EX-99.2 4 l90721aex99-2.txt EXHIBIT 99.2 EXHIBIT 99.2 MID-AMERICA RACING ASSOCIATION, INC. BALANCE SHEETS (UNAUDITED) AT JULY 31, 2001 AND 2000 --------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements. -18- MID-AMERICA RACING ASSOCIATION, INC. STATEMENTS OF OPERATIONS FOR THE NINE-MONTH PERIODS ENDED JULY 31, 2001 AND 2000 (UNAUDITED) --------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements. -19- MID-AMERICA RACING ASSOCIATION, INC. STATEMENTS OF OPERATIONS FOR THE NINE-MONTH PERIODS ENDED JULY 31, 2001 AND 2000 (UNAUDITED) --------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements. -20- MID-AMERICA RACING ASSOCIATION, INC. NOTES TO FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED JULY 31, 2001 AND 2000 (UNAUDITED) -------------------------------------------------------------------------------- 1. BASIS OF PRESENTATION The financial information furnished reflects all adjustments which are, in the opinion of management, necessary to present a fair statement of the results for the interim periods on a basis consistent with that of prior periods. All such adjustments are of a normal recurring nature. These financial statements, including the related notes, should be read in conjunction with the audited historical financial statements and related notes of Mid-America Racing Association, Inc. (the Company) for the years ended October 31, 2000 and 1999. 2. COMMITMENTS AND CONTINGENCIES At October 31, 2000, the Company had an outstanding receivable from its former concessionaire of $164,297. The Company was in dispute with the former concessionaire and had fully reserved the receivable as of October 31, 2000. During April 2001, the Company reached a settlement agreement with the concessionaire. The settlement resulted in the receipt of equipment from the concessionaire and forgiveness by the Company of the outstanding receivable. The Company recognized a gain on the settlement of $75,280 during April 2001. 3. SUBSEQUENT EVENT On August 1, 2001, Scioto Downs, Inc. acquired all of the outstanding common shares of the Company for $150,000. The consideration of $150,000 is due $50,000 at closing and $50,000 each in August 2002 and 2003. The lease of racing facilities between Scioto Downs, Inc. and the Company was terminated as of the acquisition date. The assets, liabilities, and the results of operations of the Company will be reflected in the financial statements of Scioto Downs, Inc. from the acquisition date. -21-

SCIOTO DOWNS INC 8-K/A