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8-K
 filed this Form 8-K on 08/10/2010
Entire Document
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In re

Magna Entertainment Corp.

Case No.  09-10720

 

 

Reporting Period: April 5 – April 30, 2010

 

STATEMENT OF OPERATIONS

(Income Statement)

 

The Statement of Operations is to be prepared on an accrual basis.  The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.

 

 

 

Month

 

Cumulative Filing
to Date

 

REVENUES

 

 

 

 

 

Gross Revenues

 

$

 

 

$

 

 

Less: Returns and Allowances

 

 

 

 

 

Net Revenue

 

$

 

 

$

 

 

COST OF GOODS SOLD

 

 

 

 

 

Beginning Inventory

 

 

 

 

 

Add: Purchases

 

 

 

 

 

Add: Cost of Labor

 

 

 

 

 

Add: Other Costs (attach schedule)

 

 

 

 

 

Less: Ending Inventory

 

 

 

 

 

Cost of Goods Sold

 

 

 

 

 

Gross Profit

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

Advertising

 

4,252

 

172,558

 

Auto and Truck Expense

 

 

 

 

 

Bad Debts

 

 

 

3,354

 

Contributions

 

 

 

 

 

Employee Benefits Programs

 

26,805

 

(249,263

)

Insider Compensation*

 

942,093

 

2,471,035

 

Insurance

 

855

 

1,886,106

 

Management Fees/Bonuses

 

(718,111

)

(12,255,773

)

Office Expense

 

2,114

 

33,861

 

Pension & Profit-Sharing Plans

 

 

 

 

 

Repairs and Maintenance

 

18,325

 

303,373

 

Rent and Lease Expense

 

47,985

 

400,288

 

Salaries/Commissions/Fees

 

391,771

 

3,601,478

 

Supplies

 

 

 

 

 

Taxes - Payroll

 

 

 

 

 

Taxes - Real Estate

 

 

 

 

 

Taxes - Other

 

 

 

 

 

Travel and Entertainment

 

16,245

 

645,788

 

Utilities

 

 

 

 

 

Other (attach schedule)

 

167,285

 

3,378,024

 

Total Operating Expenses Before Depreciation

 

899,619

 

390,829

 

Depreciation/Depletion/Amortization

 

1,470,303

 

12,446,146

 

Net Profit (Loss) Before Reorganization Items

 

(2,369,922

)

(12,836,975

)

OTHER INCOME AND EXPENSES

 

 

 

 

 

Other Income (attach schedule)

 

(5,096

)

(933,632

)

Interest Expense

 

2,674,730

 

36,370,861

 

Other Expense (attach schedule)

 

124,983

 

3,225,485

 

Net Profit (Loss) Before Reorganization Items

 

(5,164,539

)

(51,499,689

)

REORGANIZATION ITEMS

 

 

 

 

 

Professional Fees

 

12,984,642

 

35,530,294

 

U.S. Trustee Quarterly Fees

 

 

 

82,825

 

Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)

 

 

 

 

 

Gain (Loss) from Sale of Remington Park

 

50,377

 

54,424,919

 

Other Reorganization Expenses (attach schedule)

 

70

 

142,782

 

Total Reorganization Expenses

 

12,934,335

 

(18,669,018

)

Income Taxes

 

 

 

4,621,440

 

Net Profit (Loss)

 

$

(18,098,874

)

$

(37,452,111

)

 


* “Insider” is defined in 11 U.S.C. Section 101(31).

 


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