10-Q 1 globalpari309.txt 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2009 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition periods from ________to________ Commission file number 000-32509 GLOBAL PARI-MUTUEL SERVICES, INC. --------------------------------- (Exact name of registrant as specified in its charter) Nevada 88-0396452 ------ ---------- (State of Incorporation) (IRS Employer Identification No.) 1231 West Honeysuckle Lane, Chandler, AZ 85248 ---------------------------------------------- (Address of principal executive offices) (415) 302-8621 -------------- (Telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ] Indicate by check mark whether the registrant is a large accelerated files, and accelerated filer, a non-accelerated filer, or small reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "small reporting company" in Rule 12b-2 pf the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Small reporting company [ X ] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ X] State the number of shares outstanding of each of the issuer's classes of common stock as of April 21, 2009. Common Stock, $.001 par value 18,330,712 (Class) (Number of shares) i GLOBAL PARI-MUTUEL SERVICES, INC. FORM 10-Q MARCH 31, 2009 INDEX Page No. -------- PART I Financial Information Item 1 Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheets (Unaudited) -- March 31, 2009 and December 31, 2008 1 Condensed Consolidated Statements of Operations (Unaudited) - For the Three Ended March 31, 2009 and 2008 2 Condensed Consolidated Statements of Cash Flows (Unaudited) - For the Three Months Ended March 31, 2009 and 2008 3 Notes to Condensed Consolidated Financial Statements (Unaudited) 4 Item 2 Management's Discussion and Analysis or Plan of Operation 8 Item 4T Controls and Procedures 9 PART II Other Information Item 6 Exhibits and Reports on Form 8-K 10 Signature Pages 10 ii
PART I - FINANCIAL INFORMATION Item 1 - Financial Statements GLOBAL PARI-MUTUEL SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, December 31, 2009 2008 ------------ ------------ ASSETS Current Assets: Cash $ 8,021 $ 30,075 Accounts receivable, net of allowance for doubtful accounts of $28,722 and $28,722, respectively 34,073 42,399 Prepaid expenses 5,001 5,001 Other current assets 3,000 3,000 ------------ ------------ Total Current Assets 50,095 80,475 Property and equipment, net of accumulated depreciation of $4,849 and $3,877, respectively 23,384 24,356 ------------ ------------ Total Assets $ 73,479 $ 104,831 ============ ============ LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable $ 136,252 $ 132,108 Accounts payable related party 47,126 107,745 Track settlements and wagering deposits 348,269 228,634 Accrued expenses 61,500 22,673 Accrued interest payable 26,551 20,747 Notes payable, current portion 205,000 65,000 ------------ ------------ Total Current Liabilities 824,698 576,907 Long-term notes payable, net of current portion 60,000 175,000 ------------ ------------ Total Liabilities 884,698 751,907 ------------ ------------ Stockholders' Deficit: Global Pari-Mutuel Services, Inc. Stockholders' Deficit: Preferred stock - 5,000,000 authorized; none issued -- -- Common stock - $0.001 par value; authorized 25,000,000 shares; 18,330,712 shares issued and outstanding, respectively 18,331 18,331 Additional paid in capital 9,581,399 9,570,376 Accumulated deficit (10,946,178) (10,741,719) ------------ ------------ Total Global Pari-Mutuel Services, Inc. Stockholders' Deficit (1,346,448) (1,153,012) ------------ ------------ Minority interest 535,229 505,936 ------------ ------------ Total Stockholders' Deficit (811,219) (647,076) ============ ============ Total Liabilities and Stockholders' Deficit $ 73,479 $ 104,831 ============ ============ The accompanying notes are an integral part of these condensed consolidated financial statements. 1 GLOBAL PARI-MUTUEL SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended March 31, 2009 2008 ------------ ------------ Revenue $ 462,272 $ 396,144 Cost of revenue 364,614 277,857 ------------ ------------ Gross Profit 97,658 118,287 ------------ ------------ Operating Expenses General and administrative expense (342,925) (324,302) Research and development (50,000) -- Interest expense (5,804) (18,452) Interest income 2 11 ------------ ------------ Net Loss before minority interest (301,069) (224,456) ------------ ------------ Minority interest share of net loss 96,610 75,797 ------------ ------------ Net Loss $ (204,459) $ (148,659) ============ ============ Basic and Diluted Loss Per Share $ (0.01) $ (0.01) ============ ============ Basic and Diluted Weighted-Average Shares Outstanding 18,330,712 16,403,008 ------------ ------------ The accompanying notes are an integral part of these condensed consolidated financial statements. 2 GLOBAL PARI-MUTUEL SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Three Months Ended March 31, 2009 2008 --------- --------- Cash Flows from Operating Activities Net loss $(204,459) $(148,659) Adjustments to reconcile net loss to net cash used by operating activities: Net expenses paid by minority interest holders 79,485 80,020 Minority interest share of loss (96,610) (75,797) Depreciation and amortization 972 620 Stock based compensation and interest 11,023 21,879 Change in operating assets and liabilities: Accounts receivable 8,326 (14,794) Prepaid expenses -- -- Other current assets -- (3,744) Accounts payable and accrued expenses 154,209 37,757 --------- --------- Net Cash Used in Operating Activities (47,054) (102,718) --------- --------- Cash Flows from Investing Activities Net Cash Used in Investment Activities -- -- --------- --------- Cash Flows from Financing Activities Proceeds from issuance of common stock -- -- Proceeds from borrowings 25,000 73,750 --------- --------- Net Cash Provided by Financing Activities 25,000 73,750 --------- --------- Net Increase (Decrease) in Cash (22,054) (28,968) Cash - Beginning of Period 30,075 40,822 --------- --------- Cash - End of Period $ 8,021 $ 11,854 ========= ========= Supplemental Cash Flow Information Cash paid for interest $ -- $ 3,260 --------- --------- Non Cash Investing and Financing Activities Common stock issued for prepaid expense -- 84,000 --------- --------- Accrued interest converted to note payable -- 1,250 --------- --------- The accompanying notes are an integral part of these condensed consolidated financial statements. 3
GLOBAL PARI-MUTUEL SERVICES, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation -- The unaudited condensed consolidated financial statements of Global Pari-mutuel Services, Inc. and subsidiaries have been prepared by management. These financial statements are prepared in accordance with generally accepted accounting principles for interim financial information and the related rules and regulations of the Securities and Exchange Commission. Accordingly, certain financial statement information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from these interim financial statements. For further information, refer to our financial statements and footnotes thereto included in Global Pari-mutuel Services' Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on April 1, 2009. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying unaudited condensed consolidated financial statements and consist of only normal recurring adjustments. Results for the three month period ended March 31, 2009, are not necessarily indicative of the results that may be expected for the year ending December 31, 2009. Principles of Consolidation --The accompanying interim condensed consolidated financial statements include the accounts and transactions of Global Pari-mutuel Services, Inc. and its subsidiaries (the Company). All significant intercompany transactions have been eliminated in consolidation. Business Condition and Risks -- The Company has only recently begun to generate revenues, generating $462,272 and $396,144 during the three months ended March 31, 2009 and 2008, respectively. It has an accumulated deficit of $10,946,178 at March 31, 2009 and net losses of $204,459 and $148,659 during the three months ended March 31, 2009 and 2008, respectively, and has used cash in operating activities of $47,054 and $102,718 during the three months ended March 31, 2009 and 2008, respectively. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amount of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's ability to continue as a going concern depends on its ability to deploy technology for its core businesses that generates sufficient revenue and cash flows to meet its obligations and on its ability to obtain additional financing or sell assets as may be required to fund current operations. Management's plans include generating income from the Company's various pari-mutuel licensing and operational programs to permit the Company to generate sufficient cash flow to continue as a going concern. There is no assurance these plans will be realized. Basic and Diluted Loss Per Common Share -- Basic loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares and the dilutive potential common share equivalents then outstanding. As of March 31, 2009 and 2008 there were 2,000,000 and 1,900,000 potentially issuable common shares, from stock options and 218,333 and 1,304,522 potentially issuable common shares from convertible notes payable, respectively. These shares were excluded from the calculation of diluted loss per common share because the effects would be anti-dilutive. Recent Accounting Standards -- In February 2008, the Financial Accounting Standards Board ("FASB") issued FASB Staff Position ("FSP") No. 157-2, "Effective Date of FASB Statement No. 157" which permitted a one-year deferral for the implementation of SFAS No. 157, "Fair Value Measurements" ("SFAS 157") with regard to non-financial assets and liabilities that are not recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Beginning in the quarter ended March 31, 2009, we adopted SFAS 4 GLOBAL PARI-MUTUEL SERVICES, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) 157 for such non-financial assets and liabilities. Such non-financial assets and liabilities measured at fair value in the quarter ended March 31, 2009 were not significant and the full adoption of SFAS 157 did not materially impact the Company's results of operations or financial condition. In December 2007, the FASB issued SFAS No. 141(R), "Business Combinations," which became effective January 1, 2009 via prospective application to business combinations. This Statement requires that the acquisition method of accounting be applied to a broader set of business combinations, amends the definition of a business combination, provides a definition of a business, requires an acquirer to recognize an acquired business at its fair value at the acquisition date and requires the assets and liabilities assumed in a business combination to be measured and recognized at their fair values as of the acquisition date (with limited exceptions). The company adopted this Statement on January 1, 2009. There was no impact upon adoption, and its effects on future periods will depend on the nature and significance of business combinations subject to this statement. In December 2007, the FASB issued SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements -- an amendment of ARB No. 51." This Statement requires that the noncontrolling interest in the equity of a subsidiary be accounted for and reported as equity, provides revised guidance on the treatment of net income and losses attributable to the noncontrolling interest and changes in ownership interests in a subsidiary and requires additional disclosures that identify and distinguish between the interests of the controlling and minority interest owners. Pursuant to the transition provisions of SFAS No. 160, the company adopted the Statement on January 1, 2009 via retrospective application of the presentation and disclosure requirements. Minority interests of $505,936 at December 31, 2008 were reclassified from the Liabilities section to the Stockholders' Equity as of January 1, 2009. The implementation of SFAS No. 160 did not have a material impact on the Company's consolidated financial statements. NOTE 2 - NOTES PAYABLE & RELATED PARTY PAYABLES On March 12, 2009, the Company issued a $25,000, 8% promissory note in exchange for $25,000 in cash. The maturity date on this note is June 12, 2009. Notes payable are summarized as follows: March 31, December 2009 31, 2008 -------- -------- 10% notes payable to shareholder, due on demand, unsecured $ 65,000 $ 65,000 8% notes payable convertible at $0.90 per share of common stock to a related party, due June 2010 40,000 40,000 10% notes payable convertible at $0.60 per share of common stock to a related party, due January 2010 50,000 50,000 10% notes payable convertible at $0.90 per share of common stock to a shareholder, due January 2010 30,000 30,000 10% notes payable convertible at $1.00 per share of common stock to a shareholder, due January 2010 35,000 35,000 8% notes payable convertible at $0.90 per share of common stock to a shareholder, due June 2010 20,000 20,000 8% notes payable to a shareholder, due June 2009 25,000 -- -------- -------- Total notes payable less unamortized discount 265,000 240,000 Less: current portion 205,000 65,000 -------- -------- Long-Term Notes Payable $ 60,000 $175,000 ======== ======== 5 GLOBAL PARI-MUTUEL SERVICES, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) Accrued interest at March 31, 2009 and December 31, 2008 was $26,551 and $20,747, respectively. Accounts Payable - Related Party - At March 31, 2009, the Company owed officers and directors $501 for expenses and owed the Chairman and Chief Executive Officer $11,036 for advances to the Company for operational expenses. In addition, the Company owed Global Financial Solutions Holdings, Ltd, the minority shareholder in the Company's Antigua operations, $35,589. The amounts are due on demand, bear no interest, and are classified as accounts payable-related party. NOTE 3 - AGREEMENT WITH GLOBAL FINANCIAL SOLUTIONS HOLDINGS, LTD. Effective December 31, 2006, Royal Turf Club, Inc - Nevada ("RTCN") and Royal Turf Club, Inc. - Antigua ("RTCA") completed an Agreement with Global Financial Solutions Holdings, Ltd. ("GFS"), an unaffiliated corporation organized under the laws and regulations of the Turks and Caicos Islands to transfer 50% of the outstanding common stock of RTCA for the development, implementation and operation of a horse and dog racing hub in Antigua. Under the terms of the agreement, (a) RTCA issued to GFS a fifty percent (50%) ownership in RTCA's outstanding common stock, (b) GFS committed to make payments on behalf of RTCA for the purpose of developing, constructing, implementing and operating a central system horse and dog racing hub, (c) RTCN agreed to manage the business of RTCA, and (d) RTCN and GFS, as the sole Shareholders of RTCA, and subject to (c) above will make certain agreements regarding the operations and their ownership of RTCA. For consideration of receiving the RTCA Shares, GFS, as of December 31, 2006, provided an amount of funds necessary for all expenses related to the initial development, which includes license fees, construction and implementation of the Hub Operation aggregating approximately $400,000, and agreed to continue to pay future Hub Implementation and Operational Expenses as described below. GFS paid all of the expenses of the Hub Operation on the same basis and upon the same conditions as Hub Implementation Expenses through April 30, 2007 without reimbursement. Thereafter, any contributions needed for Hub Operational Expenses are paid by the Shareholders equally. If either Shareholder fails to make all or a part of any required contribution, at the option of the other Shareholder either (i) such other Shareholder shall make said payment or (ii) the Shareholder failing to make the contribution shall forfeit such portion of its stock in RTCA as is proportionate to the amount of the failure and a figure equal to an overall capitalization of RTCA of twice the aggregate amount paid by GFS for the RTCA Shares (excluding amounts paid by it under this sentence). During the three months ended March 31, 2009, GFS paid $79,485 towards operations of the Antigua Hub. At March 31, 2009, the Company owed GFS $35,589 for its contribution of half of the operational costs of the Hub operation from May 1, 2007 through March 31, 2009. NOTE 4 - STOCK OPTIONS Non-Qualified Options - During the three months ended March 31, 2009 and 2008, the Company did not grant options for the purchase shares of common stock. Qualified Options - During the three months ended March 31, 2009 and 2008, the Company did not grant options for the purchase shares of common stock. At March 31, 2009, there were 1,049,500 qualified options available for future grants under the Plan. 6
GLOBAL PARI-MUTUEL SERVICES, INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) For the three months ended March 31, 2009 and 2007, the Company calculated compensation expense of $11,023 and $21,879 related to stock options, respectively. A summary of employee stock option activity for the three months ended March 31, 2009, is presented below: Weighted Average Shares Under Weighted Average Remaining Contractual Aggregate Option Exercise Price Life Intrinsic Value ------------ ---------------- --------------------- --------------- Outstanding at December 31, 2008 2,000,000 $0.52 Granted - - Exercised - - Forfeited - - Expired - - ------------ ---------------- --------------------- --------------- Outstanding at March 31, 2009 2,000,000 $0.52 7.93 years $1,055,000 ============ ================ ===================== =============== Exercisable at March 31, 2009 1,909,000 $0.51 7.87 years $1,037,950 ============ ================ ===================== =============== The intrinsic value is based on a March 31, 2009 closing price of the Company's common stock of $1.05 per share. As of March 31, 2009, there was approximately $44,353 of unrecognized compensation cost related to stock options that will be recognized over a weighted average period of 1 year. NOTE 5 - SUBSEQUENT EVENTS On April 1, 2009, the Company issued a $25,000, 8% convertible promissory note to a shareholder in exchange for $25,000 in cash. The maturity date on this note was March 31, 2010. This note was convertible to shares of the Company's common stock at $0.90 per share. On April 1, 2009, the Company issued a $20,000, 8% convertible promissory note to a related party in exchange for $20,000 in cash. The maturity date on this note was March 31, 2010. This note was convertible to shares of the Company's common stock at $0.90 per share. On April 20, 2009, the Company issued a $30,000, 8% convertible promissory note to its Chairman and Chief Executive Officer in exchange for $30,000 in expenses. The maturity date on this note was April 20, 2010. This note was convertible to shares of the Company's common stock at $0.90 per share. 7
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION "Safe Harbor" Statement under the United States Private Securities Litigation Reform Act of 1995. Any statements contained in this document that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements which generally may be identified by the use of forward-looking terminology such as "may," "will," "expect," "estimate," "anticipate," or similar terms, variations of those terms or the negative of those terms. These forward-looking statements involve risks and uncertainties that could cause actual results to differ from projected results. All forward-looking statements included in this Quarterly Report are made as of the date hereof, based on information available to us as of such date, and we assume no obligation to update any forward-looking statement. It is important to note that such statements may not prove to be accurate and that our actual results and future events could differ materially from those anticipated in such statements. During the three months ended March 31, 2009 and 2008 our revenues were $462,272 and $396,144, respectively. During the three months ended March 31, 2009, $428,619 of the revenue was generated from providing pari-mutuel hub and content services, $18,428 from settlement and reconciliation services and $15,225 from sales and rental of equipment related to pari-mutuel wagering. Cost of sales during the three months ended March 31, 2009 were $364,614 and gross profit was $97,658. During the three months ended March 31, 2008, $316,542 of the revenue was generated from providing pari-mutuel hub and content services, $72,324 from settlement and reconciliation services and $7,278 from sales and rental of equipment related to pari-mutuel wagering. Cost of sales during the three months ended March 31, 2008 were $277,857 and gross profit was $118, 287. The operating losses we have incurred were $204,459 during the three months ended March 31, 2009 and $148,659 during the three months ended March 31, 2008. Included in the losses were $11,023 and $21,879 of non-cash share based compensation during the three months ended March 31, 2009 and 2008, respectively. These losses and negative cash flows from operating activities, raise doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our continued ability to launch our proposed core service activities and generate sufficient revenue and cash flow to meet our obligations and/or to obtain additional financing or sell assets as may be required to fund current operations. The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our results of operations, financial condition, and cash flows. The discussion should be read in conjunction with our audited financial statements and notes thereto included elsewhere in this report. To date, we have financed our operations primarily through private placements of the sale of our common stock and the issuance of convertible notes in private offering transactions that were exempt from the registration requirements of the Securities Act of 1933, as amended (the Securities Act). During the three months ended March 31, 2009 we raised $25,000 from borrowings. During the three months ended March 31, 2008 we raised $73,750 from borrowings. We used cash in operating activities of $47,054 and $102,718 during the three months ended March 31, 2009 and 2008, respectively. As of March 31, 2009, our current assets and current liabilities were $50,095 and $824,698, respectively. 8 During 2005 our management initiated plans to focus our principal business activities on pari-mutuel activities. The Company intends to deploy technology and provide services designed to facilitate pari-mutuel wagering over the Internet and through international call-centers and physical Off-Track-Betting ("OTBs") facilities. The Company presently has three principal contracts for various pari-mutuel services; one for settlement and reconciliation services, another for pari-mutuel wagering at our call-center and the last for pari-mutuel wagering services through our hub operations in Antigua. The Company also has contracts with approximately 40 horse and dog tracks to provide content and race simulcasts. Our working capital and other capital requirements for the next twelve months will vary based upon a number of factors, including the period required to bring our proposed services to commercial viability, the level of sales and marketing costs for our products and services, and the amounts we invest in strategic relationships. However, because several factors related to the growth of our operations remain outside of our control, there can be no assurance we will achieve commercial viability on our anticipated timeline. We anticipate that any significant changes in the number of employees for 2009 would stem only from the demonstrated commercial viability of our core business activities. We believe that existing funds, funds generated from our operations, plus those we raise from borrowings from our Chairman and others will be sufficient to support our operations for the next twelve months. However, it is possible we will not be able to maintain our core services through such period or that we will not raise sufficient additional funds from asset sales and borrowings to cover operational expenses. Under those circumstances, we will need to obtain additional funding to support our operations. Because we have no contractual commitments with respect to any of these initiatives, there can be no assurance that additional funds for operations will be available on commercially reasonable terms or in the necessary amounts. Our inability to obtain any needed additional financing would have a material adverse effect on us, including possibly requiring us to significantly curtail our operations. ITEM 4T - CONTROLS AND PROCEDURES (a) Evaluation of disclosure controls and procedures. Based on their evaluation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")), the Company's principal executive officer and principal financial officer have concluded that as of the end of the period covered by this Quarterly Report of Form 10-Q such disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. (b) Changes in internal control over financial reporting. During the quarter under report, there was no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. 9 PART II--OTHER INFORMATION ITEM 6 - Exhibits Exhibit Number Description of Exhibit -------------- ---------------------- 31.1 Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* 31.2 Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* 32.1 Certifications of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* 32.2 Certifications of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GLOBAL PARI-MUTUEL SERVICES, INC. --------------------------------- Registrant Date: April 24, 2009 By: /S/ James A. Egide ---------------- -------------------- James A. Egide Chairman of the Board Directors (Principal Executive Officer) Date: April 24, 2009 By: /S/ Michael D. Bard ---------------- --------------------- Michael D. Bard (Principal Financial and Accounting Officer) 10