<PAGE>
FORM 10-QSB/A-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
For the transition period from __________ to __________
Commission file number 0-15415
GLOBAL CASINOS, INC.
----------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Utah 87-0340206
- ---------------------------- -----------------
(State or other jurisdiction I.R.S. Employer
of incorporation or organization) Identification
number
5373 N. Union Blvd., Suite 100 Colorado Springs, Colorado 80918
------------------------------------------------------------------------
(Address of Principal Offices) (Zip Code)
Registrant's telephone number, including area code: (719) 590-4900
------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the Issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the last 12 months (or for
such shorter period that the Registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes [ ] No [ X ]
As of November 13, 1998 1,504,519 shares of Common Stock of the Registrant
were outstanding.
Transitional Small Business Disclosure Format (check one) Yes [ ] No
[ X ]
<PAGE>
<PAGE>
INDEX
PART 1. FINANCIAL INFORMATION:
Item 1. Financial Statements
Balance Sheet at September 30, 1998 (unaudited) and June 30, 1998
Statement of Operations for the Three Months Ended September 30,
1998 (unaudited) and September 30, 1997 (unaudited)
Statement of Cash Flows for the Three Months Ended September 30,
1998 (unaudited) and September 30, 1997 (unaudited)
Notes to Unaudited Financial Statements
Item 2. Management's Discussion and Analysis
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults Upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
<PAGE>
<PAGE>
PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
The accompanying balance sheet at September 30, 1998, and statements of
operations and cash flows for the three months ended September 30, 1998 and
1997 are unaudited but reflect all adjustments which are, in the opinion of
management, necessary to a fair statement of the financial position and
results of operations for the interim period presented.
<PAGE>
<PAGE>
Global Casinos, Inc. and Subsidiaries
Consolidated Balance Sheets
<TABLE>
<CAPTION>
September 30, June 30,
1998 1998
(unaudited)
---------------- ------------
<S> <C> <C>
ASSETS
Current assets:
Cash $ 637,733 $ 863,343
Accounts receivable:
Trade, net of allowance for
doubtful accounts of $22,384 and
$26,140 at September 30, 1998 and
June 30, 1998 467,303 371,602
Related parties 5,741 16,282
Inventory 254,325 284,978
Prepaid rent 192,800 192,800
Current portion of notes receivable 60,623 60,623
Marketable securities 6,255 12,980
Other 92,172 95,870
------------ ------------
Total current assets 1,716,952 1,898,478
Land, buildings and equipment:
Land 526,550 526,550
Buildings 4,126,970 4,043,870
Equipment 1,986,893 2,040,944
------------ ------------
6,640,413 6,611,364
Accumulated depreciation (1,456,422) (1,460,096)
------------ ------------
5,183,991 5,151,268
Other assets:
Leasehold and contract rights,
net of amortization of $1,248,965
and $1,199,095 at September 30, 1998
and June 30, 1998 2,593,479 2,643,348
Goodwill, net of amortization of
$140,292 and $110,230 at September 30,
1998 and June 30, 1998 2,024,212 2,054,275
Notes receivable, net of current portion,
including receivables in default 274,698 290,340
Other assets, net of amortization of
$27,385 and $23,700 at September 30,
1998 and June 30, 1998 23,287 24,197
-------------- --------------
4,915,676 5,012,160
============== ==============
$ 11,816,619 $12,061,906
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 641,308 $ 673,381
Accrued expenses 1,515,816 1,344,466
Accrued interest, including $54,539
and $40,431 to related parties at
September 30, 1998 and June 30, 1998 342,611 294,131
Note payable 216,843 245,000
Current portion of long-term debt,
including debt in default and
$238,350 and $367,351 to related
parties at September 30, 1998 and
June 30, 1998 2,318,298 1,920,950
Mandatory redeemable convertible Class A
preferred stock, in default 27,500 33,500
Other 40,000 40,000
------------ -------------
Total current liabilities 5,102,376 4,551,428
------------ -------------
Long-term debt, less current portion 2,891,005 3,212,472
Other 12,056 12,056
------------ -------------
2,903,061 3,224,528
------------ ------------
Commitments and contingencies
Stockholders' equity:
Class A preferred stock - convertible
nonvoting, $2 par value; 10,000,000
shares authorized; 147,500 and 109,000
and shares issued and
outstanding at September 30, 1998
and June 30, 1998 218,000 218,000
Class B preferred stock - convertible
nonvoting, $.01 par value; 10,000,000
shares authorized; 317,630 and 329,178
shares issued and outstanding at
September 30, 1998 and June 30, 1998 3,176 3,292
Common stock - $.05 par value; 50,000
shares authorized; 1,504,519 and
1,504,344 shares issued and outstanding
at September 30, 1998 and June 30,
1998 12,189 12,180
Additional paid-in capital 12,502,619 12,614,495
Accumulated deficit (8,924,802) (8,562,017)
------------- -------------
3,811,182 4,285,950
------------- -------------
$ 11,816,619 $12,061,906
============= ============
</TABLE>
See accompanying notes.
<PAGE>
Global Casinos, Inc. and Subsidiaries
Consolidated Statements of Operations
<TABLE>
<CAPTION>
For the three months ended
September, 30,
1998 1997
(unaudited) (unaudited)
---------------- ------------
<S> <C> <C>
Casino $ 1,304,686 $ 2,031,543
Bingo 815,146 546,523
Food and beverage 27,450 39,243
Other 117,356 72,187
----------- -------------
2,264,638 2,689,496
Cost of sales 436,928 343,760
Operating, general, and administrative 1,836,056 2,213,785
Depreciation and amortization 180,646 267,507
----------- -------------
2,453,630 2,825,052
----------- -------------
(188,992) (135,556)
Interest income 7,449 7,822
Interest expense, including $12,445 to
related parties at September 30, 1998 (116,026) (166,020)
------------ -------------
(108,577) (158,198)
============ ==============
Loss before minority interest and
extraordinary item (297,569) (293,754)
Minority interest in income of
subsidiary (49,609)
Extraordinary item:
Gain from debt restructuring 190,930
------------- ------------
Net loss (297,569) (152,433)
Dividends from Class B preferred
stock (65,215)
------------ ------------
Net loss available to common stock-
holders $ (362,784) $ (152,433)
============= =============
Earnings per share - basic and diluted:
Net loss available to common stock-
holders $ (0.24) $ (0.10)
============= =============
Weighted average shares outstanding 1,504,461 1,460,811
============= =============
</TABLE>
See accompanying notes.
<PAGE>
<PAGE>
Global Casinos, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
<TABLE>
<CAPTION>
For the three months ended
September, 30,
1998 1997
(unaudited) (unaudited)
---------------- ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash provided by operating
activities $ 89,391 $ 392,390
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment (130,448) (314,185)
Collections on notes receivable 15,642 13,987
Acquisition of Alaska Bingo Supply,
net of cash acquired (383,090)
Other assets (12,925)
Distribution to minority interest (28,096)
------------- -------------
Net cash used in investing activities (114,806) (724,309)
------------ -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments of long-term debt (53,680) (33,813)
Issuances of long-term debt 54,396
Principal payments of notes payable (28,156)
Borrowings against notes payable 425,657
Redemption of mandatory preferred stock (2,500) (5,000)
Redemption of Class B preferred stock (115,483)
Payment of dividends on Class B preferred
stock (54,772)
------------ -------------
Net (used in) cash provided by
financing activities (200,195) 386,844
Net (decrease) increase in cash (225,610) 54,925
Cash at beginning of year 863,343 1,048,371
------------- -------------
Cash at end of year $ 637,733 $ 1,103,296
============= ==============
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest $ 65,242 $ 71,415
SUPPLEMENTAL SCHEDULE OF NONCASH
INVESTING AND FINANCING ACTIVITIES:
Mandatory redeemable preferred stock
converted to common stock $ 3,500
=============
Note receivable issued for common
stock $ 195,000
==============
Dividends accrued on Class B
preferred stock $ 10,443
=============
Acquisition of Alaska Bingo Supply:
Fair value of assets acquired $ 592,244
Intangible assets 3,935,463
Liabilities assumed (134,617)
Fair value of assets exchanged (4,010,000)
-------------
Cash received, net of cash acquired $ 383,090
=============
</TABLE>
See accompanying notes.
<PAGE>
Global Casinos, Inc. & Subsidiaries
Notes to the Consolidated Financial Statements
September 30, 1998
(unaudited)
1. Organization
Global Casinos, Inc. (the "Company"), a Utah corporation, develops and
operates gaming casinos domestically and internationally. At
September 30, 1998, the consolidated financial statements of the
Company include the accounts of the following wholly-owned
subsidiaries. All significant intercompany accounts and transactions
have been eliminated in consolidation.
Casinos USA, Inc. ("Casinos USA"), a Colorado corporation, which
owns and operates the Bull Durham Saloon and Casino ("Bull
Durham"), located in the limited stakes gaming district in Black
Hawk, Colorado.
Global Alaska Corporation ("Global Alaska"), an Anchorage
corporation, which operates Alaska Bingo Supply, Inc. ("ABS")
located in Anchorage, Alaska. The Company acquired ABS on August
1, 1997. ABS is primarily engaged in the distribution of a full
line of bingo related products. ABS products are sold in Alaska
to non-profit organizations and municipalities which use the
products for fund-raising purposes. ABS also receives rent
income from the leasing of space to two bingo hall operators.
The bingo halls are managed by the holder of the Company's Class
B preferred shares.
Global Pelican N.V. ("Pelican"), a St. Maarten Limited Liability
Company which began operating the Pelican Casino located on the
island of St. Maarten in the Netherland Antilles on August 1,
1996. Global Pelican operates the casino under a Management and
Operating Lease Agreement.
BPJ Holdings N.V. ("BPJ"), a Curacao Limited Liability Company,
which operates the Casino Masquerade on the Caribbean resort
island of Aruba. The casino was closed March 1998 due to the
hotel in which it is located being closed for major renovations
and improvements.
Global Casinos International, Inc. ("Global International"), a
Delaware corporation, which through an International Joint
Venture ("IJV") operated Casino Las Vegas in Bishkek, Kyrgyzstan.
The Company transferred its interest in Casino Las Vegas to its
IJV partner in April 1998.
Woodbine Corporation ("Woodbine"), a South Dakota corporation,
which operated Lillie's Casino ("Lillie's") in Deadwood, South
Dakota through June 30, 1995. Beginning in July 1996, Woodbine
began leasing this property and related equipment to a third
party.
Destination Marketing Services ("DMS"), a Colorado corporation,
which acquired the net assets of a Colorado travel services
company in January 1998.
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form
10-QSB and Item 310(b) of Regulation S-B. Accordingly, they do not
include all the information and footnotes required by generally
accepted accounting principles for complete financial statements.
There has not been any significant change in the Company's significant
accounting policies nor has there been any significant development in
contingent liabilities and commitments.
In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have
been included. The results for these interim periods are not
necessarily indicative of the results for the entire year. These
statements should be read in conjunction with the financial statements
and footnotes thereto included in the Form 10-KSB for the fiscal year
ended June 30, 1998 and Form 8-K/A, Amended Current Report dated June
11, 1998.
Private Securities Litigation Reform Act
Certain statements in this Quarterly Report on Form 10-QSB which are
not historical facts are forward looking statements, such as
statements relating to future operating results, existing and expected
competition, financing and refinancing sources and availability and
plans for future development or expansion activities and capital
expenditures. Such forward looking statements involve a number of
risks and uncertainties that my significantly affect the Company's
liquidity and results in the future and, accordingly, actual results
may differ materially from those expressed in any forward looking
statements. Such risks and uncertainties include, but are not limited
to, those related to effects of conditions, changes in gaming laws or
regulations (including the legalization of gaming in various
jurisdictions) and risks related to development and construction
activities.
2. Acquisitions
Alaska Bingo Supply
On August 1, 1997, the Company, through Global Alaska, acquired all
the outstanding shares of stock of ABS. The acquisition was accounted
for as a purchase. The purchase price of $4,400,000 consisted of
$400,000 cash and a $4,000,000 8% convertible promissory note
collateralized by shares of ABS common stock held by the Company. In
order to fund the acquisition, the Company borrowed $350,000 from
third parties and $75,000 from a related party. The promissory notes
are collateralized by a note receivable of the Company. Interest on
$200,000 of the promissory notes, which were paid in full during
fiscal year 1998, was at 24% and interest on the remaining $225,000
(including the related party note) is at 12%. The remaining notes
were due April 1998, but were extended through February 1999.
Effective March 31, 1998, the remaining principal balance due under
the $4,000,000 promissory note of $3,853,290 and accrued interest of
$15,202 were converted into (i) 340,329 shares of the Company's Series
B Convertible Preferred Stock ("Series B Preferred Stock), and (ii) a
convertible promissory note in the principal amount of $450,000 (the
"Second Note") due in September 2004 and bearing interest at 8%.
Principal payments on the Second Note do not commence until all the
shares of the Series B Preferred Stock have been redeemed. Each share
of Series B Preferred Stock is convertible, at the option of the
holder, into one share of the Company's common stock at any time
commencing the earlier of (i) one year from the date of issue or (ii)
upon the effective date of a registration statement registering for
sale under the Securities Act of 1933, as amended, the shares of the
Company's common stock issuable upon such conversion; provided,
however, that in no event shall the Series B Preferred Stock be
convertible into more than 311,550 shares of common stock without the
approval of the Company's shareholders.
The Company has the option, but not the obligation, to redeem all or
any portion of the Series B Preferred Stock at a redemption price of
$10.00 per share. Holders of the Series B preferred Stock are
entitled to receive an annual dividend payable at the rate of 8% per
annum.
Destination Marketing Services
In January 1998, the Company, through DMS, a newly-formed subsidiary,
acquired certain assets, net of liabilities, of a Colorado Springs,
Colorado travel services company, in exchange for $10,000 cash and a
$69,000 10% note payable, due in 1999. This acquisition was accounted
for as a purchase, and the results of operations of DMS have been
included in the consolidated results of operations from the
acquisition date.
Pro forma consolidated results of operations including the results of
operations of ABS and DMS had the acquisitions occurred at the
beginning of fiscal year 1998 are not presented as the results would
have an immaterial effect on the consolidated results of operations
for the three months ended September 30, 1997.
3. Settlement agreement - Casino Masquerade
Through February 1998, the Company leased the Casino Masquerade
facility in the Radisson Aruba Caribbean Resort Hotel and Casino under
an operating lease that expired in December 2002. The casino was
closed for operations March 1998 due to the lessor closing the hotel
for extensive repairs and improvements.
In April 1998, the Company reached a settlement agreement with lessor
whereby the lessor agreed to pay $250,000 in payroll costs during the
closure of the casino; make available $500,000 commencing August 1998
in the form of two promissory notes of $250,000 bearing interest at 9%
and payable one year from the date of issuance; and provide
approximately $1,500,000 towards to the casino. In addition, a new
ten-year lease agreement was negotiated, with base rents escalating
from $1,000,000 to $1,200,000 annually after the first five years of
the lease term. Rent payments were to commence when the hotel and
casino reopened, which was estimated to be January 1999.
The Company determined that it was unable to obtain funding necessary
to meet certain provisions of the new lease agreement. The Company is
currently renegotiating the settlement with the lessor.
4. CASINOS U.S.A. Reorganization
In October 1995, Casinos U.S.A. ("Debtor") filed a voluntary petition
under Chapter 11 of the United States Bankruptcy Code, and through
December 1996 operated under the protection of the Bankruptcy Court.
The Bankruptcy Court confirmed the Company's Second Amended Plan of
Reorganization (the "Plan") on December 18, 1996 which became
effective February 17, 1997. The confirmed Plan allowed the Debtor to
retain its property and assets and continue its business. The Plan's
provisions resulted in the restructuring and/or extinguishment of
creditor claims filed during the bankruptcy proceedings and the
cancellation of a note and interest receivable of approximately
$1,217,000. As a result, the Company recognized an extraordinary gain
on the extinguishment of debt of $1,285,765 during the year ended June
30, 1997.
In accordance with the provisions of the Plan, certain creditors
received warrants that permit the holders thereof to purchase from the
reorganized Debtor an amount of common stock, so that immediately
after exercise, the warrant holders would own 80% of the common stock
of the Debtor. The warrants are exercisable at any time from one year
after the Plan's Effective Date through the earlier of seven years
after the Effective Date, or when the indebtedness to the warrant
holders has been paid, but only subsequent to a sale of substantially
all of the Debtor's assets, merger, recapitalization, refinance or
other restructuring all of which, management is not considering
likely.
Beginning March 1998 and extending through February 2005, the warrant
holders are entitled to call a vote as to whether any merger,
recapitalization, restructuring, refinance, or sale of the assets of
the Debtor should be made or effectuated. The warrant holders shall
be entitled to vote their warrants as though each warrant was one
share of common stock. No such vote occurred during 1998 and the
quarter ended September 30, 1998.
Item 2. Management's Discussion And Analysis Or Plan Of Operation
The following discussion and analysis should be read in conjunction with
the Financial Statements and Notes thereto appearing elsewhere in this
document.
Liquidity and Capital Resources - September 30, 1998 compared to June 30,
1997
The Company is organized as a holding company for several entities holding
gaming-related properties. Management is currently in the process of
renegotiating its current debts in order to extend the maturities. Also,
the Company continually investigates opportunities to undertake further
financing.
The Company's balance sheet reflects a decrease in current assets and total
assets, and an impairment in working capital. Current assets decreased
from $1,898,478 at June 30, 1998, to $1,716,952 at September 30, 1998, a
decrease of $181,526 or 10%. At September 30, 1998, the Company showed
decreases in cash of $225,610, decreases in inventory of $30,653, and
decreases in marketable securities and other current assets of $10,423.
These decreases were offset by increases in net accounts receivable and
current portion of note receivable of $85,160.
At September 30, 1998, the Company's investment in property, plant and
equipment net of accumulated depreciation increased by $32,723, or 1%.
Other assets decreased in total by $96,484 or 2% due to the regular
amortization intangible assets.
Current liabilities increased 12% from $4,551,428 at June 30, 1998, to
$5,102,376 at September 30, 1998. This increase is comprised primarily of
increases in the current portion of long-term debt of $397,348, accrued
expenses of $171,350, and accrued interest of $48,480. These increases are
offset by a reduction in accounts payable of $32,073, note payable of
$28,157, and mandatory redeemable preferred stock of $6,000.
Long-term debt decreased $321,467.
As a result of the foregoing increases in current assets and in current
liabilities, the Company's working capital deficit increased from
$(2,652,950) at June 30, 1998, to $(3,385,424) on September 30, 1998, or
27.6%. The Company continues to face a severe shortage of working capital,
and there can be no assurance that the Company will be able to raise the
capital or show the improvements in operations that would be necessary to
overcome the deficit.
During this period, the Company reported a net loss of $(297,569) and
dividends on the Series B Preferred Stock of $65,215. As a result
stockholders' equity decreased from $4,285,950 on June 30, 1998, to
$3,811,182 on September 30, 1998, a decrease of 11%.
Net cash provided by operating activities decreased from $392,390 for the
three months ended September 30, 1997 to $89,391 for the three months ended
September 30, 1998, a decrease of $300,000 or 77%
Net cash used in investing activities decreased from $724,309 for the three
months ended September 30, 1997 to $114,806 for the three months ended
September 30, 1998. For the three months ended September 30, 1997, the
Company used approximately $383,090, net of cash acquired, for the purchase
of Alaska Bingo Supply. The Company purchased $183,737 more of equipment
during the three months ended September 30, 1997 than during the three
months ended September 30, 1998. In addition, the Company distributed
$28,046 for minority interest during the three months ended September 30,
1997.
The Company used $200,195 in cash for financing activities during the three
months ended September 30, 1998. Of that amount, 85% or $170,255 was used
to pay dividends on and redeem shares of Series B Preferred Stock. The
Company also paid $28,156 on a note payable issued in the fourth quarter of
fiscal year 1998. Net cash of $386,844 was provided by financing
activities for the three months ended September 30, 1997. Specifically,
cash was provided by borrowing against notes of $425,657 for the Alaska
Bingo Supply, Inc. purchase. Offset against the cash provided by financing
activities were promissory note principal reduction payments in the amount
of $33,813 and a $5,000 payment for the mandatory redeemable projected
stock.
Neither the Company nor any of its subsidiaries have any commercial bank
credit facilities.
Results of Operations - Three Months Ended September 30, 1998 Compared to
the Three Months Ended September 30, 1997
For the three months ended September 30, 1998, the Company's income
consisted of revenues generated by Bull Durham, Alaska Bingo Supply,
Pelican Casino, and Destination Marketing. Income for the three months
ended September 30, 1997 was comprised of Bull Durham, Casino Las Vegas,
Pelican Casino, Casino Masquerade, and two months of Alaska Bingo Supply.
Net revenues for the three months ended September 30, 1998 were $2,264,638
compared to $2,689,496 for the three months ended September 30, 1997, a
decrease of $424,858 or 16%. The decrease is due primarily to the total
decrease in casino and revenues and food and beverage sales of $738,650.
This decrease was due to no revenues reflected for the three months ended
September 30, 1998 for Casino Masquerade and Casino Las Vegas. The
decrease in net revenues was offset by a total increase in bingo and other
revenues of $313,792. This increase is due primarily to only two months of
ABS revenues being reflected in the revenues for the three months ended
September 30, 1997, as well as ABS's 1998 revenues being approximately 10%
higher over the prior year period.
Total operating expenses decreased $371,422 from the three months ended
September 30, 1998 compared to the same period in the prior year. The
decrease is due primarily to Casino Masquerade and Casino Las Vegas being
fully operational during the three months ended September 30, 1997. The
expenses for the three months ended September 30, 1997 reflect only two
months of ABS charges versus a full three months for the same period in
1998; however, ABS's overhead charges are less than the costs incurred by
Casino Masquerade and Casino Las Vegas.
As a result of the decreases in net revenues and operating expenses, losses
from operations decreased $53,436 or 39% for the three months ended
September 30, 1998 compared to the three months ended September 30, 1997.
Interest expense decreased approximately $50,000 for the three months ended
September 30, 1998 compared to the three months ended September 30, 1997
due primarily to the conversion of the promissory note issued to the seller
of ABS to Series B Preferred Stock in March 1998. The decrease in interest
expense decreased the loss before minority interest and extraordinary item
by $50,000, from a loss of $158,198 for the three months ended September
30, 1997 to $108,577 for the three months ended September 30, 1998.
The net loss increased from $152,453 for the three months ended September
30, 1997 to $362,784 for the three months ended September 30, 1998, an
increase of $145,136 or 95%. This increase is due primarily to the 1997
results of operations reflecting a $190,939 gain in debt restructuring
offset by the approximate $50,000 reduction of the minority interest in the
results of operations. The results of operations for the three months
ended September 30, 1998 also reflect dividends on Series B Preferred Stock
of $65,215, resulting in a net loss available to common stockholders of
$362,784.
Other than the foregoing, management knows of no trends, or other demands,
commitments, events or uncertainties that will result in, or that are
reasonably likely to result in, a material impact on the income and
expenses of the Company.
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None, except as previously disclosed.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None, except as previously disclosed.
Item 4. Submission of Matters to a Vote of Security Holders
None.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
None.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Annual Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
GLOBAL CASINOS, INC.
Date: March 21, 2000 By: /s/ Stephen G. Calandrella
-------------------------- ------------------------------
Stephen G. Calandrella, President
