Forward Looking Statements
This section should be read together with the consolidated financial statements
and related notes thereto, for the year ended
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, for which the Private Securities Litigation Reform Act of 1995 provides a safe harbor. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and intentions and are not historical facts and typically are identified by use of terms such as "believes," "expects," "anticipates," "estimates," "plans," "intends," "objectives," "goals," "aims," "projects," "forecasts," "possible," "seeks," "may," "could," "should," "might," "likely," "enable," or similar words or expressions, as well as statements containing phrases such as "in our view," "there can be no assurance," "although no assurance can be given," or "there is no way to anticipate with certainty." These statements include, among other things, statements regarding our ability to implement our business plan and business strategy, our ability to obtain financing to sustain the Company, our ability to finance any future development, construction or operations, our ability to attract key personnel, and our ability to operate profitably in the future. These forward-looking statements are based on current expectations and assumptions that are subject to substantial risks and uncertainties which could cause our actual results to differ materially from those reflected in the forward-looking statements. In evaluating these forward-looking statements, you should consider risks and uncertainties relating to various factors, including, but not limited to, financing, licensing, construction and development, competition, legal actions, federal, state, county and/or city government actions, general financing conditions, and general economic conditions.
The Company's actual results may differ significantly from results projected in the forward-looking statements. We undertake no obligation to revise or update forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
Throughout this Annual Report references to "we," "our," "us," "
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The Company's current priority is the development of a casino resort on its
Property located in
Liquidity
The Company has incurred continued losses over the years and certain conditions
raise substantial doubt about the Company's ability to continue as a going
concern. The Company has had no operations since it ended its gambling cruise
ship operations in 2000. Since that time, the Company has concentrated its
efforts on the development of its
Management of the Company believes it will be difficult to secure suitable
financing that would allow it to continue to pursue ultimate development of the
Property. Therefore, on
The above conditions raise substantial doubt about the Company's ability to continue as a going concern and its ability to generate cash to meet its cash requirements for the following twelve months as of the date of this Form 10-Q.
COVID-19
The Company had no casino or other operations in 2020 and 2021 when COVID-19 surfaced. Therefore, the Company did not experience the adverse consequences that other casino companies experienced from COVID-19 based on their cessation of casino-related operations. However, as a result of COVID, the Company's sole employee, its President, was unable to travel domestically or internationally to meet with potential investors or potential joint venture partners or to meet with outside, independent contractors. The extent to which COVID-19 may have affected the market for financing new construction in the hospitality, hotel and casino industries given the impact of COVID-19 on this segment of the economy is unknown. The Company did not incur any extraordinary expenses as a result of COVID-19, nor did it obtain any loans under the CARES Act.
Financial Results and Analysis
During the six months ended
Administrative and general expenses incurred totaled
June 30, June 30, 2022 2021 Payroll and Related Taxes$ 150,000 $ 150,000 Director Fees 45,000 45,000 Professional Services 56,121 47,855 Rents and Insurances 42,205 41,307 Fines and Penalties 54,300 45,850 All Other Expenses 20,553 7,758
Total General and Administrative Expenses
Other Income and Expense
Interest expense incurred totaled
During the six months ended
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Off-Balance Sheet Arrangements
Management Agreement
On
Related Party
In
Of particular note to these conditions is that the Company agreed to indemnify
the Chairman for losses, if any, sustained on the sale of certain common stock
sold in an unrelated company to pay the property taxes due on the
There are no other off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues and expenses, results of operations, liquidity, capital expenditures or capital resources, that are material to our stockholders.
Critical Accounting Policies
Refer to Note 3 of the notes to the unaudited condensed consolidated financial statements.
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