AMERICAN WAGERING INC

CIK:0001005214|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
	Apr. 30, 2012	Apr. 30, 2011
REVENUES:
Wagering	$ 2,203,608	$ 1,693,148
Hotel/Casino	467,781	469,460
Systems	642,380	699,233
Total Revenues	3,313,769	2,861,841
Direct Costs :
Wagering	1,365,516	1,386,163
Hotel/Casino	395,433	392,107
Systems	202,871	198,899
Total Direct Costs	1,963,820	1,977,169
Operating Expenses :
Research and Development	209,277	199,082
Selling, General and Administrative	929,555	1,749,655
Depreciation and Amortization	125,355	188,257
Total Operating Expenses	1,264,187	2,136,994
Total operating costs and expenses	3,228,007	4,114,163
OPERATING INCOME (LOSS)	85,762	(1,252,322)
OTHER INCOME (EXPENSE):
Interest Expense	(228,151)	(147,053)
Loss on Debt Extinguishment	0	(126,960)
Change in Estimated Fair Value of Warrant Liability	0	(153,590)
Litigation Expense	0	(42)
Interest and Other Income	621	32,064
NET LOSS	$ (141,768)	$ (1,647,903)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED (in dollars per share)	$ (0.02)	$ (0.20)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
	Apr. 30, 2012	Apr. 30, 2011
Operating Activities
Net cash used in operating activities	$ (754,000)	$ (2,788,909)
Investing Activities
Increases in restricted cash	(253)	0
Withdrawal of restricted cash	0	500,000
Purchase of property and equipment	(27,545)	(4,039)
Net cash provided by (used in) investing activities	(27,798)	495,961
Financing Activities
Repayment of borrowings	(42,624)	(770,224)
Proceeds from borrowings	0	4,273,288
Dividends on preferred stock	(34,920)	(34,532)
Net cash provided by (used in) financing activities	(77,544)	3,468,532
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	(859,342)	1,175,584
CASH AND EQUIVALENTS, BEGINNING OF PERIOD	2,638,676	1,485,148
CASH AND EQUIVALENTS, END OF PERIOD	$ 1,779,334	$ 2,660,732

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Apr. 30, 2012	Jan. 31, 2012
CURRENT ASSETS
Cash and Equivalents	$ 1,779,334	$ 2,638,676
Restricted Cash	741,733	741,480
Accounts Receivable	287,309	143,739
Inventories	150,625	140,311
Prepaid Expenses	456,680	517,161
Total Current Assets	3,415,681	4,181,367
Property and Equipment, net of accumulated depreciation and amortization	1,715,190	1,812,334
Goodwill	103,725	103,725
Other	336,366	221,579
Total Assets	5,570,962	6,319,005
CURRENT LIABILITIES
Current Portion of Long-Term Debt	2,501,208	1,121,287
Accounts Payable	580,750	451,257
Accrued Expenses	464,986	663,085
Unpaid Winning Tickets	284,323	548,313
Customer Deposits and Other	1,169,412	1,577,213
Total Current Liabilities	5,000,679	4,361,155
Other Liabilities
Long-Term Debt, less current portion	5,647,883	6,899,280
Warrant Liability	408,000	408,000
Redeemable Series A Preferred Stock (3,238 shares)	323,800	323,800
Other	522,526	500,580
Total Liabilities	11,902,888	12,492,815
STOCKHOLDERS' EQUITY DEFICIENCY
Series A Preferred Stock - 10.00% cumulative; $100.00 par and liquidation value; 18,924 shares authorized; 10,924 shares outstanding	1,092,400	1,092,400
Common Stock - $0.01 par value; 25,000,000 shares authorized; 8,404,879 shares issued and outstanding	84,049	84,049
Additional Paid-In Capital	13,339,330	13,320,758
Deficit	(20,520,212)	(20,343,524)
Treasury Stock, at cost (61,100 common shares at cost)	(327,493)	(327,493)
Total Stockholders' Equity (Deficiency)	(6,331,926)	(6,173,810)
Total Liabilities and Stockholders' Equity (Deficiency)	$ 5,570,962	$ 6,319,005