note in the principal amount of $195,000 (the “Note”) in favor of Alpine Advisors LLC (“Alpine”). The maturity date of the Note is June 17, 2010 (the “Maturity Date”), and the unpaid principal balance of the Note will bear interest at an annual rate of 15% through the Maturity Date. If the principal amount of this Note is not paid on the Maturity Date, the outstanding principal amount of the Note shall bear interest from the Maturity Date until paid in full at the annual rate of 22.0% and shall be payable on demand or, in the absence of a demand, weekly, on the first business day of each week.
The Company’s obligations under the Note are secured by a pledge of: (i) the Company’s equity interests in Computerized Bookmaking Systems, Inc.; (ii) all shares of stock, certificates, instruments or other documents evidencing or representing the same; and (iii) all present and future payments, proceeds, dividends, distributions, instruments, compensation, property, assets, interests and rights in connection with or related to any of the foregoing.
Warrant
In consideration of the Note, the Company issued a warrant, dated June 11, 2010 (the “Warrant”), to Alpine for the purchase of 600,000 shares of the Company’s common stock at an exercise price of $0.22 per share. The Warrant was issued in reliance on Section 4(2) and Regulation D of the Securities Act of 1933, as amended.
Subject to adjustment as provided in the Warrant, the holder of the Warrant will be entitled to acquire from the Company, in whole or in part, up to an aggregate of 600,000 fully paid and nonassessable shares of the Company’s common stock. The Warrant is exercisable, in whole or in part by the holder, at any time until 5:00 p.m., Pacific Standard Time, June 11, 2015.
The Company also granted to Alpine demand registration rights on or after June 11, 2012 and piggy-back registration rights with respect to the Company’s common stock issued or issuable to Alpine with respect to the Warrant.
BETM.. $0.20 Now at a PE of 2...
AMERICAN WAGERING, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JANUARY 31, 2010 AND 2009
2010 2009
ASSETS
CURRENT ASSETS
Cash and Equivalents
$ 2,084,268 $ 3,357,978
Restricted Cash
1,729,209 1,298,463
Accounts Receivable
204,706 219,264
Inventories
143,913 219,601
Deferred Tax Assets, net of allowance
369,000 369,000
Prepaid Expenses and Other
364,207 379,910
4,895,303 5,844,216
Property and Equipment, net of accumulated depreciation and amortization
3,301,180 4,171,160
Goodwill
103,725 103,725
Other Assets
221,291 321,222
$ 8,521,499 $ 10,440,323
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current Portion of Long-Term Debt
$ 441,781 $ 612,759
Accounts Payable
1,217,409 1,191,649
Line of Credit Payable
— 499,295
Accrued Liabilities
613,320 652,439
Unpaid Winning Tickets
1,021,229 1,193,900
Customer Deposits and Other
850,075 2,150,230
4,143,814 6,300,272
Long-Term Debt, less current portion
2,530,778 3,075,244
Other Long-Term Liabilities
242,111 530,071
2,772,889 3,605,615
Redeemable Series A Preferred Stock (3,238 shares)
323,800 323,800
7,240,503 10,229,387
STOCKHOLDERS' EQUITY
Series A Preferred Stock—10% cumulative; $100.00 par and liquidation value; 18,924 shares authorized; 10,924 shares outstanding
1,092,400 1,092,400
Common Stock—$0.01 par value; 25,000,000 shares authorized; 8,129,879 shares issued
81,299 81,299
Additional Paid-In Capital
12,589,318 12,361,309
Deficit
(12,154,528 ) (12,996,579 )
Treasury Stock, at cost (61,100 shares)
(327,493 ) (327,493 )
1,280,996 210,936
$ 8,521,499 $ 10,440,323
AMERICAN WAGERING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED JANUARY 31, 2010 AND 2009
2010 2009
REVENUES:
Wagering
$ 9,235,783 $ 9,115,501
Hotel/Casino
2,289,646 2,677,644
Systems
3,023,026 3,695,255
14,548,455 15,488,400
OPERATING COSTS AND EXPENSES:
Direct Costs:
Wagering
6,381,494 8,576,477
Hotel/Casino
1,831,136 2,060,634
Systems
862,939 1,113,187
9,075,569 11,750,298
Operating Expenses:
Research and Development
672,899 591,121
Selling, General and Administrative
2,723,004 3,232,566
Depreciation and Amortization
946,818 1,027,551
4,342,721 4,851,238
OPERATING INCOME (LOSS)
1,130,165 (1,113,136 )
OTHER INCOME (EXPENSE):
Interest Income
8,476 45,835
Interest Expense
(296,208 ) (273,215 )
Litigation Income (Expense)
59,951 299,847
Other
81,322 112,566
(146,459 ) 185,033
INCOME (LOSS) BEFORE TAXES
983,706 (928,103 )
TAX PROVISION
— 71,481
NET INCOME (LOSS)
$ 983,706 $ (999,584 )
NET INCOME (LOSS) PER COMMON SHARE
BASIC
$ 0.10 $ (0.14 )
DILUTED
$ 0.10 N/A
Hi, I'm new on here. I've researched stocks that have started to make a gain, and have made a significant drop. I've been trading stocks since 2004, but have lost more than I've made. I'm trying to make my ends meet, (a teacher's salary is sad) and I was hoping for some second opinions on this stock.
It looks like it may rise, I'm just not sure when, or with my luck, at all.
Any suggestions?
very small stock structure here ,,,
Estimated Market Cap
$1,065,014 as of Dec 4, 2009
Outstanding Shares
8,129,879 as of Dec 8, 2008
Number of Shareholders of Record
57 as of May 13, 2008
was in chapter 11 bk came out 3-11-05!!!!!
Note=7-25-03 company filed a petition under Chapter XI of the Federal Bankruptcy Code in the U.S. Bankruptcy Court for the District of Nevada, Northern Division in Reno. 2-28-05 Bankruptcy Court confirmed the company's Restated Amended Joint Plan of Reorganization. Company emerged from bankruptcy on 3-11-05: all Com shareholders will retain their stock ownership
Leroy's is a subsidiary of American Wagering, Inc. Leroy's is licensed by the Nevada Gaming Commission and operates the largest number of sports book locations within the state of Nevada. A sports book is a physical location where a customer may place wagers or bets on sporting events, such as football, basketball, baseball, and hockey games.
Leroy's offers a "turn-key" sports book wagering operation to casinos. Utilizing a Leroy's sportsbook franchise allows the casino to satisfy their patrons' desire for sports gaming while eliminating the casino's risk of losing money and the associated overhead of running a sports book operation.
Leroy's sets odds and point spreads aiming to receive an equal amount of bets on both sides of a particular event. These odds do not try to predict the final outcome of that event but simply try to gain wagering interest on both sides of an event. Odds are fixed at the time the customer places their wager. When a book on a particular event is not balanced, the book-making operation takes a risk on the outcome of that event. Therefore, the sportsbook may change the odds for subsequent wagers to attract wagering on the opposing team.
Leroy's has been accepting wagers and paying winners since 1978!
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10/18/08
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AWI has the following subsidiaries:
Through its subsidiaries, AWI manages race and sports books and sells and services race and sports book computer systems.
Wagering Terminal | |
Click to Enlarge | Writer/Teller Terminal with customer display or Dual Service with self service capabilities. It is a Windows-based, secure, interactive wagering terminal with color LCD. Features include:
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Self Service Kiosk | |
Click to Enlarge | Self Service Kiosk provides patrons with the ability to place wagers on race and sports events without writer/teller intervention. The upper display monitor has scrolling odds. The kiosk accepts cash, winning tickets, and vouchers. Features include:
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Mobile Account Wagering Application | |
Click to Enlarge | Mobile Account Wagering Application offers the convenience of mobile account wagering. The convenience of placing a bet on sports anywhere in Nevada. The application will not accept wagers from outside Nevada. Features include:
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Touch Cashier Terminal | |
Click to Enlarge | Touch Cashier Terminal is especially designed with the casino cage requirements in mind. Designed for use where space is at a premium. It operates with a touch screen interface and a scanner to increase efficiency. Features include:
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Intelligent Remote Log | |
Click to Enlarge | Intelligent Remote Log is a PC-based application to manage your books quicker and easier. It captures real-time information regarding large wagers and other risk related data. It puts risk analysis, game queries, and ticket searches at the tip of your fingers in a format that is easier to read then ever before. Features include:
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Race/Sports Sheets Generator | |
Click to Enlarge | Race/Sports Sheets generates scratch sheets and results and/or sports schedules and results with customer logo in seconds. Features include:
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Intelligent Video Display | |
Click to Enlarge | Intelligent Video Display shows live lines, line change notification, and results. It supports up to four separately configured designs. It also supports widescreen displays. Features include:
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