POKERTEK, INC.

CIK:0001302177|SEC Filings

Note 3. Discontinued Operations: Statements of Operations, Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2014

Statements of Operations, Discontinued Operations

The statements of operations for the discontinued operations for the three and six months ended June 30, 2014 and 2013 consisted of the following:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2014	2013	2014	2013

Revenue	-	-	-	$535
Cost of revenue	-	-	-	-
Gross profit	-	-	-	535
Operating expenses	-	-	-	-
Net income from discontinued operations	-	-	-	$535

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:
Net loss	$ (820,553)	$ (246,250)
Net income (loss) from discontinued operations		(535)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	308,663	400,258
Share-based compensation expense	132,149	146,659
Provision for doubtful accounts and other receivables	(36,133)	104,217
Changes in assets and liabilities:
Accounts and other receivables	407,392	(74,180)
Prepaid expenses and other assets	15,261	19,132
Inventory	(72,754)	96,678
Gaming systems	(67,617)	(323,846)
Accounts payable and accrued expenses	151,862	91,943
Deferred revenue	(19,381)	177,262
Net cash provided by (used in) operating activities from continuing operations	(1,111)	391,338
Net cash provided by operating activities from discontinued operations		535
Net cash provided by (used in) operating activities	(1,111)	391,873
Cash flows from investing activities:
Purchases of property and equipment	(2,459)	(5,870)
Net cash used in investing activities	(2,459)	(5,870)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of expenses		473,800
Tax payments on vesting of restricted stock units	(25,381)	(51,856)
Repayments of long-term debt	(22,906)	(26,472)
Net cash provided by (used in) financing activities	(48,287)	395,472
Net increase (decrease) in cash and cash equivalents	(51,857)	781,475
Cash and cash equivalents, beginning of year	415,533	235,757
Cash and cash equivalents, end of period	363,676	1,017,232
Supplemental Disclosure of Cash Flow Information
Cash paid for: Interest	16,182	23,756
Cash paid for: Income taxes		43,995
Non-cash transactions:
Shares of common stock issued in settlement of litigation		117,288
Notes receivable, net		$ 41,028

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 363,676	$ 415,533
Accounts receivable, net	422,690	793,949
Inventory	867,540	869,631
Prepaid expenses and other assets	87,175	90,314
Total current assets	1,741,081	2,169,427
Long-term assets:
Inventory	619,915	545,070
Gaming systems, net	988,437	1,224,931
Property and equipment, net	25,631	27,724
Other assets	98,618	110,740
Total long-term assets	1,732,601	1,908,465
Total assets	3,473,682	4,077,892
Current liabilities:
Accounts payable	305,404	243,960
Accrued liabilities	411,894	310,126
Deferred revenue	670	20,051
Long-term debt, current portion	85,781	70,822
Total current liabilities	803,749	644,959
Long-term liabilities:
Long-term liability	156,173	167,523
Long-term debt	131,742	169,607
Total long-term liabilities	287,915	337,130
Total liabilities	1,091,664	982,089
Shareholders' equity
Preferred stock, no par value per share; authorized 5,000,000 none issued and outstanding
Common stock, no par value per share; authorized 40,000,000 shares, issued and outstanding 9,421,403 and 9,363,434 shares at June 30, 2014 and December 31, 2013, respectively
Additional paid-in capital	50,462,676	50,355,908
Accumulated deficit	(48,080,658)	(47,260,105)
Accumulated other comprehensive loss, net
Total shareholders' equity	2,382,018	3,095,803
Total liabilities and shareholders' equity	$ 3,473,682	$ 4,077,892