XML 203 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net loss $ (36,610) $ (23,912) $ (21,542)
Adjustments to reconcile net loss to net cash used by operating activities:      
Depreciation 1,350 1,324 1,354
Provision / (Recovery) for doubtful accounts 10 (5) (36)
Non-cash interest expense 1,241 7,680 0
Development costs write off 0 0 16,003
Loss on disposal of property and equipment 1 1 91
Stock - based compensation 596 636 385
Changes in operating assets and liabilities:      
Restricted cash—NYSGC Lottery and Purse Accounts 354 (633) 128
Accounts receivable (117) 135 (136)
Prepaid expenses and other current assets (544) (1,274) (184)
Other assets 3 91 122
Accounts payable (962) (350) (251)
Accrued expenses and other current liabilities 3,298 815 (276)
Net cash used in operating activities (31,380) (15,492) (4,342)
Cash flows from investing activities:      
Purchase of property and equipment (767) (1,542) (1,036)
Capitalized project development costs (4,074) 0 0
Restricted cash—Racing capital improvement (15,472) 0 0
Development costs 0 0 (5,574)
Net cash used in investing activities (20,298) (1,549) (6,567)
Cash flows from financing activities:      
Proceeds from rights offering, net of expenses 49,528 13,180 11,178
Series E preferred shares and dividend redemption (533) 0 (2,819)
Proceeds from exercise of stock options and warrants 2,660 2,770 1,013
Net cash provided by financing activities 51,655 15,950 9,372
Net decrease in cash and cash equivalents (23) (1,091) (1,537)
Cash and cash equivalents, beginning of period 6,435 7,526 9,063
Cash and cash equivalents, end of period 6,412 6,435 7,526
Supplemental disclosures of cash flow information:      
Interest paid 1,398 1,330 1,325
Income taxes paid 0 0 17
Noncash investing and financing activities:      
Common stock issued in settlement of preferred stock dividends 159 218 167
Project development costs included in accrued expenses 6,331 0 0
Racing Capital Improvements [Member]      
Cash flows from investing activities:      
Restricted cash—Racing capital improvement $ 15 $ (7) $ 43