$GBCS

GLOBAL CASINOS INC

CIK:0000727346|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total Revenue	$ 4,726,999	$ 10,441,244	$ 12,015,601	$ 20,928,183
Expenses
Property taxes, insurance and other operating	4,132,334	8,156,177	10,200,377	16,237,146
General and administrative	2,103,004	2,236,266	4,232,488	4,601,354
Provision for credit losses	363,538	136,348	383,895	235,956
Depreciation	229,471	362,742	562,682	725,762
Total Expenses	6,828,347	10,891,533	15,379,442	21,800,218
Loss from Operations	(2,101,348)	(450,289)	(3,363,841)	(872,035)
Other income (expense)
Interest expense, net	(212,611)	(225,991)	(1,136,395)	(768,658)
Income from employee retention credits		326,500		326,500
Gain on sale of an asset	10,150,510		19,046,819
Other income	758,230	41,753	984,315	350,197
Total other income (expense)	10,696,129	142,262	18,894,739	(91,961)
Income (loss) before income taxes	8,594,781	(308,027)	15,530,898	(963,996)
Provision for income taxes	471,423		881,158
Net income (loss)	8,123,358	(308,027)	14,649,740	(963,996)
Series D preferred dividends	(7,500)	(7,500)	(15,000)	(22,500)
Net income (loss) attributable to common stockholders	$ 8,115,858	$ (315,527)	$ 14,634,740	$ (986,496)
Per Share Data:
Net income (loss) per share attributable to common stockholders: Basic	$ 2.65	$ (0.10)	$ 4.77	$ (0.32)
Net income (loss) per share attributable to common stockholders: Diluted	$ 2.35	$ (0.10)	$ 4.24	$ (0.32)
Weighted Average Common Shares Outstanding: Basic	3,067,059	3,067,059	3,067,059	3,067,059
Weighted Average Common Shares Outstanding: Diluted	3,454,769	3,067,059	3,454,769	3,067,059
Health Care [Member]
Revenue
Total Revenue	$ 4,618,665	$ 10,441,244	$ 11,799,826	$ 20,928,183
Management Fee Revenue [Member]
Revenue
Total Revenue	$ 108,334		$ 215,775

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net income (loss)	$ 8,123,358	$ (308,027)	$ 14,649,740	$ (963,996)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	229,471	362,742	562,682	725,762
Amortization of deferred loan costs and debt discount			234,467	8,368
Provision for credit losses	363,538	136,348	383,895	235,956
Gain on sale of an asset	(10,150,510)		(19,046,819)
Changes in operating assets and liabilities:
Accounts and rents receivable			468,585	(661,404)
Prepaid expenses and other assets			(448,919)	(168,397)
Accounts payable and accrued liabilities			(411,037)	1,375,843
Lease security deposits			7,000	5,900
Other current liabilities			(725,000)	400,000
Cash (used in) provided by operating activities			(4,325,406)	958,032
Cash flows from investing activities:
Proceeds from sale of assets held for sale, net			14,131,043
Cash paid for property and equipment			(408,798)	(382,755)
Cash provided by (used in) investing activities			13,722,245	(382,755)
Cash Flows from financing activities:
Proceeds from debt, non-related party				50,000
Payments on debt, related party			(775,000)
Payments on debt, non-related party			(2,165,788)	(593,863)
Proceeds from line of credit				13,258
Payment on line of credit			(325,192)	(104,715)
Repurchase of preferred stock			(50,000)
Cash used in financing activities			(3,315,980)	(635,320)
Net increase (decrease) in cash, cash equivalents and restricted cash			6,080,859	(60,043)
Cash, cash equivalents and restricted cash at beginning of the period			1,853,693	1,391,966
Cash, cash equivalents and restricted cash at end of the period	7,934,552	1,331,923	7,934,552	1,331,923
Supplemental Disclosure of Cash Flow Information
Cash paid for interest			650,007	844,770
Cash and cash equivalents	7,733,684	559,983	7,733,684	559,983
Restricted cash	200,868	771,940	200,868	771,940
Total Cash, Cash Equivalents and Restricted Cash	$ 7,934,552	$ 1,331,923	7,934,552	1,331,923
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividends declared on Series D Preferred Stock			15,000	22,500
Assumption of debt related party from a non-related party				25,000
Payoff of mortgages funded at closing			10,969,967
Escrow receivable funded at closing			2,880,000
Closing costs, prepayment penalties and other adjustments funded at closing			$ 893,990

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 7,733,684	$ 1,011,632
Accounts receivable, net	1,424,755	2,277,235
Other receivable	542,379	123,135
Prepaid expenses and other assets	179,499	149,824
Escrow receivable	2,095,000
Assets held for sale		4,021,156
Total current assets	11,975,317	7,582,982
Long Term Assets:
Restricted cash	200,868	842,061
Escrow receivable	785,000
Property and equipment, net	18,109,777	23,076,042
Goodwill	379,479	1,076,908
Total Assets	31,450,441	32,577,993
Liabilities:
Accounts payable and accrued liabilities	5,859,257	6,290,014
Dividends payable	104,600	89,600
Short term debt		775,000
Current portion of long-term debt, net of discount of $6,544 and $6,544, respectively	5,386,507	10,938,102
Lines of credit		325,192
Liabilities held for sale, net of discount of $0 and $231,196, respectively		6,131,518
Other current liabilities	401,000	1,126,000
Total Current Liabilities	11,751,364	25,675,426
Long-term debt, net of discount of $194,189 and $197,459, respectively	11,612,575	13,407,805
Lease security deposit	113,300	106,300
Total Liabilities	23,477,239	39,189,531
Commitments and Contingencies
Stockholders’ Equity (Deficit):
Preferred stock value
Common Stock - $0.05 par value; 1,000,000,000 shares authorized, 3,067,059 shares issued and outstanding at June 30, 2026 and December 31, 2025	153,352	153,352
Additional paid-in capital	14,104,998	14,104,998
Accumulated deficit	(6,610,148)	(21,244,888)
Total Stockholders’ Equity (Deficit)	7,973,202	(6,611,538)
Total Liabilities and Stockholders’ Equity (Deficit)	31,450,441	32,577,993
Series D Preferred Stock [Member]
Stockholders’ Equity (Deficit):
Preferred stock value	$ 325,000	$ 375,000