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Global Entertainment Holdings Announces Third Quarter Results; Five-Fold Increase in Revenues Reported for the Nine-Month Period
Business Wire, Oct 18, 1999
www.globalentertainmentinc.com www.interactive-gaming.com www.thesportsdaily.com www.netbet.org www.wheretobet.com Licensee Sites: www.fairdealsports.com www.wssbcasino.com www.gamedaysportsbook.com www.fairdealcasino.com www.wallstreetsuperbook.com www.gamedaycasino.com www.fivecardcharlie.com www.vipsports.com www.5cardcharlie.com www.vipcasinos.com Global Entertainment Holdings/Equities, Inc. Consolidated Statement of Operations For the Period January 1, 1999 to September 30, 1999 and 1998 September September 30, 1999 30, 1998 Revenues License Fees, Royalties and Maintenance $ 1,498,821 $ 237,867 Web site Advertising 61,658 -- Miscellaneous Income 21,470 Total Revenues 1,581,949 237,867 Expenses Amortization 98,918 89,462 Depreciation 150,557 25,255 Rents 147,276 49,191 Professional Fees 136,705 20,718 Travel 57,127 11,922 Administrative Expenses 265,959 50,579 Management Consulting 460,158 46,709 Salaries 22,201 -- Advertising and Marketing 27,724 -- Total Expenses 1,366,625 293,836 Income from Operations 215,324 (55,969) Other Income (Expenses) Provision for Income Tax (58,140) Interest Expense (14,128) -- Interest Income 1,885 82 Write Off Impaired Asset (180,030) -- Forgiveness of Debt -- -- Sale of Security 49,985 -- Rental Income 7,250 -- Total Other Income (Expenses) (193,178) 82 Net Income/(Loss) $ 22,146 $ (55,887) Income Per Share $ (.002) $ (.01) Global Entertainment Holdings/Equities, Inc. Consolidated Statement of Operations For the Period July 1, 1999 to September 30, 1999 and 1998 September September 30, 1999 30, 1998 Revenues License Fees, Royalties and Maintenance $ 271,323 $ 121,473 Web site Advertising 61,658 -- Total Revenues 332,981 121,473 Expenses Amortization 35,528 31,695 Depreciation 77,972 8,396 Rents 63,709 18,975 Professional Fees 65,966 15,633 Travel 19,691 2,795 Administrative Expenses 63,492 25,901 Management Consulting 214,578 25,697 Salaries 22,201 -- Advertising and Marketing 27,724 -- Total Expenses 590,861 129,092 Income from Operations (257,880) (7,619) Other Income (Expenses) Interest Expense (1,222) -- Interest Income 311 44 Write Off Impaired Asset (180,030) -- Sale of Security 49,985 -- Rental Income 7,250 -- Total Other Income (Expenses) (123,706) 44 Net Income/(Loss) $ (381,586) $ (7,575) Income Per Share $ (.04) $ (0) Global Entertainment Holdings/Equities, Inc. Consolidated Balance Sheets September 30, 1999 and 1998 September September 30, 1999 30, 1998 Assets Current Assets Cash & Cash Equivalents $ 154,339 $ 46,845 License, Maintenance & Royalties Fees Receivable 1,102,959 525,169 Accounts Receivable and Other 16,438 6,690 Prepaid Expenses 130,434 -- Interest Receivable 840 -- Employee Loan Receivable 42,000 -- Total Current Assets 1,447,010 578,704 Property & Equipment Package Software -- Net 73,825 4,826 Office Improvements -- Net 26,016 -- Computer Equipment -- Net 604,380 44,614 Furniture & Fixtures -- Net 80,819 9,475 Vehicles -- Net 37,465 -- Total Property & Equipment 822,505 58,915 Other Assets Cash in Escrow Restricted 6,348 -- Web site Development and Design -- Net 79,465 -- Security Deposit 23,866 6,187 Web site -- Net 700,000 -- Software Design & Development -- Net 191,911 236,163 Receivable BSW -- Net 50,000 50,000 Total Other Assets 1,051,590 292,350 Total Assets $ 3,321,105 $ 929,969 Global Entertainment Holdings/Equities, Inc. Consolidated Balance Sheets September 30, 1999 and 1998 September September 30, 1999 30, 1998 Liabilities & Stockholders' Equity Current Liabilities Accounts Payable $ 160,969 $ 3,766 Deferred Income 31,426 -- Accrued Interest 9,805 -- Accrued Expenses -- -- Accrued Wages 15,191 -- Current Portion -- Capital Leases 20,500 -- Current Portion -- Notes Payable 50,000 50,000 Loans -- Related Entities 115,000 105,500 Note Payable Line of Credit 19,912 -- Income Taxes Payable Foreign 9,207 -- Total Current Liabilities 432,010 159,266 Long Term Liabilities Capital Lease Payable 23,174 -- Notes Payable 640,000 205,000 Less Current Portion (165,000) (50,000) Net Long Term Liabilities 498,174 155,500 Total Liabilities 930,184 314,766 Stockholders' Equity Preferred Stock, 25,000,000 Shares Authorized, at $.001 Par Value, None Issued Common Stock 100,000,000 Shares Authorized, Par Value of $.001, 9,621,460 & 9,344,673 Shares Issued & Outstanding Respectively Retroactively Restated 9,621 9,345 Paid In Capital 2,669,658 855,941 Retained Earnings/(Deficit) (288,356) (250,083) Net Stockholders' Equity 2,390,921 615,203 Total Liabilities & Stockholders' Equity $ 3,321,105 $ 929,969
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