Item 1. Condensed Financial
Statements
Racino Royale, Inc. and
Subsidiaries
(A Development Stage
Company)
Condensed Consolidated Balance
Sheet
June 30, 2008
|
(UNAUDITED)
|
||||
|
ASSETS
|
||||
|
Current
assets:
|
||||
|
Cash
and cash equivalents
|
$ | 2,888 | ||
|
Prepaid
|
5,870 | |||
|
Total
current assets
|
8,758 | |||
|
Intangibles
(Note 4)
|
1,228,965 | |||
|
TOTAL
ASSETS
|
$ | 1,237,723 | ||
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||
|
Current
liabilities:
|
||||
|
Due
to related parties (Note 5)
|
307,140 | |||
|
Accounts
payable
|
61,837 | |||
|
Accrued
liabilities
|
11,387 | |||
|
Total
current liabilities
|
380,364 | |||
|
Stockholders’
equity
|
||||
|
Common
stock, $.00001 par value per share;
100,000,000
shares authorized, 56,523,886 shares issued and
outstanding
|
||||
|
Additional
paid-in capital
|
8,257,161 | |||
|
Accumulated
deficit
|
(7,400,368 | ) | ||
|
Total
stockholders’ equity
|
857,359 | |||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 1,237,723 | ||
See accompanying notes to financial
statements
Racino Royale, Inc. and
Subsidiaries
(A Development Stage
Company)
Condensed Consolidated
Statements of Operations and Comprehensive Loss
For the Three Months and
Nine Months
Ended June 30, 2008, and June 30, 2007 and the Period from Re-entering
the Development Stage Through to June 30, 200
|
Three months
ended
June
30,
|
Three
months ended
June
30,
|
Nine
months
ended
June
30,
|
Nine
months
Ended
June
30,
2007
|
(Note
1)
Period
from
re-entering
the Development Stage through to June 30, 2008
|
||||||||||||||||
|
Revenues:
|
||||||||||||||||||||
|
Provincial
grant income
|
$ | - | $ | - | $ | - | $ | - | $ | 96,347 | ||||||||||
|
Parimutuel
betting income
|
- | - | - | - | 19,018 | |||||||||||||||
|
Miscellaneous
income
|
- | - | - | - | ||||||||||||||||
|
Total
revenues
|
- | - | - | - | 115,936 | |||||||||||||||
|
Cost of
revenues:
|
||||||||||||||||||||
|
Purses and
rewards
|
- | - | - | - | 60,177 | |||||||||||||||
|
Bets paid
out
|
- | - | - | - | 12,539 | |||||||||||||||
|
Total cost of
revenues
|
- | - | - | - | 72,716 | |||||||||||||||
|
Gross
profit
|
- | - | - | - | 43,220 | |||||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||
|
Management
fees – related parties
|
126,639 | - | 248,952 | - | 300,695 | |||||||||||||||
|
Professional
fees
|
19,152 | - | 111,854 | - | 177,250 | |||||||||||||||
|
General and
administrative
|
30,902 | 33,240 | 129,402 | 87,634 | 316,309 | |||||||||||||||
|
Total
operating expenses
|
176,693 | 33,240 | 490,208 | 87,634 | 794,254 | |||||||||||||||
|
Net loss
before other expenses and income taxes
|
(176,693 | ) | (33,240 | ) | (490,208 | ) | (87,634 | ) | (751,034 | ) | ||||||||||
|
Other
expenses
|
||||||||||||||||||||
|
Foreign
currency gain
|
- | - | 1,399 | |||||||||||||||||
|
Loss from
impairment of licensing rights
|
- | - | (1,317,471 | ) | ||||||||||||||||
|
Loss from
continuing operations
|
(176,693 | ) | (33,240 | ) | (490,208 | ) | (87,634 | ) | (2,067,106 | ) | ||||||||||
|
Income from
discontinued operations, Net of income taxes
|
- | - | ||||||||||||||||||