SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934. For the quarterly period ended:
12/31/95
Commissioner file number: 0-19852
GREAT AMERICAN HOTELS & RESORTS, INC.
(Exact name of small business issuer as specified in its charter)
Georgia 58-1956846
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
120 Firestone Pointe, Suite 100, Duluth, Georgia 30155
(Address of principal executive offices)
(404) 476-3936
(Issuer's telephone number)
GREAT AMERICAN RESORTS, INC.
(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 past 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_
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports
required to be filed by Section 12, 13, or 15(d) of the Exchange
Act after the distribution of securities under a plan confirmed
by court. Yes __ No __
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
2,712,090 shares of Class A Common Stock, no par value
200,000 shares of Class C Common Stock, no par value
78,500 shares of Series A Convertible Preferred Stock
as of August 14, 1996
<PAGE>
<TABLE>
PART I. - FINANCIAL INFORMATION
GREAT AMERICAN HOTELS & RESORTS, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 1995 (Unaudited) and JUNE 30, 1995
<CAPTION>
December 1995 June 1995
______________ ______________
<S> <C> <C>
ASSETS
CURRENT
Cash $ (87) 605
Restricted Cash 94 87
Accounts Receivable 59 54
Subscriptions Receivable 229
Prepaid Expenses (2)
Net Assets from Discontinued
Operations (158)
______________ ______________
293 904
PROPERTY AND EQUIPMENT
Land 904 904
Office Building and Improvements 442 442
Hotel and Resort Rental Units 4,563 4,302
Furniture and Equipment 483 474
6,392 6,123
Accumulated Depreciation (314) (221)
______________ ______________
6,078 5,901
OTHER ASSETS
Prepayments and Deposits 107 30
Deposit on Limited Partnership 373 330
Organization Costs 8 7
Debt Issue Costs 89 89
Advances Receivable 328 80
Property and Equipment of Sale 1,366 1,687
Deposits Received on HH Unit Sale
______________ ______________
2,270 2,223
TOTAL ASSETS 8,641 9,028
<PAGE>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable 262 246
Accrued Expenses 114 159
Common Stock to be Issued 31
Current Portion of Long-Term Debt 365 342
Provision for Loss from
Discontinued Operations 133
Deposit received from HH unit sale 85
______________ ______________
826 911
LONG-TERM DEBT (Less Current Portion) 5,939 6,258
MINORITY INTEREST IN CONSOLIDATED
SUBSIDIARY 81 95
TOTAL LIABILITIES 6,846 7,264
STOCKHOLDERS' EQUITY
Preferred Stock, no par value,
15,000,000 shares authorized,
none issued
Series A Preferred Stock, no par 704 662
value, 4,000,000 shares authorized,
77,500 issued and outstanding:
Liquidating value $19 per share
($775,000 in the aggregate)
Class A Common Stock subscribed, 305 27
net of direct cost of issuance of
$0 and $21,315 and subscriptions
receivable
Common Stock: 4,773 4,377
Class A, no par value; 20,000,000
shares authorized, 2,604,292 issued,
2,108,434 outstanding as of
December 31, 1995
Class B, no par value; 2,000,000
shares authorized; 0 issued
Class C, no par value; 2,000,000 100 100
shares authorized; 200,000 shares
issued and outstanding
Treasury Stock, 25,004 shares as of
December 31, 1995 and June 30, 1995
Additional Paid-in Capital 405 405
Accumulated Deficit 4,391 3,707
STOCKHOLDERS' EQUITY 1,796 1,764
TOTAL LIABILITIES AND EQUITY 8,641 9,028
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
GREAT AMERICAN HOTELS & RESORTS, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED DECEMBER 31, 1995 AND 1994
(UNAUDITED)
(Amounts in thousands)
<CAPTION>
Three months ended Six months ended
December 31 December 31
__________________ _________________
1995 1994 1995 1994
______ ______ ______ ______
<S> <C> <C> <C> <C>
REVENUES
Rental $ 172 $ 135 $ 404 $ 280
Travel Agency 4 325 10 630
Securities Brokerage 0 151 0 310
Other Income 21 0 45
______ ______ ______ ______
197 611 459 1,220
OPERATING EXPENSES
Rental 287 205 517 361
Travel Agency 15 19 14 42
Securities Brokerage 0 96 0 135
Salaries and Wages
(excluding Travel Agency) 19 69 56 151
General and Administrative
(excluding Travel Agency) 110 248 436 468
Depreciation and
Amortization 45 43 91 97
______ ______ ______ ______
INCOME(LOSS) FROM OPERATIONS (280) (68) (654) (36)
GAIN ON SALE OF PROPERTY 14 0 66 0
OTHER INCOME (EXPENSE) (33) 0 (33)
MINORITY INTEREST IN INCOME
(LOSS) OF CONSOLIDATED
SUBSIDIARY 28 1 (5) 1
INTEREST INCOME (EXPENSE) (145) 2 (299) (3)
NET INCOME (LOSS) (416) (67) (859) (34)
NET LOSS PER SHARE
OF COMMON STOCK ($0.17) ($0.04) ($0.40) ($0.02)
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUT-
STANDING DURING PERIOD 2,464 1,592 2,168 1,567
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
GREAT AMERICAN HOTELS & RESORTS, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1995 AND 1994
(UNAUDITED)
(Amounts in thousands, except per share data)
<CAPTION>
1995 1994
<S> <C> <C>
OPERATING ACTIVITIES:
Net Loss $ (859) $ (34)
Adjustments to reconcile net
loss to net cash used in continuing
activities:
Depreciation and Amortization 93 97
Stock issued for services and
settlement of claims 31 32
Decrease (increase) in Restricted
Cash (6) 7
Impairment of informercial
Minority interest in income (loss)
of consolidated subs. (61) 1
Changes in operating assets and
liabilities, net of acquisitions
of businesses:
(Increase)decrease in accounts
receivable, trade (6) (509)
(Increase)decrease in prepaid and
other current assets (2) 6
Net cash provided (used) in dis-
continued operations (57)
(Increase)decrease in prepayments
and deposits (4)
Increase in accounts payable 16 4
Increase in accrued compensation,
directors
Decrease(increase) in accounts
payable, related parties
Increase in accrued expenses (46) 137
(Increase)decrease in inventories
Increase in other assets (net)
NET CASH USED IN OPERATING ACTIVITIES (897) (262)
<PAGE>
INVESTING ACTIVITIES
Proceeds(payment) of prepayments
and deposits (74)
Purchase and construction of pro-
perty and equipment (269)
Purchase of infomercial
Acquisition of businesses, less
cash acquired of $1,826
Payment of organization costs (1)
Payment of advances receivable (248)
Payment on deposit from limited
partnership acquisition (43)
Proceeds from sale of investment
in subsidiary 62
Proceeds from sale of HH units
(4 units) 66
Payment of investment in future
acquisitions (78)
Proceeds of deposits on HH unit
sales (17 units) 85
NET CASH USED IN INVESTING ACTIVITIES (488) (11)
FINANCING ACTIVITIES
Increase in Restricted Cash
Proceeds from Note Receivable,
prior to acquisition
Proceeds from Mortgage Notes pay-
able and long-term debt net of
debt issue costs 760
Principal payments on mortgage
notes payable and long-Term debt (296) (19)
Proceeds from issuance of Series
A preferred stock, net of stock
issuance costs 42
Proceeds from issuance of Class A
common stock, net of stock
issuance costs 396 3
Proceeds from Class A common stock
subscribed 277
Proceeds from subscription re-
ceivable 229 61
Payment of deferred debt offering
cost (68)
Proceeds from preferred stock
subscribed, net of costs and
dividend reserve 379
Other 44
NET CASH PROVIDED BY FINANCING
ACTIVITIES 693 1,117
<PAGE>
INCREASE(DECREASE) IN CASH AND CASH
EQUIVALENTS (692) 844
CASH AND CASH EQUIVALENTS, BEGINNING 605 19
CASH AND CASH EQUIVALENTS, ENDING (87) 863
<FN>
See Accompanying Notes to Financial Statements
</TABLE>
<PAGE>
GREAT AMERICAN HOTELS & RESORTS, INC.
NOTES TO FINANCIAL STATEMENTS
December 31, 1995 (unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited financial statements do not include all
information and footnotes necessary for a fair presentation of
financial position, results of operations, and cash flows in
conformity with generally accepted accounting principles. However,
in the opinion of the Company, the financial statements contain all
adjustments (consisting only of normal recurring adjustments)
necessary to present fairly the financial position as of December
31, 1995, and the results of operations and changes in cash flows
for the periods then ended.
2. ORGANIZATION
Great American Hotels & Resorts, Inc. ("GAHR") was incorporated
under the laws of the State of Georgia on July 29, 1991. The
Company was formed for the purpose of engaging in the business of
purchasing, developing, and managing properties in the overnight
resort rental unit market in resort areas throughout the world.
Through December 31, 1992, the Company was considered to be in the
development stage. Since the quarter ended March 31, 1993, the
Company was no longer considered to be in the development stage.
GAHR has five wholly-owned subsidiaries -- Great American Travel
Network, Inc. ("GATN"), Great American Casinos, Inc. ("GAC"), Great
American Resorts of Florida, Inc. ("GAROF"), The Great American
Honeymoon Resort, Inc. ("GAHR"), and Great American Hotels &
Resorts of Biloxi, Inc. ("GARB") (GAHR, GATN, GAC, GAROF, GAHR and
GARB shall collectively be referred to as the "Company")
The accompanying balance sheet, statements of operations and cash
flows include the accounts of GAHR, GATN, GAROF, GAHR, GAC and
GARB.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fixed Assets - Property, improvements and equipment are recorded at
cost. Expenditures for repairs and maintenance are charged to
expense as incurred and additions and improvements that
significantly extend the lives of assets are capitalized. Upon sale
or other retirement of depreciable property, the cost and
accumulated depreciation are removed from the related accounts and
any gain or loss is reflected in operations. Depreciation is
calculated using the straight-line method over the estimated useful
lives of the depreciable assets ranging from five to thirty-nine
years.
Organization Costs - Organization costs include professional fees
relating to incorporating and organizing the Company. These costs
will be amortized over a five-year period.
Goodwill - Goodwill represents the excess of the purchase price
over the estimated fair market value of identifiable net assets
acquired through business combinations accounted for as a purchase
and is being amortized to expense over a five year period.
Security Transactions - Security transactions, including the
resulting commission revenue and expenses, are recorded on a
trade-date basis.
Income Taxes - Income taxes are computed based upon the provisions
of SFAS 109, Accounting for Income Taxes. Deferred tax assets and
liabilities are recognized for the estimated future tax effects
attributed to temporary differences between book and tax bases of
assets and liabilities and for carryforward items. The measurement
of current and deferred tax liabilities and assets is based upon
enacted tax law. Deferred tax assets are reduced, if necessary, by
a valuation allowance for the amount of tax benefits that are not
expected to be realized.
Net Gain/Loss Per Share of Common Stock - Net gain/loss per share
is computed by dividing the net gain/loss for the period by the
weighted-average number of shares of common stock outstanding
during the period. Common stock is considered outstanding upon
issuance of the certificates by the stock transfer agent. Common
equivalent shares from stock warrants were excluded from the
computation because their effect is antidilutive for the periods
presented.
4. ISSUANCE OF STOCK IN PRIVATE TRANSACTIONS
During the quarter ended December 31, 1995, the Company agreed to
issue 54,000 shares of Class A Common Stock at $2.50 per share to
two existing shareholders of the Company, for gross proceeds of
$135,000.
5. OCALA HOLIDAY INN
On June 30, 1995, the Company entered into a Purchase Agreement to
acquire a 51% limited partnership interest and a 50% general
partnership interest in Landcom-Ocala, Ltd., a Florida limited
partnership ("Ocala"). In addition, the Company agreed to invest
additional fnds to bring its limited partnership interest up to
85%. Ocala's principal asset consists of a Holiday Inn-franchised
hotel in Ocala, Florida, which has 272 rooms, a restaurant, lounge,
conference facilities and pool. Completion of the transaction was
conditional on all of the existing partners in Ocala consenting to
the transaction. However, four limited partners, including one
limited partner holding a majority of the limited partnership
interests in Ocala, did not consent to the transaction, and
therefore the Purchase Agreement terminated. The Company is
currently negotiating with the majority limited partner regarding
an acquisition by the Company of an interest in Ocala, but any such
acquisition would not be on terms comparable to those contained in
the June 30, 1995 Purchase Agreement.
6. RENO HOTEL
On January 20, 1995, the Company acquired the Ramada Hotel and
Casino (formerly known as the Cheers Hotel and Casino) in Reno,
Nevada (the "Reno Hotel"), and simultaneously employed an
unaffiliated management company to manage the Reno Hotel. Effective
September 24, 1995, the Company terminated the management company
which managed the Reno Hotel. The Reno Hotel is now managed by the
Company's inhouse property division. The management company has
failed and refused to turnover certain business and accounting
records relating to the operation of the Reno Hotel during the
period of its management, and to provide documentation to support
certain expenditures which it made to insiders of the management
company on behalf of the Reno Hotel. Accordingly, the Company has
initiated legal action against the management company and its
principles.
On February 27, 1996, the Reno Hotel received verbal approval to
begin operating as a Ramada Inn franchisee, and began operating as
a Ramada Inn franchisee on that date. The Company recently
completed renovations to the inside of the Reno Hotel, including
the rooms, suites, common areas, and restaurant. The Company plans
to begin renovations to the outside of the Reno Hotel in August
1996, which include new a stucco exterior and new signage. The
Company anticipates that the exterior renovation will take about 60
days. Operating results from the Reno Hotel have improved
significantly since it began operating as a Ramada Inn franchisee,
and the company believes that completion of exterior renovations
and continued marketing efforts will result in significantly
improved operating results.
7. CLASSIC MERGER AND SPINOFF
On June 30, 1995, the Company and Casinos International, Inc.
("Casinos"), a former subsidiary of the Company, entered into an
Agreement and Plan of Share Exchange, as amended on September 6,
1995 and December 22, 1995, with Classic Restaurants International,
Inc. Under the Agreement, Casinos agreed to acquire all of the
issued and outstanding common stock of Classic by issuing one share
of its Class A Common Stock for each share of Class A Common Stock
and Class A Preferred Stock of Classic and one share of its Class B
Common Stock for each share of Class B Common Stock of Classic.
Simultaneously with the acquisition of Classic, Casinos agreed to
convey all of its interest in GAC to the Company in return for the
Company's common stock interest in Casinos, cancellation of any
intercompany claim and a mutual release of liability. In addition,
two directors of Casinos -- Dr. Edward L. Bates and M. James Herbic
- -- agreed to return any shares of stock which they own in Casinos
to Casinos for cancellation as part of the transaction. The
shareholders of the Company and Classic approved the transaction on
January 24, 1996, and the transaction was consummated on January
31, 1996. As a result of the transaction, the Company does not
have any interest in Casinos, but owns 100% ownership of the Reno
Hotel through its ownership of GAC.
8. CARAGH HOLDINGS AGREEMENT
The Company has agreed to sell up to 700,000 shares of Class A
Common Stock to Caragh Holdings, Ltd. for $3.20 per share at any
time until December 31, 1996. The agreement entered on September
13, 1995, as amended on October 6, 1995, originally contemplated
the purchase of certain undeveloped land in Ireland by the Company
for 950,000 Irish Pounds, which amount was payable in 150,000 Irish
Pounds and 400,000 shares of Class A Common Stock of the Company.
The agreement also granted Caragh the option to purchase up to
300,000 shares of Class A Common Stock for $3.20 per share at any
time before December 31, 1996. The shares have already been issued
to the seller as an earnest money deposit, but are subject to a
restrictive legend which prevents the seller from disposing of the
shares until they are actually paid for. Pursuant to an option
contained in the agreement, the parties have rescinded the
agreement insofar as it relates to the Company's purchase of land
in Ireland, and agreed that Caragh may purchase the 400,000 shares
allocated to the purchase of land for $3.20 per share at any time
before December 31, 1996. As of August 15, 1996, Caragh had paid
the Company $610,674 in consideration for such stock.
9. SHIPYARD PLANTATION
On March 20, 1993, the Company closed on the purchase of 23
cottages located within Shipyard Plantation, Hilton Head Island,
South Carolina. In August and September 1995, the Company entered
into contracts to sell 21 of the 23 cottages. The sales prices are
$107,000 each for 10 of the cottages and $112,925 each for the
other 11 cottages. Brokerage commissions and closing costs are
paid from the sales proceeds under each of the contracts. The
Company has closed on six of the contracts. Closings are scheduled
under the remaining seventeen contracts through May 1996.
Subsequently, the Company agreed to sell all but one of the
cottages for a total price of approximately $1,778,000, payable
$460,000 in cash, the assumption of the existing first mortgage
indebtedness on the cottages in the approximate amount of
$1,048,800, and a second mortgage on the cottages in the amount of
$207,500 which is payable in full with interest at 8% per annum on
June 27, 1996. In April 1996, closing occurred under the contract
effective March 15, 1996. The Company recognized a capital gain
from the disposition of 22 of the cottages in the approximate
amount of $524,450. In August 1996, the Company sold the final
cottage for $112,925, less closing costs and brokerage commissions.
The Company leased the final cottage for nominal rent through
December 1996 for use by the Company's shareholders.
10. BROADWATER INN PURCHASE
On March 1, 1996, the Company entered into an Agreement of Purchase
and Sale of Real Property with BH Acquisition, Inc., under which
the Company agreed to purchase a 219 room hotel known as The
Broadwater Inn, 1870 Beach Boulevard, Biloxi, Mississippi 39533.
The Company intends to assign the Agreement to GARB. The purchase
price is $5.5 million, $4 million of which is payable in cash,
$500,000 of which is payable in the form of a promissory note of
the Company which is secured by a first mortgage on the Company's
Gatlinburg property, and a $1,000,000 of preferred stock of GARB.
The Agreement is subject to a number of contingencies, including
title acceptable to the Company, the Company securing first
mortgage financing in the amount of at least $4 million, and an
inspection of the property. The Company was unable to obtain
mortgage financing for the property by the deadline set forth in
the Agreement, and therefore the Agreement was terminated.
However, the seller has orally indicated that it will still sell
the property to the Company on the terms set forth in the
Agreement, and therefore the Company is still trying to arrange
financing to complete the purchase of the property.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
Liquidity and Capital Resources
The Company's working capital at December 31, 1995, was ($533,000)
as compared to ($7,302) at June 30, 1995. The decrease in working
capital was primarily attributable to the Company's loss from
operations, the repayment of substantial mortgage indebtedness of
the Company, offset by subscriptions receivable relating to the
Company's sale of stock to Caragh Holdings, Ltd. The Company
anticipates having to raise additional funds through private
securities offerings to finance improvements to the Reno Hotel, for
general administrative expenses, and for other acquisitions which
the Company plans to make in the next six months.
Results of Operations
The Company reported a loss of ($416,244), or ($0.20) per share,
during the quarter ended December 31, 1995, as compared to income
of $67,000, or $0.04 per share, for the quarter ended December 31,
1994. During the quarter, the Company experienced higher than
normal general and administrative expenses in the form of higher
legal and accounting fees associated with the Company's 1995 audit
and annual report. In addition, the Company continued to experience
operating losses at the Reno Hotel, and will continue to experience
additional losses until the planned renovations are complete. The
Company has moved to improve operations at the Reno Hotel by
changing management at the property, by making renovations to the
Property and by entering into agreement to make the property a
Ramada Inns franchisee as of February 27, 1996. During the previous
quarter, the Company disposed of its securities brokerage
subsidiary which had been unprofitable. The travel agency segment
experienced significantly lower revenues as the result of the
failure of a major distributor to renew its agreement to market the
company's travel card in certain Asian markets.
<PAGE>
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
On October 17, 1994, Vacation Invitations, Inc. ("VII") and Kegley
Travel Network, Inc. ("KTN"), which is affiliated with VII, filed a
lawsuit in the Superior Court of Gwinnett County, State of Georgia,
against GAHR, Schneider Securities, Inc., and four present and
former employees of the Company, Gayle A. Banes, James Wilcox, Ed
Bates and Robert Christian. The complaint alleged that the
defendants conspired to convert and did convert confidential
information from the plaintiffs, misappropriated trade secrets of
the plaintiffs, and tortiously interfered with the business of the
plaintiffs. The complaint sought damages in excess of $1,000,000,
as well as injunctive relief preventing the defendants from using
trade secrets of the plaintiffs and from contacting any employee or
distributor of the plaintiffs for any reason. Subsequent to the
filing of this lawsuit, VII and KTN both filed for relief under the
Chapter 11 of the Bankruptcy Code, and a trustee was appointed in
each of their cases. The trustee subsequently abandoned the
lawsuit to the plaintiffs. On January 11, 1996, the plaintiffs
voluntarily dismissed the action with prejudice.
On or about November 15, 1995, the Company was sued by RRR, Inc.,
d/b/a MAXimum Resort Rentals, Inc. The plaintiff was retained by
the Company to manage the Company's cottages at Hilton Head Island,
South Carolina. See "Description of Property - Shipyard
Plantation, Hilton Head Island." The lawsuit alleges that the
Company breached its agreement with the plaintiff when the Company
entered into agreements to sell 21 of the cottages. The lawsuit
seeks actual damages of $3,000,000 plus unspecified punitive
damages. The Company believes the lawsuit is without merit, and
has filed a counterclaim seeking damages for the plaintiff's breach
of the agreement.
On February 26, 1996, eight plaintiffs, representing four
neighboring properties of the Company's rental property in
Gatlinburg, Tennessee, filed a lawsuit against the Company for
nuisance relating to runoff from the Company's property. The
lawsuit seeks $140,000 in damages. The Company believes that it
has sufficient insurance to cover any litigation costs or damages
which may be assessed against the Company in the lawsuit.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities.
None.
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
(a) Exhibits: None.
(b) The Company did not file any reports on Form 8-K during the
quarter ended December 31, 1995.
<PAGE>
SIGNATURES
In accordance with the requirements of the Securities Exchange Act,
the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GREAT AMERICAN HOTELS & RESORTS, INC.
November 18, 1996 \s\Paul R. Smith
Date Paul R. Smith
Chief Operating Officer
November 18, 1996 \s\J. Gordon Lamb
Date J. Gordon Lamb
Chief Financial Officer
<TABLE> <S> <C>
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<FISCAL-YEAR-END> Jun-30-1996
<PERIOD-START> Jul-01-1995
<PERIOD-END> Dec-31-1995
<CASH> (87)
<SECURITIES> 0
<RECEIVABLES> 288
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 293
<PP&E> 6392
<DEPRECIATION> 314
<TOTAL-ASSETS> 8641
<CURRENT-LIABILITIES> 826
<BONDS> 5939
<COMMON> 5583
0
704
<OTHER-SE> (4391)
<TOTAL-LIABILITY-AND-EQUITY> 8641
<SALES> 459
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<CGS> 0
<TOTAL-COSTS> 1114
<OTHER-EXPENSES> 38
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