10-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K/A-1

[ X ]  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 2012

[  ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________

Commission file number 0-15415

             GLOBAL CASINOS, INC.  (Exact name of Registrant as specified in its Charter)

           Utah           
(State or other jurisdiction
of incorporation or organization)     87-0340206    
I.R.S. Employer
Identification number

     1507 Pine Street, Boulder, Colorado 80302     
(Address of principal executive offices)           (Zip Code)

Registrant’s telephone number: (303) 449-2100

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: Common Stock, $.05 par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act [___] Yes  [__x_] No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the  Act. [____]

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [ x ] No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of

Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ X] No [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.   [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,  a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer”, “accelerated filer” and ”smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer [___]  Accelerated filer [__]  

Non-accelerated filer [___] (Do not check if a smaller reporting company)     

 Smaller reporting company  [   X  ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b2 of the Exchange Act).  Yes [  ] No [ x ]

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter is $2,100,112.

The number of shares outstanding of the registrant’s common stock, as of October 10, 2012, is 6,961,490.

EXPLANATORY NOTE

This Amendment No. 1 (this “Amendment”) to the Annual Report on Form 10-K for the fiscal year ended June 30, 2012 (the “Form 10-K”) of Global Casinos, Inc., is being filed for the purpose of furnishing Exhibit 101 to the Form 10-K in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the consolidated financial statements and related notes from the Form 10-K formatted in eXtensible Business Reporting Language (“XBRL”).

Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

No attempt has been made in this Amendment to modify or update the other disclosures presented in the Form 10-K. This Amendment does not reflect events occurring after the filing of the Form 10-K (i.e., occurring after October 16, 2012) or modify or update those disclosures that may be affected by subsequent events. Such subsequent matters are addressed in subsequent reports filed by the registrant with the SEC. Accordingly, this Amendment should be read in conjunction with the Form 10-K and the registrant’s other filings with the SEC.

SIGNATURES

       Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Amendment No. 1 to its Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

	GLOBAL CASINOS, INC.
Date: October 25, 2012	By:/s/  Clifford L. Neuman    Clifford L. Neuman    President

INDEX TO EXHIBITS

Certification*

Certification pursuant to 18 U.S.C. Section 1350*

101.INS	XBRL Instance
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation
101.DEF	XBRL Taxonomy Extension Definition
101.LAB	XBRL Taxonomy Extension Labels
101.PRE	XBRL Taxonomy Extension Presentation

*

incorporated by reference to Registrant’s Annual Report on Form 10-K as filed with the Commission on October 16, 2012.

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1. Organization and Summary of Significant Accounting Policies: Consulting Expenses (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Consulting Expenses

Consulting Expenses

From time-to-time the Company engages consultants to perform various professional and administrative functions including public relations and corporate marketing.  Expenses for consulting services are generally recognized when services are performed and billable by the consultant.  In the event an agreement requires payments in which the timing of the payments is not consistent with the performance of services, expense is recognized as either service events occur, or recognized evenly over the period of the consulting agreement where specific services performed under the agreement are not readily identifiable.  Consulting agreements in which compensation is contingent upon the successful occurrence of one or more events are only expensed when the contingency has been, or is reasonably assured, to be met.  The Company currently has no active consulting arrangements.

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11. Stock Incentive Plan: Summary of fixed-price stock options (Tables)

12 Months Ended

Jun. 30, 2012

Tables/Schedules

Summary of fixed-price stock options

	Outstanding
	Weighted	Weighted	Weighted-
	Average	Average	Average	Exercisable
Exercise	Number	Contractual	Exercise	Number	Exercise
Price	Outstanding	Life	Price	Exercisable	Price
$ 1.00	135,000	0.5 years	$ 1.00	135,000	$ 1.00

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5. Notes Payable and Long-term Debt: Schedule of long-term debt (Tables)

12 Months Ended

Jun. 30, 2012

Tables/Schedules

Schedule of long-term debt

Junior mortgage payable to private lender, collateralized by real estate, interest at 8%, monthly payments of $5,596, maturing December 31, 2012.	$ 333,780
Junior mortgage payable to private lender, collateralized by real estate, interest at 8%, monthly payments of $1,911, maturing April 1, 2013.	154,905
Junior mortgages payable to private lenders, collateralized by real estate, interest at 4%, monthly payments of $605.  Notes matured September 19, 2009.	100,400
Installment note payable to equipment supplier, collateralized by equipment, requiring monthly payments of $11,021, no interest, final payment due March 12, 2013.	82,247
Note payable to seller of Doc Holliday Casino, uncollateralized, no interest. Note matured March 31, 2009.  Default interest rate of 8% applies until note paid in full.	190,667
Total notes payable and long-term debt	861,999
Less current portion	(861,999)
Long-term debt, net	$            -

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9. Commitments and Contingencies (Details) (USD $)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Operating Leases, Rent Expense	$ 290,487	$ 296,417

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1. Organization and Summary of Significant Accounting Policies: Accrued Gaming Income (Details) (USD $)	Jun. 30, 2012	Jun. 30, 2011
Accrued gaming income	$ 234,883	$ 275,425

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11. Stock Incentive Plan (Details) (USD $)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used	The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model.
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost	$ 0	$ 0

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1. Organization and Summary of Significant Accounting Policies: Recent Pronouncements (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Recent Pronouncements

Recent Pronouncements

There were various accounting standards and interpretations issued during 2012 and 2011, none of which are expected to have a material impact on the Company’s consolidated financial position, operations, or cash flows.

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1. Organization and Summary of Significant Accounting Policies: Land, Building and Improvements, and Equipment (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Land, Building and Improvements, and Equipment

Land, Building and Improvements, and Equipment

Land, building and improvements, and equipment are carried at cost.  Depreciation is computed using the straight-line method over the estimated useful lives.  The building is depreciated over 31 years, and improvements and equipment are depreciated over five to seven years.  Depreciation expense for the years ended June 30, 2012 and 2011 was $341,900 and $432,541, respectively.

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13. Related Parties (Details) (USD $)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Officer and Director, legal services
Related Party Transaction, Description of Transaction	billings to the company	billings to the company
Related Party Transaction, Amounts of Transaction	$ 93,750	$ 71,921
Due to Related Parties, Current	7,891	12,198
Officer, Management and Accounting Services
Related Party Transaction, Description of Transaction	billings to the company	billings to the company
Related Party Transaction, Amounts of Transaction	34,750	29,000
Due to Related Parties, Current	$ 4,750	$ 1,875

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10. Income Taxes: Reconciliation between the statutory tax rate and the effective tax rate as a percentage (Details)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	34.00%	34.00%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes	4.00%	4.00%
Effect of net operating loss carry-forward	(38.00%)	(38.00%)

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1. Organization and Summary of Significant Accounting Policies: Advertising Costs (Details) (USD $)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Advertising Expense	$ 277	$ 1,155

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11. Stock Incentive Plan: Summary of Stock Option Activity (Details) (USD $)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	135,000	135,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period	$ 1.00	$ 1.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	135,000	135,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period	$ 1.00	$ 1.00

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16. Subsequent Events (Details) (USD $)	Jul. 25, 2012	Jun. 30, 2012	Jun. 30, 2011
Shares, Issued	110,014
Common Stock, Par Value	$ 0.05	$ 0.05	$ 0.05
Sale of Stock, Price Per Share	$ 0.25

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11. Stock Incentive Plan: Summary of fixed-price stock options (Details) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2010
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	135,000	135,000	135,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	0.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 1.00	$ 1.00	$ 1.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	135,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 1.00

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9. Commitments and Contingencies: Rent Abatement Credits (Details) (USD $)	Jun. 30, 2012
Rent Abatement 1
Deferred Rent Credit	$ 11,000
Rent Abatement 2
Deferred Rent Credit	54,000
Digital surveillance system	$ 34,000

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1. Organization and Summary of Significant Accounting Policies: Presentation and Comparability (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Presentation and Comparability

Presentation and Comparability

Certain amounts from previously reported periods have been reclassified to conform to the current period presentations.

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9. Commitments and Contingencies: Schedule of future lease payments (Tables)

12 Months Ended

Jun. 30, 2012

Tables/Schedules

Schedule of future lease payments

2013		$        304,344
2014		304,344
2015		304,344
2016		25,362
Total	$	938,394

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1. Organization and Summary of Significant Accounting Policies: Stock-based Compensation (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Stock-based Compensation

Stock-Based Compensation

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “ASC”) Topic 718, “Stock Compensation,” establishes fair value as the measurement objective in accounting for share based payment arrangements, and requires all entities to apply a fair value based measurement method in accounting for share based payment transactions with employees.  Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the period during which the holder is required to provide services in exchange for the award, i.e., the vesting period.

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10. Income Taxes (Details)	12 Months Ended
	Jun. 30, 2012
Valuation Allowance, Deferred Tax Asset, Explanation of Change	The net increase in the valuation allowance was approximately $230,000 from June 30, 2011 to June 30, 2012, and primarily results from the operating loss for the year ended June 30, 2012.

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1. Organization and Summary of Significant Accounting Policies: Revenue Recognition (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Revenue Recognition

Revenue Recognition

In accordance with gaming industry practice, the Company recognizes casino revenues as the net win from gaming activities, which is the difference between gaming wins and losses.  Anticipated payouts resulting from our customer loyalty program (Sharpshooter’s Club), in which registered customers are awarded cash based on the frequency and amounts of their gaming activities are included in promotional allowances.  In accordance with gaming industry practice, these promotional allowances are presented as a reduction of casino revenues.

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10. Income Taxes: Schedule of Net Operating Loss carry forwards (Tables)

12 Months Ended

Jun. 30, 2012

Tables/Schedules

Schedule of Net Operating Loss carry forwards

At June 30, 2012, the Company had net operating loss carry forwards of approximately $6,805,000 available to reduce future taxable income.  The net operating loss carry forwards expire in the years ending June 30 as follows:

2016	$897,000
2017	518,000
2018	790,000
2019	1,985,000
2020	316,000
2021	985,000
2022	82,000
2029	30,000
2030	198,000
2031	327,000
2032	677,000
	$6,805,000

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7. Convertible Debt: Long-term Debt, Estimated Fair Value (Details) (8% Notes due 2013 and Stock Purchase Warrants, USD $)	12 Months Ended
	Jun. 30, 2012
October 31, 2011
Debt Instrument, Face Amount	$ 703,500
Long-term Debt, Fair Value	322,000
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Volatility Rate	139.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.48%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%
February 7, 2012
Debt Instrument, Face Amount	146,500
Long-term Debt, Fair Value	$ 43,500
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.35%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	138.00%

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4. Goodwill (Details) (USD $)	3 Months Ended		12 Months Ended
	Jun. 30, 2011	Mar. 31, 2010	Jun. 30, 2011
Impairment - Goodwill	$ 1,008,496	$ 890,000	$ 1,008,496

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4. Goodwill: Schedule of Goodwill (Tables)

12 Months Ended

Jun. 30, 2012

Tables/Schedules

Schedule of Goodwill

Total Goodwill		$         1,898,496
	Impairment charges	(1,898,496)
Total Goodwill as of December 31, 2012		$                       -

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3. Investment in ImageDoc USA, Inc.

12 Months Ended

Jun. 30, 2012

Notes

3. Investment in ImageDoc USA, Inc.

3.     INVESTMENT IN IMAGEDOC USA, INC.

On July 19, 2010, the Company executed a Common Stock and Warrant Purchase Agreement (“Purchase Agreement”) with ImageDoc USA, Inc. (“ImageDoc”), a Colorado corporation wherein, the Company agreed to purchase, for an aggregate purchase price of up to $120,000, up to an aggregate of 2,566,000 shares of common stock and warrants exercisable to purchase an additional 400,000 shares of common stock of ImageDoc for a period of five years at an exercise price of $0.20 per share.  The investment represents less than 10% of all outstanding common stock and common stock equivalents of ImageDoc at the closing date.

Also effective July 19, 2010 the Company and ImageDoc entered into a Registration Rights Agreement establishing the terms by which ImageDoc shall prepare and file a Registration Statement covering the spin-off to Global equity holders of the ImageDoc shares, which are the subject of the aforementioned Purchase Agreement.  The Company completed the purchase of all 2,566,000 shares of common stock and warrants exercisable to purchase an additional 400,000 shares of common stock of ImageDoc.  As of June 30, 2012 the warrants have not been exercised. No record date has been established for the spin-off of those shares and the distribution will not occur until such time a Registration Statement has been declared effective by the Securities Exchange Commission.

During the quarter ended June 30, 2011, the Company determined that ImageDoc’s expected and realized cash flows were significantly less than initial expectations, which has delayed the preparation and filing of its Registration Statement as discussed above.  This raised substantial doubt regarding the current value of the investment.  As such, the Company recorded an impairment charge equal to the original investment at June 30, 2011.

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5. Notes Payable and Long-term Debt (Details) (USD $)	12 Months Ended
	Jun. 30, 2012
Allonge and Modification Agreement | March 22, 2010
Note Payable, Principal	$ 176,540
Note Payable, Interest Rate	8.00%
Note Payable, Monthly principal and interest	1,911
Allonge and Modification Agreement | December 30, 2009
Note Payable, Principal	616,988
Note Payable, Monthly principal and interest	5,596
Loan Document Purchase and Assignment Agreement | November 30, 2009
Note Payable, Principal	721,021
Note payable, consideration paid to note holder	730,710
Note payable, interest accrued to purchase date	5,689
Note payable, fee to conver legal and administrative costs	$ 4,000

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1. Organization and Summary of Significant Accounting Policies: Comprehensive Income (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Comprehensive Income

Comprehensive Income

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “ASC”) Topic 220, “Comprehensive Income,” provides guidance for reporting and display of comprehensive income, its components and accumulated balances.  For the years ended June 30, 2012 and 2011, there were no differences between reported net income and comprehensive income.

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1. Organization and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management.  The Company's financial instruments include cash, accrued gaming income, notes receivable, accounts payable, accrued expenses, other current liabilities and long-term debt obligations.  Except for long-term debt obligations, the carrying value of financial instruments approximated fair value due to their short maturities.

The carrying value of all long-term debt obligations approximated fair value because interest rates on these instruments are similar to quoted rates for instruments with similar risks.

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1. Organization and Summary of Significant Accounting Policies: Concentrations of Credit Risk (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Concentrations of Credit Risk

Concentrations of Credit Risk

Financial instruments that potentially subject the company to concentrations of credit risk consist principally of cash and cash equivalents, and accounts receivables.  At June 30, 2012, the Company had no cash or cash equivalents in financial institutions in excess of FDIC deposit insurance coverage.

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1. Organization and Summary of Significant Accounting Policies: Land, Building and Improvements, and Equipment (Details) (USD $)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Depreciation	$ 341,900	$ 432,541

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1. Organization and Summary of Significant Accounting Policies: Derivative Instruments and Hedging Activities (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

We have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “ASC”) Topic 815, “Derivatives and Hedging,” which provides guidance for disclosure of derivative instruments and hedging activities.

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1. Organization and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash consists of demand deposits and vault cash used in casino operations.  The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

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1. Organization and Summary of Significant Accounting Policies: Accrued Gaming Income (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Accrued Gaming Income

Accrued Gaming Income

Gaming income represents the difference between the cash played by customers, and the cash paid out by the casino machines.  On a regular basis, the cash representing the casino’s revenue is pulled from the machines and deposited. However, this process does not always occur at the end of the last business day of the month. Accrued gaming income represents the amount of revenue (cash) in the machines that has not yet been pulled and deposited at the end of the reporting period.  At June 30, 2012 and 2011, $234,883 and $275,425 of income, respectively, was accrued and recorded as a current asset.

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2. Note Receivable

12 Months Ended

Jun. 30, 2012

Notes

2. Note Receivable

2.     NOTE RECEIVABLE

On June 22, 2012, the Company advanced a loan to Georgia Healthcare REIT, Inc., a Georgia corporation (“Georgia REIT”) in the original principal amount of $500,000 plus interest at the rate of 5% per annum, interest payable monthly, with the total outstanding principal balance due on June 30, 2013.  The Note is secured by a stock pledge agreement covering 100% of the issued and outstanding shares of membership interest of REIT.

See Note 15 – Definitive Agreements, for further discussion of contemplated transactions with Georgia REIT.

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1. Organization and Summary of Significant Accounting Policies: Inventories (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Inventories

Inventories

Inventories primarily consist of food and beverage supplies and are stated at the lower of cost or market. Cost is determined by the specific-cost method.

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1. Organization and Summary of Significant Accounting Policies: Income Taxes (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Income Taxes

Income Taxes

The Company uses the liability method of accounting for income taxes.  Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates resulting from new legislation is recognized in income in the period of enactment.  A valuation allowance is established against deferred tax assets when management concludes that the "more likely than not" realization criteria has not been met.

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11. Stock Incentive Plan: Summary of Stock Option Activity (Tables)

12 Months Ended

Jun. 30, 2012

Tables/Schedules

Summary of Stock Option Activity

		Number of Shares	Weighted average Exercise Price
Balance at June 30, 2010		135,000	$             1.00
	Granted	-
	Exercised	-
	Surrendered	-
Balance at June 30, 2011		135,000	$             1.00
	Granted	-
	Exercised	-
	Surrendered	-
Balance at June 30, 2012		135,000	$             1.00

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9. Commitments and Contingencies: Schedule of future lease payments (Details) (USD $)	Jun. 30, 2012
Future minimum lease payment	$ 938,394
2013
Future minimum lease payment	304,344
2014
Future minimum lease payment	304,344
2015
Future minimum lease payment	304,344
2016
Future minimum lease payment	$ 25,362

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Consolidated Balance Sheets (USD $)	Jun. 30, 2012		Jun. 30, 2011
Cash and cash equivalents	$ 492,199		$ 531,208
Accrued gaming income	234,883		275,425
Inventory	24,481		23,101
Prepaid expenses and other current assets	51,835		31,165
Total current assets	803,398		860,899
Note receivable	500,000	[1]
Land	517,950		517,950
Building and improvements	4,138,220		4,138,220
Equipment	3,266,252		3,156,685
Total land, building and improvements, and equipment	7,922,422		7,812,855
Accumulated depreciation	(5,379,369)		(5,132,526)
Land, building and improvements, and equipment, net	2,543,053		2,680,329
Total assets	3,846,451		3,541,228
Accounts payable, trade	94,002		108,717
Accounts payable, related parties	12,641		14,073
Accrued expenses	279,351		304,186
Accrued interest	64,817		15,370
Other current liabilities	125,147		62,451
Joint venture obligation	23,605		25,750
Current portion of long-term debt	861,999		771,607
Current portion of loan participation obligations	194,485		30,802
Total current liabilities	1,656,047		1,332,956
Long-term debt, less current portion	0		154,906
Loan participation obligations, less current portion			194,485
Convertible debt, 2013 5%	120,000		120,000
Convertible debt, 2013 8%	323,367	[2]
Total liabilities	2,099,414		1,802,347
Commitments and contingencies
Preferred stock
Common stock	342,575		339,925
Additional paid-in capital	15,074,335		14,203,225
Accumulated deficit	(14,770,873)		(13,905,269)
Total equity	1,747,037		1,738,881
Total liabilities and stockholders' equity	3,846,451		3,541,228
Series A - No Dividends, Non-voting
Preferred stock	401,000		401,000
Series D - 8% Cumulative, Convertible, Non-voting
Preferred stock	$ 700,000		$ 700,000

[1] Georgia REIT.

[2] Net of discount of $526,633.

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1. Organization and Summary of Significant Accounting Policies: Segment Information (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Segment Information

Segment Information

The Company currently operates in one business segment as determined in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “ASC”) Topic 280, “Segment reporting.”  The determination of reportable segments is based on the way management organizes financial information for making operating decisions and assessing performance.  All operations are located in the United States of America.

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Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Jun. 30, 2012		Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (808,671)		$ (1,379,431)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	591,567		432,541
Loss on disposals of fixed assets	9,852		2,418
Impairment - Goodwill			1,008,496
Impairment - Investment in ImageDoc			120,000
Warrants issued to convertible debt placement agent	73,700
Loan participation fees paid with common stock	23,760		6,270
Stock based compensation			32,500
Changes in operating assets and liabilities
Change in Accrued gaming income	40,542		18,636
Change in Inventories	(1,380)		(465)
Change in Other current assets	(20,670)		58,862
Change in Accounts payable and accrued expenses	(40,982)		(9,038)
Change in Joint venture obligation	(2,145)
Change in Accrued interest	49,447		4,249
Change in Other current liabilities	62,696		5,832
Net cash provided by (used in) operating activities	(22,284)		300,870
CASH FLOWS FROM INVESTING ACTIVITIES
Issuance of Note receivable	(500,000)	[1]
Purchase of trading securities			(120,000)
Purchases of building improvements and equipment	(82,228)		(41,068)
Net cash used in investing activities	(582,228)		(161,068)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds upon issuance of convertible debt	850,000		120,000
Principal payments on long-term debt	(196,762)		(180,385)
Payments on loan participation obligations	(30,802)		(27,335)
Payment of Series D preferred stock dividends	(56,933)		(56,778)
Net cash provided by (used in) financing activities	565,503		(144,498)
Net decrease in cash	(39,009)		(4,696)
Cash at beginning of period	531,208		535,904
Cash at end of period	492,199		531,208
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	92,383		104,749
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Equipment financing obligations	132,248		28,417
Accrued and unpaid dividends on Series D preferred stock	14,156		14,156
Allocation of fair value of warrants to convertible debt	365,500
Allocation of beneficial conversion feature to convertible debt	$ 410,800

[1] Georgia REIT.

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3. Investment in ImageDoc USA, Inc. (Details) (ImageDoc USA, Inc., July 19, 2010, USD $)	12 Months Ended
	Jun. 30, 2012
ImageDoc USA, Inc. | July 19, 2010
Equity Method Investment, Additional Information	the Company agreed to purchase, for an aggregate purchase price of up to $120,000, up to an aggregate of 2,566,000 shares of common stock and warrants exercisable to purchase an additional 400,000 shares of common stock of ImageDoc for a period of five years at an exercise price of $0.20 per share.
Equity Method Investment, Aggregate Cost	$ 120,000

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1. Organization and Summary of Significant Accounting Policies: Goodwill (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Goodwill

Goodwill

Goodwill, which resulted from the purchase price in excess of the fair value of the underlying assets purchased and liabilities assumed in the acquisition of the Doc Holliday Casino (“reporting unit” or “casino”) in March 2008, was evaluated for impairment annually at the reporting unit level as of June 30, and whenever the occurrence of a significant event or a change in circumstances would suggest that the carrying value of the reporting unit including goodwill might be in excess of its fair value.  Such factors include, but are not limited to, adverse changes in the business climate, and significant and unexpected changes in the reporting unit’s cash flows. Goodwill is evaluated for impairment in a two-step process per ASC 350.  Step 1 requires testing the recoverability of the reporting unit on a fair-value basis.  If the fair value of the reporting unit is less than the carrying value of the reporting unit including goodwill, Step 2 is performed by assigning the reporting unit’s fair value to its assets and liabilities in a manner similar to the allocation of purchase price in a business combination to determine the implied fair value of the goodwill.  If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, goodwill is deemed impaired, and is written down to the extent of the difference.  The fair value of the reporting unit was determined from time-to-time using the discounted future cash flow method, the cost and market approach obtained by independent appraisal, or a combination thereof.

As of June 30, 2011 and 2012, all the goodwill resulting from the acquisition of the Doc Holliday Casino in March 2008, was deemed impaired.

See Note 4 for further discussion regarding the Company’s goodwill.

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6. Loan Participation Obligations: Schedule of Loan Participation Obligations (Details) (USD $)	Jun. 30, 2012
Loan Participation Obligation Payable	$ 194,485	[1]
Unaffiliated Third Party
Loan Participation Obligation Payable	183,325	[2]
Director
Loan Participation Obligation Payable	$ 11,160	[3]

[1] Due December 31, 2012.

[2] With an undivided 34.7% interest in senior mortgage secured by real estate, monthly principal and interest payments of $4,417, plus additional interest of 1% in 2010, 2% in 2011, and 3% in 2012, due December 31, 2012.

[3] With and undivided 2.08% interest in senior mortgage secured by real estate, monthly principal and interest payments of $265 plus additional interest of 1% in 2010, 2% in 2011, and 3% in 2012, due December 31, 2012.

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16. Subsequent Events

12 Months Ended

Jun. 30, 2012

Notes

16. Subsequent Events

16.     SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the time of issuance of the financial statements.

Conversion of 5% Convertible Note: On July 25, 2012, the Company issued an aggregate of 110,014 shares of its $.05 par value common stock, valued at $0.25 per share resulting from conversion of both (i) a 5% promissory note in the principal amount of $25,000, plus accrued interest, which converted into shares of Series E Convertible Preferred Stock and (ii) the conversion of such Series E Preferred Shares into Common Stock of the Company.

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1. Organization and Summary of Significant Accounting Policies: Casino Chips and Tokens (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Casino Chips and Tokens

Casino Chips and Tokens

Gaming chips and tokens are accounted for from the time the casino receives them even though they may not yet be issued and are held in reserve.  The chip and token float is determined by the difference between the total amounts of chips and tokens placed in service and the actual inventory of chips and tokens held by the casino at any point in time. The chip and token float is included in other current liabilities.

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1. Organization and Summary of Significant Accounting Policies: Basis of Presentation - Going Concern (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Basis of Presentation - Going Concern

Basis of Presentation – Going Concern

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has suffered significant losses primarily attributable to the Doc Holliday Casino operations since its purchase in 2008, and has working capital and shareholders’ deficits at June 30, 2012, that raise substantial doubt about its ability to continue as a going concern. In view of these matters, realization of certain of the assets in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and generate revenues and profits from operations.

The financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Management’s plans addressing the going concern are discussed in Note 15 – Definitive Agreements regarding the proposed split-off of its casino assets and the proposed acquisition of Georgia Healthcare REIT, Inc.

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7. Convertible Debt: Long-term Debt allocated to Shareholders' Equity, Estimated Fair Value (Details) (8% Notes due 2013 and Stock Purchase Warrants, Allocated to Shareholders' Equity, USD $)	12 Months Ended
	Jun. 30, 2012
October 31, 2011
Long-term Debt, Fair Value	$ 65,000
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	139.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.48%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%
February 7, 2012
Long-term Debt, Fair Value	$ 8,700
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	138.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	3
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.35%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%

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1. Organization and Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2012

Notes

1. Organization and Summary of Significant Accounting Policies

1.    ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies of Global Casinos, Inc. (Company) is presented to assist in understanding the Company’s financial statements.  The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity.  These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.

Organization and Consolidation

Global Casinos, Inc. (the "Company or "Global"), a Utah corporation, has two subsidiaries that operate two gaming casinos.

As of June 30, 2012, the Company’s operating subsidiaries were Casinos USA, Inc. ("Casinos USA,” a Colorado corporation), which owns and operates the Bull Durham Saloon and Casino ("Bull Durham"), located in the limited stakes gaming district of Black Hawk, Colorado, and Doc Holliday Casino II, LLC (a Colorado limited liability company), which operates the Doc Holliday Casino (“Doc Holliday”), located in the limited stakes gaming district of Central City, Colorado.

The consolidated financial statements of the Company include the accounts of its wholly owned subsidiaries.  All significant inter-company accounts and transactions have been eliminated in consolidation.

Basis of Presentation – Going Concern

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has suffered significant losses primarily attributable to the Doc Holliday Casino operations since its purchase in 2008, and has working capital and shareholders’ deficits at June 30, 2012, that raise substantial doubt about its ability to continue as a going concern. In view of these matters, realization of certain of the assets in the accompanying balance sheet is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and generate revenues and profits from operations.

The financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Management’s plans addressing the going concern are discussed in Note 15 – Definitive Agreements regarding the proposed split-off of its casino assets and the proposed acquisition of Georgia Healthcare REIT, Inc.

Presentation and Comparability

Certain amounts from previously reported periods have been reclassified to conform to the current period presentations.

Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.  Significant estimates included herein relate to the recoverability of assets, the value of long-lived assets and liabilities, the value of share based compensation transactions, the value of debt and equity instruments, the future obligations resulting from promotional activities, the long-term viability of the business, the future impact of gaming regulations, and future obligations under various tax statutes.  Actual results may differ from estimates.

Risk Considerations

The Company operates in a highly regulated environment subject to the political process.  Our retail gaming licenses are subject to annual renewal by the Colorado Division of Gaming.  Changes to existing statutes and regulations could have a negative effect on our operations.  The Colorado Gaming Commission requires that any beneficial owner of five percent or more of the Company’s securities, including holders of common stock, file an application for a finding of suitability. The gaming authority has the power to investigate an owner's suitability and the owner must pay all costs of the investigation. If the owner is found unsuitable, then the owner may be required by law to dispose of the securities.  The Colorado Division of Gaming is currently requiring certain of the Company’s shareholders to file an application for finding of suitability.  If they are found by the division to be unsuitable, they could be required to divest their share positions. A contingency exists with respect this matter, the ultimate resolution of which cannot presently be determined.

In addition, since the Company’s two gaming facilities are both located in the Central City and Black Hawk, Colorado geographic area, the potential for severe financial impact can result from negative effects of economic conditions within the market or geographic area.  This concentration results in an associated risk and uncertainty.

Concentrations of Credit Risk

Financial instruments that potentially subject the company to concentrations of credit risk consist principally of cash and cash equivalents, and accounts receivables.  At June 30, 2012, the Company had no cash or cash equivalents in financial institutions in excess of FDIC deposit insurance coverage.

Fair Value of Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management.  The Company's financial instruments include cash, accrued gaming income, notes receivable, accounts payable, accrued expenses, other current liabilities and long-term debt obligations.  Except for long-term debt obligations, the carrying value of financial instruments approximated fair value due to their short maturities.

The carrying value of all long-term debt obligations approximated fair value because interest rates on these instruments are similar to quoted rates for instruments with similar risks.

Cash and Cash Equivalents

Cash consists of demand deposits and vault cash used in casino operations.  The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accrued Gaming Income

Gaming income represents the difference between the cash played by customers, and the cash paid out by the casino machines.  On a regular basis, the cash representing the casino’s revenue is pulled from the machines and deposited. However, this process does not always occur at the end of the last business day of the month. Accrued gaming income represents the amount of revenue (cash) in the machines that has not yet been pulled and deposited at the end of the reporting period.  At June 30, 2012 and 2011, $234,883 and $275,425 of income, respectively, was accrued and recorded as a current asset.

Inventories

Inventories primarily consist of food and beverage supplies and are stated at the lower of cost or market. Cost is determined by the specific-cost method.

Land, Building and Improvements, and Equipment

Land, building and improvements, and equipment are carried at cost.  Depreciation is computed using the straight-line method over the estimated useful lives.  The building is depreciated over 31 years, and improvements and equipment are depreciated over five to seven years.  Depreciation expense for the years ended June 30, 2012 and 2011 was $341,900 and $432,541, respectively.

Impairment of Long-Lived Assets

The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable.  Recoverability of assets to be held and used is measured by a comparison of the carrying value to future undiscounted cash flows expected to be generated by the asset.  If such assets are considered impaired, the impairment to be recognized is determined as the amount by which the carrying value exceeds the fair value of the assets.

Goodwill

Goodwill, which resulted from the purchase price in excess of the fair value of the underlying assets purchased and liabilities assumed in the acquisition of the Doc Holliday Casino (“reporting unit” or “casino”) in March 2008, was evaluated for impairment annually at the reporting unit level as of June 30, and whenever the occurrence of a significant event or a change in circumstances would suggest that the carrying value of the reporting unit including goodwill might be in excess of its fair value.  Such factors include, but are not limited to, adverse changes in the business climate, and significant and unexpected changes in the reporting unit’s cash flows. Goodwill is evaluated for impairment in a two-step process per ASC 350.  Step 1 requires testing the recoverability of the reporting unit on a fair-value basis.  If the fair value of the reporting unit is less than the carrying value of the reporting unit including goodwill, Step 2 is performed by assigning the reporting unit’s fair value to its assets and liabilities in a manner similar to the allocation of purchase price in a business combination to determine the implied fair value of the goodwill.  If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, goodwill is deemed impaired, and is written down to the extent of the difference.  The fair value of the reporting unit was determined from time-to-time using the discounted future cash flow method, the cost and market approach obtained by independent appraisal, or a combination thereof.

As of June 30, 2011 and 2012, all the goodwill resulting from the acquisition of the Doc Holliday Casino in March 2008, was deemed impaired.

See Note 4 for further discussion regarding the Company’s goodwill.

Casino Chips and Tokens

Gaming chips and tokens are accounted for from the time the casino receives them even though they may not yet be issued and are held in reserve.  The chip and token float is determined by the difference between the total amounts of chips and tokens placed in service and the actual inventory of chips and tokens held by the casino at any point in time. The chip and token float is included in other current liabilities.

Revenue Recognition

In accordance with gaming industry practice, the Company recognizes casino revenues as the net win from gaming activities, which is the difference between gaming wins and losses.  Anticipated payouts resulting from our customer loyalty program (Sharpshooter’s Club), in which registered customers are awarded cash based on the frequency and amounts of their gaming activities are included in promotional allowances.  In accordance with gaming industry practice, these promotional allowances are presented as a reduction of casino revenues.

Advertising Costs

The Company expenses all advertising costs as they are incurred.  Advertising costs were $277 and $1,155 for the years ended June 30, 2012 and 2011, respectively.

Consulting Expenses

From time-to-time the Company engages consultants to perform various professional and administrative functions including public relations and corporate marketing.  Expenses for consulting services are generally recognized when services are performed and billable by the consultant.  In the event an agreement requires payments in which the timing of the payments is not consistent with the performance of services, expense is recognized as either service events occur, or recognized evenly over the period of the consulting agreement where specific services performed under the agreement are not readily identifiable.  Consulting agreements in which compensation is contingent upon the successful occurrence of one or more events are only expensed when the contingency has been, or is reasonably assured, to be met.  The Company currently has no active consulting arrangements.

Income Taxes

The Company uses the liability method of accounting for income taxes.  Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates resulting from new legislation is recognized in income in the period of enactment.  A valuation allowance is established against deferred tax assets when management concludes that the "more likely than not" realization criteria has not been met.

Earnings Per Common Share

Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to common shareholders for the period by the weighted average number of common shares outstanding during the period.  Diluted net loss per share is computed based on the weighted average number of common shares and potentially dilutive common shares outstanding. The calculation of diluted net income (loss) per share excludes potential common shares if the effect would be anti-dilutive. Potential common shares consist of incremental common shares issuable upon the exercise of stock options, warrants, and shares issuable upon the conversion of preferred stock.

Potentially dilutive shares of 1,855,000 were not included in the calculations of diluted earnings per share for the year ended June 30, 2012, as their inclusion would have been anti-dilutive, and represent out of the money stock options and stock purchase warrants, and shares issuable upon conversion of preferred stock.  Potentially dilutive shares of 835,000 were not included in the calculations of diluted earnings per share for the year ended June 30, 2011, as their inclusion would have been anti-dilutive, and represent out of the money stock options and shares issuable upon conversion of preferred stock.

Stock-Based Compensation

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “ASC”) Topic 718, “Stock Compensation,” establishes fair value as the measurement objective in accounting for share based payment arrangements, and requires all entities to apply a fair value based measurement method in accounting for share based payment transactions with employees.  Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the period during which the holder is required to provide services in exchange for the award, i.e., the vesting period.

Comprehensive Income

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “ASC”) Topic 220, “Comprehensive Income,” provides guidance for reporting and display of comprehensive income, its components and accumulated balances.  For the years ended June 30, 2012 and 2011, there were no differences between reported net income and comprehensive income.

Derivative Instruments and Hedging Activities

We have adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “ASC”) Topic 815, “Derivatives and Hedging,” which provides guidance for disclosure of derivative instruments and hedging activities.

Segment Information

The Company currently operates in one business segment as determined in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “ASC”) Topic 280, “Segment reporting.”  The determination of reportable segments is based on the way management organizes financial information for making operating decisions and assessing performance.  All operations are located in the United States of America.

Recent Pronouncements

There were various accounting standards and interpretations issued during 2012 and 2011, none of which are expected to have a material impact on the Company’s consolidated financial position, operations, or cash flows.

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Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2012	Jun. 30, 2011
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par Value	$ 0.05	$ 0.05
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares Issued	6,851,488	6,798,488
Common Stock, Shares Outstanding	6,851,488	6,798,488
Series A - No Dividends, Non-voting
Preferred Stock, Par Value	$ 2.00	$ 2.00
Preferred Stock, Shares Authorized	2,000,000	2,000,000
Preferred Stock, Shares Issued	200,500	200,500
Preferred Stock, Shares Outstanding	200,500	200,500
Series B - 8% Cumulative, Convertible, Non-voting
Preferred Stock, Par Value	$ 10.00	$ 10.00
Preferred Stock, Shares Authorized	400,000	400,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Series C - 7% Cumulative, Convertible, Voting
Preferred Stock, Par Value	$ 1.20	$ 1.20
Preferred Stock, Shares Authorized	600,000	600,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Series D - 8% Cumulative, Convertible, Non-voting
Preferred Stock, Par Value	$ 1.00	$ 1.00
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	700,000	700,000
Preferred Stock, Shares Outstanding	700,000	700,000
Series E -Convertible, Non-voting
Preferred Stock, Par Value	$ 0.25	$ 0.25
Preferred Stock, Shares Authorized	600,000	600,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

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11. Stock Incentive Plan

12 Months Ended

Jun. 30, 2012

Notes

11. Stock Incentive Plan

11.     STOCK INCENTIVE PLAN

The Company has a Stock Incentive Plan (the "Incentive Plan"), that allows the Company to grant incentive stock options and/or purchase rights (collectively "Rights") to officers, employees, former employees and consultants of the Company and its subsidiaries.

A summary of stock option activity is as follows:

		Number of Shares	Weighted average Exercise Price
Balance at June 30, 2010		135,000	$             1.00
	Granted	-
	Exercised	-
	Surrendered	-
Balance at June 30, 2011		135,000	$             1.00
	Granted	-
	Exercised	-
	Surrendered	-
Balance at June 30, 2012		135,000	$             1.00

The following table summarizes information about fixed-price stock options at June 30, 2012:

	Outstanding
	Weighted	Weighted	Weighted-
	Average	Average	Average	Exercisable
Exercise	Number	Contractual	Exercise	Number	Exercise
Price	Outstanding	Life	Price	Exercisable	Price
$ 1.00	135,000	0.5 years	$ 1.00	135,000	$ 1.00

The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. Expected volatility is based on historical volatility as well as expected trends for any known or expected events that might affect the volatility of our future stock prices. Because of the lack of historical forfeiture data, no adjustments to the expected option life were made for expected forfeitures.  The expected life represents an estimate of the time options are expected to remain outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. treasury yield in effect at the time of grant.

For the years ended June 30, 2011 and 2012, no options or warrants to purchase common stock were granted under the stock incentive plan, and as such we recorded no compensation expense under the requirements as discussed above.

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Document and Entity Information (USD $)	12 Months Ended
	Jun. 30, 2012	Oct. 10, 2012
Document and Entity Information
Entity Registrant Name	Global Casinos Inc.
Document Type	10-K
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Entity Central Index Key	0000727346
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		6,961,490
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Entity Public Float	$ 2,100,112

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12. Consulting Agreements

12 Months Ended

Jun. 30, 2012

Notes

12. Consulting Agreements

12.     CONSULTING AGREEMENTS

The Company had no significant consulting agreements during the years ended June 30, 2012 or 2011.

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14. Joint Venture Obligation (Details) (USD $)	12 Months Ended
	Jun. 30, 2012
Business Acquisition, Date of Acquisition Agreement	2006-02-28
Business Acquisition, Description of Acquired Entity	a for-profit limited liability company
Business Acquisition, Name of Acquired Entity	Global Gaming Technologies, LLC (“GGT”)
Business Combination, Reason for Business Combination	Under the terms of the Agreement, the individual contributed to GGT all of his intellectual property rights related to two games of poker.
Business Acquisition, Cost of Acquired Entity, Description of Purchase Price Components	The Company agreed to make an initial cash capital contribution to GGT of $100,000, for which it received a 25% equity interest in GGT. At the Company’s election, it may make an additional $100,000 cash capital contribution to GGT for which it will receive an additional 25% equity interest.
Business Acquisition, Percentage of Voting Interests Acquired	25.00%
Business Acquisition, Cost of Acquired Entity, Cash Paid	$ 76,395
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred	$ 23,605

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Consolidated Statements of Operations (USD $)	12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Revenues:
Casino	$ 5,365,533	$ 5,694,309
Promotional allowances	(210,566)	(178,162)
Net Revenues	5,154,967	5,516,147
Expenses:
Casino operations	5,187,881	5,483,885
Operating, general, and administrative	374,128	171,886
Loss on asset disposals	9,852	2,418
Impairment - Goodwill		1,008,496
Impairment - Investment in ImageDoc		120,000
Total Expenses	5,571,861	6,786,685
Loss from operations	(416,894)	(1,270,538)
Other income (expense):
Interest	(391,777)	(108,893)
Loss before provision for income taxes	(808,671)	(1,379,431)
Net loss	(808,671)	(1,379,431)
Series D Preferred dividends	(56,933)	(56,778)
Net loss attributable to common shareholders	$ (865,604)	$ (1,436,209)
Loss per common share:
Loss per common share, Basic	$ (0.13)	$ (0.22)
Loss per common share, Diluted	$ (0.13)	$ (0.22)
Weighted average shares outstanding:
Weighted average shares outstanding, Basic	6,818,616	6,533,855
Weighted average shares outstanding, Diluted	6,818,616	6,533,855

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6. Loan Participation Obligations

12 Months Ended

Jun. 30, 2012

Notes

6. Loan Participation Obligations

6.     LOAN PARTICIPATION OBLIGATIONS

As discussed in Note 2: “Notes Payable and Long Term Debt,” on November 30, 2009 the Company consummated a Loan Document Purchase and Assignment Agreement with the holder of the senior mortgage of the Bull Durham Casino in which the Company obtained all of the rights, title and interest in and to the Note and Loan Agreement.  Then, and also on November 30, 2009 the Company executed a Loan Participation Agreement (“Agreement”) whereby the Company assigned to an unaffiliated third party an undivided 34.7% interest in the Note for total consideration of $250,000 and a loan participation fee of 50,000 shares of the Company’s common stock valued at $0.38 per share.  The Company is considered the Loan Servicing Agent under the Agreement.  Monthly principal and interest payments began on January 1, 2010, and are based on a seven year amortization at 12% annual interest.  The obligation matures on December 31, 2012.  In addition, the participant is entitled to an additional 1% per year in year one, 2% per year in year 2, and 3% in year 3, as well as additional loan participation fees on the first and second annual anniversaries of 50,000 shares of the Company’s common stock, provided that on each issue date there remains outstanding and unpaid any amount due and owing under the participant interest.  The first anniversary shares were issued in February 2011, at a value of $0.12 per share, the closing price of the Company’s common stock on November 30, 2010.  The second anniversary shares were issued in February 2012, at a value of $0.45 per share, the closing price of the Company’s common stock on November 30, 2011.

On December 30, 2009 the Company executed an additional Loan Participation Agreement whereby the Company assigned to a director an undivided 2.08% interest in the Note for total consideration of $15,000 and a loan participation fee of 3,000 shares of the Company’s common stock valued at $0.39 per share.  The Company is considered the Loan Servicing Agent under the Agreement.  Monthly principal and interest payments began on January 1, 2010, and are based on a seven year amortization at 12% annual interest.  The obligation matures on December 31, 2012.  In addition, the participant is entitled to an additional 1% per year in year one, 2% per year in year 2, and 3% in year 3, as well as additional loan participation fees on the first and second annual anniversaries of 3,000 shares of the Company’s common stock, provided that on each issue date there remains outstanding and unpaid any amount due and owing under the participant interest.  The first anniversary shares were issued in February 2011, at a value of $0.09 per share, the closing price of the Company’s common stock on December 30, 2010.  The second anniversary shares were issued in February 2012, at a value of $0.42 per share, the closing price of the Company’s common stock on December 30, 2011.

The remaining undivided 63.22% interest in the Note is owned by the Company and is eliminated in consolidation as the debtor is a wholly owned operating subsidiary.  The Note has not been modified and continues to be in technical default.

At June 30, 2012, loan participation obligations consisted of the following:

Participation obligation payable to unaffiliated third party with an undivided 34.7% interest in senior mortgage secured by real estate, monthly principal and interest payments of $4,417, plus additional interest of 1% in 2010, 2% in 2011, and 3% in 2012, due December 31, 2012.	$183,325
Participation obligation payable to director with and undivided 2.08% interest in senior mortgage secured by real estate, monthly principal and interest payments of $265 plus additional interest of 1% in 2010, 2% in 2011, and 3% in 2012, due December 31, 2012.	11,160
Total loan participation obligations, due December 31, 2012	$194,485

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5. Notes Payable and Long-term Debt

12 Months Ended

Jun. 30, 2012

Notes

5. Notes Payable and Long-term Debt

5.     NOTES PAYABLE AND LONG-TERM DEBT

Effective September 19, 2009, all of the secured obligations of Casinos, USA, Inc., a wholly-owned subsidiary of Global Casinos, Inc. matured and became due and payable.  The secured obligations are collateralized by deeds of trust encumbering the Bull Durham casino property located in Blackhawk, Colorado.  Until their maturity, all payments required under the notes had been made in a timely fashion.  We have since purchased the senior loan and deed of trust and negotiated extensions of the second priority loan and deed of trust and a portion of the junior loans and deed of trust. We intend to continue to make payments under the notes pending our efforts to renegotiate their maturity dates.

On March 22, 2010 the Company consummated an Allonge and Modification Agreement with the holder of a junior deed of trust note on the Bull Durham Casino.  Immediately prior to the modification the Note had a principal balance of $176,540.  The agreement extended the maturity date to April 1, 2013, established an interest rate of 8% per annum, and requires monthly principal and interest payments of $1,911.

On December 30, 2009 the Company consummated an Allonge and Modification Agreement with the holder of a second deed of trust note on the Bull Durham Casino.  Immediately prior to the modification the Note had a principal balance of $616,988.  The agreement required a principal pay down of $100,000, monthly principal and interest payments of $5,596 beginning on January 1, 2010, and extended the maturity date of the Note to December 31, 2010.  Subject to the Note not being in default at the maturity date, and together with an additional $50,000 pay down of the Note principal, the Company had the option to extend the maturity date of the Note to December 31, 2011.  In December 2010, the Company exercised this option and made the $50,000 pay down on the Note thereby extending the maturity date to December 31, 2011.  In addition, subject to the Note not being in default at December 31, 2011, together with an additional $50,000 pay down on the Note, the Company had an additional option to extend the maturity date to December 31, 2012.  In December 2011, the Company exercised this option and made the $50,000 pay down on the Note thereby extending the maturity date to December 31, 2012. After December 31, 2012 the maturity date will only be further extended by written mutual agreement upon terms acceptable to both parties.

On November 30, 2009 the Company consummated a Loan Document Purchase and Assignment Agreement with the holder of the senior mortgage of the Bull Durham Casino in which the Company obtained all of the rights, title and interest in and to the Note and Loan Agreement.  The total amount of consideration paid to the holder was $730,710 which included principal of $721,021, interest accrued to the purchase date of $5,689, and a fee of $4,000 to cover legal and administrative costs of the holder.  Also on November 30, 2009 the Company executed a Loan Participation Agreement whereby the Company assigned to an unaffiliated third party an undivided 34.7% interest in the Note for total consideration of $250,000 and a loan participation fee of 50,000 shares of the Company’s common stock valued at $0.38 per share.  And on December 30, 2009 the Company executed a Loan Participation Agreement whereby the Company assigned to a director an undivided 2.08% interest in the Note for total consideration of $15,000 and a loan participation fee of 3,000 shares of the Company’s common stock valued at $0.39 per share.  The remaining undivided 63.22% interest in the Note is owned by the Company and is eliminated in consolidation as the debtor is a wholly owned operating subsidiary.  The Note has not been modified and continues to be in technical default.  The resulting participation obligations are discussed further in the footnote “Loan Participation Obligations.”

In addition, a note payable to the seller of Doc Holliday Casino acquired in March 2008, matured on March 31, 2009.  The note did not bear interest, however upon its maturity a default interest rate of 8% with interest payments due monthly became effective.  Since default, we have made all required interest payments under the default terms of the note.  At the request of the note holder and beginning in January 2010, we had been making interest and additional monthly principal reduction payments of $12,500.  Beginning in January 2011, we notified the noteholder that we would not be able to continue making the monthly principal reduction payments on the note until the cash flows of the Doc Holliday Casino allow for additional principal reductions.  With the noteholder’s acquiescence, but not express agreement, we have been making interest only payments and smaller principal reduction payments as the cash flows of the casino allow.  The note holder has not executed any modification agreement, and as such all principal is considered in technical default and is classified as a current obligation.

At June 30, 2012, notes payable and long-term debt, exclusive of the Loan Participations discussed in Note 6, and convertible debt discussed in Note 7, consisted of the following:

Junior mortgage payable to private lender, collateralized by real estate, interest at 8%, monthly payments of $5,596, maturing December 31, 2012.	$ 333,780
Junior mortgage payable to private lender, collateralized by real estate, interest at 8%, monthly payments of $1,911, maturing April 1, 2013.	154,905
Junior mortgages payable to private lenders, collateralized by real estate, interest at 4%, monthly payments of $605.  Notes matured September 19, 2009.	100,400
Installment note payable to equipment supplier, collateralized by equipment, requiring monthly payments of $11,021, no interest, final payment due March 12, 2013.	82,247
Note payable to seller of Doc Holliday Casino, uncollateralized, no interest. Note matured March 31, 2009.  Default interest rate of 8% applies until note paid in full.	190,667
Total notes payable and long-term debt	861,999
Less current portion	(861,999)
Long-term debt, net	$            -

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1. Organization and Summary of Significant Accounting Policies: Organization and Consolidation (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Organization and Consolidation

Organization and Consolidation

Global Casinos, Inc. (the "Company or "Global"), a Utah corporation, has two subsidiaries that operate two gaming casinos.

As of June 30, 2012, the Company’s operating subsidiaries were Casinos USA, Inc. ("Casinos USA,” a Colorado corporation), which owns and operates the Bull Durham Saloon and Casino ("Bull Durham"), located in the limited stakes gaming district of Black Hawk, Colorado, and Doc Holliday Casino II, LLC (a Colorado limited liability company), which operates the Doc Holliday Casino (“Doc Holliday”), located in the limited stakes gaming district of Central City, Colorado.

The consolidated financial statements of the Company include the accounts of its wholly owned subsidiaries.  All significant inter-company accounts and transactions have been eliminated in consolidation.

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13. Related Parties

12 Months Ended

Jun. 30, 2012

Notes

13. Related Parties

13.     RELATED PARTIES

An officer and director operates a law firm that provides legal services to the Company.  During the years ended June 30, 2012 and 2011, his billings to the company totaled $93,750 and $71,921, respectively.  At June 30, 2012 and 2011, amounts due to him were $7,891 and $12,198, respectively, and are included in accounts payable, related parties.

The Company contracts with an officer to provide management and accounting services to the Company.  During the years ended June 30, 2012 and 2011, his billings to the company for services were $34,750 and $29,000, respectively.  At June 30, 2012 and 2011, amounts due him were $4,750 and $1,875, respectively, and are included in accounts payable, related parties.

On March 18, 2011, the Company’s board of directors granted a total of 325,000 shares of the Company’s common stock to members of senior management as consideration of services provided by the Company’s directors and executive officers.  The services were valued at $.10 per share as determined by market trading activity on and around the award date.

On December 30, 2009 the Company executed an Allonge and Loan Participation Agreement whereby the Company assigned to a director for an undivided 2.08% interest in a mortgage note receivable from the Bull Durham Casino for total consideration of $15,000 and a loan participation fee of 3,000 shares of the Company’s common stock valued at $0.39 per share.  As discussed above, the participant is also entitled to 3,000 shares of the Company’s common stock on the first and second annual anniversaries, provided that on each issue date there remains outstanding and unpaid any amount due and owing under the participant interest.  The first anniversary shares were issued in February 2011, at a value of $0.09 per share, the closing price of the Company’s common stock on the anniversary date.  The second anniversary shares were issued in February 2012, at a value of $0.42 per share, the closing price of the Company’s common stock on December 30, 2011.  This transaction is further discussed in footnote titled “Loan Participation Obligations.”

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9. Commitments and Contingencies

12 Months Ended

Jun. 30, 2012

Notes

9. Commitments and Contingencies

9.     COMMITMENTS AND CONTINGENCIES

Leases

The Doc Holliday Casino currently leases approximately 13,000 square feet of space used for its gaming activities, supporting offices and storage space for $25,362 per month under an operating lease that terminates in July 2015.  The lease requires the Casino to pay for all building expenses until the landlord secures additional tenants to occupy the remaining building space.  If the building is fully leased the Casino’s proportionate share will be equal to 32% of the total building expense burden.  The lease also provides for a credit against future monthly rent payments to the extent the total building expenses paid by the casino increase by more than 3% over a 2004 base year calculation (“floor”).  The total amount of building expenses expected to be in excess of the floor is estimated and capitalized on a monthly basis and reconciled to the actual allowable excess annual expenses in April each year.  The actual excess expenses are available for credit against rent payments beginning the following July each year under the lease.  At June 30, 2012 the total credit available to apply against future rent payments was approximately $48,000.  Rent expense for the years ended June 30, 2012 and 2011, net of applied monthly expense credits was $290,487 and $296,417, respectively.

On January 29, 2010 the landlord of the Doc Holliday Casino property agreed to a rent abatement in the total aggregate amount of $40,000 prorated over a six month term in the amount of $6,667 per month beginning in February, 2010 and continuing through July 2010.  In consideration of the rent abatement the Company agreed to replace all carpeting on the first floor of the premises, which was completed in February 2010, at a cost of approximately $29,000.  The amount of the rent abatement in excess of the cost of the carpet replacement, or approximately $11,000, was recorded as deferred rent and is being amortized to rent expense over the remaining life of the lease.

On December 31, 2010 the Company and the landlord of the Doc Holliday Casino property agreed to amend the lease agreement noted above.  As a result, for the period commencing January 1, 2011 and ending December 31, 2011 the base rent was adjusted to $250,000, payable at a rate of $20,833 per month.  The amendment resulted in a monthly reduction of the base rent of approximately $4,500 per month during the abatement period.  The total rent abatement under the agreement of approximately $54,000 was recorded as deferred rent and is being amortized to rent expense over the remaining life of the lease.  All existing agreements with respect to triple net expenses and the cap on the Company’s liability for annual increases in such expenses remained in effect for the lease period.  In consideration of the rent abatement, the Company agreed that the digital surveillance system installed on the premises would be deemed the sole and separate property of the landlord upon termination of the lease.  At June 30, 2012 the system had a net book value of approximately $34,000.

Beginning January 1, 2012, the Company has continued to pay rent at the modified rate agreed to in 2011, with the acquiescence of the landlord but without a formal agreement extending the modification.

Future minimum lease payments considering the rent abatement but before application of rent credits for the fiscal years ending June 30 are as follows:

2013		$        304,344
2014		304,344
2015		304,344
2016		25,362
Total	$	938,394

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4. Goodwill: Schedule of Goodwill (Details) (USD $)	Dec. 31, 2012
Goodwill, Gross	$ 1,898,496
Goodwill, Impaired, Accumulated Impairment Loss	(1,898,496)
Goodwill	$ 0

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7. Convertible Debt

12 Months Ended

Jun. 30, 2012

Notes

7. Convertible Debt

7.     CONVERTIBLE DEBT

5% Notes due 2013: On July 16, 2010, the Company’s board of directors approved a private offering of its securities consisting of up to $120,000 in 5% Unsecured Convertible Debentures (“Debentures”).  All $120,000 of debentures was sold in July and August 2010.   The Debentures will mature and be due and payable in July and August 2013.  The principal amount of the Debentures accrue interest at the rate of 5% per annum and will be payable at the maturity date. The Debentures are convertible, at the option of the investor, at any time, into shares of the Company’s Series E Convertible Preferred Stock at a conversion price equal to $0.25 per share of Series E Preferred.  At the time of issuance and based on the Company’s common stock trading activity, the Company determined that no beneficial conversion feature was associated with the Debentures.  The Debentures will automatically convert into shares of Series E Preferred Stock under certain circumstances.

8% Notes due 2013 and Stock Purchase Warrants: On September 26, 2011 the Company’s Board of Directors approved a private offering of units of the Company’s securities of up to $720,000.  On February 2, 2012, the Company’s Board of Directors approved an increase of the private offering of up to $850,000.

Each unit consists of an 8% Convertible Note and one Class A Warrant for each $1.00 in Note purchased.  The Class A Warrants are exercisable into shares of the Company’s common stock for a period of three years at an exercise price of $0.50 per share.  The price of the offering is the principal amount of the Note.  The Convertible Notes accrue interest at 8% per year, mature two years from the date of issuance with all principal and interest due at maturity.  At the option of the holder, the Note principal and accrued interest are convertible to shares of the Company’s common stock at a conversion price of $0.50 per share.  In addition, for every $1.00 in Note principal converted, the holder will receive one additional share of Common Stock and two Class B Warrants, each exercisable for a period of three years at an exercise price of $0.75 per share.  As of June 30, 2012 none of the Notes have been converted.

As of June 30, 2012 a total of $850,000 of units had been sold.  Of this amount, $703,500 mature on October 31, 2013, and $146,500 mature on February 7, 2014.  We applied the provisions of ASC 470-20 “Debt With Conversions and Other Options” in which the fair value of the warrants are allocated to stockholders’ equity and considered as a discount to the face amount of the Note principal.  The resulting discount to the Notes is amortized to interest expense over the life of the Notes.  Should a Note be converted or paid prior to the maturity date, the related discount would be charged off, pro-rata, to interest expense.

The estimated fair value of the investor warrants issued from the sale of $703,500 of convertible notes on October 31, 2011 is $322,000, and was determined using the following assumptions:

Expected volatility	139%
Contractual term	3 years
Risk free interest rate	0.48%
Expected dividend rate	0%

The estimated fair value of the warrants issued from the sale of $146,500 of convertible notes on February 7, 2012 is $43,500, and was determined using the following assumptions:

Expected volatility	138%
Contractual term	3 year
Risk free interest rate	0.35%
Expected dividend rate	0%

In addition, based on the trading price of the Company’s common stock on the date of issue of these Notes, in accordance with ASC 470 the conversion terms were considered a beneficial conversion features.  The beneficial conversion feature for the $703,500 notes sold on October 31, 2011, representing the intrinsic value of the difference between the fair value of underlying common stock on the issue date and the terms of the conversion was calculated to be approximately $520,000.  However, ASC 470-20-30-8 limits the amount of the beneficial conversion feature to be allocated to the proceeds of the debt, after the allocation of the fair value of the warrants, to the total proceeds of the debt.  Therefore, $381,500 relating to the beneficial conversion features was allocated to stockholders’ equity and is reflected as a discount to the amount of the notes and is being amortized to interest expense over the term of the notes.  An additional $29,300 relating to the beneficial conversion features of the $146,500 in convertible notes sold on February 7, 2012 was allocated to stockholders’ equity and is reflected as a discount to the amount of the notes and is being amortized to interest expense over the term of the notes.  Should a Note be converted or paid prior to the maturity date, the related discount would be charged off, pro-rata, to interest expense.

For the year ended June 30, 2012, interest expense relating to the amortization of the debt discount for the fair value of the warrants and the beneficial conversion feature was $249,667.

The Company engaged the services of a broker-dealer as a selling agent to assist in this offering of securities.  On sales involving the assistance of the selling agent, the Company paid the selling agent a fee equal to 5% of the price of the securities, and 10% common stock and warrant coverage on all shares of common stock underlying the securities sold by the selling agent.  As of June 30, 2012 the Company had paid to the agent a total of $42,500.

With respect to the sale of $703,500 of convertible notes on October 31, 2011, in addition to the agent’s cash fees, the agent was entitled to 140,700 Class A warrants for sales of units involving the agent’s assistance.  The estimated fair value of the warrants in the amount of $65,000 has been allocated to stockholders’ equity and charged to the Company’s operations as financing costs for the year ended June 30, 2011.  The estimated fair value of the warrants was determined using the following assumptions:

Expected volatility	139%
Contractual term	3 years
Risk free interest rate	0.48%
Expected dividend rate	0%

With respect to the sale of $146,500 of convertible notes on February 7, 2012, in addition to the agent’s cash fees, the agent was entitled to 29,300 Class A warrants for sales of units involving the agent’s assistance.  The estimated fair value of the warrants in the amount of $8,700 has been allocated to stockholders’ equity and charged to the Company’s operations as financing costs for the year ended June 30, 2011.  The estimated fair value of the warrants was determined using the following assumptions:

Expected volatility	138%
Contractual term	3 years
Risk free interest rate	0.35%
Expected dividend rate	0%

In addition to the cash fees and warrant coverage for selling agent assisted sales, for each $100 of Notes converted, the agent would be entitled to an additional 10 shares of the company’s common stock and 20 Class B Warrants.  Each Class B Warrant is exercisable for a period of three years at an exercise price of $0.75 per share.  A contingency exists for this feature, the outcome of which cannot be determined.

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8. Stockholders' Equity

12 Months Ended

Jun. 30, 2012

Notes

8. Stockholders' Equity

8.     STOCKHOLDERS' EQUITY

Preferred Stock

The Company has authorized 10,000,000 shares of preferred stock.  These shares may be issued in series with such rights and preferences as may be determined by the Board of Directors.

Series A Convertible Redeemable Preferred Stock

The Company's Board of Directors has authorized 2,000,000 shares of $2.00 stated value, Series A Preferred Stock.  The preferred stock has a senior liquidation preference value of $2.00 per share.  It does not bear dividends. The conversion privileges originally included with the stock have expired.  The preferred stock originally contained a mandatory redemption feature that required the Company to redeem the outstanding stock on May 31, 1995 at a rate of $2.00 per share.  On May 31, 1995, a majority of the preferred stockholders agreed to waive the mandatory redemption in consideration for a lower conversion price into common shares at $1.125 per share.  Subsequently, holders of 1,205,750 shares of Series A preferred stock converted their holdings into common stock.  The remaining 200,500 outstanding shares of Series A preferred stock are held by owners who chose not to participate in the revised offer and remain outstanding at June 30, 2012.  During the year ended June 30, 2005, the Company determined that the mandatory redemption feature expired due to the statute of limitations.  Accordingly, the Series A preferred stock was reclassified from current liabilities to stockholders' equity.

Series B Convertible Redeemable Preferred Stock

The Company's Board of Directors has authorized 400,000 shares of $10.00 stated value, Series B Convertible Preferred Stock.  Each share of Series B preferred stock is convertible into one share of the Company's common stock or may be redeemed at an exercise price of $10.00 per share.  In addition, the Series B shares have a junior liquidation preference of $10.00 per share.  Holders of the Series B preferred stocks are entitled to receive an annual dividend payable at the rate of 8% per annum, which is cumulative, and unpaid dividends bear interest at an annual rate of 12%.  As of June 30, 2012 there were no shares outstanding.

Series C Convertible Preferred Stock

In January 1999, the Board of Directors of the Company ratified the issuance of Series C preferred stock. The Company has authorized 600,000 Series C shares with a stated value of $1.20 per share.  Series C shares are convertible into common stock at a rate of $1.20 per share.  Holders of Series C preferred stock are entitled to vote and to receive dividends at the annual rate of 7% based on the stated value per share.  In addition, the holders of Series C preferred stock are entitled to participate, pro rata, in dividends paid on outstanding shares of common stock.  The dividends are cumulative and unpaid dividends bear interest at an annual rate of 10%.  As of June 30, 2012 there were no shares outstanding.

Series D Convertible Preferred Stock

In February 2008, the Board of Directors of the Company established a series of the class of preferred stock designated “Series D Convertible Preferred Stock” (Series D preferred stock) and authorized an aggregate of 1,000,000 non-voting shares with a stated value of $1.00 per share.  Holders of the Series D preferred stock are entitled to receive dividends at the annual rate of eight percent (8%) based on the stated value per share computed on the basis of a 360 day year and twelve 30 day months.  Dividends are cumulative, shall be declared quarterly, and are calculated from the date of issue and payable on the fifteenth day of April, July, October and January.  The dividends may be paid, at the option of the holder either in cash or by the issuance of shares of the Company’s common stock valued at the market price on the dividend record date.  Shares of the Series D preferred stock are redeemable at the Company’s option.  At the option of the holder shares of the Series D preferred stock plus any declared and unpaid dividends are convertible to shares of the Company’s common stock at a conversion rate of $1.00 per share.

In March 2008, the Company completed a private offering of 700,000 shares of Series D Preferred stock.  The $700,000 proceeds from the private offering were used as partial payment to the seller of Doc Holliday at the acquisition closing on March 18, 2008.

On June 30, 2012, dividends of $14,155 were declared and are included in accrued expenses at June 30, 2012.  All other quarterly dividends declared have been paid.

Series E Convertible Preferred Stock

On July 12, 2010, the Company’s Board of Directors approved an Amendment to the Articles of Incorporation of the Company to authorize a new series of preferred stock designated Series E Convertible Preferred Stock (“Preferred Stock”).  The Amended and Restated Certificate of Designations, Preferences and Rights of Series E Convertible Preferred Stock authorized six hundred thousand (600,000) shares of the Company’s authorized Preferred Stock to be designated as Series E Convertible Preferred Stock, having a stated value of $0.25 per share.  Holders of the Preferred Stock shall have no voting rights, but shall be entitled to receive dividends when, as and if declared by the Board of Directors, in its sole discretion.  In addition, the holders of the Preferred Stock shall be entitled to participate, pro rata, in dividends paid on outstanding shares of common stock.  The Preferred Stock is redeemable by the Company at its sole option and discretion at any time after six months from the initial issue date, at the Preferred Stock’s stated value plus any accrued and unpaid dividends, if any, and may be paid in cash or in shares of common stock valued at 75% of the volume weighted-average price of the common stock for the ten trading days immediately prior to the date of the redemption notice.  In addition, at any time prior to redemption, but after the earlier of ninety days from the date of issuance, or the effective date of a Registration Statement registering for sale the shares of the common stock issuable upon such conversion, holders of the Preferred Stock shall have the right to convert their shares into common stock, at a conversion rate of $0.25 per share plus any accrued or unpaid dividends.  As of June 30, 2012, no shares of Series E Convertible Preferred Stock have been issued.

Common Stock

The Company has authorized 50,000,000 shares of $0.05 par value common stock.

As discussed in Loan Participation Obligations, in November 2009 the Company issued 50,000 shares of the Company’s common stock valued at $0.38 per share determined by market trading activity on and around the settlement date, as a participation fee to an unaffiliated third party.  The participant was also entitled to 50,000 shares of the Company’s common stock on the first and second annual anniversaries, provided that on each issue date there remains outstanding and unpaid any amount due and owing under the participant interest.  The first anniversary shares were issued in February 2011, at a value of $0.12 per share, the closing price of the Company’s common stock on November 30, 2010.  The second anniversary shares were issued in February 2012, at a value of $0.45 per share, the closing price of the Company’s common stock on November 30, 2011.

Also as discussed in Loan Participation Obligations, in December 2009 the Company issued 3,000 shares of the Company’s common stock valued at $0.39 per share determined by market trading activity on and around the settlement date, as a participation fee to a director.  The participant was also entitled to 3,000 shares of the Company’s common stock on the first and second annual anniversaries, provided that on each issue date there remains outstanding and unpaid any amount due and owing under the participant interest.  The first anniversary shares were issued in February 2011, at a value of $0.09 per share, the closing price of the Company’s common stock on December 30, 2010.  The second anniversary shares were issued in February 2012, at a value of $0.42 per share, the closing price of the Company’s common stock on December 30, 2011.

On March 18, 2011, the Company’s board of directors granted a total of 325,000 shares of the Company’s common stock to members of senior management as consideration of services provided by the Company’s directors and executive officers.  The services were valued at $.10 per share as determined by market trading activity on and around the award date, and as such $32,500 of stock based compensation was recognized and included in operating, general and administrative expenses for the year ended June 30, 2011.

On January 5, 2007, the stockholders approved a proposal to adopt and approve a reverse split of up to a ratio of one-for-five of the issued and outstanding shares of our common stock, and issued and outstanding options, warrants and other rights convertible into shares of our common stock, all at the discretion of our Board of Directors to be implemented in the future as and when determined by our Board of Directors. That reverse split has not been implemented.

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10. Income Taxes

12 Months Ended

Jun. 30, 2012

Notes

10. Income Taxes

10.     INCOME TAXES

The Company and its subsidiaries are subject to income taxes on income arising in, or derived from, the tax jurisdictions in which they operate.  The Company is current with all its federal and state tax filings, and no periods have been subjected to IRS examination.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets are comprised entirely of net operating loss carry-forwards.

For the years ended June 30, 2012 and 2011, the reconciliation between the statutory tax rate and the effective tax rate as a percentage is as follows:

	2012	2011
Statutory federal income tax rate	34%	34%
Statutory state income tax rate	4%	4%
Effect of net operating loss carry-forward	(38)%	(38)%
	-%	-%

At June 30, 2012, the Company had net operating loss carry forwards of approximately $6,805,000 available to reduce future taxable income.  The net operating loss carry forwards expire in the years ending June 30 as follows:

2016	$897,000
2017	518,000
2018	790,000
2019	1,985,000
2020	316,000
2021	985,000
2022	82,000
2029	30,000
2030	198,000
2031	327,000
2032	677,000
	$6,805,000

When more than a 50% change in ownership occurs, over a three-year period, as defined, the Tax Reform Act of 1986 limits the utilization of net operating loss (NOL) carry forwards in the years following the change in ownership.  Therefore, the Company's utilization of its NOL carry forwards may be partially reduced as a result of changes in stock ownership.  No determination has been made as of June 30, 2012, as to what implications, if any, there will be in the net operating loss carry forwards of the Company.  In addition, the Company has a limited history of earnings, and there is no guarantee of future earnings to offset the net operating loss carry forwards. The deferred tax asset resulting from the net operating loss carry forwards of approximately $2,314,000 is offset by a valuation allowance due to the uncertainty of the realization of the net operating loss carry forwards.  The net increase in the valuation allowance was approximately $230,000 from June 30, 2011 to June 30, 2012, and primarily results from the operating loss for the year ended June 30, 2012.

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6. Loan Participation Obligations (Details) (USD $)	Jul. 25, 2012	Jun. 30, 2012 Loan Participation Obligation 1 February 2012	Jun. 30, 2012 Loan Participation Obligation 1 February 2011	Jun. 30, 2012 Loan Participation Obligation 2 February 2012	Jun. 30, 2012 Loan Participation Obligation 2 February 2011
Shares, Issued	110,014	50,000	50,000	3,000	3,000
Sale of Stock, Price Per Share	$ 0.25	$ 0.45	$ 0.12	$ 0.42	$ 0.09

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7. Convertible Debt (Details) (USD $)	12 Months Ended
	Jun. 30, 2012
5% Notes due 2013
Debt Instrument, Offering Date	2010-07-16
Debt Instrument, Face Amount	$ 120,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Instrument, Maturity Date, Description	July and August 2013
Debt Instrument, Convertible, Terms of Conversion Feature	The Debentures are convertible, at the option of the investor, at any time, into shares of the Company’s Series E Convertible Preferred Stock at a conversion price equal to $0.25 per share of Series E Preferred.
8% Notes due 2013 and Stock Purchase Warrants 1
Debt Instrument, Offering Date	2011-09-26
Debt Instrument, Face Amount	720,000
8% Notes due 2013 and Stock Purchase Warrants 2
Debt Instrument, Offering Date	2012-02-02
Debt Instrument, Face Amount	850,000
8% Notes due 2013 and Stock Purchase Warrants
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Debt Instrument, Maturity Date, Description	mature two years from the date of issuance with all principal and interest due at maturity
Debt Instrument, Convertible, Terms of Conversion Feature	At the option of the holder, the Note principal and accrued interest are convertible to shares of the Company’s common stock at a conversion price of $0.50 per share. In addition, for every $1.00 in Note principal converted, the holder will receive one additional share of Common Stock and two Class B Warrants, each exercisable for a period of three years at an exercise price of $0.75 per share.
Debt Instrument, Description	Each unit consists of an 8% Convertible Note and one Class A Warrant for each $1.00 in Note purchased. The Class A Warrants are exercisable into shares of the Company’s common stock for a period of three years at an exercise price of $0.50 per share. The price of the offering is the principal amount of the Note.
Fair Value, Debt Instrument, Valuation Techniques	We applied the provisions of ASC 470-20 “Debt With Conversions and Other Options” in which the fair value of the warrants are allocated to stockholders’ equity and considered as a discount to the face amount of the Note principal. The resulting discount to the Notes is amortized to interest expense over the life of the Notes. Should a Note be converted or paid prior to the maturity date, the related discount would be charged off, pro-rata, to interest expense.
Interest expense relating to the amortization of the debt	249,667
Payments for Brokerage Fees	$ 42,500

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5. Notes Payable and Long-term Debt: Schedule of long-term debt (Details) (USD $)	Jun. 30, 2012		Jun. 30, 2011
Long-term Debt	$ 861,999
Long-term Debt, Current Maturities	(861,999)
Long-term debt, less current portion	0		154,906
Maturing December 31, 2012
Junior mortgage payable to private lender	333,780	[1]
Maturing April 1, 2013
Junior mortgage payable to private lender	154,905	[2]
Matured September 19, 2009
Junior mortgage payable to private lender	100,400	[3]
Final payment due March 12, 2013
Installment note payable to equipment supplier	82,247	[4]
Note payable to seller	$ 190,667	[5]

[1] Collateralized by real estate, interest at 8%, monthly payments of $5,596, maturing December 31, 2012.

[2] Collateralized by real estate, interest at 8%, monthly payments of $1,911, maturing April 1, 2013.

[3] Collateralized by real estate, interest at 4%, monthly payments of $605. Notes matured September 19, 2009.

[4] Collateralized by equipment, requiring monthly payments of $11,021, no interest, final payment due March 12, 2013.

[5] Note payable to seller of Doc Holliday Casino, uncollateralized, no interest. Note matured March 31, 2009. Default interest rate of 8% applies until note paid in full.

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1. Organization and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Impairment of Long-lived Assets

Impairment of Long-Lived Assets

The Company evaluates its long-lived assets for impairment when events or changes in circumstances indicate, in management's judgment, that the carrying value of such assets may not be recoverable.  Recoverability of assets to be held and used is measured by a comparison of the carrying value to future undiscounted cash flows expected to be generated by the asset.  If such assets are considered impaired, the impairment to be recognized is determined as the amount by which the carrying value exceeds the fair value of the assets.

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10. Income Taxes: Reconciliation between the statutory tax rate and the effective tax rate as a percentage (Tables)

12 Months Ended

Jun. 30, 2012

Tables/Schedules

Reconciliation between the statutory tax rate and the effective tax rate as a percentage

	2012	2011
Statutory federal income tax rate	34%	34%
Statutory state income tax rate	4%	4%
Effect of net operating loss carry-forward	(38)%	(38)%
	-%	-%

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15. Definitive Agreements

12 Months Ended

Jun. 30, 2012

Notes

15. Definitive Agreements

15.     DEFINITIVE AGREEMENTS

On June 1, 2012, the Company entered into two definitive agreements: one which would result in the sale and divestiture of all of its gaming interests; and the second that would result in the Company acquiring a real estate investment trust (“REIT”) engaged in the acquisition of real estate interests focused on the healthcare industry.

Split-Off Agreement: Effective June 1, 2012, the Company entered into a definitive Split-Off Agreement with Gemini Gaming LLC (“Gemini”), to sell all of its gaming properties, interests and operations (the “Split-Off”).  Gemini is controlled by Clifford Neuman, the Company’s President and Director, Pete Bloomquist, a Director, and Doug James, the General Manager of the Company’s two casinos.

Gemini will purchase the outstanding equity of Split-Off Subsidiary in consideration of (i) the assumption of all responsibility for any debts, obligations and liabilities associated with the Gaming Assets, plus (ii) payment in an amount equal to the Company’s net tangible book value, excluding the Company’s 5% Convertible Notes in the aggregate principal amount of $120,000 and further excluding approximately $500,000 in a note receivable the Company advanced to Georgia Healthcare REIT, Inc. (“Georgia REIT”), on June 22, 2012 which is further discussed above in Note 2 – Note Receivable.  The Purchase Price will be evidenced by a promissory note which will be payable, together with interest at the rate of 4% per annum, in quarterly installments over a term of 20 years.  The Note will be secured by a pledge of all of the outstanding equity securities of Split-Off Subsidiary.

Consummation of the Split-Off is subject to numerous conditions, including the approval of the Global shareholders, the approval of a Change of Ownership of the two casino licenses by the Colorado Division of Gaming, the concurrent closing of the Company’s acquisition of Georgia REIT, and other conditions customary in transactions of this nature.  Gemini Gaming has applied for a Change of Ownership with the Division of Gaming, which application is pending.  No prediction can be made when the Split-Off will be consummated.

Stock Purchase Agreement: Also effective June 1, 2012, the Company entered into a definitive Stock Purchase Agreement (“Stock Purchase”), to acquire 100% of the issued and outstanding shares of equity securities of Georgia REIT, which was formed and organized to acquire real estate interests focused in the healthcare industry.  The purchase price will consist of advances to Georgia REIT as discussed above, which will be eliminated on consolidation upon consummation of the Stock Purchase, and $100 in cash.

Consummation of the Stock Purchase is subject to numerous conditions, including the approval of the Georgia REIT shareholder, the approval of a Change of Ownership of the two casino licenses by the Colorado Division of Gaming, the concurrent closing of the Split-Off Agreement, a definitive Information Statement under Sections 14(c) and 14(f) of the Exchange Act is filed with the SEC and mailed to the Company’s shareholders, and other conditions customary in transactions of this nature.

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1. Organization and Summary of Significant Accounting Policies: Use of Estimates and Assumptions (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Use of Estimates and Assumptions

Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.  Significant estimates included herein relate to the recoverability of assets, the value of long-lived assets and liabilities, the value of share based compensation transactions, the value of debt and equity instruments, the future obligations resulting from promotional activities, the long-term viability of the business, the future impact of gaming regulations, and future obligations under various tax statutes.  Actual results may differ from estimates.

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6. Loan Participation Obligations: Schedule of Loan Participation Obligations (Tables)

12 Months Ended

Jun. 30, 2012

Tables/Schedules

Schedule of Loan Participation Obligations

Participation obligation payable to unaffiliated third party with an undivided 34.7% interest in senior mortgage secured by real estate, monthly principal and interest payments of $4,417, plus additional interest of 1% in 2010, 2% in 2011, and 3% in 2012, due December 31, 2012.	$183,325
Participation obligation payable to director with and undivided 2.08% interest in senior mortgage secured by real estate, monthly principal and interest payments of $265 plus additional interest of 1% in 2010, 2% in 2011, and 3% in 2012, due December 31, 2012.	11,160
Total loan participation obligations, due December 31, 2012	$194,485

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1. Organization and Summary of Significant Accounting Policies: Earnings Per Common Share (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Earnings Per Common Share

Earnings Per Common Share

Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to common shareholders for the period by the weighted average number of common shares outstanding during the period.  Diluted net loss per share is computed based on the weighted average number of common shares and potentially dilutive common shares outstanding. The calculation of diluted net income (loss) per share excludes potential common shares if the effect would be anti-dilutive. Potential common shares consist of incremental common shares issuable upon the exercise of stock options, warrants, and shares issuable upon the conversion of preferred stock.

Potentially dilutive shares of 1,855,000 were not included in the calculations of diluted earnings per share for the year ended June 30, 2012, as their inclusion would have been anti-dilutive, and represent out of the money stock options and stock purchase warrants, and shares issuable upon conversion of preferred stock.  Potentially dilutive shares of 835,000 were not included in the calculations of diluted earnings per share for the year ended June 30, 2011, as their inclusion would have been anti-dilutive, and represent out of the money stock options and shares issuable upon conversion of preferred stock.

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Consolidated Statement of Stockholders' Equity (USD $)	Preferred Stock Series A - No Dividends, Non-voting	Preferred Stock Series D - 8% Cumulative, Convertible, Non-voting	Common Stock	Additional Paid In Capital	Accumulated (Deficit)	Total
Balance, Value at Jun. 30, 2010	$ 401,000	$ 700,000	$ 321,025	$ 14,183,355	$ (12,469,060)	$ 3,136,320
Balance, Shares at Jun. 30, 2010	200,500	700,000	6,420,488
Common stock issued to officers and directors, Value			16,250	16,250		32,500
Common stock issued to officers and directors, Shares			325,000
Common stock issued under loan participation agreement, Value			2,500	3,500		6,000
Common stock issued under loan participation agreement, Shares			50,000
Common stock issued to director under loan participation agreement, Value			150	120		270
Common stock issued to director under loan participation agreement, Shares			3,000
Series D Preferred dividends					(56,778)	(56,778)
Net loss					(1,379,431)	(1,379,431)
Balance, Value at Jun. 30, 2011	401,000	700,000	339,925	14,203,225	(13,905,269)	1,738,881
Balance, Shares at Jun. 30, 2011	200,500	700,000	6,798,488
Allocation of beneficial conversion feature, 8% convertible debt				410,800		410,800
Allocation of common stock purchase warrants issued in private placement of 8% convertible debt				439,200		439,200
Common stock issued to director under loan participation agreement, Value			2,650	21,110		23,760
Common stock issued to director under loan participation agreement, Shares			53,000
Series D Preferred dividends					(56,933)	(56,933)
Net loss					(808,671)	(808,671)
Balance, Value at Jun. 30, 2012	$ 401,000	$ 700,000	$ 342,575	$ 15,074,335	$ (14,770,873)	$ 1,747,037
Balance, Shares at Jun. 30, 2012	200,500	700,000	6,851,488

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4. Goodwill

12 Months Ended

Jun. 30, 2012

Notes

4. Goodwill

4.     GOODWILL

The Company’s goodwill as recorded in our Doc Holliday Casino reporting unit is comprised of the following:

Total Goodwill		$         1,898,496
	Impairment charges	(1,898,496)
Total Goodwill as of December 31, 2012		$                       -

Goodwill is evaluated for impairment annually at the reporting unit level as of June 30, and whenever the occurrence of an event or a change in circumstances would suggest that the carrying value of the reporting unit including goodwill might be in excess of its fair value.  Such factors include, but are not limited to, adverse changes in the business climate, and significant and unexpected changes in the reporting unit’s cash flows.  As of December 31, 2011 all the goodwill recorded upon the purchase of the Doc Holliday Casino reporting unit in March 2008, was fully impaired.  Impairment charges of $890,000 and $1,008,496 were recorded during the quarters ended March 31, 2010 and June 30, 2011, respectively.

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2. Note Receivable (Details) (Georgia Healthcare REIT, Inc., 2013, USD $)	12 Months Ended
	Jun. 30, 2012
Georgia Healthcare REIT, Inc. | 2013
Note Receivable, Principal	$ 500,000
Note Receivable, Interest Rate	5.00%
Note Receivable, Due Date	Jun. 30, 2013

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8. Stockholders' Equity (Details) (USD $)					12 Months Ended						12 Months Ended
	Jul. 25, 2012	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 Preferred Stock	Jun. 30, 2012 Series A Convertible Redeemable Preferred Stock	Jun. 30, 2012 Series B Convertible Redeemable Preferred Stock	Jun. 30, 2012 Series C Convertible Preferred Stock	Jun. 30, 2012 Series D Convertible Preferred Stock	Jun. 30, 2012 Series E Convertible Preferred Stock	Jun. 30, 2012 Common Stock	Jun. 30, 2012 Common Stock March 18, 2011
Preferred Stock, Shares Authorized		10,000,000	10,000,000	10,000,000	2,000,000	400,000	600,000	1,000,000	600,000
Preferred Stock, Par Value					$ 2.00	$ 10.00	$ 1.20	$ 1.00	$ 0.25
Preferred Stock, Call or Exercise Features					The preferred stock has a senior liquidation preference value of $2.00 per share.	Each share of Series B preferred stock is convertible into one share of the Company's common stock or may be redeemed at an exercise price of $10.00 per share.	Series C shares are convertible into common stock at a rate of $1.20 per share.	Shares of the Series D preferred stock are redeemable at the Company’s option. At the option of the holder shares of the Series D preferred stock plus any declared and unpaid dividends are convertible to shares of the Company’s common stock at a conversion rate of $1.00 per share.	The Preferred Stock is redeemable by the Company at its sole option and discretion at any time after six months from the initial issue date, at the Preferred Stock’s stated value plus any accrued and unpaid dividends, if any, and may be paid in cash or in shares of common stock valued at 75% of the volume weighted-average price of the common stock for the ten trading days immediately prior to the date of the redemption notice. In addition, at any time prior to redemption, but after the earlier of ninety days from the date of issuance, or the effective date of a Registration Statement registering for sale the shares of the common stock issuable upon such conversion, holders of the Preferred Stock shall have the right to convert their shares into common stock, at a conversion rate of $0.25 per share plus any accrued or unpaid dividends.
Preferred Stock, Dividend Payment Terms					It does not bear dividends.	Holders of the Series B preferred stocks are entitled to receive an annual dividend payable at the rate of 8% per annum, which is cumulative, and unpaid dividends bear interest at an annual rate of 12%.	receive dividends at the annual rate of 7% based on the stated value per share	Holders of the Series D preferred stock are entitled to receive dividends at the annual rate of eight percent (8%) based on the stated value per share computed on the basis of a 360 day year and twelve 30 day months. Dividends are cumulative, shall be declared quarterly, and are calculated from the date of issue and payable on the fifteenth day of April, July, October and January. The dividends may be paid, at the option of the holder either in cash or by the issuance of shares of the Company’s common stock valued at the market price on the dividend record date.	entitled to receive dividends when, as and if declared by the Board of Directors, in its sole discretion. In addition, the holders of the Preferred Stock shall be entitled to participate, pro rata, in dividends paid on outstanding shares of common stock.
Preferred Stock, Dividend Rate, Percentage						8.00%	7.00%
Preferred Stock, Shares Outstanding						0	0		0
Preferred Stock, Voting Rights							Holders of Series C preferred stock are entitled to vote		Holders of the Preferred Stock shall have no voting rights
Dividends, Share-based Compensation								$ 14,155
Common Stock, Shares Authorized		50,000,000	50,000,000							50,000,000
Common Stock, Par Value	$ 0.05	$ 0.05	$ 0.05							$ 0.05
Share-based Compensation Arrangement by Share-based Payment Award, Description											the Company’s board of directors granted a total of 325,000 shares of the Company’s common stock to members of senior management as consideration of services provided by the Company’s directors and executive officers.
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period											325,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value											$ 0.10
Allocated Share-based Compensation Expense											$ 32,500

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1. Organization and Summary of Significant Accounting Policies: Risk Considerations (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Risk Considerations

Risk Considerations

The Company operates in a highly regulated environment subject to the political process.  Our retail gaming licenses are subject to annual renewal by the Colorado Division of Gaming.  Changes to existing statutes and regulations could have a negative effect on our operations.  The Colorado Gaming Commission requires that any beneficial owner of five percent or more of the Company’s securities, including holders of common stock, file an application for a finding of suitability. The gaming authority has the power to investigate an owner's suitability and the owner must pay all costs of the investigation. If the owner is found unsuitable, then the owner may be required by law to dispose of the securities.  The Colorado Division of Gaming is currently requiring certain of the Company’s shareholders to file an application for finding of suitability.  If they are found by the division to be unsuitable, they could be required to divest their share positions. A contingency exists with respect this matter, the ultimate resolution of which cannot presently be determined.

In addition, since the Company’s two gaming facilities are both located in the Central City and Black Hawk, Colorado geographic area, the potential for severe financial impact can result from negative effects of economic conditions within the market or geographic area.  This concentration results in an associated risk and uncertainty.

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10. Income Taxes: Schedule of Net Operating Loss carry forwards (Details) (USD $)	Jun. 30, 2012
Net operating loss carry-forward	$ 6,805,000
Expiring June 30, 2016
Net operating loss carry-forward	897,000
Expiring June 30, 2017
Net operating loss carry-forward	518,000
Expiring June 30, 2018
Net operating loss carry-forward	790,000
Expiring June 30, 2019
Net operating loss carry-forward	1,985,000
Expiring June 30, 2020
Net operating loss carry-forward	316,000
Expiring June 30, 2021
Net operating loss carry-forward	985,000
Expiring June 30, 2022
Net operating loss carry-forward	82,000
Expiring June 30, 2029
Net operating loss carry-forward	30,000
Expiring June 30, 2030
Net operating loss carry-forward	198,000
Expiring June 30, 2031
Net operating loss carry-forward	327,000
Expiring June 30, 2032
Net operating loss carry-forward	$ 677,000

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1. Organization and Summary of Significant Accounting Policies: Advertising Costs (Policies)

12 Months Ended

Jun. 30, 2012

Policies

Advertising Costs

Advertising Costs

The Company expenses all advertising costs as they are incurred.  Advertising costs were $277 and $1,155 for the years ended June 30, 2012 and 2011, respectively.

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14. Joint Venture Obligation

12 Months Ended

Jun. 30, 2012

Notes

14. Joint Venture Obligation

14.     JOINT VENTURE OBLIGATION

On February 28, 2006, the Company entered into an Organization Agreement with a certain individual to form a for-profit limited liability company under the name of Global Gaming Technologies, LLC (“GGT”).  Under the terms of the Agreement, the individual contributed to GGT all of his intellectual property rights related to two games of poker. The Company agreed to make an initial cash capital contribution to GGT of $100,000, for which it received a 25% equity interest in GGT.  At the Company’s election, it may make an additional $100,000 cash capital contribution to GGT for which it will receive an additional 25% equity interest.

As of June 30, 2012 the further development of the two games has been suspended.  As of June 30, 2012, the Company had made cash payments directly to or on behalf of GGT of $76,395 as part of the initial $100,000 cash capital payments required under the Agreement.  The remaining $23,605 obligation is recorded as a current liability pending the determination of any future activity of this joint venture.  As of June 30, 2012, GGT had no revenues.