XML 15 R2.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash and cash equivalents   $ 355,399
Restricted cash $ 4,349,381 2,308,955
Short-term investments   103,886
Current portion of related party receivable 3,208,000  
Accounts receivable, net of allowance of $19,250 for both periods 1,037,782 302,037
Inventory 293,998 390,118
Prepaid expenses 545,981 501,493
Income taxes receivable 1,947,939  
Total current assets 11,383,081 3,961,888
LONG-TERM ASSETS    
Deposits 49,500 49,500
Restricted cash - long-term portion   1,262,744
TIF receivable 10,374,482 9,708,856
Related party receivable 593,303 3,528,927
Operating lease right-of-use assets 62,275 74,832
Equity investment 2,842,994 2,992,633
Land, buildings and equipment, net 44,052,485 43,833,702
TOTAL ASSETS 69,358,120 65,413,082
CURRENT LIABILITIES    
Accounts payable 4,128,914 3,495,238
Line of credit 2,865,320  
Card Casino accruals 1,699,997 2,167,056
Accrued wages and payroll taxes 1,466,122 2,254,379
Cash dividend payable   324,439
Accrued property taxes 1,019,657 1,019,658
Deferred revenue 1,061,322 1,482,130
Payable to horsepersons 2,874,308 557,696
Current portion of finance lease obligations 25,117 24,500
Current portion of operating lease obligations 26,066 29,776
Income taxes payable   120,960
Total current liabilities 15,166,823 11,475,832
LONG-TERM LIABILITIES    
Deferred income taxes 5,325,700 4,404,300
Finance lease obligations, net of current portion 59,069 71,784
Operating lease obligations, net of current portion 36,209 45,056
Total long-term liabilities 5,420,978 4,521,140
TOTAL LIABILITIES 20,587,801 15,996,972
STOCKHOLDERS’ EQUITY    
Common stock, $.01 par value, 10,000,000 shares authorized, 4,706,814 and 4,644,522 respectively, shares issued and outstanding 47,068 46,445
Additional paid-in capital 23,096,660 22,733,933
Retained earnings 25,626,591 26,635,732
Total stockholders' equity 48,770,319 49,416,110
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 69,358,120 $ 65,413,082