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TNA.V - Evergreen Gaming Corp(Casino's)

Discussion in 'Canadian Stocks Message Boards' started by TheDude, Mar 27, 2017.

  1. TheDude

    TheDude Member

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    TNA.V Due Diligence Report – Recent Financials & MD&A Highlights

    Price: $0.115
    Common Shares: 124,716,865
    Insider Holdings: 95,967,855 or 77.51% (Shown in the October 2016 Information Circular on Sedar)
    TNA itself owns 908,000 shares(as per info circular) and there are other old insiders/institutions too

    Year End Results will be released end of April 2017, below is company Q3 results. All assets are in US dollars. Given their last news release, TNA’s four casinos/restaurants should keep the profitable quarters going forward even with the upcoming changes.

    Financials(USD)

    ASSETS
    Cash: $3,680,299
    Property, Plant & Equipment: $10,899,957
    Goodwill: $6,435,481
    Trademarks: $1,185,000
    Game Licenses: $71,067
    Deferred Tax: $234,000
    Deposits: $13,354
    Inventories: $164,438
    Accounts Receivable: $54,586
    Other Assets: $185,215
    Cash(Restricted): $661,200
    Total Assets: $23,584,597 (Q3 2015 Total Assets - $19,101,737)

    LIABILITIES *NOTE* TNA’s liabilities are numerous payables, nothing else. These have been condensed
    Current Payables: $3,391,674
    Non Current Payables: $7,900,565
    Total Liabilities: $11,292,239 (Q3 2015 Total Liabilities - $10,014,609)

    Revenue Breakdown per quarter
    Date – Sales – Net Income
    2014(YE) - $30,555,757 - $2,720,669 - $0.02c EPS
    2015(YE) - $33,338,543 - $3,933,883 - $0.03c EPS
    2016(9M) - $25,091,725 - $2,118,015 - $0.02c EPS
    - We still have Q4 to add to 2016, but the company keep putting out large quarterly profits

    MD&A Highlights

    Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming, Inc. (“WGI”). WGI, through its subsidiary corporations, operates five casinos in Washington State: The Riverside Casino in Tukwila, Palace Casino in Tukwila, Goldies Casino in Shoreline and Chips and Palace Casinos in Lakewood. These are mini-casinos (or house-banked card rooms) which offer to persons of legal age a variety of games of chance at which the player may win or lose money, a business commonly referred to as “gaming”. The Company also operates restaurants in each casino, as required by state law.

    Casino revenues for the quarter ended September 30, 2016 were $8,446,507, an increase of $95,140 compared to the same period in the prior year. Gaming dollars dropped were 10% higher than the same period last year, largely due to an increase in Baccarat dollars dropped at Riverside Casino, which had another excellent quarter with revenues 27% over the same quarter 2015. Offsetting that was Chips Casino Lakewood, where revenue was down 24% from the previous year, as their Baccarat hold percentage was half of what its target rate is and gaming dollars dropped decreased 11%. The decrease in Baccarat hold percentage is the result of the Company having to match competitors in the area who were increasing “their giveaway” and “match play” promotions. During the third quarter Chips Casino recorded income from operations of $257,700, and although still far below the $705,168 recorded the same time period a year ago, is a significant improvement over prior quarters. The Company has placed a new general manager in Lakewood who is retraining staff and reviewing all operational procedures. The Palace Casino Lakewood has an excellent hold percentage, driving revenues up 8.9% over same quarter last year. Goldies Casino also had positive income from operations despite a revenue deficit of $351,355 compared to last year, due largely to a two point drop in the Baccarat hold percentage. The Palace Casino Tukwila is partway through its transition to a full service casino. Gaming tables are being added, food and beverage offerings revised and marketing plans are underway to drive business there in the coming months.

    Working capital at September 30, 2016 was $1,354,064, compared to working capital of $1,769,385 at December 31, 2015. The first quarter down payment of $1,575,000 for the acquisition of the Lakewood property contributed to the change in working capital. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.

    The Company’s assets at September 30, 2016 totaled $23,584,597 compared to total liabilities of $11,292,239. At December 31, 2015, total assets were $19,597,155 compared to total liabilities of $9,422,812. These changes reflect the $4.5 million Lakewood property acquisition.

    The Company’s cash at September 30, 2016 was $4,341,499, compared to $4,615,021 at December 31, 2015. These amounts include “Restricted Cash” balances of $661,200 and $517,942 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities as of the quarter ended September 30, 2016 was $2,407,697 compared to $2,840,355 as of the quarter ended September 30, 2015.

    The Company continues to have access to the $1.2 million line of credit available to Tacoma Casino LLC, and Pete’s Flying Aces, Inc. from the vendor of the companies, Michels Development. As of November 29, 2016, this balance is $0.

    Due to changes in the healthcare laws in the United States, the Company has made available health insurance to all employees working 30 hours per week or more beginning in 2015. Executive officers of the company have worked closely with the management company during 2016 to minimize the impact of the new law. The incremental cost of providing insurance to those qualified employees was just under $175,000. The State of Washington voters passed the minimum wage initiative on the ballot in November 2016. The initiative raises the hourly minimum wage for all workers in Washington State over the next 4 years. The present minimum wage will increase from $9.47 in 2016 to $11.00 in January 2017, $11.50 in 2018, $12.00 in 2019 and $13.50/hour in the year 2020. The increases to the minimum wage will also impact hourly wage rates for employees with greater experience and responsibility. The cumulative effect on wages, including payroll taxes over the four year period is projected to be $1,394,000, $2,041,000, $2,690,000, and $4,327,000 respectively.

    Insider Holdings Breakdown
    Name of Shareholder Number of Shares Percentage of Outstanding
    Steve Michels 46,817,626(1) 37.81%
    Leonard Libin 30,172,060 24.37%
    Tom Marvin 18,978,196(2) 15.33%

    Most Recent News Release:

    Evergreen refinances mortgage for $3.25-million

    2017-02-10 17:26 MT - News Release

    An anonymous director reports

    RIVERSIDE CASINO REFINANCES MORTGAGE

    Evergreen Gaming Corp., through its subsidiary 14040 Gaming LLC, has refinanced the 2006 loans for the acquisition of the Riverside Casino Inc. and the associated real estate located at 14060 Interurban Ave. South, Tukwila, Wash. The original mortgage and loans, payable to the previous owners, were set to mature in 2020 and carried an interest rate of 6 per cent.

    The company has refinanced the mortgage through Banner Bank for $3.25-million. The 10-year note carries a 3.85-per-cent interest rate for the first three years. The rate will be adjusted after that, based on the bullet rate for the three-year federal home loan bank fixed-rate advances (the index), which will only change every three years. That rate is currently calculated to be 4.47 per cent. The loan is secured by a deed of trust on the real property in favour of the lender, along with the assignment of rents. The loan will mature Dec. 1, 2026.

    Change to Washington State minimum hourly wage

    In November, 2016, voters in the state of Washington voters passed Initiative 1433. Effective Jan. 1, 2017, the initiative raises the hourly minimum wage for all workers in Washington State each January for the next four years. The present minimum wage will increase from $9.47 to $11 in January, 2017, and to $11.50 in 2018, $12 in 2019 and $13.50 per hour in the year 2020. The increases to the minimum wage will also impact hourly wage rates for employees with greater experience and responsibility. The cumulative effect on wages, including payroll taxes, over the four-year period, is projected to be $800,000, $1.1-million, $1.4-million and $2.4-million, respectively.

    Management believes the company will make adjustments and increase revenues during this four-year period so as to remain profitable. Casinos are able to increase food and drink prices, but that same luxury does not exist with the company's primary revenue source, the gaming tables. Therefore, the company will commit to increasing its customer base through strategic use of marketing dollars. The company is continually reviewing all labour processes to optimize staffing needs based on customer counts. In addition, the company will seek reductions in gaming and other tax rates from local jurisdictions as a means to ease the impact of increases to minimum wage. Other changes in state laws and regulations will also be reviewed for opportunities to reduce costs or increase revenues.

    Closure of unprofitable card room in Tukwila

    The company announces the closure of the Palace Tukwila card room. After years of trying to establish the Palace card room in Tukwila, the company has come to the conclusion the Tukwila market is saturated and cannot support another card room. Factors contributing to the closure included the recent increase to the state minimum wage and a lack of experienced dealers willing to work for a start-up location.

    The employees and assets of the business operation will be deployed for use at other business locations owned by the company. The board will be meeting later in the month to discuss optional uses for the land and building, which are owned by the company.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  2. TheDude

    TheDude Member

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    TNA.V Year End Results (Audited)

    Price: $0.135
    Common Shares: 124,716,865
    Insider/Institutional Holdings: 95,967,855 or 77.51% (Shown in the October 2016 Information Circular on Sedar). All information below can be found on www.sedar.com

    Financials(USD)

    ASSETS
    Cash: $3,649,516
    Property, Plant & Equipment: $10,735,045
    Goodwill: $6,435,481
    Trademarks: $1,185,000
    Game Licenses: $68,467
    Deferred Tax: $234,000
    Deposits: $10,551
    Inventories: $166,814
    Accounts Receivable: $173,331
    Tax Receivable: $425,022
    Other Assets: $158,831
    Cash(Restricted): $914,071
    Total Assets: $23,922,129USD - Last year total assets were $19,613,905USD
    Asset gain over the year - $4,308,224USD

    LIABILITIES
    Deferred Tax: $348,000
    Notes Payable: $6,872,471
    Notes Payable(related parties): $874,868
    Other Payables: $3,202,279
    Note Payable(current): $377,893
    Note Payable Related Parties(current): $162,867
    Total Liabilities: $11,838,378 - Last year total liabilities were $9,439,562
    Liability gain over the year - $2,398,816

    Growth over 2016: $1,909,408USD

    Year End Date -“ Sales - Net Income
    2014 - $30,555,757 - $2,720,669 - $0.02c EPS - Not converted into CAD yet
    2015 - $33,338,543 - $3,933,883 - $0.03c EPS - Not converted into CAD yet
    2016 - $33,326,624 - $1,909,408 - $0.015c EPS - Not converted into CAD yet
    Total net income added over 3 years: $8,563,960 or $0.07c cash - Not converted into CAD yet
    - Revenue maintained year over year, but due to some corporate structural changes, net income was lower.

    Q1 2017 results will be out end of May 2017.

    MD&A Highlights

    The Company recorded year to date net revenues of $33,326,624 compared to $33,338,543 for the year 2015. Year to date income from operations was $3,229,778, down from $4,316,691 in 2015. Additional marketing costs of more than $500,000 were incurred due to increased cash giveaway events and other promotional programs. Higher labor costs were incurred as a result of game protection and customer service initiatives that have been designed to counter decreases in the table game drop. In addition, 2016 was the first year in which the Affordable Care Act required the company to spend an additional $175,000 on health care premiums for employees. The company did save almost $400,000 by amending the Michels management agreement, in which the Company hired Michels management personnel in return for deeply cutting the management fees payable to Michels.


    Working capital at December 31, 2016 was $1,744,546 compared to working capital of $1,769,385 at December 31, 2015. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.


    The Company's assets at December 31, 2016 totaled $23,922,129 compared to total liabilities of $11,838,378. At December 31, 2015, total assets were $19,613,905 compared to total liabilities of $9,439,562. These changes reflect the $4.5 million Lakewood property acquisition.


    Casino revenues for the quarter ended December 31, 2016 were $8,096,128, a decrease of $323,523 compared to the same period in the prior year. Gaming dollars dropped were 5% lower than the same period last year in spite of a 26% increase in Baccarat dollars dropped at Riverside Casino, which had another excellent quarter with revenues 14% over the same quarter 2015. Fourth quarter income from operations at the Riverside was $374,861 compared to $359,478 in 2015.  Offsetting that was Chips Casino Lakewood, where revenue was down 27% from the previous year, as their Baccarat hold percentage was half of what its target rate is and gaming dollars dropped decreased 29%. The decrease in Baccarat hold percentage is the result of the Company having to match competitors in the area who were increasing their giveaway and match play promotions.


    During the fourth quarter Chips Casino recorded a loss from operations of $129,406, which was still far below the positive earnings of $170,002 recorded the same quarter a year ago. Â The Palace Casino Lakewood had an excellent hold percentage of 24% which was three points above the fourth quarter 2015, but due to a 14.5% decrease in gaming dollars dropped at the tables, revenues were flat over same quarter last year. In spite of that, and due to careful labor cost controls, The Palace shows an operating profit of $147,017 in the fourth quarter compared to $120,566 the prior year. Goldies Casino also had positive income from operations despite a revenue deficit of $314,377 compared to last year, due largely to an almost 9% decrease in the gaming drop. The Palace Casino Tukwila opened full gaming operations in mid-June, but its transition to a full service casino has not produced the hoped for results. Marketing strategies were revised through the fourth quarter, focusing on table game promotions and food and beverage offerings, which were intended to drive business specifically to that casino. Labor costs there were high in order to fully staff the casino. With the Riverside and two competing casinos across the street and next door, the Company was hoping to capitalize on the gaming customer hub in Tukwila and produce a monthly profit by the end of the year, but it did not.



    The Company recorded year to date net revenues of $33,326,624 compared to $33,338,543 for the year 2015. Year to date income from operations was $3,229,778, down from $4,316,691 in 2015. Additional marketing costs of more than $500,000 were incurred due to increased cash giveaway events and other promotional programs. Higher labor costs were incurred as a result of game protection and customer service initiatives that have been designed to counter decreases in the table game drop. In addition, 2016 was the first year in which the Affordable Care Act required the company to spend an additional $175,000 on health care premiums for employees. The company did save almost $400,000 by amending the Michels management agreement, in which the Company hired Michels management personnel in return for deeply cutting the management fees payable to Michels.


    The Company continues to have access to the $1.2 million line of credit available to Tacoma Casino LLC, and Pete's Flying Aces, Inc. from the vendor of the companies, Michels Development. As of April 28, 2017 this balance is $0.


    The Palace Tukwila initially started business in November 2014 as a poker only cardroom. The Company changed business plans for this property in June 2016 and upon receiving its full house bank gaming license, replaced poker with table games and thereafter operated as a full casino. The Company invested approximately $875,000 in the second half of 2016 with the expectation that there was still room for another cardroom in Tukwila. On February 4, 2017, however, the Company closed the doors, determining that the market niche that had been identified for this cardroom could not be realized.


    As a result of the closing of the Palace Tukwila, the Company has offered the property located at 14027 Interurban Ave S. in Tukwila, WA for sale or lease.

    http://sterlingrealestate.idxco.com/idx/3780/details.php?idxID=666&listingID=583212
     
  3. TheDude

    TheDude Member

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    Evergreen Gaming appoints Libin CEO, Wisner CFO

    2017-05-15 15:57 MT - News Release

    Mr. Leonard Libin reports

    CHANGES TO SENIOR MANAGEMENT

    Evergreen Gaming Corp. has appointed a chief executive officer and a chief financial officer. Leonard (Len) Libin has assumed the position of CEO, taking over from Monty Harmon, who has led Evergreen for the last five years but has left for personal reasons. Mr. Libin has been active in the gaming industry for over 40 years, including his ownership interest in the Edgewater Casino in Vancouver, B.C. He has served as a director of Evergreen for the past 10 years, and also serves as chairman of the board.

    Dennis Wisner has been appointed to the position of CFO of the company. Mr. Wisner served as the CFO of Little Creek Casino in Shelton, Wash., from 1995 to 2005 and the CFO of Michels Development LLC from 2006 to 2010. Michels Development is a private company wholly owned by Steve Michels, a director of the company, which provides management services to the company through Michels Management Services LLC, a wholly owned subsidiary. From 2011 to date, Mr. Wisner has served as the director of operational finance for Evergreen.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  4. TheDude

    TheDude Member

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    Hopefully results are out sooner than later. Last year it was May 26th. Crossing my fingers that management has made the required changes needed to keep everything profitable. Even though each year the wage increase will take effect $800K for 2017($200k per quarter), I think this will be offset by the following:

    1) Monty leaving - $164,000 salary a year gone (announced this week)
    2) Closure of Tukwila - Lost money for TNA even though the company made millions over the years, meaning it was their worst asset
    3) Tukwila building is for sale - The sale of this will inject extra cash into the balance sheet
    4) Additional adjustments made my management

    So with all those factors considered, odds are that TNA will keep the company profitable.

    From February 10th 2017:


    Change to Washington State minimum hourly wage

    In November, 2016, voters in the state of Washington voters passed Initiative 1433. Effective Jan. 1, 2017, the initiative raises the hourly minimum wage for all workers in Washington State each January for the next four years. The present minimum wage will increase from $9.47 to $11 in January, 2017, and to $11.50 in 2018, $12 in 2019 and $13.50 per hour in the year 2020. The increases to the minimum wage will also impact hourly wage rates for employees with greater experience and responsibility. The cumulative effect on wages, including payroll taxes, over the four-year period, is projected to be $800,000, $1.1-million, $1.4-million and $2.4-million, respectively.

    Management believes the company will make adjustments and increase revenues during this four-year period so as to remain profitable. Casinos are able to increase food and drink prices, but that same luxury does not exist with the company's primary revenue source, the gaming tables. Therefore, the company will commit to increasing its customer base through strategic use of marketing dollars. The company is continually reviewing all labour processes to optimize staffing needs based on customer counts. In addition, the company will seek reductions in gaming and other tax rates from local jurisdictions as a means to ease the impact of increases to minimum wage. Other changes in state laws and regulations will also be reviewed for opportunities to reduce costs or increase revenues.

    Closure of unprofitable card room in Tukwila

    The company announces the closure of the Palace Tukwila card room. After years of trying to establish the Palace card room in Tukwila, the company has come to the conclusion the Tukwila market is saturated and cannot support another card room. Factors contributing to the closure included the recent increase to the state minimum wage and a lack of experienced dealers willing to work for a start-up location.

    The employees and assets of the business operation will be deployed for use at other business locations owned by the company. The board will be meeting later in the month to discuss optional uses for the land and building, which are owned by the company.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  5. TheDude

    TheDude Member

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    Nothing for sale on TNA, with a turnaround quarter, the price will bounce back to the mid-high teen's easily.

    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    22,000 0.095 0.105 10,000
    2,500 0.090 0.110 2,500
    5,000 0.085 0.115 18,500
    5,000 0.075 0.130 12,000
    5,000 0.070 0.145 15,000
    25,000 0.065 0.185 2,000
    500,000 0.060 0.200 50,000
    10,000 0.035 0.250 25,000
    10,000 0.030 -- -- --
    200,000 0.005 -- -- --
     
  6. TheDude

    TheDude Member

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    Price: $0.095
    Common Shares: 124,716,865
    Insider/Institutional Holdings: 95,967,855 or 77.51%
    All information can be found at www.sedar.com

    Financials (All numbers are in US Dollars)

    ASSETS
    Cash: $4,073,545
    Property, Plant & Equipment: $10,632,512
    Goodwill: $6,435,481
    Trademarks: $1,185,000
    Game Licenses: $65,867
    Deposits: $10,551
    Inventories: $175,498
    Accounts Receivable: $97,561
    Tax Receivable: $163,850
    Other Assets: $142,623
    Cash(Restricted): $1,441,333
    Total Assets: $24,423,821

    LIABILITIES
    Deferred Tax: $348,000
    Notes Payable: $6,772,440
    Notes Payable(related parties): $652,656
    Other Payables: $3,665,833
    Note Payable(current): $383,897
    Note Payable Related Parties(current): $179,897
    Total Liabilities: $12,002,723

    Year - Sales - Net Income
    2014 - $30,555,757 - $2,720,669 - $0.02c EPS - Not converted into CAD yet
    2015 - $33,338,543 - $3,933,883 - $0.03c EPS - Not converted into CAD yet
    2016 - $33,326,624 - $1,909,408 - $0.015c EPS - Not converted into CAD yet
    2017(Q1) - $8,229,974 - $337,347 - $0.003c EPS – Not converted into CAD yet

    **Note** - Q1 2017 showed a slightly lower profit because Tukwila casino was still operating until February. As well, the prior expense of CEO Monty Harmon was part of this quarter. On top of this all, a new mandatory wage increase was implemented due to Washington law which added $200,000 in additional G&A expenses. Q2 2017 should look better with Tukwila completely closed, Monty removed and management making additional cuts.

    MD&A Highlights – Full MD&A Can be found at www.Sedar.com

    Overall Performance

    Net revenue for the quarter ended March 31, 2017 was $8,229,974, a decrease of $29,496 compared to the same period in the prior year. Gaming dollars dropped were 5% lower than the prior year quarter but that decrease was almost entirely offset by an increase in the hold percentage. The income from operations was $609,385 compared to $992,326 in the prior year quarter. This decrease was primarily due to an increase of labour and benefit expense of $282,178. The labour and benefit expenses increased due to an increase in the minimum wage and additional labour expenses at the Palace Casino Tukwila. The minimum wage increased from $9.47 to $11.00/hourly effective January 1, 2017. The Palace Casino Tukwila opened full gaming operations in mid-June 2016. Labour costs there were high in order to fully staff the casino. Due to the disappointing operating results, Palace Casino Tukwila was closed February 4, 2017.

    Net income before taxes was $538,789 compared to $833,048 in the same quarter of 2016, a $294,259 decrease. The majority of this decrease came from additional labour and benefit expenses.

    Working capital at March 31, 2017 was $1,864,783 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet it’s future obligations.

    The company’s assets at March 31, 2017, totalled $24,423,821 compared to liabilities of $12,002,723. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378.

    The company’s cash at March 31, 2017 was $5,514,878 compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $1,441,333 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended March 31, 2017 was $1,250,501 compared to $1,043,234 for the quarter ended March 31, 2016.

    Liquidity and Capital Resources

    Historically, the companies sources of funding have been debt and equity financing and cash flow from operations. As of March 31, 2017, the company had arm’s length debt of $7,156,337, all related to mortgages, including the acquisition of the Lakewood property. Related party debt totalled $832,553 which is owed to Michels Development for the note from Goldies in Shoreline.

    On June 1 2015, the company amended the Goldies Casino related party note with Michels Development. The revision, effective June 1 2015, extended the due date from April 15, 2016 to May 31, 2018; changed the monthly payment from $16,000 to a minimum of $20,000 and increased the interest rate from 5% to 8%. The note was paid in full on May 19, 2017.

    The company continues to have access to the $1.2 million line of credit available to Tacoma Casino LLC, and Pete’s Flying Aces, Inc. from the vendor of the companies, Michels Development. As of May 25, 2017 this balance is $0.

    Transactions Subsequent to End of Quarter

    The Goldies Casino note payable to Michels Development was paid in full on May 19, 2017

    **Additional Note**

    The Tukwila property is still listed for sale at $2 million USD. The company has a book price of this asset at $1.4 million USD and was purchased in 2014.


    http://sterlingrealestate.idxco.com/idx/3780/details.php?idxID=666&listingID=583212
     
  7. TheDude

    TheDude Member

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    Just checked the level 2, very little for sale

    LEVEL 2 QUOTE
    Market Maker Shares Bid Price Ask Price Shares Market Maker
    6,000 0.100 0.105 10,000
    100,000 0.095 0.110 2,500
    2,500 0.090 0.115 18,500
    5,000 0.085 0.130 12,000
    5,000 0.075 0.145 15,000
    5,000 0.070 0.185 2,000
    25,000 0.065 0.200 50,000
    500,000 0.060 0.250 25,000
    200,000 0.005 -- -- --
     
  8. TheDude

    TheDude Member

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    Evergreen Gaming shareholder Michels acquires shares

    2017-06-01 15:53 MT - News Release

    Mr. Len Libin reports

    ACQUISITION OF EVERGREEN GAMING CORPORATION SHARES

    Evergreen Gaming Corp. shareholder Steven Michels on June 1, 2017, through his wholly owned private company Michels Development LLC (MDL), acquired in a private transaction beneficial ownership of seven million common shares of Evergreen Gaming of 8200 Tacoma Mall Blvd., Lakewood, Wash., 98499. The seven million common shares were acquired in exchange for the forgiveness by MDL of $1,440,425 in interest that would have otherwise been payable in connection with a debt obligation owed to MDL. As a result, the seven million common shares were acquired at the effective rate of 20.6 cents per common share. The issuer owns 908,000 common shares out of the 124,716,865 common shares issued, and hence the seven million common shares acquired represent approximately 5.7 per cent of the outstanding common shares of the issuer (5.6 per cent of the issued). Prior to the transaction, the acquiror had control over, but not ownership of, the same seven million common shares acquired. Accordingly, while the acquiror's ownership interest in common shares of the issuer has increased by seven million common shares, the number of shares over which he has control, but not ownership, has decreased by the same number and percentage.

    Immediately prior to the transaction, the acquiror had ownership of 11 million common shares of the issuer representing approximately 8.9 per cent of the outstanding common shares of the issuer (8.8 per cent of the issued). Immediately following the transaction, the acquiror had beneficial ownership of 18 million common shares of the issuer representing approximately 14.5 per cent of the outstanding common shares of the issuer (14.4 per cent of the issued).

    Immediately prior to the transaction, the acquiror had control over, but not ownership of, 35,747,626 common shares of the issuer representing approximately 28.9 per cent of the outstanding common shares of the issuer (28.7 per cent of the issued). Immediately following the transaction, the acquiror had control over, but not ownership of, 28,747,626 common shares of the issuer representing approximately 23.2 per cent of the outstanding common shares of the issuer (23.1 per cent of the issued).

    The acquiror's purpose in acquiring the seven million common shares was to increase his percentage shareholding in the issuer and to receive value for an interest obligation owned to his wholly owned company. The acquiror's common shares of the issuer will be held for investment purposes. The acquiror may, depending on market and other conditions, further increase, or decrease, his beneficial ownership of the issuer's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities. The acquiror has no present intention of acquiring or disposing of any additional common shares of the issuer.

    This press release is issued pursuant to National Instrument 62-104, which also requires a report to be filed with the B.C. Securities Commission and the Alberta Securities Commission containing additional information with respect to the transaction. To obtain a copy of the report or for further information concerning this announcement, please contact Len Libin, chief executive officer of Evergreen, at 425-282-4172.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  9. TheDude

    TheDude Member

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    Evergreen Gaming CEO Libin now has 23.23% stake

    2017-06-01 16:41 MT - News Release

    Mr. Len Libin reports

    ACQUISITION OF EVERGREEN GAMING CORPORATION SHARES

    Leonard Libin has made a number of transactions privately amongst himself and his joint actors, all of whom are family members, wholly owned corporations and trusts beneficially owned by family members, with respect to common shares of Evergreen Gaming Corp. of 8200 Tacoma Mall Blvd., Lakewood, Wash., 98499. The Acquiror last filed an early warning report dated October 31, 2006, in which the number of common shares of Issuer reported to be beneficially owned by the Acquiror totalled 32,172,060 common shares. The Issuer owns 908,000 common shares out of the 124,716,865 common shares issued, and hence the 32,172,060 common shares last reported represent approximately 25.99% of the currently outstanding common shares of the Issuer (25.80% of the issued). There has been no change in the number of common shares of the Issuer owned by the Acquiror and his joint actors since the date of the last filed report. However, as a result of transfers amongst the Acquiror, entities through which the Acquiror beneficially owns common shares of the Issuer, and the Acquiror's joint actors, the Acquiror has transferred beneficial ownership of 3,416,374 common shares of the Issuer, representing 2.76% of the outstanding common shares of the Issuer (2.74% of the issued) to his joint actors. As a result, the Acquiror, personally and indirectly through wholly owned corporations and trusts in which he has a beneficial interest, now has beneficial ownership of 28,755,686 common shares of the Issuer, representing 23.23% of the outstanding common shares of the Issuer (23.10% of the issued), and his joint actors have beneficial ownership of 3,416,374 common shares, representing 2.76% of the outstanding common shares of the Issuer (2.74% of the issued). Details of the dates, consideration paid and received, and other particulars of the Transactions are contained in the early warning report referred to hereafter, which has been filed on SEDAR.

    The purpose of the Acquiror and his joint actors in conducting the Transactions was to reorganize the holdings of common shares of the Issuer amongst them to settle inter-party debt and for tax and estate planning purposes.

    The common shares of the Issuer held by the Acquiror and his joint actors will be held for investment purposes. The Acquiror and his joint actors may, depending on market and other conditions, further increase, or decrease, their beneficial ownership of the Issuer's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities. The Acquiror and his joint actors have no present intention of acquiring or disposing of any additional common shares of the Issuer, other than potential future transfers amongst them.

    In conducting the Transactions, the Acquiror does not concede that an exemption from the requirements in securities legislation applicable to formal bids was required. However, if such an exemption was required, the Acquiror and his joint actors claim reliance for each of the Transactions on the exemption provided by section 4.2 of National Instrument 62-104.

    This press release is issued pursuant to National Instrument 62-104, which also requires a report to be filed with the B.C. Securities Commission and the Alberta Securities Commission containing additional information with respect to the Transaction (the "Report"). To obtain a copy of the Report or for further information concerning this announcement, please contact Len Libin, CEO of Evergreen, at (425) 282-4172.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  10. TheDude

    TheDude Member

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    1.2 million share cross today

    Recent Trades - All 5 today

    Time ET Ex Price Change Volume Buyer Seller Markers
    14:44:44 V 0.105 -0.03 7,000 79 CIBC 7 TD Sec
    14:44:44 V 0.105 -0.03 325,000 7 TD Sec 7 TD Sec
    14:44:44 V 0.105 -0.03 420,000 7 TD Sec 7 TD Sec
    14:44:44 V 0.105 -0.03 420,000 7 TD Sec 7 TD Sec
    14:44:44 V 0.11 -0.025 10,000 9 BMO Nesbitt 7 TD Sec

    TNA Level 2 after the cross

    LEVEL 2 QUOTE

    Market Maker Shares Bid Price Ask Price Shares Market Maker
    20,000 0.110 0.130 10,000
    58,000 0.105 0.135 18,500
    95,000 0.100 0.140 13,000
    140,000 0.095 0.150 25,000
    26,500 0.090 0.155 15,000
    5,000 0.085 0.160 25,000
    5,000 0.075 0.165 10,000
    5,000 0.070 0.175 10,000
    500,000 0.060 0.180 23,000
    200,000 0.005 0.185 2,000
     
  11. TheDude

    TheDude Member

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  12. TheDude

    TheDude Member

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    Evergreen Gaming appoints Mangano president, CEO

    2017-07-28 10:54 MT - News Release

    Mr. Len Libin reports

    NEW PRESIDENT AND CEO

    Evergreen Gaming Corp. has appointed Dawn M. Mangano as its new president and chief executive officer. Len Libin filled this position on an interim basis after accepting Monty Harmon's resignation. Mr. Libin will continue in his duties and position as chairman of the board going forward.

    Ms. Mangano comes to Evergreen from the Casino Caribbean/Macau Casino cardroom group consisting of five locations in Washington. She spent the last 14 years holding positions in both finance and operations with a broad base of experience including all facets of cardroom management. Ms. Mangano was instrumental in that group's growth with responsibilities including acquisition, construction, licensing, customer development and profitability of the restaurants and casinos. Continuing education through University of Nevada, Las Vegas, and certifications have kept her current in marketing and table game protection. Throughout her time in the industry, Ms. Mangano has gained experience in government regulatory agency relations and political involvement at the state and local levels. Prior to entering the cardroom industry, Ms. Mangano owned and operated an accounting business primarily focused on construction and professional business clients.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  13. hollyhunter

    hollyhunter Member

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  14. TheDude

    TheDude Member

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    Evergreen Gaming Corporation Q2 Results(Ending June 30th 2017)
    All Information Can Be Found On SEDAR – www.sedar.com

    Price: $0.12
    Common Shares: 124,716,865
    Insider/Institutional Holdings: 95,967,855 or 77.51%
    Retail Shares Available: 28,749,010 or 22.49%

    Financials + MD&A – All in US Dollars

    Financials

    ASSETS - USD
    Cash: $4,499,410
    Restricted Cash: $2,283,216
    Other Assets: $176,317
    Accounts Receivable: $116,259
    Inventory: $176,643
    Deposits: $10,551
    Game License: $63,267
    Trademarks: $1,185,000
    Goodwill: $6,435,481
    Property & Equipment: $10,549,240
    TOTAL ASSETS: $25,495,384

    LIABILITIES – USD
    Notes Payable(Mortgages): $6,673,081
    Trade Payables: $4,616,249
    Notes Payable: $389,357
    Deferred Tax: $348,000
    TOTAL LIABILITIES: $12,026,687

    Asset/Debt Ratio: 2.12:1

    Note: Pending Sale of Tukwila Casino For $2 million USD - http://www.sterlingrealestate.idxbr...83212/14027-Interurban-Ave-S-Tukwila-WA-98168

    Quarterly Sales Results

    Year - Sales - Net Income – EPS (Earnings Per Share)
    2014 - $30,555,757 - $2,720,669 - $0.02c EPS - Not converted into CAD yet
    2015 - $33,338,543 - $3,933,883 - $0.03c EPS - Not converted into CAD yet
    2016 - $33,326,624 - $1,909,408 - $0.015c EPS - Not converted into CAD yet
    2017(Q1) - $8,229,974 - $337,347 - $0.003c EPS – Not converted into CAD yet
    2017(Q2) - $8,513,288 - $1,047,878 - $0.008c EPS – Not converted into CAD yet

    MD&A Highlights

    Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming, Inc. (“WGI”).
    Net revenue for the quarter ended June 30, 2017 was $9,411,453, an increase of $1,025,705 compared to the same period in the prior year. Gaming dollars dropped were 5% higher than the prior year quarter and the hold percentage increased .7%. The income from operations was $1,654,640 compared to $1,134,414 in the prior year quarter. This increase was due to the increase in net revenues offset by an increase in operating expenses of $505,479. The labor and benefit expenses increased due to an increase in the minimum wage and marketing expenses increased to generate more revenue.

    Net income before taxes was $1,564,515 compared to $1,003,841 in the same quarter of 2016, a $560,674 increase. The increase was due to the higher income from operations and lower finance costs due to paying off outstanding indebtedness.

    Working capital at June 30, 2017 was $2,246,239 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.

    The Company’s assets at June 30, 2017 totaled $25,495,384 compared to total liabilities of $12,026,687. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378.

    The Company’s cash at June 30, 2017 was $6,782,626, compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $2,283,216 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended June 30, 2017 was $2,212,808 compared to $892,469 for the quarter ended June 30, 2016.

    The operating results for the quarter ending June 30, 2017 showed a substantial improvement from the quarter ending March 31, 2017. Net revenues increased to $9,411,453 compared to $8,229,974 in the prior quarter. This increase was attributable to an 11% increase in gaming dollars dropped and a .6% increase in the hold percentage. Income from operations increased to $1,654,640 in the second quarter compared to $609,385 in the prior quarter. This was due to the increase in net revenues offset by a $136,224 increase in operating expenses. This was primarily due to an increase in gaming taxes as a result of additional gaming revenue.

    Historically, the Company’s sources of funding have been debt and equity financing and cash flow from operations. As of June 30, 2017, the Company had arm’s length debt of $7,062,438, all related to mortgages, including the acquisition of the Lakewood property. Related party debt totalling $832,553 which was owed to Michels Development for the note from Goldies in Shoreline was paid in full in the second quarter.

    At June 30, 2017, the Company had cash of $6,782,626 and net working capital of $2,246,239. Total debt payments of $926,451 were made during the second quarter. The monthly debt service cash requirement is just under $58,000.
     
  15. TheDude

    TheDude Member

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    52 week high today, but still undervalued given their balance sheet and last couple quarters of profits.
     
  16. TheDude

    TheDude Member

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    Below is a complete list of all Casino & Gaming based companies that exist on all three Canadian exchanges (TSX/Venture/CSE). It is a small sector and there are some great buys. But it gives a clear picture of where TNA is trading based on it's peers.

    Symbol – Common Shares – Last Price – Last Quarter Profit/(Loss) – EPS(last Quarter)

    GC.T – 60.8M - $34.09 - $26.7 Mil CAD Profit - $0.43c

    GH.T – 27.7M - $9.94 - $4.2 Mil CAD Profit - $0.16c

    ITX.T – 19.5M - $11.73 – ($210 Mil CAD Loss) – No Earnings

    NYX.V – 108M - $1.13 – ($21 Mil CAD Loss) – No Earnings

    IGG.T – 20M - $2.49 - $266K USD Profit – Takeover At $2.50 Currently

    LOTO.C – 63.5M - $0.375 – ($6.9 Mil CAD Loss) – No Earnings

    JP.V – 337M - $0.05 – ($804K CAD Loss) – No Earnings

    TNA.V – 124.7M - $0.13 - $1.05 Mil USD Profit – $0.01c eps when converted to CAD

    PYD.V – 35M – $0.30 - ($1.38 Mil USD Loss) – No Earnings

    CNS.V – 81.9M – $0.02 - ($187K CAD Loss) – No Earnings

    - Numbers Are Based On Most Recent Quarters Announced
    - Filter From Stockwatch Was Used – www.stockwatch.com
    - Financial Numbers Taken From Sedar – www.sedar.com
    - Additional Information Can Be Found On Sedar
     

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