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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:PTEK | 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% | 1.35 | 0 | 01:00:00 |
PokerTek, Inc.
|
North Carolina
|
61-1455265
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
1150 Crews Road, Suite F, Matthews, North Carolina 28105
|
||
(Address of principal executive offices) (Zip Code)
|
(704) 849-0860
|
(Company’s telephone number, including area code)
|
o |
Large accelerated filer
|
o |
Accelerated filer
|
|
o |
Non-accelerated filer (do not check if a smaller reporting company)
|
x |
Smaller reporting company
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
AND OTHER COMPREHENSIVE LOSS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenue
|
||||||||||||||||
License and service fees
|
$ | 934,294 | $ | 1,225,353 | $ | 2,018,175 | $ | 2,586,022 | ||||||||
Sales of systems and equipment
|
16,959 | 378,870 | 47,660 | 409,321 | ||||||||||||
Total revenue
|
951,253 | 1,604,223 | 2,065,835 | 2,995,343 | ||||||||||||
Cost of revenue
|
264,886 | 365,909 | 536,389 | 719,459 | ||||||||||||
Gross profit
|
686,367 | 1,238,314 | 1,529,446 | 2,275,884 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Selling, general and administrative
|
978,817 | 1,020,216 | 1,877,749 | 1,966,995 | ||||||||||||
Research and development
|
161,492 | 169,922 | 319,442 | 338,349 | ||||||||||||
Share-based compensation expense
|
70,703 | 75,880 | 132,149 | 146,659 | ||||||||||||
Depreciation
|
2,135 | 2,310 | 4,551 | 4,633 | ||||||||||||
Total operating expenses
|
1,213,147 | 1,268,328 | 2,333,891 | 2,456,636 | ||||||||||||
Operating loss
|
(526,780 | ) | (30,014 | ) | (804,445 | ) | (180,752 | ) | ||||||||
Interest expense, net
|
7,850 | 9,470 | 16,108 | 20,013 | ||||||||||||
Net loss from continuing operations before income taxes
|
(534,630 | ) | (39,484 | ) | (820,553 | ) | (200,765 | ) | ||||||||
Income tax provision
|
- | 11,939 | - | 46,020 | ||||||||||||
Net loss from continuing operations
|
(534,630 | ) | (51,423 | ) | (820,553 | ) | (246,785 | ) | ||||||||
Income from discontinued operations
|
- | - | - | 535 | ||||||||||||
Net loss
|
$ | (534,630 | ) | $ | (51,423 | ) | $ | (820,553 | ) | $ | (246,250 | ) | ||||
Other comprehensive loss:
|
||||||||||||||||
Adjustments to net loss
|
- | - | - | - | ||||||||||||
Comprehensive loss
|
$ | (534,630 | ) | $ | (51,423 | ) | $ | (820,553 | ) | $ | (246,250 | ) | ||||
Net loss from continuing operations per common share - basic and diluted
|
$ | (0.06 | ) | $ | (0.01 | ) | $ | (0.09 | ) | $ | (0.03 | ) | ||||
Net income (loss) from discontinued operations per common share - basic and diluted
|
- | - | - | - | ||||||||||||
Net loss per common share - basic and diluted
|
$ | (0.06 | ) | $ | (0.01 | ) | $ | (0.09 | ) | $ | (0.03 | ) | ||||
Weighted average common shares outstanding - basic and diluted
|
9,394,729 | 9,227,808 | 9,379,168 | 9,004,560 | ||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
||||||||
June 30, 2014(Unaudited)
|
December 31, 2013
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 363,676 | $ | 415,533 | ||||
Accounts receivable, net
|
422,690 | 793,949 | ||||||
Inventory
|
867,540 | 869,631 | ||||||
Prepaid expenses and other assets
|
87,175 | 90,314 | ||||||
Total current assets
|
1,741,081 | 2,169,427 | ||||||
Long-term assets:
|
||||||||
Inventory
|
619,915 | 545,070 | ||||||
Gaming systems, net
|
988,437 | 1,224,931 | ||||||
Property and equipment, net
|
25,631 | 27,724 | ||||||
Other assets
|
98,618 | 110,740 | ||||||
Total long-term assets
|
1,732,601 | 1,908,465 | ||||||
Total assets
|
$ | 3,473,682 | $ | 4,077,892 | ||||
Liabilities and Shareholders' Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 305,404 | $ | 243,960 | ||||
Accrued liabilities
|
411,894 | 310,126 | ||||||
Deferred revenue
|
670 | 20,051 | ||||||
Long-term debt, current portion
|
85,781 | 70,822 | ||||||
Total current liabilities
|
803,749 | 644,959 | ||||||
Long-term liabilities:
|
||||||||
Long-term liability
|
156,173 | 167,523 | ||||||
Long-term debt
|
131,742 | 169,607 | ||||||
Total long-term liabilities
|
287,915 | 337,130 | ||||||
Total liabilities
|
1,091,664 | 982,089 | ||||||
Commitments and contingencies
|
||||||||
Shareholders' equity
|
||||||||
Preferred stock, no par value per share;
|
- | - | ||||||
authorized 5,000,000 none issued and outstanding
|
||||||||
Common stock, no par value per share; authorized 40,000,000
|
- | - | ||||||
shares, issued and outstanding 9,421,403 and 9,363,434 shares at
|
||||||||
June 30, 2014 and December 31, 2013, respectively
|
||||||||
Additional paid-in capital
|
50,462,676 | 50,355,908 | ||||||
Accumulated deficit
|
(48,080,658 | ) | (47,260,105 | ) | ||||
Accumulated other comprehensive loss, net
|
- | - | ||||||
Total shareholders' equity
|
2,382,018 | 3,095,803 | ||||||
Total liabilities and shareholders' equity
|
$ | 3,473,682 | $ | 4,077,892 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
|
POKERTEK, INC.
|
||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
|
||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Common Stock
|
Additional Paid-in Capital
|
Accumulated Deficit
|
Accumulated Other Comprehensive Income (Loss)
|
Total Shareholders' Equity
|
||||||||||||||||||||
Shares
|
Value
|
|||||||||||||||||||||||
Balance, December 31, 2013
|
9,363,434 | $ | - | $ | 50,355,908 | $ | (47,260,105 | ) | $ | - | $ | 3,095,803 | ||||||||||||
Issuances of common stock, net
|
- | - | - | - | - | - | ||||||||||||||||||
Share-based compensation, net
|
- | - | 61,446 | - | - | 61,446 | ||||||||||||||||||
Net loss
|
- | - | - | (285,923 | ) | - | (285,923 | ) | ||||||||||||||||
Balance, March 31, 2014
|
9,363,434 | $ | - | $ | 50,417,354 | $ | (47,546,028 | ) | $ | - | $ | 2,871,326 | ||||||||||||
Share-based compensation, net
|
- | - | 70,703 | - | - | 70,703 | ||||||||||||||||||
Share settlements of restricted stock awards and restricted stock units
|
57,969 | - | (25,381 | ) | - | - | (25,381 | ) | ||||||||||||||||
Net loss
|
- | - | - | (534,630 | ) | - | (534,630 | ) | ||||||||||||||||
Balance, June 30, 2014
|
9,421,403 | $ | - | $ | 50,462,676 | $ | (48,080,658 | ) | $ | - | $ | 2,382,018 | ||||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
|
POKERTEK, INC.
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
Six Months Ended June 30,
|
||||||||
2014
|
2013
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (820,553 | ) | $ | (246,250 | ) | ||
Net income (loss) from discontinued operations
|
- | (535 | ) | |||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
308,663 | 400,258 | ||||||
Share-based compensation expense
|
132,149 | 146,659 | ||||||
Provision for doubtful accounts and other receivables
|
(36,133 | ) | 104,217 | |||||
Changes in assets and liabilities:
|
||||||||
Accounts and other receivables
|
407,392 | (74,180 | ) | |||||
Prepaid expenses and other assets
|
15,261 | 19,132 | ||||||
Inventory
|
(72,754 | ) | 96,678 | |||||
Gaming systems
|
(67,617 | ) | (323,846 | ) | ||||
Accounts payable and accrued expenses
|
151,862 | 91,943 | ||||||
Deferred revenue
|
(19,381 | ) | 177,262 | |||||
Net cash provided by (used in) operating activities from continuing operations
|
(1,111 | ) | 391,338 | |||||
Net cash provided by operating activities from discontinued operations
|
- | 535 | ||||||
Net cash provided by (used in) operating activities
|
(1,111 | ) | 391,873 | |||||
Cash flows from investing activities:
|
||||||||
Purchases of property and equipment
|
(2,459 | ) | (5,870 | ) | ||||
Net cash used in investing activities
|
(2,459 | ) | (5,870 | ) | ||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of common stock, net of expenses
|
- | 473,800 | ||||||
Tax payments on vesting of restricted stock units
|
(25,381 | ) | (51,856 | ) | ||||
Repayments of long-term debt
|
(22,906 | ) | (26,472 | ) | ||||
Net cash provided by (used in) financing activities
|
(48,287 | ) | (395,472 | ) | ||||
Net increase (decrease) in cash and cash equivalents
|
(51,857 | ) | 781,475 | |||||
Cash and cash equivalents, beginning of year
|
415,533 | 235,757 | ||||||
Cash and cash equivalents, end of period
|
$ | 363,676 | $ | 1,017,232 | ||||
Supplemental Disclosure of Cash Flow Information
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$ | 16,182 | $ | 23,756 | ||||
Income taxes
|
- | 43,995 | ||||||
Non-cash transactions:
|
||||||||
Shares of common stock issued in settlement of litigation
|
$ | - | $ | 117,288 | ||||
Notes receivable, net
|
- | 41,028 | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
|
|
·
|
the pace of growth in the Company’s recurring-revenue gaming business, the related investments in inventory and the level of spending on development and regulatory efforts;
|
|
·
|
the level of investment in development and approval of new products, entry into new markets, and investments in regulatory approvals;
|
|
·
|
its ability to control growth of operating expenses as its business grows the business and expands with new products in new markets;
|
|
·
|
its ability to negotiate and maintain favorable payment terms with customers and vendors;
|
|
·
|
its ability to access the capital markets and maintain availability under its credit line;
|
|
·
|
demand for its products, and the ability of its customers to pay on a timely basis; and
|
|
·
|
general economic conditions as well as political events and legal and regulatory changes.
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
June 30,
|
June 30,
|
||||||||||||||
2014
|
2013
|
2014
|
2013
|
||||||||||||
Revenue
|
$ | - | $ | - | $ | - | $ | 535 | |||||||
Cost of revenue
|
- | - | - | - | |||||||||||
Gross profit
|
- | - | - | 535 | |||||||||||
Operating expenses
|
- | - | - | - | |||||||||||
Net income from discontinued operations
|
$ | - | $ | - | $ | - | $ | 535 | |||||||
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
Accounts receivable
|
$ | 503,279 | $ | 910,920 | ||||
Allowance for doubtful accounts
|
(80,589 | ) | (116,971 | ) | ||||
Accounts receivable, net
|
$ | 422,690 | $ | 793,949 | ||||
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
Raw materials and components
|
$ | 1,080,799 | $ | 1,182,150 | ||||
Gaming systems in process
|
436,167 | 331,536 | ||||||
Finished goods
|
208,235 | 116,114 | ||||||
Reserve
|
(237,746 | ) | (215,099 | ) | ||||
Inventory, net
|
$ | 1,487,455 | $ | 1,414,701 | ||||
Long-Term inventory
|
619,915 | 545,070 | ||||||
Current inventory
|
$ | 867,540 | $ | 869,631 | ||||
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
Prepaid expenses
|
$ | 57,691 | $ | 62,924 | ||||
Other
|
29,484 | 27,390 | ||||||
Prepaid expenses and other assets
|
$ | 87,175 | $ | 90,314 | ||||
Deferred licensing fees, net
|
$ | 49,939 | $ | 60,560 | ||||
Other
|
48,679 | 50,180 | ||||||
Other assets
|
$ | 98,618 | $ | 110,740 | ||||
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
Gaming systems
|
$ | 6,512,004 | $ | 6,716,864 | ||||
Less: accumulated depreciation
|
(5,523,567 | ) | (5,491,933 | ) | ||||
Gaming systems, net
|
$ | 988,437 | $ | 1,224,931 | ||||
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
Equipment
|
$ | 464,863 | $ | 462,404 | ||||
Leasehold improvements
|
208,387 | 208,387 | ||||||
Capitalized software
|
157,067 | 157,067 | ||||||
830,317 | 827,858 | |||||||
Less: accumulated depreciation
|
(804,686 | ) | (800,134 | ) | ||||
Property and equipment, net
|
$ | 25,631 | $ | 27,724 | ||||
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
Inventory received, not invoiced
|
167,425 | 156,075 | ||||||
Other liabilities and customer deposits
|
244,469 | 154,051 | ||||||
Accrued liabilities
|
$ | 411,894 | $ | 310,126 | ||||
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
SVB Credit Facility
|
$ | - | $ | - | ||||
Founders' Loan
|
217,523 | 240,429 | ||||||
Total debt
|
217,523 | 240,429 | ||||||
Current portion of debt
|
85,781 | 70,822 | ||||||
Long-term portion of debt
|
$ | 131,742 | $ | 169,607 | ||||
|
·
|
20,000 common stock warrants at an exercise price of $2.50 with an expiration date of March 31, 2015 issued in connection with a private placement in May 2010; and
|
|
·
|
40,000 common stock warrants at an exercise price of $2.75 with an expiration date of December 29, 2015 issued in connection with the LPC transaction.
|
June 30,
|
December 31,
|
||||||
2014
|
2013
|
||||||
Expected Volatility
|
93% | % | 94% - 97% | ||||
Expected Dividends
|
0 | 0 | |||||
Expected Term
|
6 yrs
|
6 yrs
|
|||||
Risk-free Rate
|
1.64% - 1.68% | % | 0.82% - 1.60 |
Weighted Average
|
||||||||||||||||
Shares
|
Exercise Price
|
Remaining Contractual Term
|
Aggregate Instrinsic Value
|
|||||||||||||
Stock Options
|
||||||||||||||||
Outstanding at December 31, 2013
|
724,720 | $ | 4.68 | |||||||||||||
Granted
|
- | - | ||||||||||||||
Exercised
|
- | |||||||||||||||
Forfeited
|
- | - | ||||||||||||||
Expired
|
- | - | ||||||||||||||
Outstanding at June 30, 2014
|
724,720 | $ | 4.68 | 5.0 | $ | (2,435,201 | ) | |||||||||
Exercisable at June 30, 2014
|
715,316 | $ | 4.37 | 5.1 | $ | (2,184,281 | ) |
Weighted Average
|
||||||||||||
Restricted Stock Units (RSU's)
|
Shares
|
Remaining Contractual Term
|
Grant Date Fair Value
|
|||||||||
Nonvested at December 31, 2013
|
253,312 | $ | 189,984 | |||||||||
Granted
|
300,000 | 408,000 | ||||||||||
Vested
|
(77,750 | ) | (61,423 | ) | ||||||||
Forfeited
|
- | |||||||||||
Nonvested at June 30, 2014
|
475,562 | 3.9 | $ | 536,622 | ||||||||
For Three Months Ended June 30,
|
For Six Months Ended June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenue:
|
||||||||||||||||
United States
|
$ | 652,207 | $ | 1,149,664 | $ | 1,454,106 | $ | 2,141,371 | ||||||||
Other Americas
|
252,516 | 374,723 | 521,191 | 746,228 | ||||||||||||
Europe
|
32,730 | 35,482 | 65,364 | 50,632 | ||||||||||||
Other International
|
13,800 | 44,354 | 25,174 | 57,112 | ||||||||||||
$ | 951,253 | $ | 1,604,223 | $ | 2,065,835 | $ | 2,995,343 | |||||||||
June 30, 2014
|
December 31, 2013
|
|||||||||||||||
Long-lived assets, end of period:
|
||||||||||||||||
United States
|
$ | 475,630 | $ | 450,714 | ||||||||||||
Other America's
|
464,506 | 718,982 | ||||||||||||||
Europe
|
131,384 | 157,035 | ||||||||||||||
Other International
|
41,166 | 36,664 | ||||||||||||||
$ | 1,112,686 | $ | 1,363,395 | |||||||||||||
Three Months Ended March 31,
|
||||||||||||
2014
|
2013
|
Change
|
||||||||||
Revenue
|
||||||||||||
License and service fees
|
$ | 934,294 | $ | 1,225,353 | (23.8 | %) | ||||||
Sales of systems and equipment
|
16,959 | 378,870 | (95.5 | %) | ||||||||
Total revenue
|
951,253 | 1,604,223 | (40.7 | %) | ||||||||
Gross profit
|
686,367 | 1,238,314 | (44.6 | %) | ||||||||
Percentage of revenue
|
72.2 | % | 77.2 | % | ||||||||
Operating expenses
|
1,213,147 | 1,268,328 | (4.4 | %) | ||||||||
Interest expense, net
|
7,850 | 9,470 | (17.1 | %) | ||||||||
Income tax provision
|
- | 11,939 | (100.0 | %) | ||||||||
Net loss from continuing operations
|
(534,630 | ) | (51,423 | ) | (939.7 | %) | ||||||
Net loss from discontinued operations
|
- | - | 0.0 | % | ||||||||
Net loss
|
$ | (534,630 | ) | $ | (51,423 | ) | (939.7 | %) | ||||
|
·
|
We ceased our operations in Ohio in September 2013 due to a change in local regulatory interpretations;
|
|
·
|
We began our exit from the Mexico market during the current quarterly period, as contemplated by the Merger Agreement;
|
|
·
|
We reduced gaming tables at several under-performing locations in Canada;
|
|
·
|
One of our U.S. customers elected to purchase its leased equipment in the prior year;
|
|
·
|
One of our U.S. customers temporarily removed leased gaming positions in connection with a facility remodeling project; and
|
|
·
|
License and service fee revenue from cruise ships increased as compared with the prior year period, partially offsetting the changes noted above.
|
Six Months Ended June 30,
|
||||||||||||
2014
|
2013
|
Change
|
||||||||||
Revenue
|
||||||||||||
License and service fees
|
$ | 2,018,175 | $ | 2,586,022 | (22.0 | %) | ||||||
Sales of systems and equipment
|
47,660 | 409,321 | (88.4 | %) | ||||||||
Total revenue
|
2,065,835 | 2,995,343 | (31.0 | %) | ||||||||
Gross profit
|
1,529,446 | 2,275,884 | (32.8 | %) | ||||||||
Percentage of revenue
|
74.0 | % | 76.0 | % | ||||||||
Operating expenses
|
2,333,891 | 2,456,636 | (5.0 | %) | ||||||||
Interest expense, net
|
16,108 | 20,013 | (19.5 | %) | ||||||||
Income tax provision
|
- | 46,020 | (100.0 | %) | ||||||||
Net loss from continuing operations
|
(820,553 | ) | (246,785 | ) | (232.5 | %) | ||||||
Net income from discontinued operations
|
535 | (100.0 | %) | |||||||||
Net loss
|
$ | (820,553 | ) | $ | (246,250 | ) | (233.2 | %) |
|
·
|
We ceased our operations in Ohio in September 2013 due to a change in local regulatory interpretations;
|
|
·
|
We began our exit from the Mexico market during the current quarterly period, as contemplated by the Merger Agreement;
|
|
·
|
We reduced gaming tables at several under-performing locations in Canada;
|
|
·
|
One of our U.S. customers elected to purchase its leased equipment in the prior year;
|
|
·
|
One of our U.S. customers temporarily removed leased gaming positions in connection with a facility remodeling project; and
|
|
·
|
License and service fee revenue from cruise ships increased as compared with the prior year period, partially offsetting the changes noted above.
|
Six Months Ended June 30,
|
||||||||||||
2014
|
2013
|
Change
|
||||||||||
Continuing Operations:
|
||||||||||||
Net cash provided by operating activities
|
$ | (1,111 | ) | $ | 391,338 | $ | (392,449 | ) | ||||
Net cash used in investing activities
|
(2,459 | ) | (5,870 | ) | 3,411 | |||||||
Net cash used in/provided by financing activities
|
(48,287 | ) | 395,472 | (443,759 | ) | |||||||
Net cash provided by continuing operations
|
(51,857 | ) | 780,940 | (832,797 | ) | |||||||
Net cash provided by operating activities of discontinued operations
|
- | 535 | $ | (535 | ) | |||||||
Net increase in cash and cash equivalents
|
(51,857 | ) | 781,475 | |||||||||
Cash and cash equivalents, beginning of period
|
415,533 | 235,757 | ||||||||||
Cash and cash equivalents, end of period
|
$ | 363,676 | $ | 1,017,232 | ||||||||
|
·
|
the pace of growth in our recurring-revenue gaming business, the related investments in inventory and level of spending on development and regulatory efforts;
|
|
·
|
the level of investment in development and approval of new products, entry into new markets, and investments in regulatory approvals;
|
|
·
|
our ability to control growth of operating expenses as we grow the business, expand with new products in new markets;
|
|
·
|
our ability to negotiate and maintain favorable payment terms with our customers and vendors;
|
|
·
|
our ability to access the capital markets and maintain availability under our credit line;
|
|
·
|
demand for our products, and the ability of our customers to pay us on a timely basis; and
|
|
·
|
general economic conditions as well as political events and legal and regulatory changes.
|
Total
|
Less than
1 year
|
1 - 3 years
|
3 - 5 years
|
More than
5 years
|
||||||||||||||||
Debt obligations
(1)
|
$ | 217,523 | $ | 85,781 | $ | 131,742 | $ | - | $ | - | ||||||||||
Operating lease obligations
(2)
|
296,564 | 136,548 | 160,016 | - | - | |||||||||||||||
Purchase obligations
(3)
|
470,154 | 470,154 | - | - | - | |||||||||||||||
Other long-term liabilities
(4)
|
323,598 | 167,425 | 156,173 | - | - | |||||||||||||||
Total
|
$ | 1,307,839 | $ | 859,908 | $ | 447,931 | $ | - | $ | - |
(1) Represents the outstanding principal amount and interest on our Founders' Loan
|
|||||||||
(2) Represents operating lease agreements for office and storage facilities and office equipment
|
|||||||||
(3) Represents open purchase orders with our vendors
|
|||||||||
(4) Represents purchase of gaming inventory from Aristocrat
|
|
·
|
the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement;
|
|
·
|
the inability to complete the Merger due to the failure to satisfy conditions required for the consummation of the Merger;
|
|
·
|
failure or delay in consummation of the Merger for other reasons;
|
|
·
|
that the proposed transaction disrupts current plans and operations;
|
|
·
|
the effect of the announcement of the Merger on our customer relationships, operating results and business generally;
|
|
·
|
the diversion of our management’s attention from our ongoing business concerns;
|
|
·
|
the outcome of any legal proceedings that may be instituted against us and/or others relating to the Merger Agreement;
|
|
·
|
limitations placed on our ability to operate the business by the Merger Agreement; and
|
|
·
|
the amounts of the costs, fees, expenses and charges related to the Merger.
|
Exhibit No.
|
Description
|
|||||||||
10.1
|
Eighth Amendment to the Loan and Security Agreement, dated February 27, 2014, between the Registrant and Silicon Valley Bank (incorporated by reference to Exhibit 10.1 from our Form 8-K filed on March 4, 2014).
|
|||||||||
10.2**
|
Employment Agreement, dated March 4, 2014, between the Registrant and Mark Roberson (incorporated by reference to Exhibit 10.2 from our Form 8-K filed on March 4, 2014).**
|
|||||||||
10.3**
|
Employment Agreement, dated March 4, 2014, between the Registrant and James Crawford (incorporated by reference to Exhibit 10.3 from our Form 8-K filed on March 4, 2014).**
|
|||||||||
10.4**
|
April 22, 2014 Amendment to Employment Letter Dated March 4, 2014 between PokerTek, Inc. and Mark Roberson (incorporated by reference to Exhibit 10.45 from our Form 10-K/A for the year ended December 31, 2013 filed on April 29, 2014).**
|
|||||||||
10.5**
|
April 22, 2014 Amendment to Employment Letter Dated March 4, 2014 between PokerTek, Inc. and James Crawford (incorporated by reference to Exhibit 10.46 from our Form 10-K/A for the year ended December 31, 2013 filed on April 29, 2014).**
|
|||||||||
10.6
|
Memorandum of Understanding entered into as of July 13, 2014 (incorporated by reference to Exhibit 10.1 from our Form 8-K filed on July 14, 2014).
|
|||||||||
31.1
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|||||||||
31.2
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|
|||||||||
32.1
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
|
|||||||||
101.INS
|
XBRL Instance Document*
|
|||||||||
101.SCH
|
XBRL Taxonomy Extension Schema*
|
|||||||||
101.CAL
|
XBRL Taxonomy Calculation Linkbase*
|
|||||||||
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase*
|
|||||||||
101.LAB
|
XBRL Taxonomy Extension label Linkbase*
|
|||||||||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase*
|
|||||||||
*Filed herewith.
|
||||||||||
**This exhibit is a management contract or compensatory plan or arrangement.
|
POKERTEK, INC.
|
||
Date: August 14, 2014
|
||
/s/ Mark D. Roberson
|
||
Mark D. Roberson
|
||
Chief Executive Officer and Chief Financial Officer
|
||
(Principal Executive Officer and Principal Financial Officer)
|
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