Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2017 | Dec. 01, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | NEVADA GOLD & CASINOS INC | |
Entity Central Index Key | 277,058 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | UWN | |
Entity Common Stock, Shares Outstanding | 16,834,182 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Oct. 31, 2017 | Apr. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 9,559,370 | $ 10,631,903 |
Restricted cash | 2,043,806 | 1,994,312 |
Accounts receivable, net of allowances | 398,102 | 808,484 |
Prepaid expenses | 1,614,893 | 1,209,507 |
Notes receivable, current portion | 191,757 | 383,093 |
Inventory and other current assets | 437,951 | 423,113 |
Total current assets | 14,245,879 | 15,450,412 |
Real estate held for sale | 750,000 | 750,000 |
Goodwill | 16,923,588 | 16,923,588 |
Intangible assets, net of accumulated amortization | 3,801,074 | 4,107,328 |
Property and equipment, net of accumulated depreciation | 13,513,526 | 13,958,715 |
Deferred tax asset | 1,236,835 | 1,557,470 |
Other assets | 75,111 | 70,000 |
Total assets | 50,546,013 | 52,817,513 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,432,529 | 1,303,571 |
Accrued payroll and related | 2,196,353 | 1,925,592 |
Accrued player's club points and progressive jackpots | 2,246,233 | 2,348,068 |
Total current liabilities | 5,875,115 | 5,577,231 |
Long-term debt | 10,410,310 | 12,061,411 |
Other long-term liabilities | 625,312 | 667,110 |
Total liabilities | 16,910,737 | 18,305,752 |
Stockholders' equity: | ||
Common stock, $0.12 par value per share; 50,000,000 shares authorized; 18,693,175 and 18,627,167 shares issued and 16,825,372 and 17,547,665 shares outstanding at October 31, 2017, and April 30, 2017, respectively | 2,243,189 | 2,235,269 |
Additional paid-in capital | 27,502,227 | 27,449,319 |
Retained earnings | 13,083,792 | 12,320,814 |
Treasury stock, 1,867,803 and 1,079,502 shares at October 31, 2017 and April 30, 2017, respectively, at cost | (9,193,932) | (7,493,641) |
Total stockholders' equity | 33,635,276 | 34,511,761 |
Total liabilities and stockholders' equity | $ 50,546,013 | $ 52,817,513 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2017 | Apr. 30, 2017 |
Common stock, par value | $ 0.12 | $ 0.12 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 18,693,175 | 18,627,167 |
Common stock, shares outstanding | 16,825,372 | 17,547,665 |
Treasury stock, shares | 1,867,803 | 1,079,502 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Revenues: | ||||
Casino | $ 17,366,692 | $ 16,346,495 | $ 33,773,298 | $ 32,516,998 |
Food and beverage | 3,258,684 | 3,329,915 | 6,417,908 | 6,631,308 |
Other | 488,360 | 547,545 | 1,003,765 | 1,088,260 |
Gross revenues | 21,113,736 | 20,223,955 | 41,194,971 | 40,236,566 |
Less promotional allowances | (1,633,513) | (1,747,069) | (3,226,224) | (3,529,902) |
Net revenues | 19,480,223 | 18,476,886 | 37,968,747 | 36,706,664 |
Expenses: | ||||
Casino | 9,650,614 | 9,442,917 | 19,065,548 | 18,630,015 |
Food and beverage | 1,664,613 | 1,482,778 | 3,245,061 | 3,015,120 |
Other | 51,922 | 51,786 | 105,359 | 106,724 |
Marketing and administrative | 5,295,763 | 5,163,876 | 10,582,485 | 10,434,156 |
Facility | 518,255 | 547,370 | 984,069 | 1,080,705 |
Corporate | 691,976 | 724,136 | 1,331,361 | 1,520,869 |
Depreciation and amortization | 598,148 | 773,510 | 1,309,584 | 1,550,022 |
Loss on disposal of assets | 5,465 | 5,546 | 5,465 | 13,916 |
Total operating expenses | 18,476,756 | 18,191,919 | 36,628,932 | 36,351,527 |
Operating income | 1,003,467 | 284,967 | 1,339,815 | 355,137 |
Non-operating income (expenses): | ||||
Interest income | 14,211 | 23,124 | 26,675 | 46,092 |
Interest expense and amortization of loan issue costs | (163,820) | (184,403) | (324,335) | (374,387) |
Change in swap fair value | 45,422 | 97,176 | 41,458 | 46,462 |
Income before income tax expense | 899,280 | 220,864 | 1,083,613 | 73,304 |
Income tax expense | (260,303) | (70,842) | (320,635) | (22,854) |
Net income | $ 638,977 | $ 150,022 | $ 762,978 | $ 50,450 |
Per share information: | ||||
Net income per common share - basic and diluted | $ 0.04 | $ 0.01 | $ 0.04 | $ 0 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 762,978 | $ 50,450 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,309,584 | 1,550,022 |
Stock compensation | 74,678 | 119,128 |
Amortization of deferred loan issuance costs | 48,898 | 43,459 |
Change in deferred rent | (1,952) | 21,955 |
Changes to restricted cash | (49,494) | (85,160) |
Change in swap fair value | (41,458) | (46,462) |
Loss on disposal of assets | 5,465 | 13,916 |
Changes in deferred income taxes | 320,635 | 22,854 |
Changes in operating assets and liabilities: | ||
Receivables and other assets | (9,842) | (115,892) |
Accounts payable and accrued liabilities | 277,885 | (598,264) |
Net cash provided by operating activities | 2,697,377 | 976,006 |
Cash flows from investing activities: | ||
Collections on notes receivable | 191,336 | 480,640 |
Purchase of property and equipment | (565,605) | (822,877) |
Capitalized licensing costs refunded | 0 | 24,946 |
Deposit refunded | (3,500) | 0 |
Proceeds from the sale of assets | 2,000 | 0 |
Net cash used in investing activities | (375,769) | (317,291) |
Cash flows from financing activities: | ||
Purchase of treasury stock | (1,700,291) | (344,372) |
Repayment of credit facilities | (2,400,000) | (1,672,777) |
Proceeds from credit facilities | 700,000 | 0 |
Cash proceeds from exercise of stock options | 6,150 | 13,040 |
Net cash used in financing activities | (3,394,141) | (2,004,109) |
Net decrease in cash and cash equivalents | (1,072,533) | (1,345,394) |
Cash and cash equivalents at beginning of period | 10,631,903 | 11,583,107 |
Cash and cash equivalents at end of period | 9,559,370 | 10,237,713 |
Supplemental cash flow information: | ||
Cash paid for interest | $ 275,862 | $ 348,669 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Oct. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The interim financial information included herein is unaudited. However, the accompanying condensed consolidated financial statements include all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly our condensed consolidated balance sheets at October 31, 2017 and April 30, 2017, condensed consolidated statements of operations for the three and six months ended October 31, 2017 and 2016, and condensed consolidated statements of cash flows for the six months ended October 31, 2017 and 2016. Although we believe the disclosures in these financial statements are adequate to make the interim information presented not misleading, certain information relating to our organization and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted in this Form 10-Q pursuant to Securities and Exchange Commission (“SEC”) rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended April 30, 2017 and the notes thereto included in our Annual Report on Form 10-K. The results of operations for the three and six months ended October 31, 2017 are not necessarily indicative of the results expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period and disclosure of contingent liabilities. On an ongoing basis, we evaluate our estimates, including those related to bad debts, investments, intangible assets and goodwill, property, plant and equipment, income taxes, employment benefits and contingent liabilities. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. Certain reclassifications have been made to conform prior year financial information to the current period presentation. Those reclassifications did not impact operating income, net income, working capital or stockholders’ equity. |
Critical Accounting Policies
Critical Accounting Policies | 6 Months Ended |
Oct. 31, 2017 | |
Accounting Policies [Abstract] | |
Critical Accounting Policies | Note 2. Critical Accounting Policies Revenue Recognition We record revenues from casino operations. The retail value of food and beverage and other services furnished to guests without charge is included in gross revenue and deducted as promotional allowances. Net revenues do not include the retail amount of food, beverage and other items provided gratuitously to customers. These amounts are included in promotional allowances in the accompanying condensed consolidated statements of operations. We record the redemption of coupons and points for cash as a reduction of revenue. The estimated retail value of providing such promotional allowances is as follows: Three Months Ended Six Months Ended October 31, 2017 October 31, 2016 October 31, 2017 October 31, 2016 Food and beverage $ 1,566,112 $ 1,692,025 $ 3,093,257 $ 3,413,598 Other 67,401 55,044 132,967 116,304 Promotional allowances $ 1,633,513 $ 1,747,069 $ 3,226,224 $ 3,529,902 The estimated cost of providing such complimentary services that is included in casino expense in the condensed consolidated statements of operations was as follows: Three Months Ended Six Months Ended October 31, 2017 October 31, 2016 October 31, 2017 October 31, 2016 Food and beverage $ 1,447,070 $ 1,600,587 $ 2,929,417 $ 3,137,705 Other 64,349 53,004 127,708 111,249 Total cost of complimentary services $ 1,511,419 $ 1,653,591 $ 3,057,125 $ 3,248,954 Fair Value U.S. generally accepted accounting principles defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are as follows: Level 1 Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2 Other inputs that are observable directly or indirectly such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Unobservable inputs for which there is little or no market data and for The following describes the valuation methodologies used by us to measure fair value: Real estate held for sale is recorded at fair value less selling costs. Goodwill and indefinite lived intangible assets are recorded at carrying value and tested for impairment annually, or more frequently, using projections of discounted future cash flows. Interest rate swaps are adjusted on a recurring basis pursuant to accounting standards for fair value measurements. We categorize our interest rate swap as Level 2 for fair value measurement. Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk are primarily notes receivable, cash and cash equivalents, accounts receivable and payable, and long term debt. Management performs periodic evaluations of the collectability of these notes and accounts receivable. Our cash deposits are held with large, well-known financial institutions, and, at times, such deposits may be in excess of the federally insured limit. The recorded value of cash, accounts receivable and payable, approximate fair value based on their short term nature; the recorded value of long term debt approximates fair value as interest rates approximate current market rates. New Accounting Pronouncements and Legislation Issued In February 2016, the Financial Accounting Standards Board (“FASB”) issued amended accounting guidance that changes the accounting for leases and requires expanded disclosures about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the commencement date for all leases with terms greater than twelve months. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The amended guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2018, and early application is permitted. The Company is currently evaluating the impact this guidance will have on its financial position and results of operations. In May 2014, the FASB issued a new accounting standard for revenue recognition which requires entities to recognize revenue when it transfers promised goods or services to customers, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard supersedes the existing accounting guidance for revenue recognition, including industry-specific guidance, and amends certain accounting guidance for recognition of gains and losses on the transfer of non-financial assets. For public companies, the new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. The Company plans to adopt this standard in the first quarter of fiscal 2019. This standard will affect the Company’s accounting policy in relation to the non-discretionary loyalty program transactions. Based on a clarification from the FASB, complementary revenue represents a consideration payable to a customer and therefore is to be treated as a deduction to revenue at the time of the transaction and at the price of the complementary being offered. The Company expects the majority of such amounts will offset casino revenues. The standard also changes the presentation of promotional allowances to be shown as a direct reduction of gross revenues instead of being presented as a separate line on the Statement of Operations. The Company also expects the accounting for our player program to be impacted, with possible changes to the timing and/or classification of certain transactions within revenues and between revenues and operating expenses as we transition from the immediate revenue/cost accrual model to the deferred revenue model. The quantitative effects of these changes have not yet been determined and are still being analyzed. The Company is currently evaluating the impact this guidance will have on its financial position and results of operations, and has not yet determined which adoption method it will elect. In January 2017, the FASB issued Accounting Standards Update No. 2017-04 ("ASU 2017-04") "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment." ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual periods and interim periods within those annual periods beginning after 15 December 2019, and early adoption is permitted. The Company adopted this guidance in the first quarter of fiscal 2018 and with no material impact on its financial position or results of operations. A variety of proposed or otherwise potential accounting guidance is currently under study by standard-setting organizations and certain regulatory agencies. Due to the tentative and preliminary nature of such proposed accounting guidance, the Company has not yet determined the effect, if any, that the implementation of such proposed accounting guidance would have on its consolidated financial statements. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Oct. 31, 2017 | |
Restricted Cash and Investments [Abstract] | |
Restricted Cash | Note 3. Restricted Cash As of October 31, 2017 and April 30, 2017, we maintained $2,043,806 and $1,994,312, respectively, in restricted cash, which consists of player-supported jackpot funds for our Washington operations. |
Notes Receivable
Notes Receivable | 6 Months Ended |
Oct. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Notes Receivable | Note 4. Notes Receivable G Investments, LLC As of October 31, 2017 and April 30, 2017, we had a note receivable of $191,757 and $383,093, respectively, with no valuation allowance, due from G Investments, LLC resulting from the sale of the Colorado Grande Casino on May 25, 2012. The initial amount was $2,300,000, requiring $40,000 monthly payments, bearing interest at 6% per annum through the amended maturity date of February of 2018, and is secured with the assets of the Colorado Grande Casino, pledge of membership interest in G Investments, LLC (“GI”), and a personal guaranty by GI’s principal. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Oct. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 5. Goodwill and Intangible Assets In connection with our acquisitions of the Washington mini-casinos on May 12, 2009, July 23, 2010 and July 18, 2011, the South Dakota slot route on January 27, 2012, and the Club Fortune Casino in Nevada on December 1, 2015, we have goodwill and intangible assets of $20,724,660, net of amortization for intangible assets with finite lives. The change in the carrying amount of goodwill and other intangible assets for the six months ended October 31, 2017, is as follows: Total Goodwill Other Balance as of April 30, 2017 $ 21,030,916 $ 16,923,588 $ 4,107,328 Current year amortization (306,254) - (306,254) Balance as of October 31, 2017 $ 20,724,662 $ 16,923,588 $ 3,801,074 Goodwill and net intangibles assets by segment as of October 31, 2017, are as follows: Total Goodwill Other Washington $ 15,999,097 $ 14,092,154 $ 1,906,943 South Dakota 196,429 - 196,429 Nevada 4,116,632 2,831,434 1,285,198 Corporate 412,504 - 412,504 Total $ 20,724,662 $ 16,923,588 $ 3,801,074 Intangible assets are generally amortized on a straight line basis over the useful lives of the assets. State gaming registration and trade names are not amortizable. A summary of intangible assets and accumulated amortization as of October 31, 2017, are as follows: Gross Accumulated Net Customer relationships $ 8,673,321 $ (7,836,473) $ 836,848 Non-compete agreements 1,379,000 (1,339,278) 39,722 State gaming registration 412,504 - 412,504 Trade names 2,512,000 - 2,512,000 Total $ 12,976,825 $ (9,175,751) $ 3,801,074 The remaining Period Amount November 2017-October 2018 $ 355,896 November 2018-October 2019 159,484 November 2019-October 2020 117,143 November 2020-October 2021 117,143 Thereafter 126,904 Total $ 876,570 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Oct. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Property and equipment at October 31, 2017 and April 30, 2017, consist of the following: Estimated October 31, April 30, Service Life 2017 2017 in Years Leasehold improvements $ 1,686,673 $ 1,556,824 7-20 Gaming equipment 5,450,022 5,300,898 3-5 Furniture and office equipment 4,653,591 4,506,639 3-7 Building and improvements 7,786,338 7,762,201 15-30 Land 2,387,750 2,387,750 Construction in progress 142,066 80,023 22,106,440 21,594,335 Less accumulated depreciation (8,592,914) (7,635,620) Property and equipment, net $ 13,513,526 $ 13,958,715 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 7. Long-Term Debt Our long-term financing obligations are as follows: October 31, April 30, 2017 2017 $23.0 million reducing revolving credit agreement, LIBOR plus an Applicable Margin, $625,000 quarterly reductions beginning January 31, 2016 through November 30, 2020, and the remaining principal due on the maturity date of November 30, 2020. $ 10,410,310 $ 12,061,411 Less: current portion - - Total long-term financing obligations $ 10,410,310 $ 12,061,411 On November 30, 2015, the Company amended its existing credit agreement with Mutual of Omaha Bank to increase the lending commitment to $23 million. The Amended and Restated Credit Agreement (“Credit Facility”) matures on November 30, 2020, and is secured by liens on substantially all of the real and personal property of the Company and its subsidiaries. The interest rate on the borrowing is based on LIBOR plus an Applicable Margin, determined quarterly beginning April 1, 2016, based on the total leverage ratio for the trailing twelve months. The interest rate on the balance as of October 31, 2017, is 3.74%. In addition, the Company was required to fix the interest rate on at least 50% of the credit facility through a swap agreement. As of October 31, 2017, principal reductions due on the Credit Facility are as follows: November 1, 2017 October 31, 2018 $ - November 1, 2018 October 31, 2019 - November 1, 2019 October 31, 2020 - November 1, 2020 November 30, 2020 10,600,000 Total payments 10,600,000 Unamortized debt discount (189,690) Total long-term debt $ 10,410,310 The unamortized debt discount above consists of debt costs paid directly to the lender. The discount is amortized using the effective interest method over the period of the Credit Facility through interest expense. During the quarter, we paid $1.7 million to reduce the outstanding balance of the Credit Facility. As of October 31, 2017, we have $7.3 million available to borrow per the Credit Agreement. The Credit Facility contains customary covenants for a facility of this nature, including, but not limited to, covenants requiring the preservation and maintenance of the Company’s assets and covenants restricting our ability to merge, transfer ownership, incur additional indebtedness, encumber assets and make certain investments. The Credit Facility also contains covenants requiring the Company to maintain certain financial ratios including a maximum total leverage ratio ranging from 3.00 to 1.00 through January 31, 2017, 2.75 to 1.00 from February 1, 2017 through January 31, 2018, and 2.50 to 1.00 from February 1, 2018 until maturity; and lease adjusted fixed charge coverage ratio of no less than 1.15 to 1.00. We are in compliance with the covenant requirements of the Credit Facility as of October 31, 2017. |
Interest Rate Swap
Interest Rate Swap | 6 Months Ended |
Oct. 31, 2017 | |
Interest Rate Swap [Abstract] | |
Interest Rate Swap | Note 8. Interest Rate Swap We are required by the Credit Facility to have a secured interest rate swap for at least 50% of the Credit Facility commitment. On December 28, 2015, the Company entered into a swap transaction with Mutual of Omaha Bank (“MOOB”), which has a calculation period as of the tenth day of each month through the maturity date of the Credit Facility. As of October 31, 2017, the Company had one outstanding interest rate swap with MOOB with a notional amount of $9,000,000 at a swap rate of 1.77%, which as of October 31, 2017, effectively converts $9,000,000 of our floating-rate debt to a synthetic fixed rate of 4.27%. Under the terms of the swap agreement, the Company pays a fixed rate of 1.77% and receives variable rate based on one-month LIBOR as of the first day of each floating-rate calculation period. Under the International Swap Dealers Association, Inc. (“ISDA”) confirmation, the floating index as of October 31, 2017 is set at 1.235%. The Company did not designate the interest rate swap as a cash flow hedge and the interest rate swap did not qualify for hedge accounting under ASC Topic 815. Changes in our interest rate swap fair value are recorded in our condensed consolidated statements of operations. Each quarter, the Company receives fair value statements from the counterparty, MOOB. The fair value of the interest rate swap is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including forward interest rate curves. To comply with the provisions of ASC Topic 820, Fair Value Measurements and Disclosures, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As a result of our evaluation of our interest rate swap as of October 31, 2017, we recorded a $45,422 and $41,458 increase in our interest rate swap fair value for the three and six months ended October 31, 2017, respectively. As of October 31, 2017 and April 30, 2017, our interest rate swap fair value is a $5,111 asset and $36,346 liability, respectively, which is included in other assets as of October 31, 2017 and other long-term liabilities as of April 30, 2017 on the condensed consolidated balance sheets. |
Equity Transactions and Stock O
Equity Transactions and Stock Option Plans | 6 Months Ended |
Oct. 31, 2017 | |
Share-based Compensation [Abstract] | |
Equity Transactions and Stock Option Plans | Note 9. Equity Transactions and Stock Option Plans We have obligations under two employee stock plans: (1) the 2009 Equity Incentive Plan (the “2009 Plan”), and (2) the 2010 Employee Stock Purchase Plan, as amended (the “2010 Plan”). The 2009 Plan On April 14, 2009, our shareholders approved the 2009 Plan providing for the granting of awards to our directors, officers, employees and independent contractors. The number of common stock shares reserved for issuance under the 2009 Plan is 1,750,000 shares. The 2009 Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors. The Committee has complete discretion under the plan regarding the vesting and service requirements, exercise price and other conditions. Under the 2009 Plan, the Committee is authorized to grant the following types of awards: • Stock Options including Incentive Stock Options (“ISO”), • Options not intended to qualify as ISOs, • Stock Appreciation Rights, and • Restricted Stock Grants. Our practice has been to issue new or treasury shares upon the exercise of stock options. Stock option rights granted under the 2009 Plan generally have 5 or 10 year terms and vest in two or three equal annual installments, with some options grants providing for immediate vesting for a portion of the grant. In October of 2017, the Committee granted 26,430 shares o A summary of stock grant activity under our share-based payment plan for the six months ended October 31, 2017 is presented below: For the Six Months Ended October 31, 2017 Grants Shares Weighted Unvested at beginning of year 20,400 $ 1.98 Issued 83,430 $ 2.27 Vested (34,630) $ 2.19 Forfeited - Unvested at end of year 69,200 $ 2.23 A summary of stock option activity under our share-based payment plan for the six months ended October 31, 2017 is presented below: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term (Year) Value Outstanding at April 30, 2017 693,500 $ 1.10 Granted - Exercised (7,500) $ 0.82 Forfeited or expired - Outstanding at October 31, 2017 686,000 $ 1.10 4.8 $ 727,640 Exercisable at October 31, 2017 686,000 $ 1.10 4.8 $ 727,640 Available for grant at October 31, 2017 507,611 Compensation cost for stock options granted is based on the fair value of each award, measured by applying the Black-Scholes model. As of October 31, 2017, there was no unamortized compensation cost related to stock options. Treasury Stock In July 2016, our board of directors approved a $2.0 million stock repurchase program to purchase our common stock in the open market or in privately negotiated transactions from time to time, in compliance with Rule 10b-18 of the Securities and Exchange Act of 1934, subject to market conditions, applicable legal requirements, loan covenants and other factors. The repurchase plan does not obligate the Company to acquire any specified number or value of common stock. During the three months ended October 31, 2017, the Company repurchased 32,657 shares at a weighted average price of $2.32 per share, costing $76,963 (including commissions). During the six months ended October 31, 2017, the Company repurchased 788,301 shares at a weighted average price of $2.16 per share, costing $1,701,597 (including commissions). As of October 31, 2017, $1.7 million remains available under the share repurchase authorization. Warrants On November 7, 2011, we closed on the sale of 2,625,652 shares of our common stock to certain investors through a registered direct offering. In addition, for each share of our common stock purchased by an investor, we issued to such investor a warrant to purchase 0.75 shares of our common stock. The warrants had an exercise price of $2.18 per share and were exercisable for five years from the initial exercise date. During the first week of May 2017, warrants were exercised in cashless transactions and the Company issued 36,689 shares as a result. The remaining warrants expired on May 7, 2017 . |
Computation of Earnings Per Sha
Computation of Earnings Per Share | 6 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Computation of Earnings Per Share The following is presented as a reconciliation of the numerators and denominators of basic and diluted earnings per share computations: Three Months Ended Six Months Ended October 31, October 31, October 31, October 31, 2017 2016 2017 2016 Numerator: Basic and Diluted: Net income available to common shareholders $ 638,977 $ 150,022 $ 762,978 $ 50,450 Denominator: Basic weighted average number of common shares outstanding 16,831,048 17,770,013 17,125,734 17,765,367 Dilutive effect of common stock options and warrants 364,894 292,842 362,137 297,036 Diluted weighted average number of common shares outstanding 17,195,942 18,062,855 17,487,871 18,062,403 Net income per common share - basic and diluted $ 0.04 $ 0.01 $ 0.04 $ 0.00 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies We are party to contracts in the ordinary course of business, including leases for real property and operating leases for equipment. The expected remaining future annual minimum lease payments as of October 31, 2017, are as follows: Period Total November 2017-October 2018 $ 3,139,160 November 2018-October 2019 2,838,539 November 2019-October 2020 2,520,787 November 2020-October 2021 2,248,294 Thereafter 935,630 $ 11,682,410 We continue to pursue additional development opportunities that may require, individually and in the aggregate, significant commitments of capital, extensions of credit, up-front payments to third parties and guarantees by us of third-party debt. We indemnified our officers and directors for certain events or occurrences while the director or officer is or was serving at our request in such capacity. The maximum potential amount of future payments we could be required to make under these indemnification obligations is unlimited; however, we have a Directors and Officers Liability Insurance policy that limits our exposure and enables us to recover a portion of any future amounts paid, provided that such insurance policy provides coverage. |
Income Taxes
Income Taxes | 6 Months Ended |
Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income Taxes For the three months ended October 31, 2017 and 2016, our effective tax rates were 29% and 32%, respectively. For the six months ended October 31, 2017 and 2016, our effective tax rates were 30% and 31%, respectively. The difference between the federal statutory rate of 34% and the 2018 fiscal year to date’s effective tax rate is primarily due to utilization of general business credits. At October 31, 2017, we have $1.2 million in net deferred tax assets, which is primarily a result of the $6.3 million (gross, not tax effected) amount We filed income tax returns in the United States federal jurisdiction. No jurisdiction is currently examining our tax filings for any tax years. All of the Company’s tax positions are considered more likely than not to be sustained upon an IRS examination. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 13. Segment Reporting We have three business segments: (i) Washington, (ii) South Dakota and (iii) Nevada, as well as the Company’s corporate location. For the three months ended October Summarized financial information for our reportable segments is shown in the following table: As of, and for the Three Months Ended, October 31, 2017 Washington South Dakota Nevada Corporate Total Net revenues $ 13,902,500 $ 2,199,901 $ 3,377,822 $ - $ 19,480,223 Casino and food and beverage expense 7,389,151 1,878,215 2,047,861 - 11,315,227 Marketing, administrative and corporate expense 4,320,397 118,972 856,394 691,976 5,987,739 Facility and other expenses 463,510 22,371 84,296 - 570,177 Depreciation and amortization 113,897 104,080 373,498 6,673 598,148 Operating income (loss) 1,609,959 76,384 15,773 (698,649) 1,003,467 Assets 27,898,267 1,830,836 16,461,792 4,355,118 50,546,013 Purchase of property and equipment 251,426 - 46,546 10,026 307,998 As of, and for the Three Months Ended, October 31, 2016 Washington South Dakota Nevada Corporate Total Net revenues $ 13,194,471 $ 2,220,368 $ 3,062,047 $ - $ 18,476,886 Casino and food and beverage expense 7,082,474 1,859,135 1,984,086 - 10,925,695 Marketing, administrative and corporate expense 4,115,482 114,710 933,684 724,136 5,888,012 Facility and other expenses 486,482 33,658 79,016 - 599,156 Depreciation and amortization 231,443 156,444 379,780 5,843 773,510 Operating income (loss) 1,278,380 56,127 (319,561) (729,979) 284,967 Assets 27,524,144 3,254,896 18,255,491 6,310,327 55,344,858 Purchase of property and equipment 49,582 21,463 89,561 7,154 167,760 As of, and for the Six Months Ended, October 31, 2017 Washington South Dakota Nevada Corporate Total Net revenues $ 27,092,442 $ 4,072,839 $ 6,803,466 $ - $ 37,968,747 Casino and food and beverage expense 14,702,652 3,523,306 4,084,651 - 22,310,609 Marketing, administrative and corporate expense 8,626,427 233,322 1,722,736 1,331,361 11,913,846 Facility and other expenses 886,400 45,118 157,910 - 1,089,428 Depreciation and amortization 346,879 202,365 746,995 13,345 1,309,584 Operating income (loss) 2,524,498 68,849 91,174 (1,344,706) 1,339,815 Assets 27,898,267 1,830,836 16,461,792 4,355,118 50,546,013 Purchase of property and equipment 357,840 107,033 78,170 22,562 565,605 As of, and for the Six Months Ended, October 31, 2016 Washington South Dakota Nevada Corporate Total Net revenues $ 26,264,288 $ 4,149,231 $ 6,293,145 $ - $ 36,706,664 Casino and food and beverage expense 14,220,502 3,535,487 3,889,146 - 21,645,135 Marketing, administrative and corporate expense 8,161,153 235,980 2,037,023 1,520,869 11,955,025 Facility and other expenses 960,930 69,610 156,889 - 1,187,429 Depreciation and amortization 486,623 312,657 738,662 12,080 1,550,022 Operating income (loss) 2,434,870 (13,168) (533,616) (1,532,949) 355,137 Assets 27,524,144 3,254,896 18,255,491 6,310,327 55,344,858 Purchase of property and equipment 239,100 21,463 507,126 55,188 822,877 |
Critical Accounting Policies (P
Critical Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2017 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition We record revenues from casino operations. The retail value of food and beverage and other services furnished to guests without charge is included in gross revenue and deducted as promotional allowances. Net revenues do not include the retail amount of food, beverage and other items provided gratuitously to customers. These amounts are included in promotional allowances in the accompanying condensed consolidated statements of operations. We record the redemption of coupons and points for cash as a reduction of revenue. The estimated retail value of providing such promotional allowances is as follows: Three Months Ended Six Months Ended October 31, 2017 October 31, 2016 October 31, 2017 October 31, 2016 Food and beverage $ 1,566,112 $ 1,692,025 $ 3,093,257 $ 3,413,598 Other 67,401 55,044 132,967 116,304 Promotional allowances $ 1,633,513 $ 1,747,069 $ 3,226,224 $ 3,529,902 The estimated cost of providing such complimentary services that is included in casino expense in the condensed consolidated statements of operations was as follows: Three Months Ended Six Months Ended October 31, 2017 October 31, 2016 October 31, 2017 October 31, 2016 Food and beverage $ 1,447,070 $ 1,600,587 $ 2,929,417 $ 3,137,705 Other 64,349 53,004 127,708 111,249 Total cost of complimentary services $ 1,511,419 $ 1,653,591 $ 3,057,125 $ 3,248,954 |
Fair Value | Fair Value U.S. generally accepted accounting principles defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are as follows: Level 1 Observable inputs such as quoted prices in active markets at the measurement date for identical, unrestricted assets or liabilities. Level 2 Other inputs that are observable directly or indirectly such as quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Unobservable inputs for which there is little or no market data and for The following describes the valuation methodologies used by us to measure fair value: Real estate held for sale is recorded at fair value less selling costs. Goodwill and indefinite lived intangible assets are recorded at carrying value and tested for impairment annually, or more frequently, using projections of discounted future cash flows. Interest rate swaps are adjusted on a recurring basis pursuant to accounting standards for fair value measurements. We categorize our interest rate swap as Level 2 for fair value measurement. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject us to concentrations of credit risk are primarily notes receivable, cash and cash equivalents, accounts receivable and payable, and long term debt. Management performs periodic evaluations of the collectability of these notes and accounts receivable. Our cash deposits are held with large, well-known financial institutions, and, at times, such deposits may be in excess of the federally insured limit. The recorded value of cash, accounts receivable and payable, approximate fair value based on their short term nature; the recorded value of long term debt approximates fair value as interest rates approximate current market rates. |
New Accounting Pronouncements | New Accounting Pronouncements and Legislation Issued In February 2016, the Financial Accounting Standards Board (“FASB”) issued amended accounting guidance that changes the accounting for leases and requires expanded disclosures about leasing activities. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the commencement date for all leases with terms greater than twelve months. Lessor accounting will remain largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance. Lessees and lessors must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The amended guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2018, and early application is permitted. The Company is currently evaluating the impact this guidance will have on its financial position and results of operations. In May 2014, the FASB issued a new accounting standard for revenue recognition which requires entities to recognize revenue when it transfers promised goods or services to customers, in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard supersedes the existing accounting guidance for revenue recognition, including industry-specific guidance, and amends certain accounting guidance for recognition of gains and losses on the transfer of non-financial assets. For public companies, the new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. The Company plans to adopt this standard in the first quarter of fiscal 2019. This standard will affect the Company’s accounting policy in relation to the non-discretionary loyalty program transactions. Based on a clarification from the FASB, complementary revenue represents a consideration payable to a customer and therefore is to be treated as a deduction to revenue at the time of the transaction and at the price of the complementary being offered. The Company expects the majority of such amounts will offset casino revenues. The standard also changes the presentation of promotional allowances to be shown as a direct reduction of gross revenues instead of being presented as a separate line on the Statement of Operations. The Company also expects the accounting for our player program to be impacted, with possible changes to the timing and/or classification of certain transactions within revenues and between revenues and operating expenses as we transition from the immediate revenue/cost accrual model to the deferred revenue model. The quantitative effects of these changes have not yet been determined and are still being analyzed. The Company is currently evaluating the impact this guidance will have on its financial position and results of operations, and has not yet determined which adoption method it will elect. In January 2017, the FASB issued Accounting Standards Update No. 2017-04 ("ASU 2017-04") "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment." ASU 2017-04 removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. A goodwill impairment will now be the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual periods and interim periods within those annual periods beginning after 15 December 2019, and early adoption is permitted. The Company adopted this guidance in the first quarter of fiscal 2018 and with no material impact on its financial position or results of operations. A variety of proposed or otherwise potential accounting guidance is currently under study by standard-setting organizations and certain regulatory agencies. Due to the tentative and preliminary nature of such proposed accounting guidance, the Company has not yet determined the effect, if any, that the implementation of such proposed accounting guidance would have on its consolidated financial statements. |
Critical Accounting Policies (T
Critical Accounting Policies (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Schedule Of Promotional Allowances [Table Text Block] | The estimated retail value of providing such promotional allowances is as follows: Three Months Ended Six Months Ended October 31, 2017 October 31, 2016 October 31, 2017 October 31, 2016 Food and beverage $ 1,566,112 $ 1,692,025 $ 3,093,257 $ 3,413,598 Other 67,401 55,044 132,967 116,304 Promotional allowances $ 1,633,513 $ 1,747,069 $ 3,226,224 $ 3,529,902 |
Schedule Of Cost Of Revenue [Table Text Block] | The estimated cost of providing such complimentary services that is included in casino expense in the condensed consolidated statements of operations was as follows: Three Months Ended Six Months Ended October 31, 2017 October 31, 2016 October 31, 2017 October 31, 2016 Food and beverage $ 1,447,070 $ 1,600,587 $ 2,929,417 $ 3,137,705 Other 64,349 53,004 127,708 111,249 Total cost of complimentary services $ 1,511,419 $ 1,653,591 $ 3,057,125 $ 3,248,954 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Change in Carrying Amount of Goodwill and Intangibles | The change in the carrying amount of goodwill and other intangible assets for the six months ended October 31, 2017, is as follows: Total Goodwill Other Balance as of April 30, 2017 $ 21,030,916 $ 16,923,588 $ 4,107,328 Current year amortization (306,254) - (306,254) Balance as of October 31, 2017 $ 20,724,662 $ 16,923,588 $ 3,801,074 |
Goodwill and Net Other Intangibles by Segment | Goodwill and net intangibles assets by segment as of October 31, 2017, are as follows: Total Goodwill Other Washington $ 15,999,097 $ 14,092,154 $ 1,906,943 South Dakota 196,429 - 196,429 Nevada 4,116,632 2,831,434 1,285,198 Corporate 412,504 - 412,504 Total $ 20,724,662 $ 16,923,588 $ 3,801,074 |
Summary of Intangible Assets and Accumulated Amortization | Intangible assets are generally amortized on a straight line basis over the useful lives of the assets. State gaming registration and trade names are not amortizable. A summary of intangible assets and accumulated amortization as of October 31, 2017, are as follows: Gross Accumulated Net Customer relationships $ 8,673,321 $ (7,836,473) $ 836,848 Non-compete agreements 1,379,000 (1,339,278) 39,722 State gaming registration 412,504 - 412,504 Trade names 2,512,000 - 2,512,000 Total $ 12,976,825 $ (9,175,751) $ 3,801,074 |
Estimated Future Annual Amortization of Intangible Assets | The remaining Period Amount November 2017-October 2018 $ 355,896 November 2018-October 2019 159,484 November 2019-October 2020 117,143 November 2020-October 2021 117,143 Thereafter 126,904 Total $ 876,570 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment at October 31, 2017 and April 30, 2017, consist of the following: Estimated October 31, April 30, Service Life 2017 2017 in Years Leasehold improvements $ 1,686,673 $ 1,556,824 7-20 Gaming equipment 5,450,022 5,300,898 3-5 Furniture and office equipment 4,653,591 4,506,639 3-7 Building and improvements 7,786,338 7,762,201 15-30 Land 2,387,750 2,387,750 Construction in progress 142,066 80,023 22,106,440 21,594,335 Less accumulated depreciation (8,592,914) (7,635,620) Property and equipment, net $ 13,513,526 $ 13,958,715 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Financing Obligations | Our long-term financing obligations are as follows: October 31, April 30, 2017 2017 $23.0 million reducing revolving credit agreement, LIBOR plus an Applicable Margin, $625,000 quarterly reductions beginning January 31, 2016 through November 30, 2020, and the remaining principal due on the maturity date of November 30, 2020. $ 10,410,310 $ 12,061,411 Less: current portion - - Total long-term financing obligations $ 10,410,310 $ 12,061,411 |
Scheduled Principal Payments on Credit Facility | As of October 31, 2017, principal reductions due on the Credit Facility are as follows: November 1, 2017 October 31, 2018 $ - November 1, 2018 October 31, 2019 - November 1, 2019 October 31, 2020 - November 1, 2020 November 30, 2020 10,600,000 Total payments 10,600,000 Unamortized debt discount (189,690) Total long-term debt $ 10,410,310 |
Equity Transactions and Stock24
Equity Transactions and Stock Option Plans (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Share-based Compensation [Abstract] | |
Summary of Stock Grant Activity Under our Share-Based Payment Plans | For the Six Months Ended October 31, 2017 Grants Shares Weighted Unvested at beginning of year 20,400 $ 1.98 Issued 83,430 $ 2.27 Vested (34,630) $ 2.19 Forfeited - Unvested at end of year 69,200 $ 2.23 |
Summary of Activity under Share-Based Payment Plans | A summary of stock option activity under our share-based payment plan for the six months ended October 31, 2017 is presented below: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term (Year) Value Outstanding at April 30, 2017 693,500 $ 1.10 Granted - Exercised (7,500) $ 0.82 Forfeited or expired - Outstanding at October 31, 2017 686,000 $ 1.10 4.8 $ 727,640 Exercisable at October 31, 2017 686,000 $ 1.10 4.8 $ 727,640 Available for grant at October 31, 2017 507,611 |
Computation of Earnings Per S25
Computation of Earnings Per Share (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | The following is presented as a reconciliation of the numerators and denominators of basic and diluted earnings per share computations: Three Months Ended Six Months Ended October 31, October 31, October 31, October 31, 2017 2016 2017 2016 Numerator: Basic and Diluted: Net income available to common shareholders $ 638,977 $ 150,022 $ 762,978 $ 50,450 Denominator: Basic weighted average number of common shares outstanding 16,831,048 17,770,013 17,125,734 17,765,367 Dilutive effect of common stock options and warrants 364,894 292,842 362,137 297,036 Diluted weighted average number of common shares outstanding 17,195,942 18,062,855 17,487,871 18,062,403 Net income per common share - basic and diluted $ 0.04 $ 0.01 $ 0.04 $ 0.00 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Expected Remaining Future Rolling Twelve Months Minimum Lease Payments | The expected remaining future annual minimum lease payments as of October 31, 2017, are as follows: Period Total November 2017-October 2018 $ 3,139,160 November 2018-October 2019 2,838,539 November 2019-October 2020 2,520,787 November 2020-October 2021 2,248,294 Thereafter 935,630 $ 11,682,410 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Oct. 31, 2017 | |
Segment Reporting [Abstract] | |
Summarized Financial Information for Reportable Segments | Summarized financial information for our reportable segments is shown in the following table: As of, and for the Three Months Ended, October 31, 2017 Washington South Dakota Nevada Corporate Total Net revenues $ 13,902,500 $ 2,199,901 $ 3,377,822 $ - $ 19,480,223 Casino and food and beverage expense 7,389,151 1,878,215 2,047,861 - 11,315,227 Marketing, administrative and corporate expense 4,320,397 118,972 856,394 691,976 5,987,739 Facility and other expenses 463,510 22,371 84,296 - 570,177 Depreciation and amortization 113,897 104,080 373,498 6,673 598,148 Operating income (loss) 1,609,959 76,384 15,773 (698,649) 1,003,467 Assets 27,898,267 1,830,836 16,461,792 4,355,118 50,546,013 Purchase of property and equipment 251,426 - 46,546 10,026 307,998 As of, and for the Three Months Ended, October 31, 2016 Washington South Dakota Nevada Corporate Total Net revenues $ 13,194,471 $ 2,220,368 $ 3,062,047 $ - $ 18,476,886 Casino and food and beverage expense 7,082,474 1,859,135 1,984,086 - 10,925,695 Marketing, administrative and corporate expense 4,115,482 114,710 933,684 724,136 5,888,012 Facility and other expenses 486,482 33,658 79,016 - 599,156 Depreciation and amortization 231,443 156,444 379,780 5,843 773,510 Operating income (loss) 1,278,380 56,127 (319,561) (729,979) 284,967 Assets 27,524,144 3,254,896 18,255,491 6,310,327 55,344,858 Purchase of property and equipment 49,582 21,463 89,561 7,154 167,760 As of, and for the Six Months Ended, October 31, 2017 Washington South Dakota Nevada Corporate Total Net revenues $ 27,092,442 $ 4,072,839 $ 6,803,466 $ - $ 37,968,747 Casino and food and beverage expense 14,702,652 3,523,306 4,084,651 - 22,310,609 Marketing, administrative and corporate expense 8,626,427 233,322 1,722,736 1,331,361 11,913,846 Facility and other expenses 886,400 45,118 157,910 - 1,089,428 Depreciation and amortization 346,879 202,365 746,995 13,345 1,309,584 Operating income (loss) 2,524,498 68,849 91,174 (1,344,706) 1,339,815 Assets 27,898,267 1,830,836 16,461,792 4,355,118 50,546,013 Purchase of property and equipment 357,840 107,033 78,170 22,562 565,605 As of, and for the Six Months Ended, October 31, 2016 Washington South Dakota Nevada Corporate Total Net revenues $ 26,264,288 $ 4,149,231 $ 6,293,145 $ - $ 36,706,664 Casino and food and beverage expense 14,220,502 3,535,487 3,889,146 - 21,645,135 Marketing, administrative and corporate expense 8,161,153 235,980 2,037,023 1,520,869 11,955,025 Facility and other expenses 960,930 69,610 156,889 - 1,187,429 Depreciation and amortization 486,623 312,657 738,662 12,080 1,550,022 Operating income (loss) 2,434,870 (13,168) (533,616) (1,532,949) 355,137 Assets 27,524,144 3,254,896 18,255,491 6,310,327 55,344,858 Purchase of property and equipment 239,100 21,463 507,126 55,188 822,877 |
Estimated Cost of Promotional A
Estimated Cost of Promotional Allowances (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Promotional allowances | $ 1,633,513 | $ 1,747,069 | $ 3,226,224 | $ 3,529,902 |
Food and beverage [Member] | ||||
Promotional allowances | 1,566,112 | 1,692,025 | 3,093,257 | 3,413,598 |
Other [Member] | ||||
Promotional allowances | $ 67,401 | $ 55,044 | $ 132,967 | $ 116,304 |
Estimated Cost of Complimentary
Estimated Cost of Complimentary Services (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Significant Accounting Policies [Line Items] | ||||
Food and beverage | $ 1,447,070 | $ 1,600,587 | $ 2,929,417 | $ 3,137,705 |
Other | 64,349 | 53,004 | 127,708 | 111,249 |
Total cost of complimentary services | $ 1,511,419 | $ 1,653,591 | $ 3,057,125 | $ 3,248,954 |
Restricted Cash - Additional In
Restricted Cash - Additional Information (Detail) - USD ($) | Oct. 31, 2017 | Apr. 30, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 2,043,806 | $ 1,994,312 |
Notes Receivable - Additional I
Notes Receivable - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
May 25, 2012 | Oct. 31, 2017 | Apr. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 191,757 | $ 383,093 | |
Divestiture [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable | $ 2,300,000 | ||
Notes receivable, interest rate | 6.00% | ||
Monthly Installment Amount Of Note Receivable | $ 40,000 |
Change in Carrying Amount of Go
Change in Carrying Amount of Goodwill and Other Intangibles (Detail) | 6 Months Ended |
Oct. 31, 2017USD ($) | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Balance as of April 30, 2017 | $ 21,030,916 |
Current year amortization | (306,254) |
Balance as of October 31, 2017 | 20,724,662 |
Goodwill | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Balance as of April 30, 2017 | 16,923,588 |
Current year amortization | 0 |
Balance as of October 31, 2017 | 16,923,588 |
Other Intangibles, net | |
Goodwill and Intangible Assets Disclosure [Line Items] | |
Balance as of April 30, 2017 | 4,107,328 |
Current year amortization | (306,254) |
Balance as of October 31, 2017 | $ 3,801,074 |
Goodwill and Net Other Intangib
Goodwill and Net Other Intangibles by Segment (Detail) | Oct. 31, 2017USD ($) |
Goodwill [Line Items] | |
Goodwill and other intangible assets | $ 20,724,662 |
Washington | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 15,999,097 |
South Dakota | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 196,429 |
Nevada | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 4,116,632 |
Corporate | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 412,504 |
Other Intangibles, net | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 3,801,074 |
Other Intangibles, net | Washington | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 1,906,943 |
Other Intangibles, net | South Dakota | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 196,429 |
Other Intangibles, net | Nevada | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 1,285,198 |
Other Intangibles, net | Corporate | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 412,504 |
Goodwill | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 16,923,588 |
Goodwill | Washington | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 14,092,154 |
Goodwill | South Dakota | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 0 |
Goodwill | Nevada | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | 2,831,434 |
Goodwill | Corporate | |
Goodwill [Line Items] | |
Goodwill and other intangible assets | $ 0 |
Summary of Intangible Assets an
Summary of Intangible Assets and Accumulated Amortization (Detail) | Oct. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | $ 12,976,825 |
Accumulated Amortization | (9,175,751) |
Net | 3,801,074 |
Customer relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 8,673,321 |
Accumulated Amortization | (7,836,473) |
Net | 836,848 |
Non-compete agreements | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 1,379,000 |
Accumulated Amortization | (1,339,278) |
Net | 39,722 |
State gaming registration | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 412,504 |
Accumulated Amortization | 0 |
Net | 412,504 |
Trade names | |
Finite-Lived Intangible Assets [Line Items] | |
Gross Carrying Amount | 2,512,000 |
Accumulated Amortization | 0 |
Net | $ 2,512,000 |
Estimated Future Annual Amortiz
Estimated Future Annual Amortization of Intangible Assets (Detail) | Oct. 31, 2017USD ($) |
Expected Amortization Expense [Line Items] | |
Total | $ 3,801,074 |
Customer relationships and Non-compete agreements | |
Expected Amortization Expense [Line Items] | |
November 2017-October 2018 | 355,896 |
November 2018-October 2019 | 159,484 |
November 2019-October 2020 | 117,143 |
November 2020-October 2021 | 117,143 |
Thereafter | 126,904 |
Total | $ 876,570 |
Goodwill and Intangible Asset36
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Oct. 31, 2017 | Apr. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Balance as of October 31, 2017 | $ 20,724,662 | $ 21,030,916 |
Customer relationships | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Weighted average useful lives of acquired intangibles | 3 years 9 months 18 days | |
Non-compete agreements | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Weighted average useful lives of acquired intangibles | 1 year 1 month 6 days |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) | 6 Months Ended | |
Oct. 31, 2017 | Apr. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 22,106,440 | $ 21,594,335 |
Less accumulated depreciation | (8,592,914) | (7,635,620) |
Property and equipment, net | 13,513,526 | 13,958,715 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,686,673 | 1,556,824 |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 20 years | |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 7 years | |
Gaming equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 5,450,022 | 5,300,898 |
Gaming equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 5 years | |
Gaming equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 3 years | |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 4,653,591 | 4,506,639 |
Furniture and office equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 7 years | |
Furniture and office equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 3 years | |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 7,786,338 | 7,762,201 |
Building and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 30 years | |
Building and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Service Life in Years | 15 years | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,387,750 | 2,387,750 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 142,066 | $ 80,023 |
Long-Term Financing Obligations
Long-Term Financing Obligations (Detail) - USD ($) | Oct. 31, 2017 | Apr. 30, 2017 |
Debt Instrument [Line Items] | ||
Less: current portion | $ 0 | $ 0 |
Total long-term financing obligations | 10,410,310 | 12,061,411 |
Revolving Credit One | ||
Debt Instrument [Line Items] | ||
$23.0 million reducing revolving credit agreement, LIBOR plus an Applicable Margin, $625,000 quarterly reductions beginning January 31, 2016 through November 30, 2020, and the remaining principal due on the maturity date of November 30, 2020. | $ 10,410,310 | $ 12,061,411 |
Long-Term Financing Obligatio39
Long-Term Financing Obligations (Parenthetical) (Detail) | 6 Months Ended |
Oct. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 23,000,000 |
Debt Instrument Maturity Date | Nov. 30, 2020 |
January 31, 2016 through November 30, 2020 | |
Debt Instrument [Line Items] | |
Debt Instrument, Periodic Payment | $ 625,000 |
Schedule of Principal Payments
Schedule of Principal Payments on Credit Facility (Detail) - USD ($) | 6 Months Ended | |
Oct. 31, 2017 | Apr. 30, 2017 | |
Line of Credit Facility [Line Items] | ||
Total payments | $ 10,600,000 | |
Unamortized debt discount | (189,690) | |
Total long-term debt | 10,410,310 | $ 12,061,411 |
November 1, 2017 - October 31, 2018 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Annual payment | 0 | |
November 1, 2018 - October 31, 2019 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Annual payment | 0 | |
November 1, 2019 - October 31, 2020 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Annual payment | 0 | |
November 1, 2020 - November 30, 2020 | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Annual payment | $ 10,600,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2017 | Nov. 30, 2015 | |
Debt Disclosure [Line Items] | |||
Percentage Of Remaining Credit Facility Principal Balance | 50.00% | ||
Maximum | |||
Debt Disclosure [Line Items] | |||
Line Of Credit Facility Fixed Charge Coverage Ratio | 1.15 | ||
Minimum | |||
Debt Disclosure [Line Items] | |||
Line Of Credit Facility Fixed Charge Coverage Ratio | 1 | ||
Revolving Credit Facility [Member] | |||
Debt Disclosure [Line Items] | |||
Line of credit facility amount outstanding | $ 23 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.74% | 3.74% | |
through January 31, 2017 | Maximum | |||
Debt Disclosure [Line Items] | |||
Line Of Credit Facility Total Minimum Leverage Ratio | 3 | ||
through January 31, 2017 | Minimum | |||
Debt Disclosure [Line Items] | |||
Line Of Credit Facility Total Minimum Leverage Ratio | 1 | ||
February 1, 2018 until maturity | Maximum | |||
Debt Disclosure [Line Items] | |||
Line Of Credit Facility Total Minimum Leverage Ratio | 2.50 | ||
February 1, 2018 until maturity | Minimum | |||
Debt Disclosure [Line Items] | |||
Line Of Credit Facility Total Minimum Leverage Ratio | 1 | ||
February 1, 2017 through January 31, 2018 | Maximum | |||
Debt Disclosure [Line Items] | |||
Line Of Credit Facility Total Minimum Leverage Ratio | 2.75 | ||
February 1, 2017 through January 31, 2018 | Minimum | |||
Debt Disclosure [Line Items] | |||
Line Of Credit Facility Total Minimum Leverage Ratio | 1 | ||
Amended Credit Agreement | |||
Debt Disclosure [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 7.3 | $ 7.3 | |
Line of Credit Facility, Periodic Payment | $ 1.7 |
Interest Rate Swap - Additional
Interest Rate Swap - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2017 | Apr. 30, 2017 | Dec. 28, 2015 | |
Interest Rate Swap [Line Items] | ||||
Derivative, Notional Amount | $ 9,000,000 | $ 9,000,000 | ||
Derivative, Variable Interest Rate | 1.77% | 1.77% | ||
Derivative, Swaption Interest Rate | 4.27% | 4.27% | ||
Percentage Of Initial Floating Index | 1.235% | |||
Increase Decrease In Interest Rate Swap | $ 45,422 | $ 41,458 | ||
Other Long-term Debt, Total | $ 5,111 | $ 5,111 | $ 36,346 | |
Secured Interest Rate Swap Percentage On Debt | 50.00% |
Summary of Stock Grant Activity
Summary of Stock Grant Activity Under our Share-Based Payment Plans (Detail) | 6 Months Ended |
Oct. 31, 2017$ / sharesshares | |
Shares Unvested at beginning of year | 20,400 |
Shares Issued | 83,430 |
Shares Vested | (34,630) |
Shares Forfeited | 0 |
Shares Unvested at end of year | 69,200 |
Weighted Average Grant Date Value (per share), Unvested at beginning of year | $ / shares | $ 1.98 |
Weighted Average Grant Date Value (per share), Issued | $ / shares | 2.27 |
Weighted Average Grant Date Value (per share), Vested | $ / shares | 2.19 |
Weighted Average Grant Date Value (per share), Unvested at end of year | $ / shares | $ 2.23 |
Summary of Activity under Share
Summary of Activity under Share-Based Payment Plans (Detail) | 6 Months Ended |
Oct. 31, 2017USD ($)$ / sharesshares | |
Options | |
Outstanding | 693,500 |
Granted | 0 |
Exercised | (7,500) |
Forfeited or expired | 0 |
Outstanding | 686,000 |
Exercisable | 686,000 |
Available for grant | 507,611 |
Weighted Average Exercise Price | |
Outstanding | $ / shares | $ 1.10 |
Exercised | $ / shares | 0.82 |
Outstanding | $ / shares | 1.10 |
Exercisable | $ / shares | $ 1.10 |
Weighted Average Remaining Contractual Term (Year) | |
Outstanding | 4 years 9 months 18 days |
Exercisable | 4 years 9 months 18 days |
Aggregate Intrinsic Value | |
Outstanding | $ | $ 727,640 |
Exercisable | $ | $ 727,640 |
Equity Transactions and Stock45
Equity Transactions and Stock Option Plans - Additional Information (Detail) | May 07, 2017shares | Nov. 07, 2011$ / sharesshares | Jul. 31, 2016USD ($) | Oct. 31, 2017USD ($)$ / sharesshares | Oct. 31, 2017USD ($)$ / sharesshares | Oct. 31, 2016USD ($) | Apr. 14, 2009shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation, Total | $ | $ 74,678 | $ 119,128 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 83,430 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | ||||||
Payments for Repurchase of Common Stock | $ | $ 2,000,000 | ||||||
Treasury Stock, Shares, Acquired | 32,657 | 788,301 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 2.32 | $ 2.16 | |||||
Treasury stock purchased | $ | $ 76,963 | $ 1,701,597 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | 150,038 | 150,038 | |||||
Stock Repurchase Program, Authorized Amount | $ | $ 1,700,000 | $ 1,700,000 | |||||
Stock Issued During Period, Shares, New Issues | 2,625,652 | ||||||
Class Of Warrant Or Right Common Stock Exchange Ratio | 0.75 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.18 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 36,689 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 26,430 | ||||||
Director | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation, Total | $ | $ 10,000 | ||||||
Management | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 57,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
2009 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares of reserved for issuance under stock plan | 1,750,000 | ||||||
2009 Plan | Stock option rights granted prior to fiscal year 2006 | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options terms | 5 years | ||||||
2009 Plan | Stock option rights granted prior to fiscal year 2006 | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options terms | 10 years |
Reconciliation of Numerators an
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Basic and Diluted: | ||||
Net income available to common shareholders | $ 638,977 | $ 150,022 | $ 762,978 | $ 50,450 |
Denominator: | ||||
Basic weighted average number of common shares outstanding | 16,831,048 | 17,770,013 | 17,125,734 | 17,765,367 |
Dilutive effect of common stock options and warrants | 364,894 | 292,842 | 362,137 | 297,036 |
Diluted weighted average number of common shares outstanding | 17,195,942 | 18,062,855 | 17,487,871 | 18,062,403 |
Net income per common share - basic and diluted | $ 0.04 | $ 0.01 | $ 0.04 | $ 0 |
Expected Remaining Future Rolli
Expected Remaining Future Rolling Twelve Months Minimum Lease Payments (Detail) | Oct. 31, 2017USD ($) |
Schedule of Operating Leases [Line Items] | |
November 2017-October 2018 | $ 3,139,160 |
November 2018-October 2019 | 2,838,539 |
November 2019-October 2020 | 2,520,787 |
November 2020-October 2021 | 2,248,294 |
Thereafter | 935,630 |
Total | $ 11,682,410 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Income Tax Disclosure [Line Items] | ||||
Effective income tax rate reconciliation, at federal statutory income tax rate | 34.00% | |||
Other Receivables | $ 6.3 | $ 6.3 | ||
Deferred tax assets, general business | $ 1.2 | $ 1.2 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 29.00% | 32.00% | 30.00% | 31.00% |
Segment Reporting (Detail)
Segment Reporting (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Washington | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 13,902,500 | $ 13,194,471 | $ 27,092,442 | $ 26,264,288 |
Casino and food and beverage expense | 7,389,151 | 7,082,474 | 14,702,652 | 14,220,502 |
Marketing, administrative and corporate expense | 4,320,397 | 4,115,482 | 8,626,427 | 8,161,153 |
Facility and other expenses | 463,510 | 486,482 | 886,400 | 960,930 |
Depreciation and amortization | 113,897 | 231,443 | 346,879 | 486,623 |
Operating income (loss) | 1,609,959 | 1,278,380 | 2,524,498 | 2,434,870 |
Assets | 27,898,267 | 27,524,144 | 27,898,267 | 27,524,144 |
Purchase of property and equipment | 251,426 | 49,582 | 357,840 | 239,100 |
South Dakota | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 2,199,901 | 2,220,368 | 4,072,839 | 4,149,231 |
Casino and food and beverage expense | 1,878,215 | 1,859,135 | 3,523,306 | 3,535,487 |
Marketing, administrative and corporate expense | 118,972 | 114,710 | 233,322 | 235,980 |
Facility and other expenses | 22,371 | 33,658 | 45,118 | 69,610 |
Depreciation and amortization | 104,080 | 156,444 | 202,365 | 312,657 |
Operating income (loss) | 76,384 | 56,127 | 68,849 | (13,168) |
Assets | 1,830,836 | 3,254,896 | 1,830,836 | 3,254,896 |
Purchase of property and equipment | 0 | 21,463 | 107,033 | 21,463 |
Nevada | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 3,377,822 | 3,062,047 | 6,803,466 | 6,293,145 |
Casino and food and beverage expense | 2,047,861 | 1,984,086 | 4,084,651 | 3,889,146 |
Marketing, administrative and corporate expense | 856,394 | 933,684 | 1,722,736 | 2,037,023 |
Facility and other expenses | 84,296 | 79,016 | 157,910 | 156,889 |
Depreciation and amortization | 373,498 | 379,780 | 746,995 | 738,662 |
Operating income (loss) | 15,773 | (319,561) | 91,174 | (533,616) |
Assets | 16,461,792 | 18,255,491 | 16,461,792 | 18,255,491 |
Purchase of property and equipment | 46,546 | 89,561 | 78,170 | 507,126 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 0 | 0 | 0 | 0 |
Casino and food and beverage expense | 0 | 0 | 0 | 0 |
Marketing, administrative and corporate expense | 691,976 | 724,136 | 1,331,361 | 1,520,869 |
Facility and other expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 6,673 | 5,843 | 13,345 | 12,080 |
Operating income (loss) | (698,649) | (729,979) | (1,344,706) | (1,532,949) |
Assets | 4,355,118 | 6,310,327 | 4,355,118 | 6,310,327 |
Purchase of property and equipment | 10,026 | 7,154 | 22,562 | 55,188 |
Totals | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 19,480,223 | 18,476,886 | 37,968,747 | 36,706,664 |
Casino and food and beverage expense | 11,315,227 | 10,925,695 | 22,310,609 | 21,645,135 |
Marketing, administrative and corporate expense | 5,987,739 | 5,888,012 | 11,913,846 | 11,955,025 |
Facility and other expenses | 570,177 | 599,156 | 1,089,428 | 1,187,429 |
Depreciation and amortization | 598,148 | 773,510 | 1,309,584 | 1,550,022 |
Operating income (loss) | 1,003,467 | 284,967 | 1,339,815 | 355,137 |
Assets | 50,546,013 | 55,344,858 | 50,546,013 | 55,344,858 |
Purchase of property and equipment | $ 307,998 | $ 167,760 | $ 565,605 | $ 822,877 |