-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JIkJ4COi3IObcXyJeZvzjNNeElj0VzKz8yJuJhFYCsZOgbdxEVruwwwuHAXt/SWW 2qsxwiMvruAGX3d2tNMFdg== 0001024739-98-000945.txt : 19981002 0001024739-98-000945.hdr.sgml : 19981002 ACCESSION NUMBER: 0001024739-98-000945 CONFORMED SUBMISSION TYPE: 10QSB/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19981001 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRANS WORLD GAMING CORP CENTRAL INDEX KEY: 0000914577 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] IRS NUMBER: 133738518 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB/A SEC ACT: SEC FILE NUMBER: 000-25244 FILM NUMBER: 98719636 BUSINESS ADDRESS: STREET 1: ONE PENN PLAZA STREET 2: STE 1503 CITY: NEW YORK STATE: NY ZIP: 10119-0002 BUSINESS PHONE: 2128263355 MAIL ADDRESS: STREET 1: ONE PENN PLAZA STREET 2: STE 1503 CITY: NEW YORK STATE: NY ZIP: 10119-0002 10QSB/A 1 AMENDMENT TO FORM 10-QSB ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-QSB/A [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1998 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO _______________ Commission File Number 0-25244 TRANS WORLD GAMING CORP. --------------------------------------------------------------- (Exact name of small business issuer as specified in its charter) Nevada 13-3738518 ----------------------------- ---------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) One Penn Plaza, Suite 1503 New York, New York 10119-0002 ------------------------------------------ (Address of principal executive offices) (212) 563-3355 ------------------------------------------- (Issuer's telephone number including area code) Check whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the past 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 ___. Shares of the Registrant's Common Stock, par value $.001, outstanding as of September 28, 1998: 3,044,286. Transitional Small Business Disclosure Format (Check One): YES ___ NO X. ================================================================================ The purpose of this Form 10-QSB/A is to revise certain information set forth in the Form 10-QSB for the quarter ended June 30, 1998 in Part I, Item 1: Condensed Consolidated Financial Statements, as filed with the Securities and Exchange Commission on August 14, 1998. Part I, Item 1, as revised, is set forth below: FINANCIAL INFORMATION Item 1. Condensed Consolidated Statements TRANS WORLD GAMING CORP. Condensed Consolidated Balance Sheet (In thousands)
June 30, 1998 ------------ ASSETS (unaudited) CURRENT ASSETS Cash & equivalents $3,766 Accounts/Notes receivable 1121 Inventories 65 Other current assets 197 ------------ Total current assets 5,149 ------------ PROPERTY AND EQUIPMENT -net 2,744 ------------ OTHER ASSETS Investment at equity 75 Goodwill 17,636 Deferred debt issuance costs, net 464 Deposits and deferred costs on investments 979 Deferred costs and other assets 224 ------------ Total other assets 19,378 ------------ TOTAL ASSETS $27,271 ============ LIABILITIES AND STOCKHOLDERS EQUITY/(DEFICIT) CURRENT LIABILITIES Current portion of long term debt $1,797 Accounts payable and accrued expenses 3,390 ------------ Total current liabilities 5,187 ------------ LONG TERM DEBT, net of current portion 27,205 ------------ STOCKHOLDERS EQUITY/(DEFICIT) Capital stock 3 Additional paid-in-capital 8,896 Stock warrants outstanding 537 Accumulated deficit (14,557) ------------ Total stockholders equity/(deficit) (5,121) ------------ TOTAL LIABILITIES AND STOCKHOLDERS EQUITY/(DEFICIT) $27,271 ============
See accompanying notes to the financial statements TRANS WORLD GAMING CORP. CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (In thousands except per share data) (Unaudited)
Six months ended Three months ended June 30, June 30, ---------------------------------- ------------------------- 1998 1997 1998 1997 ---- ---- ---- ---- Revenues $6,358 $3,396 $4,789 $1,725 Costs and expenses Cost of revenue 4,845 2,107 3,857 1,114 Administrative 979 595 769 267 Depreciation and Amortization 903 182 802 99 ------------- ------------ ------------------------- Total costs and expenses 6,727 2,884 5,428 1,480 ------------- ------------ ------------------------- Earnings/(loss) from operations (369) 512 (639) 245 Interest expense 925 354 670 182 ------------- ------------ ------------------------- Earnings/(loss) before taxes (1,294) 158 (1,309) 63 Provision for tax 101 30 101 12 ------------- ------------ ------------------------- Net earnings/(loss) ($1,395) $128 ($1,410) $51 ============= ============ ========================= Earnings/(loss) per share - basic ($0.46) $0.04 ($0.46) $0.02 Weighted Average of Common shares used in computing basic earnings/(loss) per share 3,044 3,044 3,044 2,794
See accompanying notes to the financial statements TRANS WORLD GAMING CORP. Condensed Consolidated Statement of Cash Flows (In thousands) (Unaudited)
Six months ended June 30, ---------------------------------- 1998 1997 ------------ ------------ Cash flows provided by operating activities $1,274 $291 Cash flows used by investing activities (14,953) (314) Cash flows provided/(used) by financing activities 17,247 (211) ------------ ------------ Net increase/(decrease) in cash 3,568 (234) Cash - beginning of period 198 489 ------------ ------------ Cash - end of period $3,766 $255 ============ ============
See accompanying notes to the financial statements The further purpose of this Form 10-QSB/A is to revise certain information which appeared in Part I, Item 2: Management's Discussion and Analysis of Financial Condition or Plan of Operation - Liquidity and Capital Resources," as follows: a) The first sentence in the first paragraph in this section on page 8 is deleted in its entirety and replaced with: "The Company's working capital, defined as current assets minus current liabilities, increased $1.0 million to $0.1 million for the six months ended June 30, 1998 from a working capital deficit of ($0.9 million) at December 31, 1997." b) The second sentence in the third paragraph in this Section on page 8 is deleted in its entirety and replaced with: "The Company will repay the principal and accrued interest in nine equal monthly installments starting June 1, 1998 from available cash flow, excluding cash flow from the European casinos." SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: September 29, 1998 TRANS WORLD GAMING CORP. By: /s/ Dominick J. Valenzano ------------------------- Dominick J. Valenzano Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----