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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Landcadia Holdings IV Inc | NASDAQ:LCA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.54 | 10.55 | 10.56 | 0 | 01:00:00 |
|
Delaware
|
| |
7372
|
| |
83-3593048
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
|
| | | | | ii | | | |
| | | | | iii | | | |
| | | | | iii | | | |
| | | | | v | | | |
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| | | | | 5 | | | |
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| | | | | 8 | | | |
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| | | | | 11 | | | |
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| | | | | 52 | | | |
| | | | | 56 | | | |
| | | | | 69 | | | |
| | | | | 80 | | | |
| | | | | 86 | | | |
| | | | | 90 | | | |
| | | | | 101 | | | |
| | | | | 103 | | | |
| | | | | 105 | | | |
| | | | | 113 | | | |
|
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
|
| | | | 0 | | |
| | | | | 118 | | | |
| | | | | 122 | | | |
| | | | | 122 | | | |
| | | | | 123 | | | |
| | | | | F-1 | | |
| | |
Nine Months ended September 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||
(in thousands)
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| ||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Casino Gaming
|
| | | $ | 59,890 | | | | | $ | 34,331 | | | | | $ | 47,694 | | | | | $ | 38,827 | | |
Other
|
| | | | 8,201 | | | | | | 5,524 | | | | | $ | 7,727 | | | | | | 4,075 | | |
Total revenue
|
| | | $ | 68,091 | | | | | $ | 39,855 | | | | | $ | 55,421 | | | | | $ | 42,902 | | |
Net Income
|
| | | $ | 2,514 | | | | | $ | 8,477 | | | | | $ | 11,671 | | | | | $ | 7,159 | | |
Statement of Cash Flows: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | $ | 24,434 | | | | | $ | 18,873 | | | | | $ | 35,199 | | | | | $ | 26,362 | | |
Net cash used in investing activities
|
| | | $ | (11) | | | | | $ | — | | | | | $ | — | | | | | $ | (73) | | |
Net cash used in financing activities
|
| | | $ | (14,076) | | | | | $ | (5,758) | | | | | $ | (10,860) | | | | | $ | (14,921) | | |
Balance Sheet: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total cash(1)
|
| | | $ | 3,612 | | | | | $ | 904 | | | | | $ | 846 | | | | | $ | 42 | | |
Total assets
|
| | | $ | 63,283 | | | | | $ | 35,609 | | | | | $ | 47,205 | | | | | $ | 21,799 | | |
Total liabilities(1)
|
| | | $ | 371,077 | | | | | $ | 42,110 | | | | | $ | 55,590 | | | | | $ | 31,079 | | |
Total stockholder’s deficit
|
| | | $ | (307,794) | | | | | $ | (6,501) | | | | | $ | (8,385) | | | | | $ | (9,280) | | |
| | |
Nine Months ended September 30,
|
| |
Year ended December 31,
|
| ||||||||||||||||||||||||
(in thousands, except per share amounts)
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | $ | 844 | | | | | $ | 239 | | | | | $ | 487 | | | | | $ | — | | | | | $ | — | | |
Net Income
|
| | | $ | 570 | | | | | $ | 2,003 | | | | | $ | 2,500 | | | | | $ | — | | | | | $ | — | | |
Loss per share — basic and diluted
|
| | | $ | (0.07) | | | | | $ | (0.02) | | | | | $ | (0.02) | | | | | $ | — | | | | | $ | — | | |
Statement of Cash Flows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities
|
| | | $ | (1,668) | | | | | $ | (228) | | | | | $ | (317) | | | | | $ | — | | | | | $ | — | | |
Net cash provided by (used in) investing activities
|
| | | $ | (973) | | | | | $ | (316,250) | | | | | $ | (316,250) | | | | | $ | — | | | | | $ | — | | |
Net cash provided by financing activities
|
| | | $ | — | | | | | $ | 318,160 | | | | | $ | 318,160 | | | | | $ | — | | | | | $ | — | | |
Balance Sheet: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total cash
|
| | | $ | 897 | | | | | $ | 1,682 | | | | | $ | 1,593 | | | | | $ | — | | | | | $ | — | | |
Total assets
|
| | | | 321,423 | | | | | | 320,724 | | | | | | 321,515 | | | | | | — | | | | | | — | | |
Total liabilities
|
| | | | 11,361 | | | | | | 11,729 | | | | | | 12,023 | | | | | | — | | | | | | — | | |
Class A common stock subject to possible redemption
|
| | | | 305,062 | | | | | | 303,995 | | | | | | 304,492 | | | | | | — | | | | | | — | | |
Total stockholders’ equity
|
| | | | 5,000 | | | | | | 5,000 | | | | | | 5,000 | | | | | | — | | | | | | — | | |
| | |
Pro Forma Combined
|
| |||
| | |
(in thousands, except share
and per share amounts) |
| |||
Selected Unaudited Pro Forma Condensed Combined Statement of Operations Data | | | | | | | |
Nine Months Ended September 30, 2020 | | | | | | | |
Revenues
|
| | | $ | 68,091 | | |
Net income per share — basic
|
| | | $ | (0.03) | | |
Net income per share — diluted
|
| | | $ | (0.03) | | |
Weighted-average shares outstanding — basic
|
| | | | 36,982 | | |
Weighted-average shares outstanding — diluted
|
| | | | 68,333 | | |
Selected Unaudited Pro Forma Condensed Combined Statement of Operations Data | | | | | | | |
Year Ended December 31, 2019 | | | | | | | |
Revenues
|
| | | $ | 55,421 | | |
Net loss per share — basic
|
| | | $ | (0.19) | | |
Net loss per share — diluted
|
| | | $ | (0.19) | | |
Weighted-average shares outstanding — basic
|
| | | | 36,982 | | |
Weighted-average shares outstanding — diluted
|
| | | | 68,333 | | |
Selected Unaudited Pro Forma Condensed Combined Balance Sheet Data as of | | | | | | | |
September 30, 2020 | | | | | | | |
Total assets
|
| | | $ | 171,746 | | |
Total liabilities
|
| | | $ | 245,411 | | |
Noncontrolling interests
|
| | | $ | 450,508 | | |
Total stockholders’ deficit
|
| | | $ | (524,173) | | |
|
Rollover equity issued at closing
|
| | | $ | 31,351 | | |
|
Value per unit of rollover equity(1)
|
| | | $ | 10.00 | | |
|
Total equity consideration
|
| | | $ | 313,510 | | |
|
Plus: Cash consideration
|
| | | $ | 30,000 | | |
|
Plus: GNOG debt repayment
|
| | | $ | 150,000 | | |
|
Plus: Debt repayment fees and accrued interest
|
| | | $ | 25,438 | | |
|
Plus: Tax receivable agreement
|
| | | $ | 24,208 | | |
|
Total cash, equity and other consideration
|
| | | $ | 543,156 | | |
|
Class B common stock issued at Closing(1)
|
| | | | 31,351 | | |
|
Founder shares: Class A common stock held by Mr. Fertitta
|
| | | | 4,090 | | |
| | | | | | 35,441 | | |
|
Class A common stock held by public stockholders
|
| | | | 31,625 | | |
|
Less: Shares redeemed
|
| | | | (5) | | |
| | | | | | 31,620 | | |
|
Other Founder shares: Class A common stock held by Jefferies
|
| | | | 1,272 | | |
| | | | | | 68,333 | | |
| | |
As of
September 30, 2020 |
| |
As of
September 30, 2020 |
| ||||||||||||||||||
| | |
GNOG
Historical |
| |
The Company
Historical |
| |
Pro Forma
Adjustments |
| |
Pro Forma
Combined |
| ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,612 | | | | | $ | 897 | | | | | $ | 320,495(A) | | | | | $ | 85,215 | | |
| | | | | | | | | | | | | | | | | (30,000)(D) | | | | |||||
| | | | | | | | | | | | | | | | | (21,721)(E) | | | | |||||
| | | | | | | | | | | | | | | | | (9,054)(F) | | | | |||||
| | | | | | | | | | | | | | | | | (3,524)(G) | | | | |||||
| | | | | | | | | | | | | | | | | (150,000)(H) | | | | |||||
| | | | | | | | | | | | | | | | | (25,384)(H) | | | | |||||
| | | | | | | | | | | | | | | | | (54)(H) | | | | |||||
| | | | | | | | | | | | | | | | | (52)(J) | | | | |||||
Restricted cash
|
| | | | 45,667 | | | | | | — | | | | | | — | | | | | | 45,667 | | |
Accounts receivable — trade and other
|
| | | | 5,804 | | | | | | — | | | | | | — | | | | | | 5,804 | | |
Receivable from Parent
|
| | | | 108 | | | | | | — | | | | | | — | | | | | | 108 | | |
Other current assets
|
| | | | 134 | | | | | | 31 | | | | | | — | | | | | | 165 | | |
Total current assets
|
| | | | 55,325 | | | | | | 928 | | | | | | 80,706 | | | | | | 136,959 | | |
PROPERTY AND EQUIPMENT, net
|
| | | | 606 | | | | | | — | | | | | | | | | | | | 606 | | |
LONG-TERM DEFERRED TAX ASSETS
|
| | | | 5,242 | | | | | | — | | | | | | 30,071(K) | | | | | | 30,071 | | |
| | | | | | | | | | | | | | | | | (5,242)(K) | | | | |||||
CASH AND INVESTMENTS HELD IN TRUST
|
| | | | — | | | | | | 320,495 | | | | | | (320,495)(A) | | | | | | — | | |
OTHER ASSETS, net
|
| | | | 2,110 | | | | | | — | | | | | | 2,000(F) | | | | | | 4,110 | | |
Total assets
|
| | | $ | 63,283 | | | | | $ | 321,423 | | | | | $ | (212,960) | | | | | $ | 171,746 | | |
LIABILITIES AND STOCKHOLDER’S DEFICIT
|
| | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 9,680 | | | | | $ | 161 | | | | | $ | (996)(E) | | | | | $ | 8,845 | | |
Accrued salary and payroll taxes
|
| | | | 3,289 | | | | | | — | | | | | | (1,024)(G) | | | | | | 2,265 | | |
Accrued gaming and related taxes
|
| | | | 16,074 | | | | | | — | | | | | | — | | | | | | 16,074 | | |
Advances from an affiliate
|
| | | | 11,602 | | | | | | — | | | | | | (7,054)(F) | | | | | | 4,548 | | |
Interest payable
|
| | | | 108 | | | | | | — | | | | | | (54)(H) | | | | | | 54 | | |
Income taxes payable
|
| | | | 2,660 | | | | | | 131 | | | | | | — | | | | | | 2,791 | | |
Deferred revenue
|
| | | | 3,322 | | | | | | — | | | | | | — | | | | | | 3,322 | | |
Notes payable
|
| | | | 29 | | | | | | — | | | | | | — | | | | | | 29 | | |
Customer deposits
|
| | | | 35,757 | | | | | | — | | | | | | — | | | | | | 35,757 | | |
Total current liabilities
|
| | | | 82,521 | | | | | | 292 | | | | | | (9,128) | | | | | | 73,685 | | |
LONG-TERM DEBT
|
| | | | 282,076 | | | | | | — | | | | | | (150,000)(H) | | | | | | 141,038 | | |
| | | | | | | | | | | | | | | | | 8,962(H) | | | |
| | |
As of
September 30, 2020 |
| |
As of
September 30, 2020 |
| | ||||||||||||||||||||
| | |
GNOG
Historical |
| |
The Company
Historical |
| |
Pro Forma
Adjustments |
| |
Pro Forma
Combined |
| | ||||||||||||||
DEFERRED UNDERWRITING COMISSIONS
|
| | | | — | | | | | | 11,069 | | | | | | (11,069)(E) | | | | | | — | | | | ||
TAX RECEIVABLE AGREEMENT LIABILITY
|
| | | | — | | | | | | — | | | | | | 24,208(K) | | | | | | 24,208 | | | | ||
OTHER LIABILITIES
|
| | | | 6,480 | | | | | | — | | | | | | — | | | | | | 6,480 | | | | ||
Total liabilities
|
| | | | 371,077 | | | | | | 11,361 | | | | | | (137,027) | | | | | | 245,411 | | | | ||
COMMITMENTS AND CONTINGENCIES
|
| | | | | | | | | | | | | | | | | | | | | | | | | | ||
NONCONTROLLING INTERESTS
|
| | | | — | | | | | | — | | | | | | 450,508(D) | | | | | | 450,508 | | | | ||
CLASS A COMMON STOCK SUBJECT TO
REDEMPTIONS |
| | | | — | | | | | | 305,062 | | | | | | (305,062)(B) | | | | | | — | | | | ||
STOCKHOLDERS’ EQUITY (DEFICIT): | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Preferred stock, $0.0001 par value, no shares issued or outstanding
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Common stock, no par value
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
Class A common stock, $0.0001 par value
|
| | | | — | | | | | | — | | | | | | 3(B) | | | | | | 4 | | | | ||
| | | | | | | | | | | | | | | | | 1(C) | | | | | |||||||
Class B common stock, $0.0001 par value
|
| | | | — | | | | | | 1 | | | | | | (1)(C) | | | | | | 3 | | | | | |
| | | | | | | | | | | | | | | | | 3(D) | | | | | | | | | | ||
Note receivable from Parent
|
| | | | (289,185) | | | | | | — | | | | | | 289,185(H) | | | | | | — | | | | ||
Additional paid-in capital
|
| | | | — | | | | | | 1,929 | | | | | | 305,059(B) | | | | | | — | | | | ||
| | | | | | | | | | | | | | | | | (30,000)(D) | | | | | |||||||
| | | | | | | | | | | | | | | | | (3)(D) | | | | | |||||||
| | | | | | | | | | | | | | | | | (289,185)(H) | | | | | |||||||
| | | | | | | | | | | | | | | | | 3,070(I) | | | | | |||||||
| | | | | | | | | | | | | | | | | 18,165(D) | | | | | |||||||
| | | | | | | | | | | | | | | | | (9,656)(E) | | | | | |||||||
| | | | | | | | | | | | | | | | | 621(K) | | | | | |||||||
Retained earnings (accumulated deficit)
|
| | | | (18,609) | | | | | | 3,070 | | | | | | (468,673)(D) | | | | | | (524,180) | | | | ||
| | | | | | | | | | | | | | | | | (2,500)(G) | | | | | |||||||
| | | | | | | | | | | | | | | | | (8,962)(H) | | | | | |||||||
| | | | | | | | | | | | | | | | | (25,384)(H) | | | | | |||||||
| | | | | | | | | | | | | | | | | (3,070)(I) | | | | | |||||||
| | | | | | | | | | | | | | | | | (52)(J) | | | | | | | | | | ||
Total stockholders’ equity (deficit)
|
| | | | (307,794) | | | | | | 5,000 | | | | | | (221,379) | | | | | | (524,173) | | | | ||
Total liabilities and stockholders’ equity (deficit)
|
| | | $ | 63,283 | | | | | $ | 321,423 | | | | | $ | (212,960) | | | | | $ | 171,746 | | | | ||
|
| | |
Nine Months Ended
September 30, 2020 |
| |
Nine Months Ended
September 30, 2020 |
| ||||||||||||||||||
| | |
GNOG
Historical |
| |
The Company
Historical |
| |
Pro Forma
Adjustments |
| |
Pro Forma
Combined |
| ||||||||||||
REVENUES: | | | | | | | | | | | | | | | | | | | | | | | | | |
Casino gaming
|
| | | $ | 59,890 | | | | | $ | — | | | | | $ | — | | | | | $ | 59,890 | | |
Other
|
| | | | 8,201 | | | | | | — | | | | | | — | | | | | | 8,201 | | |
Total revenue
|
| | | | 68,091 | | | | | | — | | | | | | — | | | | | | 68,091 | | |
COSTS AND EXPENSES:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Labor
|
| | | | 6,008 | | | | | | — | | | | | | — | | | | | | 6,008 | | |
Gaming taxes
|
| | | | 12,843 | | | | | | — | | | | | | — | | | | | | 12,843 | | |
Royalty and licenses fees
|
| | | | 7,627 | | | | | | — | | | | | | 478(A) | | | | | | 8,105 | | |
Selling, general and administrative expense
|
| | | | 18,970 | | | | | | 844 | | | | | | 6,655(B) | | | | | | 26,469 | | |
Depreciation and amortization
|
| | | | 138 | | | | | | — | | | | | | — | | | | | | 138 | | |
Total operating costs and expenses
|
| | | | 45,586 | | | | | | 844 | | | | | | 7,133 | | | | | | 53,563 | | |
OPERATING INCOME (LOSS)
|
| | | | 22,505 | | | | | | (844) | | | | | | (7,133) | | | | | | 14,528 | | |
OTHER EXPENSE: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense (income), net
|
| | | | 19,077 | | | | | | (1,566) | | | | | | (1,996)(C) | | | | | | 17,081 | | |
| | | | | | | | | | | | | | | | | 1,566(D) | | | | | | | | |
Total other expense (income)
|
| | | | 19,077 | | | | | | (1,566) | | | | | | (430) | | | | | | 17,081 | | |
Income (loss) before income taxes
|
| | | | 3,428 | | | | | | 722 | | | | | | (6,703) | | | | | | (2,553) | | |
Provision (benefit) for income taxes
|
| | | | 914 | | | | | | 152 | | | | | | (1,612)(E) | | | | | | (546) | | |
Net income (loss)
|
| | | | 2,514 | | | | | | 570 | | | | | | (5,091) | | | | | | (2,007) | | |
Less: Net loss attributable to noncontrolling interest
|
| | | | — | | | | | | — | | | | | | 921(F) | | | | | | 921 | | |
Net income (loss) attributable to common stockholders
|
| | | $ | 2,514 | | | | | $ | 570 | | | | | $ | (4,170) | | | | | $ | (1,086) | | |
LOSS PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share of common stock — basic
|
| | | | | | | | | $ | (0.07) | | | | | | | | | | | $ | (0.03) | | |
Net loss per share of common stock — diluted
|
| | | | | | | | | $ | (0.07) | | | | | | | | | | | $ | (0.03) | | |
Weighted average shares of common stock outstanding — basic
|
| | | | | | | | | | 9,372 | | | | | | | | | | | | 36,982 | | |
Weighted average shares of common stock outstanding — diluted
|
| | | | | | | | | | 9,372 | | | | | | | | | | | | 68,333 | | |
| | |
Year Ended
December 31, 2019 |
| |
Year Ended
December 31, 2019 |
| ||||||||||||||||||
| | |
GNOG
Historical |
| |
The Company
Historical |
| |
Pro Forma
Adjustments |
| |
Pro Forma
Combined |
| ||||||||||||
REVENUES: | | | | | | | | | | | | | | | | | | | | | | | | | |
Casino gaming
|
| | | $ | 47,694 | | | | | $ | — | | | | | $ | — | | | | | $ | 47,694 | | |
Other
|
| | | | 7,727 | | | | | | — | | | | | | — | | | | | | 7,727 | | |
Total revenue
|
| | | | 55,421 | | | | | | — | | | | | | — | | | | | | 55,421 | | |
COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | |
Labor
|
| | | | 7,102 | | | | | | — | | | | | | — | | | | | | 7,102 | | |
Gaming taxes
|
| | | | 9,985 | | | | | | — | | | | | | — | | | | | | 9,985 | | |
Royalty and licenses fees
|
| | | | 5,875 | | | | | | — | | | | | | 1,058(A) | | | | | | 6,933 | | |
Selling, general and administrative expense
|
| | | | 14,687 | | | | | | 487 | | | | | | 8,873(B) | | | | | | 24,047 | | |
Depreciation and amortization
|
| | | | 135 | | | | | | — | | | | | | — | | | | | | 135 | | |
Total operating costs and expenses
|
| | | | 37,784 | | | | | | 487 | | | | | | 9,931 | | | | | | 48,202 | | |
OPERATING INCOME (LOSS)
|
| | | | 17,637 | | | | | | (487) | | | | | | (9,931) | | | | | | 7,219 | | |
OTHER EXPENSE: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense (income), net
|
| | | | 6 | | | | | | (3,651) | | | | | | 22,381(C) | | | | | | 22,387 | | |
| | | | | | | | | | | | | | | | | 3,651(D) | | | | | | | | |
Total other expense (income)
|
| | | | 6 | | | | | | (3,651) | | | | | | 26,032 | | | | | | 22,387 | | |
Income (loss) before income taxes
|
| | | | 17,631 | | | | | | 3,164 | | | | | | (35,963) | | | | | | (15,168) | | |
Provision (benefit) for income taxes
|
| | | | 5,960 | | | | | | 664 | | | | | | (9,012)(E) | | | | | | (2,388) | | |
Net income (loss)
|
| | | | 11,671 | | | | | | 2,500 | | | | | | (26,951) | | | | | | (12,780) | | |
Less: Net loss attributable to noncontrolling interest
|
| | | | — | | | | | | — | | | | | | 5,866(F) | | | | | | 5,866 | | |
Net income (loss) attributable to common stockholders
|
| | | $ | 11,671 | | | | | $ | 2,500 | | | | | $ | (21,085) | | | | | $ | (6,914) | | |
LOSS PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share of common stock — basic
|
| | | | | | | | | $ | (0.02) | | | | | | | | | | | $ | (0.19) | | |
Net loss per share of common stock — diluted
|
| | | | | | | | | $ | (0.02) | | | | | | | | | | | $ | (0.19) | | |
Weighted average shares of common stock outstanding — basic
|
| | | | | | | | | | 8,032 | | | | | | | | | | | | 36,982 | | |
Weighted average shares of common stock outstanding — diluted
|
| | | | | | | | | | 8,032 | | | | | | | | | | | | 68,333 | | |
| | |
Nine Months
Ended September 30, 2020 |
| |
Year
Ended December 31, 2019 |
| ||||||
Pro Forma Basic & Diluted Income (Loss) Per Share: | | | | | | | | | | | | | |
Pro forma net income (loss) attributable to common shareholders — basic
|
| | | $ | (1,086) | | | | | $ | (6,914) | | |
Pro forma net income (loss) attributable to common shareholders — diluted
|
| | | $ | (2,007) | | | | | $ | (12,780) | | |
Basic shares outstanding
|
| | | | 36,982 | | | | | | 36,982 | | |
Diluted shares outstanding
|
| | | | 68,333 | | | | | | 68,333 | | |
Pro forma basic income (loss) per share
|
| | | $ | (0.03) | | | | | $ | (0.19) | | |
Pro forma diluted income (loss) per share
|
| | | $ | (0.03) | | | | | $ | (0.19) | | |
Pro Forma Shares Outstanding — Basic and diluted: | | | | | | | | | | | | | |
Founder shares held by Mr. Fertitta
|
| | | | 4,090 | | | | | | 4,090 | | |
Common shares held by Company shareholders
|
| | | | 31,620 | | | | | | 31,620 | | |
Other Founder shares
|
| | | | 1,272 | | | | | | 1,272 | | |
Total shares — basic
|
| | | | 36,982 | | | | | | 36,982 | | |
Merger consideration equity if redeemed for Class A
|
| | | | 31,351 | | | | | | 31,351 | | |
Total shares — diluted
|
| | | | 68,333 | | | | | | 68,333 | | |
| | |
Three Months Ended September 30,
|
| |
Nine Months Ended September 30,
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||||||||||||||
REVENUES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Casino gaming
|
| | | $ | 22,938 | | | | | $ | 11,460 | | | | | $ | 11,478 | | | | | | 100.2% | | | | | $ | 59,890 | | | | | $ | 34,331 | | | | | $ | 25,559 | | | | | | 74.4% | | |
Other
|
| | | | 2,990 | | | | | | 2,010 | | | | | | 980 | | | | | | 48.8% | | | | | | 8,201 | | | | | | 5,524 | | | | | | 2,677 | | | | | | 48.5% | | |
Total revenue
|
| | | | 25,928 | | | | | | 13,470 | | | | | | 12,458 | | | | | | 92.5% | | | | | | 68,091 | | | | | | 39,855 | | | | | | 28,236 | | | | | | 70.8% | | |
COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Labor
|
| | | | 2,279 | | | | | | 1,746 | | | | | | 533 | | | | | | 30.5% | | | | | | 6,008 | | | | | | 5,176 | | | | | | 832 | | | | | | 16.1% | | |
Gaming taxes
|
| | | | 4,747 | | | | | | 2,471 | | | | | | 2,276 | | | | | | 92.1% | | | | | | 12,843 | | | | | | 7,178 | | | | | | 5,665 | | | | | | 78.9% | | |
Royalty and licenses fees
|
| | | | 3,092 | | | | | | 1,486 | | | | | | 1,606 | | | | | | 108.1% | | | | | | 7,627 | | | | | | 4,121 | | | | | | 3,506 | | | | | | 85.1% | | |
Selling, general and administrative
expense |
| | | | 7,594 | | | | | | 3,483 | | | | | | 4,111 | | | | | | 118.0% | | | | | | 18,970 | | | | | | 10,362 | | | | | | 8,608 | | | | | | 83.1% | | |
Depreciation and amortization
|
| | | | 55 | | | | | | 35 | | | | | | 20 | | | | | | 57.1% | | | | | | 138 | | | | | | 101 | | | | | | 37 | | | | | | 36.6% | | |
OPERATING INCOME
|
| | | | 8,161 | | | | | | 4,249 | | | | | | 3,912 | | | | | | 92.1% | | | | | | 22,505 | | | | | | 12,917 | | | | | | 9,588 | | | | | | 74.2% | | |
OTHER EXPENSE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | | | 11,311 | | | | | | 2 | | | | | | 11,309 | | | | | | n/a | | | | | | 19,077 | | | | | | 5 | | | | | | 19,072 | | | | | | n/a | | |
Total other expense
|
| | | | 11,311 | | | | | | 2 | | | | | | 11,309 | | | | | | n/a | | | | | | 19,077 | | | | | | 5 | | | | | | 19,072 | | | | | | n/a | | |
Income (loss) before income
taxes |
| | | | (3,150) | | | | | | 4,247 | | | | | | (7,397) | | | | | | (174.2)% | | | | | | 3,428 | | | | | | 12,912 | | | | | | (9,484) | | | | | | (73.5)% | | |
Provision for income taxes
|
| | | | (1,376) | | | | | | 1,345 | | | | | | (2,721) | | | | | | (202.3)% | | | | | | 914 | | | | | | 4,435 | | | | | | (3,521) | | | | | | (79.4)% | | |
Net income (loss)
|
| | | $ | (1,774) | | | | | $ | 2,902 | | | | | $ | (4,676) | | | | | | (161.1)% | | | | | $ | 2,514 | | | | | $ | 8,477 | | | | | $ | (5,963) | | | | | | (70.3)% | | |
|
| | |
Year Ended December 31,
|
| | |||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
$ Change
|
| |
% Change
|
| | ||||||||||||||
REVENUES: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Casino gaming
|
| | | $ | 47,694 | | | | | $ | 38,827 | | | | | $ | 8,867 | | | | | | 22.8% | | | | ||
Other
|
| | | | 7,727 | | | | | | 4,075 | | | | | | 3,652 | | | | | | 89.6% | | | | ||
Total revenue
|
| | | | 55,421 | | | | | | 42,902 | | | | | | 12,519 | | | | | | 29.2% | | | | ||
COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Labor
|
| | | | 7,102 | | | | | | 5,153 | | | | | | 1,949 | | | | | | 37.8% | | | | ||
Gaming taxes
|
| | | | 9,985 | | | | | | 8,378 | | | | | | 1,607 | | | | | | 19.2% | | | | ||
Royalty and licenses fees
|
| | | | 5,875 | | | | | | 4,530 | | | | | | 1,345 | | | | | | 29.7% | | | | ||
Selling, general and administrative expense
|
| | | | 14,687 | | | | | | 12,840 | | | | | | 1,847 | | | | | | 14.4% | | | | ||
Depreciation and amortization
|
| | | | 135 | | | | | | 126 | | | | | | 9 | | | | | | 7.1% | | | | ||
Total operating costs and expenses
|
| | | | 37,784 | | | | | | 31,027 | | | | | | 6,757 | | | | | | 21.8% | | | | ||
OPERATING INCOME
|
| | | | 17,637 | | | | | | 11,875 | | | | | | 5,762 | | | | | | 48.5% | | | | ||
OTHER EXPENSE: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Interest expense, net
|
| | | | 6 | | | | | | 8 | | | | | | (2) | | | | | | (25.0)% | | | | | |
Total other expense
|
| | | | 6 | | | | | | 8 | | | | | | (2) | | | | | | (25.0)% | | | | | |
Income before income taxes
|
| | | | 17,631 | | | | | | 11,867 | | | | | | 5,764 | | | | | | 48.6% | | | | ||
Provision for income taxes
|
| | | | 5,960 | | | | | | 4,708 | | | | | | 1,252 | | | | | | 26.6% | | | | ||
Net income
|
| | | $ | 11,671 | | | | | $ | 7,159 | | | | | $ | 4,512 | | | | | | 63.0% | | | |
| | |
2020
|
| |
2021 – 2022
|
| |
2023 – 2024
|
| |
Thereafter
|
| |
Total
|
| |||||||||||||||
Purchase obligations
|
| | | $ | 581 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 581 | | |
Total contractual obligations
|
| | | $ | 581 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 581 | | |
Name
|
| |
Age
|
| |
Position(s) Held
|
|
Tilman J. Fertitta
|
| | 63 | | |
Chairman and Chief Executive Officer
|
|
Richard H. Liem
|
| | 66 | | | Director | |
Steven L. Scheinthal
|
| | 59 | | | Director | |
Michael Chadwick
|
| | 68 | | | Director | |
G. Michael Stevens
|
| | 59 | | | Director | |
Scott Kelly
|
| | 56 | | | Director | |
Name
|
| |
Age
|
| |
Position(s) Held
|
|
Tilman J. Fertitta
|
| | 63 | | |
Chairman and Chief Executive Officer
|
|
Michael Harwell
|
| | 51 | | | Chief Financial Officer | |
Thomas Winter
|
| | 45 | | | President | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Bonus ($)
|
| |
Stock
Awards ($)(1) |
| |
Total ($)
|
| |||||||||||||||
Tilman J. Fertitta, Chairman and Chief Executive
Officer |
| | | | 2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael J. Harwell, Chief Financial Officer
|
| | | | 2020 | | | | | | 1,644(2) | | | | | | — | | | | | | 892,150 | | | | | | 893,794 | | |
Thomas Winter, President
|
| | | | 2020 | | | | | | 3,143(2) | | | | | | 2,500,000(3) | | | | | | 25,490,000 | | | | | | 27,993,143 | | |
| | |
Stock Awards
|
| |||||||||
Name
|
| |
Number of
Shares or Units of Stock That Have Not Vested |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(3) |
| ||||||
Tilman J. Fertitta
|
| | | | — | | | | | | — | | |
Michael J. Harwell
|
| | | | 35,000(1) | | | | | | 689,500 | | |
Thomas Winter
|
| | | | 1,000,000(2) | | | | | | 19,700,000 | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Total ($)
|
| ||||||
Tilman J. Fertitta
|
| | | | — | | | | | | — | | |
Michael Chadwick
|
| | | | 100,000 | | | | | | 100,000 | | |
G. Michael Stevens
|
| | | | 100,000 | | | | | | 100,000 | | |
Scott Kelly
|
| | | | 100,000 | | | | | | 100,000 | | |
Richard H. Liem
|
| | | | — | | | | | | — | | |
Steven L. Scheinthal
|
| | | | — | | | | | | — | | |
| | |
Shares Beneficially Owned
|
| |||||||||||||||||||||||||||
Name and Address of Beneficial Owner(1)
|
| |
Number of Shares of
Class A Common Stock |
| |
% of
Ownership |
| |
Number of Shares of
Class B Common Stock |
| |
% of
Ownership |
| |
% of
Total Voting Power** |
| |||||||||||||||
Directors and Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tilman J. Fertitta(2)
|
| | | | 7,032,292 | | | | | | 17.6 | | | | | | 31,350,625 | | | | | | 100 | | | | | | 79.9 | | |
Richard H. Liem
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Steven L. Scheinthal
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael S. Chadwick
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
G. Michael Stevens
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Scott Kelly
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Thomas Winter
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Michael Harwell
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All Executive Officers and Directors as a Group (eight individuals)
|
| | | | 7,032,292 | | | | | | 17.6 | | | | | | 31,350,625 | | | | | | 100 | | | | | | 79.9 | | |
Greater than 5% Stockholders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Davidson Kempner(3)
|
| | | | 2,000,000 | | | | | | 5.4 | | | | | | — | | | | | | — | | | | | | * | | |
Selling Securityholder(1)
|
| |
Shares of
Class A Common Stock Beneficially Owned Prior to Offering |
| |
Private
Placement Warrants Beneficially Owned Prior to Offering |
| |
Shares of
Class A Common Stock Offered |
| |
Private
Placement Warrants Offered |
| |
Shares of
Class A Common Stock Beneficially Owned After the Offered Shares are Sold |
| |
%
|
| |
Private
Placement Warrants Beneficially Owned After the Offered Private Placement Warrants are Sold |
| |
%
|
| ||||||||||||||||||||||||
Tilman J. Fertitta and his affiliates(2)
|
| | | | 38,382,917 | | | | | | 2,941,667 | | | | | | 38,382,917 | | | | | | 2,941,667 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jefferies Financial Group Inc.
|
| | | | 4,213,541 | | | | | | 2,941,666 | | | | | | 4,213,541 | | | | | | 2,941,666 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Three and Nine Months Ended September 30, 2020 and 2019 | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| Years Ended December 31, 2019, 2018 and 2017 | | | | | | | |
| | | | | F-19 | | | |
| | | | | F-20 | | | |
| | | | | F-21 | | | |
| | | | | F-22 | | | |
| | | | | F-23 | | | |
| | | | | F-24 | | | |
|
Golden Nugget Online Gaming, Inc.
|
| ||||||
| Three and Nine Months Ended September 30, 2020 and 2019 | | | | | | | |
| | | | | F-37 | | | |
| | | | | F-38 | | | |
| | | | | F-39 | | | |
| | | | | F-40 | | | |
| | | | | F-41 | | | |
| Years Ended December 31, 2019 and 2018 | | | | | | | |
| | | | | F-49 | | | |
| | | | | F-50 | | | |
| | | | | F-51 | | | |
| | | | | F-52 | | | |
| | | | | F-53 | | | |
| | | | | F-54 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
ASSETS
|
| | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 897,253 | | | | | $ | 1,593,104 | | |
Prepaid assets
|
| | | | 31,169 | | | | | | 20,433 | | |
Total current assets
|
| | | | 928,422 | | | | | | 1,613,537 | | |
Cash and investments held in trust account
|
| | | | 320,494,513 | | | | | | 319,901,512 | | |
Total Assets
|
| | | $ | 321,422,935 | | | | | $ | 321,515,049 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 160,912 | | | | | $ | 289,830 | | |
Income taxes payable
|
| | | | 131,211 | | | | | | 664,486 | | |
Total current liabilities
|
| | | | 292,123 | | | | | | 954,316 | | |
Deferred underwriting commissions
|
| | | | 11,068,750 | | | | | | 11,068,750 | | |
Total Liabilities
|
| | | | 11,360,873 | | | | | | 12,023,066 | | |
Class A common stock subject to possible redemption, 30,117,474 and 30,181,451 shares at redemption value of $10.13 and $10.09, respectively
|
| | | | 305,062,052 | | | | | | 304,491,973 | | |
Stockholders’ Equity: | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value, 1,000,000 authorized, no shares issued or outstanding
|
| | | | — | | | | | | — | | |
Common stock:
|
| | | | | | | | | | | | |
Class A common stock, $0.0001 par value, 200,000,000 shares authorized, 1,507,526 and 1,443,549 shares issued and outstanding (excluding 30,117,474 and 30,181,451 shares subject to possible redemption), respectively
|
| | | | 150 | | | | | | 144 | | |
Class B common stock, $0.0001 par value 20,000,000 shares authorized,
7,906,250 issued and outstanding |
| | | | 791 | | | | | | 791 | | |
Additional paid-in capital
|
| | | | 1,929,257 | | | | | | 2,499,342 | | |
Retained Earnings
|
| | | | 3,069,812 | | | | | | 2,499,733 | | |
Total Stockholders’ equity
|
| | | | 5,000,010 | | | | | | 5,000,010 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 321,422,935 | | | | | $ | 321,515,049 | | |
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | $ | 357,790 | | | | | $ | 115,683 | | | | | $ | 843,997 | | | | | $ | 239,241 | | |
Loss from operations
|
| | | | (357,790) | | | | | | (115,683) | | | | | | (843,997) | | | | | | (239,241) | | |
Other income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 53,482 | | | | | | 1,620,749 | | | | | | 1,565,615 | | | | | | 2,784,223 | | |
Income (loss) before taxes
|
| | | | (304,308) | | | | | | 1,505,066 | | | | | | 721,618 | | | | | | 2,544,982 | | |
Tax benefit (provision)
|
| | | | 63,905 | | | | | | (323,953) | | | | | | (151,540) | | | | | | (542,335) | | |
Net income (loss)
|
| | | $ | (240,403) | | | | | $ | 1,181,113 | | | | | $ | 570,078 | | | | | $ | 2,002,647 | | |
Basic and diluted loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss per share available to common shares
|
| | | $ | (0.03) | | | | | $ | (0.01) | | | | | $ | (0.07) | | | | | $ | (0.02) | | |
Basic and diluted weighted average number of shares
|
| | | | 9,392,586 | | | | | | 9,341,939 | | | | | | 9,371,540 | | | | | | 7,589,177 | | |
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid-in Capital |
| |
Retained
Earnings |
| |
Stock
subscription receivable, affiliates |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019
|
| | | | 1,443,549 | | | | | $ | 144 | | | | | | 7,906,250 | | | | | $ | 791 | | | | | $ | 2,499,342 | | | | | $ | 2,499,733 | | | | | $ | — | | | | | $ | 5,000,010 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 750,351 | | | | | | — | | | | | | 750,351 | | |
Class A shares subject to redemption
|
| | | | 11,355 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | (750,352) | | | | | | — | | | | | | — | | | | | | (750,351) | | |
Balance, March 31, 2020 (unaudited)
|
| | | | 1,454,904 | | | | | $ | 145 | | | | | | 7,906,250 | | | | | $ | 791 | | | | | $ | 1,748,990 | | | | | $ | 3,250,084 | | | | | $ | — | | | | | $ | 5,000,010 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60,131 | | | | | | — | | | | | | 60,131 | | |
Class A shares subject to redemption
|
| | | | 21,179 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | (60,133) | | | | | | — | | | | | | — | | | | | | (60,131) | | |
Balance, June 30, 2020 (unaudited)
|
| | | | 1,476,083 | | | | | $ | 147 | | | | | | 7,906,250 | | | | | $ | 791 | | | | | $ | 1,688,857 | | | | | $ | 3,310,215 | | | | | $ | — | | | | | $ | 5,000,010 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (240,403) | | | | | | — | | | | | | (240,403) | | |
Class A shares subject to redemption
|
| | | | 31,443 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | 240,400 | | | | | | — | | | | | | — | | | | | | 240,403 | | |
Balance, September 30, 2020 (unaudited)
|
| | | | 1,507,526 | | | | | $ | 150 | | | | | | 7,906,250 | | | | | $ | 791 | | | | | $ | 1,929,257 | | | | | $ | 3,069,812 | | | | | $ | — | | | | | $ | 5,000,010 | | |
|
| | |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Additional
Paid-in Capital |
| |
Retained
Earnings (Accumulated/ Deficit) |
| |
Stock
subscription receivable, affiliates |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018
|
| | | | — | | | | | $ | — | | | | | | 3,815,625 | | | | | $ | 382 | | | | | $ | 618 | | | | | $ | — | | | | | $ | (1,000) | | | | | $ | — | | |
Class B shares issued
|
| | | | — | | | | | | — | | | | | | 4,090,625 | | | | | | 409 | | | | | | 9,591 | | | | | | — | | | | | | (10,000) | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (20,974) | | | | | | — | | | | | | (20,974) | | |
Balance, March 31, 2019 (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 7,906,250 | | | | | $ | 791 | | | | | $ | 10,209 | | | | | $ | (20,974) | | | | | $ | (11,000) | | | | | $ | (20,974) | | |
Sponsor warrants issued
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,825,000 | | | | | | — | | | | | | — | | | | | | 8,825,000 | | |
Class A shares issued included in Units
|
| | | | 31,625,000 | | | | | | 3,163 | | | | | | — | | | | | | — | | | | | | 316,246,837 | | | | | | — | | | | | | — | | | | | | 316,250,000 | | |
Underwriters commissions and offering costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,093,750) | | | | | | — | | | | | | — | | | | | | (18,093,750) | | |
Class A shares subject to redemption
|
| | | | (30,191,153) | | | | | | (3,020) | | | | | | — | | | | | | — | | | | | | (302,810,754) | | | | | | — | | | | | | — | | | | | | (302,813,774) | | |
Payment of stock subscription receivable, affiliates
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,000 | | | | | | 11,000 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 842,508 | | | | | | — | | | | | | 842,508 | | |
Balance, June 30, 2019 (unaudited)
|
| | | | 1,433,847 | | | | | $ | 143 | | | | | | 7,906,250 | | | | | $ | 791 | | | | | $ | 4,177,542 | | | | | $ | 821,534 | | | | | $ | — | | | | | $ | 5,000,010 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,181,113 | | | | | | — | | | | | | 1,181,113 | | |
Class A shares subject to redemption
|
| | | | 5,649 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | (1,181,114) | | | | | | — | | | | | | — | | | | | | (1,181,113) | | |
Balance, September 30, 2019 (unaudited)
|
| | | | 1,439,496 | | | | | $ | 144 | | | | | | 7,906,250 | | | | | $ | 791 | | | | | $ | 2,996,428 | | | | | $ | 2,002,647 | | | | | $ | — | | | | | $ | 5,000,010 | | |
|
| | |
Nine months ended
September 30, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net income
|
| | | $ | 570,078 | | | | | $ | 2,002,647 | | |
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | | | | | | | |
Trust account interest income
|
| | | | (1,565,615) | | | | | | (2,784,223) | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Decrease (increase) in prepaid expenses
|
| | | | (10,736) | | | | | | (7,761) | | |
Increase (decrease) in accounts payable and accrued liabilities
|
| | | | (128,918) | | | | | | 19,252 | | |
Increase (decrease) in income taxes payable
|
| | | | (533,275) | | | | | | 542,335 | | |
Net cash used in operating activities
|
| | | | (1,668,466) | | | | | | (227,750) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Cash withdrawn from trust account for tax payments
|
| | | | 972,615 | | | | | | — | | |
Cash deposited in trust account
|
| | | | — | | | | | | (316,250,000) | | |
Net cash provided by (used in) investing activities
|
| | | | 972,615 | | | | | | (316,250,000) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from public offering
|
| | | | — | | | | | | 316,250,000 | | |
Proceeds from sale of private placement warrants
|
| | | | — | | | | | | 8,825,000 | | |
Proceeds from sale of common stock to sponsor
|
| | | | — | | | | | | 10,000 | | |
Payment for underwriting discounts
|
| | | | — | | | | | | (6,325,000) | | |
Payment of offering costs
|
| | | | — | | | | | | (517,746) | | |
Payment of notes payable, affiliates
|
| | | | — | | | | | | (83,470) | | |
Proceeds from stock subscriptions receivable, affiliates
|
| | | | — | | | | | | 1,000 | | |
Net cash provided by financing activities
|
| | | | — | | | | | | 318,159,784 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | (695,851) | | | | | | 1,682,034 | | |
Cash and cash equivalents at beginning of period
|
| | | | 1,593,104 | | | | | | — | | |
Cash and cash equivalents at end of period
|
| | | $ | 897,253 | | | | | $ | 1,682,034 | | |
Supplemental schedule of non-cash financing activities: | | | | | | | | | | | | | |
Change in value of common shares subject to possible conversion
|
| | | $ | 570,078 | | | | | $ | 2,036,728 | | |
Initial classification of common shares subject to possible conversion
|
| | | $ | — | | | | | $ | 301,958,160 | | |
Deferred underwriting commissions
|
| | | $ | — | | | | | $ | 11,068,750 | | |
Accrued offering costs
|
| | | $ | — | | | | | $ | 98,784 | | |
Offering costs included in Notes payable, affiliates
|
| | | $ | — | | | | | $ | 83,470 | | |
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) – basic and diluted
|
| | | $ | (240,403) | | | | | $ | 1,181,113 | | | | | $ | 570,078 | | | | | $ | 2,002,647 | | |
Less: Income attributable to common stock subject to
possible redemption |
| | | | (78,007) | | | | | | (1,237,769) | | | | | | (1,215,403) | | | | | | (2,139,843) | | |
Net loss available to common shares
|
| | | $ | (318,410) | | | | | $ | (56,656) | | | | | $ | (645,325) | | | | | $ | (137,196) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares – basic
|
| | | | 9,392,586 | | | | | | 9,341,939 | | | | | | 9,371,540 | | | | | | 7,589,177 | | |
Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Weighted average number of shares – diluted
|
| | | | 9,392,586 | | | | | | 9,341,939 | | | | | | 9,371,540 | | | | | | 7,589,177 | | |
Basic and diluted loss available to common shares
|
| | | $ | (0.03) | | | | | $ | (0.01) | | | | | $ | (0.07) | | | | | $ | (0.02) | | |
| | |
December 31,
2019 |
| |
December 31,
2018 |
| ||||||
ASSETS
|
| | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,593,104 | | | | | $ | — | | |
Prepaid assets
|
| | | | 20,433 | | | | | | — | | |
Total current assets
|
| | | | 1,613,537 | | | | | | — | | |
Cash and investments held in trust account
|
| | | | 319,901,512 | | | | | | — | | |
Total Assets
|
| | | $ | 321,515,049 | | | | | $ | — | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 289,830 | | | | | $ | — | | |
Income taxes payable
|
| | | | 664,486 | | | | | | — | | |
Total current liabilities
|
| | | | 954,316 | | | | | | — | | |
Deferred underwriting commissions
|
| | | | 11,068,750 | | | | | | — | | |
Total Liabilities
|
| | | | 12,023,066 | | | | | | — | | |
Class A common stock subject to possible redemptions, 30,181,451 shares at redemption value of $10.09
|
| | | | 304,491,973 | | | | | | — | | |
Stockholders’ Equity: | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value, 1,000,000 authorized, no shares issued or
outstanding |
| | | | — | | | | | | — | | |
Common stock:
|
| | | | | | | | | | | | |
Class A common stock, $0.0001 par value, 200,000,000 shares authorized,
1,443,549 shares issued and outstanding (excluding 30,181,451 shares subject to possible redemption) at December 31, 2019 |
| | | | 144 | | | | | | — | | |
Class B common stock, $0.0001 par value 20,000,000 shares authorized, 7,906,250 and 3,815,625 issued and outstanding, respectively
|
| | | | 791 | | | | | | 382 | | |
Additional paid-in capital
|
| | | | 2,499,342 | | | | | | 618 | | |
Retained Earnings
|
| | | | 2,499,733 | | | | | | — | | |
Stock subscription receivable, affiliates
|
| | | | — | | | | | | (1,000) | | |
Total Stockholders’ equity
|
| | | | 5,000,010 | | | | | | — | | |
Total liabilities and stockholders’ equity
|
| | | $ | 321,515,049 | | | | | $ | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Expenses: | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | $ | 487,292 | | | | | $ | — | | | | | $ | — | | |
Loss from operations
|
| | | | (487,292) | | | | | | — | | | | | | — | | |
Other income: | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 3,651,511 | | | | | | — | | | | | | — | | |
Income before taxes
|
| | | | 3,164,219 | | | | | | — | | | | | | — | | |
Tax provision
|
| | | | (664,486) | | | | | | — | | | | | | — | | |
Net income
|
| | | $ | 2,499,733 | | | | | $ | — | | | | | $ | — | | |
Basic and diluted loss per share: | | | | | | | | | | | | | | | | | | | |
Loss per share available to common shares
|
| | | $ | (0.02) | | | | | $ | — | | | | | $ | — | | |
Basic and diluted weighted average number of shares(1)
|
| | | | 8,032,273 | | | | | | 3,317,875 | | | | | | 3,317,875 | | |
| | |
Class A Common Stock
|
| |
Class B Common Stock
|
| |
Additional
Paid-in Capital |
| |
Retained
Earnings |
| |
Stock
subscription receivable, affiliates |
| | ||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Total
|
| |||||||||||||||||||||||||||||||||
Balance, December 31, 2016
|
| | | | — | | | | | | — | | | | | | 3,815,625 | | | | | | 382 | | | | | | 618 | | | | | | — | | | | | | (1,000) | | | | | | — | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance, December 31, 2017
|
| | | | — | | | | | | — | | | | | | 3,815,625 | | | | | | 382 | | | | | | 618 | | | | | | — | | | | | | (1,000) | | | | | | — | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance, December 31, 2018
|
| | | | — | | | | | $ | — | | | | | | 3,815,625 | | | | | $ | 382 | | | | | $ | 618 | | | | | $ | — | | | | | $ | (1,000) | | | | | $ | — | | |
Class B shares issued
|
| | | | — | | | | | | — | | | | | | 4,090,625 | | | | | | 409 | | | | | | 9,591 | | | | | | — | | | | | | (10,000) | | | | | | — | | |
Sponsor warrants issued
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,825,000 | | | | | | — | | | | | | — | | | | | | 8,825,000 | | |
Class A shares issued included in Units
|
| | | | 31,625,000 | | | | | | 3,163 | | | | | | — | | | | | | — | | | | | | 316,246,837 | | | | | | — | | | | | | — | | | | | | 316,250,000 | | |
Underwriters commissions and offering costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,093,750) | | | | | | — | | | | | | — | | | | | | (18,093,750) | | |
Class A shares subject to redemption
|
| | | | (30,181,451) | | | | | | (3,019) | | | | | | — | | | | | | — | | | | | | (304,488,954) | | | | | | — | | | | | | — | | | | | | (304,491,973) | | |
Payment of stock subscription receivable, affiliates
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,000 | | | | | | 11,000 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,499,733 | | | | | | — | | | | | | 2,499,733 | | |
Balance, December 31, 2019
|
| | | | 1,443,549 | | | | | | 144 | | | | | | 7,906,250 | | | | | | 791 | | | | | | 2,499,342 | | | | | | 2,499,733 | | | | | | — | | | | | | 5,000,010 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 2,499,733 | | | | | $ | — | | | | | $ | — | | |
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Trust account interest income
|
| | | | (3,651,512) | | | | | | — | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Decrease (increase) in prepaid expenses
|
| | | | (20,433) | | | | | | — | | | | | | — | | |
Increase (decrease) in accounts payable and accrued liabilities
|
| | | | 191,046 | | | | | | — | | | | | | — | | |
Increase (decrease) in income taxes payable
|
| | | | 664,486 | | | | | | — | | | | | | — | | |
Net cash used in operating activities
|
| | | | (316,680) | | | | | | — | | | | | | — | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Cash deposited in trust account
|
| | | | (316,250,000) | | | | | | — | | | | | | — | | |
Net cash used in investing activities
|
| | | | (316,250,000) | | | | | | — | | | | | | — | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Proceeds from public offering
|
| | | | 316,250,000 | | | | | | — | | | | | | — | | |
Proceeds from sale of private placement warrants
|
| | | | 8,825,000 | | | | | | — | | | | | | — | | |
Proceeds from sale of common stock to sponsor
|
| | | | 10,000 | | | | | | — | | | | | | — | | |
Payment for underwriting discounts
|
| | | | (6,325,000) | | | | | | — | | | | | | — | | |
Payment of offering costs
|
| | | | (517,746) | | | | | | — | | | | | | — | | |
Payment of notes payable, affiliates
|
| | | | (83,470) | | | | | | — | | | | | | — | | |
Proceeds from stock subscriptions receivable, affiliates
|
| | | | 1,000 | | | | | | — | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 318,159,784 | | | | | | — | | | | | | — | | |
Net increase in cash and cash equivalents
|
| | | | 1,593,104 | | | | | | — | | | | | | — | | |
Cash and cash equivalents at beginning of period
|
| | | | — | | | | | | — | | | | | | — | | |
Cash and cash equivalents at end of period
|
| | | $ | 1,593,104 | | | | | $ | — | | | | | $ | — | | |
Supplemental schedule of non-cash financing activities: | | | | | | | | | | | | | | | | | | | |
Change in value of common shares subject to possible conversion
|
| | | $ | 2,533,813 | | | | | $ | — | | | | | $ | — | | |
Initial classification of common shares subject to possible conversion
|
| | | $ | 301,958,160 | | | | | $ | — | | | | | $ | — | | |
Deferred underwriting commissions
|
| | | $ | 11,068,750 | | | | | $ | — | | | | | $ | — | | |
Accrued offering costs
|
| | | $ | 98,784 | | | | | $ | — | | | | | $ | — | | |
Offering costs included in Notes payable, affiliates
|
| | | $ | 83,470 | | | | | $ | — | | | | | $ | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net income – basic and diluted
|
| | | $ | 2,499,733 | | | | | $ | — | | | | | $ | — | | |
Less: Income attributable to common stock subject to possible redemption
|
| | | | (2,677,465) | | | | | | — | | | | | | — | | |
Net loss available to common shares
|
| | | $ | (177,732) | | | | | $ | — | | | | | $ | — | | |
Demoninator: | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares – basic
|
| | | | 8,032,273 | | | | | | 3,317,875 | | | | | | 3,317,875 | | |
Warrants | | | | | — | | | | | | — | | | | | | — | | |
Weighted average number of shares – diluted
|
| | | | 8,032,273 | | | | | | 3,317,875 | | | | | | 3,317,875 | | |
Basic and diluted loss available to common shares
|
| | | $ | (0.02) | | | | | $ | — | | | | | $ | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Current income taxes
|
| | | $ | 664,486 | | | | | $ | — | | | | | $ | — | | |
Deferred income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Total expense (benefit)
|
| | | $ | 664,486 | | | | | $ | — | | | | | $ | — | | |
Change in valuation allowance
|
| | | | — | | | | | | — | | | | | | — | | |
Income tax expense (benefit)
|
| | | $ | 664,486 | | | | | $ | — | | | | | $ | — | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Deferred tax asset: | | | | | | | | | | | | | |
Net operating loss carryforward
|
| | | $ | — | | | | | $ | — | | |
Total deferred tax asset
|
| | | $ | — | | | | | $ | — | | |
Valuation allowance
|
| | | | — | | | | | | — | | |
Deferred tax asset, net of current allowance
|
| | | $ | — | | | | | $ | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | | | | | 34.4% | | |
Other | | | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
Total
|
| | | | 21.0% | | | | | | 21.0% | | | | | | 34.4% | | |
2019
|
| |
1st Quarter
|
| |
2nd Quarter
|
| |
3rd Quarter
|
| |
4th Quarter
|
| ||||||||||||
General and administrative expenses
|
| | | $ | 20,974 | | | | | $ | 102,584 | | | | | $ | 115,683 | | | | | $ | 248,051 | | |
Net income (loss)
|
| | | $ | (20,974) | | | | | $ | 842,508 | | | | | $ | 1,181,113 | | | | | $ | 497,086 | | |
Basic and diluted earnings (loss) available to common
shares |
| | | $ | — | | | | | $ | (0.01) | | | | | $ | (0.01) | | | | | $ | — | | |
2018
|
| |
1st Quarter
|
| |
2nd Quarter
|
| |
3rd Quarter
|
| |
4th Quarter
|
| ||||||||||||
General and administrative expenses
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net income (loss)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Basic and diluted earnings (loss) available to common
shares |
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
2017
|
| |
1st Quarter
|
| |
2nd Quarter
|
| |
3rd Quarter
|
| |
4th Quarter
|
| ||||||||||||
General and administrative expenses
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net income (loss)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Basic and diluted earnings (loss) available to common
shares |
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Page
Number |
| |||
| | | | F-37 | | | |
| | | | F-38 | | | |
| | | | F-39 | | | |
| | | | F-40 | | | |
| | | | F-41 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS
|
| | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,612 | | | | | $ | 846 | | |
Restricted cash
|
| | | | 45,667 | | | | | | 38,086 | | |
Accounts receivable – trade and other
|
| | | | 5,804 | | | | | | 4,894 | | |
Interest receivable
|
| | | | 108 | | | | | | — | | |
Other current assets
|
| | | | 134 | | | | | | 265 | | |
Total current assets
|
| | | | 55,325 | | | | | | 44,091 | | |
PROPERTY AND EQUIPMENT, net
|
| | | | 606 | | | | | | 720 | | |
DEFERRED TAX ASSETS
|
| | | | 5,242 | | | | | | 2,370 | | |
OTHER ASSETS, net
|
| | | | 2,110 | | | | | | 24 | | |
Total assets
|
| | | $ | 63,283 | | | | | $ | 47,205 | | |
LIABILITIES AND STOCKHOLDER’S DEFICIT
|
| | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 9,680 | | | | | $ | 3,908 | | |
Accrued salary and payroll taxes
|
| | | | 3,289 | | | | | | 1,976 | | |
Accrued gaming and related taxes
|
| | | | 16,074 | | | | | | 13,697 | | |
Advances from parent
|
| | | | 11,602 | | | | | | — | | |
Interest payable
|
| | | | 108 | | | | | | — | | |
Income taxes payable
|
| | | | 2,660 | | | | | | — | | |
Deferred revenue
|
| | | | 3,322 | | | | | | 2,113 | | |
Notes payable
|
| | | | 29 | | | | | | 74 | | |
Customer deposits
|
| | | | 35,757 | | | | | | 29,210 | | |
Total current liabilities
|
| | | | 82,521 | | | | | | 50,978 | | |
LONG-TERM DEBT
|
| | | | 282,076 | | | | | | — | | |
OTHER LIABILITIES
|
| | | | 6,480 | | | | | | 4,612 | | |
Total liabilities
|
| | | | 371,077 | | | | | | 55,590 | | |
COMMITMENTS AND CONTINGENCIES (Note 7) | | | | | | | | | | | | | |
STOCKHOLDER’S DEFICIT: | | | | | | | | | | | | | |
Common stock, $0.00 par value, 2,500 shares authorized, 100 shares issued and outstanding
|
| | | | — | | | | | | — | | |
Note receivable from Parent
|
| | | | (289,185) | | | | | | — | | |
Accumulated deficit
|
| | | | (18,609) | | | | | | (8,385) | | |
Total stockholder’s deficit
|
| | | | (307,794) | | | | | | (8,385) | | |
Total liabilities and stockholder’s deficit
|
| | | $ | 63,283 | | | | | $ | 47,205 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
REVENUES: | | | | | | | | | | | | | | | | | | | | | | | | | |
Casino gaming
|
| | | $ | 22,938 | | | | | $ | 11,460 | | | | | $ | 59,890 | | | | | $ | 34,331 | | |
Other
|
| | | | 2,990 | | | | | | 2,010 | | | | | | 8,201 | | | | | | 5,524 | | |
Total revenue
|
| | | | 25,928 | | | | | | 13,470 | | | | | | 68,091 | | | | | | 39,855 | | |
COSTS AND EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | |
Labor
|
| | | | 2,279 | | | | | | 1,746 | | | | | | 6,008 | | | | | | 5,176 | | |
Gaming taxes
|
| | | | 4,747 | | | | | | 2,471 | | | | | | 12,843 | | | | | | 7,178 | | |
Royalty and licenses fees
|
| | | | 3,092 | | | | | | 1,486 | | | | | | 7,627 | | | | | | 4,121 | | |
Selling, general and administrative expense
|
| | | | 7,594 | | | | | | 3,483 | | | | | | 18,970 | | | | | | 10,362 | | |
Depreciation and amortization
|
| | | | 55 | | | | | | 35 | | | | | | 138 | | | | | | 101 | | |
OPERATING INCOME
|
| | | | 8,161 | | | | | | 4,249 | | | | | | 22,505 | | | | | | 12,917 | | |
OTHER EXPENSE: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | 11,311 | | | | | | 2 | | | | | | 19,077 | | | | | | 5 | | |
Total other expense
|
| | | | 11,311 | | | | | | 2 | | | | | | 19,077 | | | | | | 5 | | |
Income (loss) before income taxes
|
| | | | (3,150) | | | | | | 4,247 | | | | | | 3,428 | | | | | | 12,912 | | |
Provision for income taxes
|
| | | | (1,376) | | | | | | 1,345 | | | | | | 914 | | | | | | 4,435 | | |
Net income (loss)
|
| | | $ | (1,774) | | | | | $ | 2,902 | | | | | $ | 2,514 | | | | | $ | 8,477 | | |
| | |
Common Stock
|
| |
Accumulated
Deficit |
| |
Note
Receivable From Parent |
| |
Total
Stockholder’s Deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance, December 31, 2019
|
| | | | 100 | | | | | $ | — | | | | | | (8,385) | | | | | | — | | | | | | (8,385) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 2,514 | | | | | | — | | | | | | 2,514 | | |
Issuance of note receivable from Parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | (288,000) | | | | | | (288,000) | | |
Contribution from Parent
|
| | | | — | | | | | | — | | | | | | 18,085 | | | | | | (1,185) | | | | | | 16,900 | | |
Dividend to Parent
|
| | | | — | | | | | | — | | | | | | (30,823) | | | | | | — | | | | | | (30,823) | | |
Balance, September 30, 2020
|
| | | | 100 | | | | | $ | — | | | | | | (18,609) | | | | | | (289,185) | | | | | | (307,794) | | |
|
| | |
Common Stock
|
| |
Accumulated
Deficit |
| |
Note
Receivable From Parent |
| |
Total
Stockholder’s Deficit |
| ||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||
Balance, January 1, 2019
|
| | | | 100 | | | | | $ | — | | | | | $ | (9,280) | | | | | $ | — | | | | | $ | (9,280) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 8,477 | | | | | | — | | | | | | 8,477 | | |
Dividend to Parent
|
| | | | — | | | | | | — | | | | | | (5,698) | | | | | | — | | | | | | (5,698) | | |
Balance, September 30, 2019
|
| | | | 100 | | | | | $ | — | | | | | $ | (6,501) | | | | | $ | — | | | | | $ | (6,501) | | |
| | |
Nine Months Ended
September 30, |
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net income
|
| | | $ | 2,514 | | | | | $ | 8,477 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 138 | | | | | | 101 | | |
Deferred tax expense
|
| | | | (2,872) | | | | | | 262 | | |
Amortization of debt issuance costs, discounts and other
|
| | | | 2,175 | | | | | | — | | |
Changes in assets and liabilities, net and other:
|
| | | | | | | | | | | | |
Increase in trade and other receivables
|
| | | | (910) | | | | | | (1,218) | | |
Decrease in current assets and other
|
| | | | 33 | | | | | | 192 | | |
Increase (decrease) in accounts payable and other
|
| | | | 7,275 | | | | | | (520) | | |
Increase in income taxes payable
|
| | | | 2,660 | | | | | | — | | |
Increase in interest payable
|
| | | | 108 | | | | | | — | | |
Increase in customer deposits
|
| | | | 6,547 | | | | | | 9,279 | | |
Increase in accrued liabilities and deferred revenue
|
| | | | 6,766 | | | | | | 2,300 | | |
Total adjustments
|
| | | | 21,920 | | | | | | 10,396 | | |
Net cash provided by operating activities
|
| | | | 24,434 | | | | | | 18,873 | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | |
Property and equipment additions and other
|
| | | | (11) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (11) | | | | | | — | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Proceeds from term loan
|
| | | | 288,000 | | | | | | — | | |
Issuance of note receivable from Parent
|
| | | | (288,000) | | | | | | — | | |
Payments of equipment loans
|
| | | | (45) | | | | | | (60) | | |
Dividend to Parent
|
| | | | (30,823) | | | | | | (5,698) | | |
Contribution from Parent
|
| | | | 16,792 | | | | | | — | | |
Net cash used in financing activities
|
| | | | (14,076) | | | | | | (5,758) | | |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
| | | | 10,347 | | | | | | 13,115 | | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD
|
| | | | 38,932 | | | | | | 14,593 | | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
|
| | | $ | 49,279 | | | | | $ | 27,708 | | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | | | | | | | | | | |
Cash paid during the period for: | | | | | | | | | | | | | |
Interest
|
| | | $ | 16,792 | | | | | $ | 5 | | |
Income taxes
|
| | | $ | — | | | | | $ | — | | |
Non-cash financing activities: | | | | | | | | | | | | | |
Contribution receivable from Parent
|
| | | $ | 108 | | | | | $ | — | | |
Accretion on note receivable from Parent
|
| | | $ | 1,185 | | | | | $ | — | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Casino gaming
|
| | | $ | 22,938 | | | | | $ | 11,460 | | | | | $ | 59,890 | | | | | $ | 34,331 | | |
Market access and live dealer studio
|
| | | | 2,301 | | | | | | 1,538 | | | | | | 6,319 | | | | | | 4,338 | | |
Reimbursables
|
| | | | 689 | | | | | | 472 | | | | | | 1,882 | | | | | | 1,186 | | |
Total revenue
|
| | | $ | 25,928 | | | | | $ | 13,470 | | | | | $ | 68,091 | | | | | $ | 39,855 | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Receivables included in “Accounts receivable – trade and other”
|
| | | $ | 4,154 | | | | | $ | 3,264 | | |
Contract assets
|
| | | $ | — | | | | | $ | — | | |
Contract liabilities
|
| | | $ | (9,848) | | | | | $ | (6,750) | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| ||||||||||||
Decrease due to recognition of revenue
|
| | | $ | (453) | | | | | $ | (721) | | | | | $ | (1,775) | | | | | $ | (2,085) | | |
Increase due to cash received, excluding amounts recognized as revenue
|
| | | $ | (261) | | | | | $ | — | | | | | $ | 4,873 | | | | | $ | — | | |
Year Ending December 31,
|
| | | | | | |
2020 (remaining)
|
| | | $ | 757 | | |
2021
|
| | | | 3,269 | | |
2022
|
| | | | 2,633 | | |
Thereafter
|
| | | | 3,189 | | |
| | | | $ | 9,848 | | |
|
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
$300.0 million term loan, Libor + 12.0% (floor 1.0%), interest only due October 4, 2023
|
| | | $ | 300,000 | | | | | $ | — | | |
Less: Deferred financing costs
|
| | | | (7,109) | | | | | | — | | |
Less: Unamortized discount
|
| | | | (10,815) | | | | | | — | | |
Total debt, net of unamortized discounts and debt issuance costs
|
| | | | 282,076 | | | | | | — | | |
Less current portion
|
| | | | — | | | | | | — | | |
Long-term portion
|
| | | $ | 282,076 | | | | | $ | — | | |
| | |
September 30,
2020 |
| |
December 31,
2019 |
| ||||||
Gaming related, excluding taxes
|
| | | | 9,854 | | | | | | 9,556 | | |
Taxes, other than payroll and income taxes
|
| | | | 6,220 | | | | | | 4,141 | | |
| | | | $ | 16,074 | | | | | $ | 13,697 | | |
| | |
Page
Number |
| |||
| | | | F-49 | | | |
| | | | F-50 | | | |
| | | | F-51 | | | |
| | | | F-52 | | | |
| | | | F-53 | | | |
| | | | F-54 | | |
| | |
December 31, 2019
|
| |
December 31, 2018
|
| ||||||
ASSETS
|
| | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 846 | | | | | $ | 42 | | |
Restricted cash
|
| | | | 38,086 | | | | | | 14,551 | | |
Accounts receivable – trade and other
|
| | | | 4,894 | | | | | | 3,465 | | |
Other current assets
|
| | | | 265 | | | | | | 252 | | |
Total current assets
|
| | | | 44,091 | | | | | | 18,310 | | |
PROPERTY AND EQUIPMENT, net
|
| | | | 720 | | | | | | 808 | | |
DEFERRED TAX ASSETS
|
| | | | 2,370 | | | | | | 2,640 | | |
OTHER ASSETS, net
|
| | | | 24 | | | | | | 41 | | |
Total assets
|
| | | $ | 47,205 | | | | | $ | 21,799 | | |
LIABILITIES AND STOCKHOLDER’S DEFICIT
|
| | | | | | | | | | | | |
CURRENT LIABILITIES: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 3,908 | | | | | $ | 2,734 | | |
Accrued salary and payroll taxes
|
| | | | 1,976 | | | | | | 1,582 | | |
Accrued gaming and related taxes
|
| | | | 13,697 | | | | | | 5,216 | | |
Deferred revenue
|
| | | | 2,113 | | | | | | 2,836 | | |
Notes payable
|
| | | | 74 | | | | | | 128 | | |
Customer deposits
|
| | | | 29,210 | | | | | | 11,983 | | |
Total current liabilities
|
| | | | 50,978 | | | | | | 24,479 | | |
OTHER LIABILITIES
|
| | | | 4,612 | | | | | | 6,600 | | |
Total liabilities
|
| | | | 55,590 | | | | | | 31,079 | | |
COMMITMENTS AND CONTINGENCIES (Note 7) | | | | | | | | | | | | | |
STOCKHOLDER’S DEFICIT: | | | | | | | | | | | | | |
Common stock, $0.00 par value, 2,500 shares authorized, 100 shares issued and outstanding
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (8,385) | | | | | | (9,280) | | |
Total liabilities and stockholder’s deficit
|
| | | $ | 47,205 | | | | | $ | 21,799 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
REVENUES: | | | | | | | | | | | | | |
Casino gaming
|
| | | $ | 47,694 | | | | | $ | 38,827 | | |
Other
|
| | | | 7,727 | | | | | | 4,075 | | |
Total revenue
|
| | | | 55,421 | | | | | | 42,902 | | |
COSTS AND EXPENSES: | | | | | | | | | | | | | |
Labor
|
| | | | 7,102 | | | | | | 5,153 | | |
Gaming taxes
|
| | | | 9,985 | | | | | | 8,378 | | |
Royalty and licenses fees
|
| | | | 5,875 | | | | | | 4,530 | | |
Selling, general and administrative expense
|
| | | | 14,687 | | | | | | 12,840 | | |
Depreciation and amortization
|
| | | | 135 | | | | | | 126 | | |
Total operating costs and expenses
|
| | | | 37,784 | | | | | | 31,027 | | |
OPERATING INCOME
|
| | | | 17,637 | | | | | | 11,875 | | |
OTHER EXPENSE: | | | | | | | | | | | | | |
Interest expense, net
|
| | | | 6 | | | | | | 8 | | |
Total other expense
|
| | | | 6 | | | | | | 8 | | |
Income before income taxes
|
| | | | 17,631 | | | | | | 11,867 | | |
Provision for income taxes
|
| | | | 5,960 | | | | | | 4,708 | | |
Net income
|
| | | $ | 11,671 | | | | | $ | 7,159 | | |
| | |
Stockholder’s Deficit
|
| |||||||||||||||
| | |
Common Stock
|
| |
Accumulated
Deficit |
| ||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||
Balance, January 1, 2018
|
| | | | 100 | | | | | $ | — | | | | | $ | (8,043) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 7,159 | | |
Dividend to Parent
|
| | | | — | | | | | | — | | | | | | (8,396) | | |
Balance, December 31, 2018
|
| | | | 100 | | | | | | — | | | | | | (9,280) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 11,671 | | |
Dividend to Parent
|
| | | | — | | | | | | — | | | | | | (10,776) | | |
Balance, December 31, 2019
|
| | | | 100 | | | | | $ | — | | | | | $ | (8,385) | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | |
Net income
|
| | | $ | 11,671 | | | | | $ | 7,159 | | |
Adjustments to reconcile net income to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 135 | | | | | | 126 | | |
Deferred tax benefit
|
| | | | 269 | | | | | | 655 | | |
Changes in assets and liabilities, net and other
|
| | | | | | | | | | | | |
Increase in trade and other receivables
|
| | | | (1,429) | | | | | | (1,488) | | |
Increase in current assets and other
|
| | | | (13) | | | | | | — | | |
Increase in accounts payable
|
| | | | 1,174 | | | | | | 757 | | |
Increase in customer deposits
|
| | | | 17,227 | | | | | | 10,376 | | |
Increase in other assets
|
| | | | — | | | | | | (10) | | |
Increase in accrued liabilities and deferred revenue
|
| | | | 6,165 | | | | | | 8,787 | | |
Total adjustments
|
| | | | 23,528 | | | | | | 19,203 | | |
Net cash provided by operating activities
|
| | | | 35,199 | | | | | | 26,362 | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | |
Property and equipment additions and other
|
| | | | — | | | | | | (73) | | |
Net cash provided by (used in) investing activities
|
| | | | — | | | | | | (73) | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | |
Payments of equipment loans
|
| | | | (84) | | | | | | (62) | | |
Repayment to parent
|
| | | | — | | | | | | (6,463) | | |
Dividend to Parent
|
| | | | (10,776) | | | | | | (8,396) | | |
Net cash used in financing activities
|
| | | | (10,860) | | | | | | (14,921) | | |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
| | | | 24,339 | | | | | | 11,368 | | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR
|
| | | | 14,593 | | | | | | 3,225 | | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR
|
| | | $ | 38,932 | | | | | $ | 14,593 | | |
DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 846 | | | | | $ | 42 | | |
Restricted cash
|
| | | | 38,086 | | | | | | 14,551 | | |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
| | | $ | 38,932 | | | | | $ | 14,593 | | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | | | | | | | | | | | | | |
Cash paid during the period for: | | | | | | | | | | | | | |
Interest
|
| | | $ | 6 | | | | | $ | 8 | | |
Non-cash financing activities: | | | | | | | | | | | | | |
Property and equipment financed by notes payable
|
| | | $ | 30 | | | | | $ | — | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Casino gaming
|
| | | $ | 47,694 | | | | | $ | 38,827 | | |
Market access and live studio
|
| | | | 5,903 | | | | | | 2,615 | | |
Reimbursables
|
| | | | 1,824 | | | | | | 1,460 | | |
Total revenue
|
| | | | 55,421 | | | | | | 42,902 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Receivables, which are included in “Accounts receivable – trade and other”
|
| | | $ | 3,264 | | | | | $ | 2,270 | | |
Contract assets
|
| | | | — | | | | | | — | | |
Contract liabilities
|
| | | | (6,750) | | | | | | (9,462) | | |
| | |
2019
Contract Liabilities |
| |
2018
Contract Liabilities |
| ||||||
Revenue recognized that was included in contract liabilities at beginning of period
|
| | | $ | 2,712 | | | | | $ | 978 | | |
Increase in contract liabilities due to cash received, excluding amounts
recognized as revenue |
| | | | — | | | | | | (7,625) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | |
2020
|
| |
2021
|
| |
2022
|
| |
Thereafter
|
| |
Total
|
| |||||||||||||||
Revenue
|
| | | $ | 2,113 | | | | | $ | 1,518 | | | | | $ | 1,233 | | | | | $ | 1,886 | | | | | $ | 6,750 | | |
| | |
December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Leasehold improvements
|
| | | $ | 533 | | | | | $ | 533 | | |
Furniture, fixtures and equipment
|
| | | | 565 | | | | | | 535 | | |
| | | | | 1,098 | | | | | | 1,068 | | |
Less – accumulated depreciation
|
| | | | (378) | | | | | | (260) | | |
Property and equipment, net
|
| | | $ | 720 | | | | | $ | 808 | | |
| | |
December 31, 2019
|
| |
December 31, 2018
|
| ||||||
Gaming related, excluding taxes
|
| | | | 9,556 | | | | | | 2,961 | | |
Taxes, other than payroll and income taxes
|
| | | | 4,141 | | | | | | 2,255 | | |
| | | | $ | 13,697 | | | | | $ | 5,216 | | |
| | |
2019
|
| |
2018
|
| ||||||
Current income taxes
|
| | | $ | 6,225 | | | | | $ | 4,873 | | |
Deferred income tax benefit
|
| | | | (265) | | | | | | (165) | | |
Provision for income taxes
|
| | | $ | 5,960 | | | | | $ | 4,708 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Statutory rate
|
| | | | 21.0% | | | | | | 21.0% | | |
State income tax, net of federal tax benefit
|
| | | | 12.8% | | | | | | 18.7% | | |
| | | | | 33.8% | | | | | | 39.7% | | |
| | |
2019
|
| |
2018
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Accruals and other
|
| | | $ | 2,428 | | | | | $ | 2,721 | | |
| | | | | 2,428 | | | | | | 2,721 | | |
Deferred tax liabilities – property and other
|
| | | | (58) | | | | | | (81) | | |
Net deferred tax asset
|
| | | $ | 2,370 | | | | | $ | 2,640 | | |
| | |
2019
|
| |
2018
|
| ||||||
Balance at beginning of year
|
| | | $ | 329 | | | | | $ | 198 | | |
Additions based on tax positions related to the current year
|
| | | | 131 | | | | | | 131 | | |
Balance at end of year
|
| | | $ | 460 | | | | | $ | 329 | | |
|
Securities and Exchange Commission registration fee
|
| | | $ | 122,600 | | |
|
Accounting fees and expenses
|
| | | | * | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Advisory fees
|
| | | | * | | |
|
Financial printing and miscellaneous expenses
|
| | | | * | | |
|
Total
|
| | | $ | * | | |
Exhibit No.
|
| |
Description
|
|
24.1 | | | Power of Attorney (included on the signature page to this registration statement). | |
101.INS | | | XBRL Instance Document | |
101.SCH | | | XBRL Taxonomy Extension Schema Document | |
101.CAL | | | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | | | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB+
|
| | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE+ | | | XBRL Taxonomy Extension Presentation Linkbase Document | |
|
Name
|
| |
Position
|
| |
Date
|
|
|
/s/ Tilman J. Fertitta
Tilman J. Fertitta
|
| | Chairman and Chief Executive Officer (Principal Executive Officer) | | |
January 22, 2021
|
|
|
/s/ Michael Harwell
Michael Harwell
|
| | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | |
January 22, 2021
|
|
|
/s/ Richard H. Liem
Richard H. Liem
|
| | Director | | |
January 22, 2021
|
|
|
/s/ Steven L. Scheinthal
Steven L. Scheinthal
|
| | Director | | |
January 22, 2021
|
|
|
/s/ G. Michael Stevens
G. Michael Stevens
|
| | Director | | |
January 22, 2021
|
|
|
/s/ Michael Chadwick
Michael Chadwick
|
| | Director | | |
January 22, 2021
|
|
|
/s/ Scott Kelly
Scott Kelly
|
| | Director | | |
January 22, 2021
|
|
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