XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows provided by (used in) operating activities:    
Net loss $ (34,239,000) $ (17,609,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,115,000 1,000,000
Amortization of debt issuance costs 3,955,000 2,000
Non-cash interest expense 2,794,000 231,000
Loss on disposal of property and equipment (42,000) 0
Stock-based compensation 2,213,000 2,032,000
Changes in operating assets and liabilities:    
Restricted cash—NYSGC Lottery and Purse Accounts 128,000 207,000
Accounts receivable (137,000) 334,000
Prepaid expenses and other current assets 597,000 (13,000)
Accounts payable (195,000) 1,000,000
Accrued expenses and other current liabilities 169,000 (6,813,000)
Net cash used in operating activities (23,558,000) (19,629,000)
Cash flows provided by (used in) investing activities:    
Purchase of property and equipment (1,823,000) (802,000)
Capitalized Development Projects costs (201,405,000) (99,169,000)
Cash collateral for deposit bond 20,000,000 15,000,000
License fee payment for the casino project 0 (51,000,000)
Restricted cash—racing capital improvement (208,673,000) (66,767,000)
Other (8,000) 0
Net cash used in investing activities (431,863,000) (232,735,000)
Cash flows provided by (used in) financing activities:    
Proceeds from Term B Loan 450,000,000 0
Proceeds from long-term loan, related party 32,000,000 0
Payment of debt issuance costs and Interest Rate Cap fees (31,007,000) 0
Proceeds from January 2016 Rights Offering, net of expenses 0 286,003,000
Series B Preferred Stock dividend payment (96,000) (231,000)
Series E Preferred Stock and dividend redemption 0 (30,711,000)
Other payments (275,000) (38,000)
Net cash provided by financing activities 450,622,000 255,023,000
Net (decrease) / increase in cash and cash equivalents (4,799,000) 2,659,000
Cash and cash equivalents, beginning of period 11,012,000 6,412,000
Cash and cash equivalents, end of period 6,213,000 9,071,000
Supplemental disclosures of cash flow information:    
Cash paid for interest 27,710,000 231,000
Non-cash investing and financing activities:    
Accrued Development Projects costs 75,291,000 41,782,000
Racing Capital Improvements [Member]    
Cash flows provided by (used in) investing activities:    
Restricted cash—racing capital improvement $ 30,000 $ 3,000