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Old 06-27-2014, 11:16 AM   Nav to Top  #1
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Default TNA.V - Evergreen Gaming Corp. (Casino's & Restaurants)

Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming, Inc. WGI, through its subsidiary corporations, operates four Washington State casinos: the Riverside Casino in Tukwila, Goldies Casino in Shoreline and Chips and Palace Casinos in Lakewood. These are mini-casinos (or house-banked card rooms) which offer to persons of legal age a variety of games of chance at which the player may win or lose money, a business commonly referred to as “gaming”. The Company also operates restaurants in each casino, as required by state law. The casinos and restaurants are open 20 hours a day two days a week, and 24 hours a day five days a week.

After earning $0.01c eps in 2013 and $0.004c eps in Q1 2014, stock should be trading between 8-10c at the moment. Financial and MD&A highlights below.

TNA.V - $0.02c
Shares Outstanding - 135,058,865
Insider Holdings:
Current Director Holdings - 41,172,060
Major Shareholders
Janet Buzzard - 2013 Purchase - 43,475,822
Thomas Marvin - 2013 last buy - 22,136,455
Cory Coyle - 2011 last buy - 11,250,000
Faoro Rick - 2011 last buy - 11,496,122
Total insider holdings - 129,530,459 or 95% of the O/S.

Website - Evergreen Gaming Corporation |

Last year TNA did $26,489,255 in revenue with total net income of $1,344,683
or $0.01c eps. Stock should of been trading around 8-10 cents when that came out.
Now Q1 2014 TNA is on track to beat last year's earnings.


Financials as per last quarter Q1 ending March 31, 2014

Assets:
Cash - $1,869,793
Property, Plant & Equipment - $6,927,606
Goodwill - $6,435,481
Trademarks - $1,185,000
Game Licenses - $97,933
Deposits - $58,164
Inventories - $130,173
Accounts Receivable - $73,239
Other current assets - $123,782
Cash(Restricted) - $947,708
Total Assets - $17,848,879
Liabilities:
Payables - $13,772,252

$17,848,879 - $13,722,252 = $4,126,627 in net assets or $0.03c a share.

The nice thing about only having payables is that TNA has the cash flow and ability to pay everything off. We are in no danger any lenders or bank loans whatsoever. Plus with such heavy insider ownership, odds are the company will have to sell itself in order for the insiders to get out. Also, all the debt is held by the large insiders, so they would rather see the stock succeed and get paid instead of falter and lose on all those shares.

Q1 Revenue - $7,531,221
Q1 Expenses - $6,673,410
Net income after tax/other items - $556,836 or $0.004c eps. At this rate TNA will beat last year's earnings of $0.01c eps and could earn anywhere from $0.015c-0.02c eps.


Level 2

Orders/Shares Price Price Shares/Orders

1 / 46000 0.03 0.04 120000 / 3
1 / 20000 0.025 0.05 20000 / 1
4 / 1230000 0.02 0.275 449000 / 0
1 / 60000 0.015 -- -- / --
12 / 475000 0.01 -- -- / --
6 / 925000 0.005 -- -- / --


MD&A Highlights

Revenues for the quarter ended March 31, 2014 increased 2.2% over the same period in the prior year. Gaming funds dropped at the tables were flat for table games, but Baccarat dollars declined by 16.7%. The revenues increase is attributable primarily to a spike in the Baccarat net win percentage at the Riverside almost double that of the prior year. Chips and Palace Casinos revenues were unchanged from the prior year, but Goldies Casino did not maintain or increase their net win percentages which, along with decreased gaming drop numbers, resulted in an 8% decrease in gaming revenue.

The Company’s debt picture continues to improve in 2014 and balances owed to cities for 2011 gaming taxes now have only three monthly payments remaining. The Company anticipates retiring other obligations before they become due. The company is also working to refinance certain other notes to achieve more efficient operations.

The Company’s assets at March 31, 2014 totaled $17,848,879 compared to total liabilities of $13,772,252. At December 31, 2013, total assets were $15,870,890 compared to total liabilities of $12,351,098. The increases reflect improvements in cash and the acquisition of real estate for $1,410,455 in both land and buildings and the corresponding notes.

The Company’s cash at March 31, 2014 was $2,817,501, compared to $2,180,580 at December 31, 2013. These amounts include “Restricted Cash” balances of $947,708 and $809,066 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos and compensating balances held by the bank in restricted accounts for cash guarantee purposes. Cash generated from operations for the quarter ended March 31, 2014 was $971,583 compared to $991,610 in the prior year.

Casino net revenues in the first quarter of 2014 were $7,529,421 compared to $7,125,829 for the prior quarter ended December 31, again due to the increase in the gaming net win percentage referred to above. Operating expenses were lower than the prior quarter by $178,920. The company wrote off approximately $78,000 in NSF checks in November 2013 that have been referred to collection, which explains a good portion of the difference. The remainder reflects the efforts of company-wide cost controls and purchasing programs. Income from casino operations was $1,010,697 compared to
$428,185 in the fourth quarter.

Proposed Transactions

The Company intends to establish card room operations in the newly acquired premises across the street from the Riverside Casino in Tukwila, Washington. This casino will offer poker along with the restaurant, and lounge. This is designed to complement the Riverside and will be the only poker room in the city of Tukwila. The Company anticipates spending approximately $250,000 to open this card room, which includes some remodeling and furniture upgrades. The Company expects to be able to adequately finance these expansion activities from income and cash flow from operations.

The acquisition of the Chips and Palace Casino land and buildings in Lakewood, WA is planned in 2014, which will improve the equity position of the Company as well as income from operations.
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Old 06-28-2014, 07:01 PM   Nav to Top  #2
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TNA Insider holdings list as per www.sedi.ca

Insider Information by Issuer - View Results
Issuer name : evergreen ( Starts with )
Legend: Insider's Relationship to Issuer: 1 - Issuer, 2 - Subsidiary of Issuer, 3 - 10% Security Holder of Issuer, 4 - Director of Issuer, 5 - Senior Officer of Issuer, 6 - Director or Senior Officer of 10% Security Holder, 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6), 8 - Deemed Insider - 6 Months before becoming Insider.

Issuer Name: Evergreen Gaming Corporation

Date of Last ReportedTransaction(YYYY-MM-DD) SecurityDesignation RegisteredHolder Closing Balance Insider's calculated balance Closing balance of equivalent numberor value of underlying securities

Insider Name: Bell, Thomas
Insider Relationship: 4 - Director of Issuer
Ceased to be Insider: 2007-05-24

2005-07-15 Common Shares 508,000

2005-06-06 Options (Common Shares) 375,000 375,000

2004-02-11 Warrants (Common Shares) 352,500 352,500

Insider Name: Buzard, Janet
Insider Relationship: 3 - 10% Security Holder of Issuer
Ceased to be Insider: Not Applicable

2013-05-31 Common Shares 46,054,717

Insider Name: Coyle, Cory
Insider Relationship: 4 - Director of Issuer, 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6), 5 - Senior Officer of Issuer
Ceased to be Insider: Not Applicable

2011-03-07 Common Shares 11,250,000

2011-02-08 Options (Common Shares) 0 0


Insider Name: Dirks, Kathy
Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)
Ceased to be Insider: Not Applicable

Insider Name: Evergreen Gaming Corporation
Insider Relationship: 1 - Issuer
Ceased to be Insider: Not Applicable

2010-04-07 Common Shares 908,000

Insider Name: Faoro, Rick
Insider Relationship: 4 - Director of Issuer
Ceased to be Insider: Not Applicable

2011-03-07 Common Shares 11,496,122
Insider Name: Gutman, Jerry
Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)
Ceased to be Insider: 2006-10-26

2006-10-26 Options (Common Shares) 40,000 40,000

Insider Name: Harmon, Monty
Insider Relationship: 5 - Senior Officer of Issuer
Ceased to be Insider: Not Applicable

Insider Name: Husdon, John
Insider Relationship: 5 - Senior Officer of Issuer
Ceased to be Insider: 2005-10-27

2003-08-15 Common Shares 499682 B.C. Ltd. 15,625

2003-08-28 Options (Common Shares) 25,000 25,000

2003-08-15 Warrants (Common Shares) 0 0

Insider Name: Iszley, Timothy
Insider Relationship: 3 - 10% Security Holder of Issuer, 4 - Director of Issuer, 5 - Senior Officer of Issuer
Ceased to be Insider: Not Applicable

2010-04-14 Common Shares 43,545,822
Insider Name: Kerluke, Jeff
Insider Relationship: 5 - Senior Officer of Issuer
Ceased to be Insider: 2006-10-26

2004-01-09 Common Shares 180,000

2006-10-26 Options (Common Shares) 75,000 75,000

2003-08-28 Warrants (Common Shares) 200,000 200,000

Insider Name: Kramer, Van
Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)
Ceased to be Insider: Not Applicable

2006-12-13 Options (Common Shares) 40,000 40,000
Insider Name: Libin, Leonard
Insider Relationship: 3 - 10% Security Holder of Issuer, 4 - Director of Issuer, 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)
Ceased to be Insider: Not Applicable

2010-08-31 Common Shares Grand Casino Equipment and Management Ltd. 15,162,015

2010-08-31 Common Shares Libin Holdings Inc. 0

2009-03-23 Common Shares Libin Real Estate Investment Trust 15,010,045

2007-10-29 Options (Common Shares) 200,000 200,000
Insider Name: Linnevers, Mark
Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)
Ceased to be Insider: Not Applicable

2006-12-13 Options (Common Shares) 75,000 75,000

Insider Name: Mallard, Michael Brian
Insider Relationship: 5 - Senior Officer of Issuer
Ceased to be Insider: 2009-03-31

2008-04-01 Common Shares 83,000

2008-04-01 Options (Common Shares) 300,000 300,000

Insider Name: Martin, Anthony
Insider Relationship: 4 - Director of Issuer
Ceased to be Insider: Not Applicable

2004-02-11 Common Shares 15,000

2003-11-05 Options (Common Shares) 200,000 200,000

2004-02-11 Warrants (Common Shares) 15,000 15,000




Insider Name: Marvin, Thomas K
Insider Relationship: 3 - 10% Security Holder of Issuer
Ceased to be Insider: Not Applicable

2013-05-16 Common Shares 11,250,000

2013-05-31 Common Shares Thomas Marvin TR Janet Buzard Voting Trust 7,728,196

2013-05-16 OTC Calls (including Private Options to Purchase) (Common Shares) 10,886,455 10,886,455




Insider Name: McLeod, Ross John
Insider Relationship: 4 - Director of Issuer
Ceased to be Insider: 2003-10-30

2003-08-28 Common Shares 520,000

2003-08-28 Options (Common Shares) 125,000 125,000

2003-08-28 Warrants (Common Shares) 520,000 520,000
Insider Name: McNally, Albert
Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)
Ceased to be Insider: 2006-02-21

2006-02-13 Common Shares 389,250

2006-02-13 Options (Common Shares) 0 0

2003-08-15 Warrants (Common Shares) 0 0

Insider Name: Michels, Steven
Insider Relationship: 4 - Director of Issuer
Ceased to be Insider: Not Applicable

2011-12-13 Common Shares Michels Development LLC 11,000,000

2013-05-31 Common Shares Steven R Michels TR Janet Buzard Voting Trust 35,747,626
Insider Name: Osatuik, Norman
Insider Relationship: 4 - Director of Issuer, 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6), 5 - Senior Officer of Issuer
Ceased to be Insider: 2010-04-08

2010-01-20 Common Shares 0

2007-10-29 Options (Common Shares) 600,000 600,000

Insider Name: Paravalos, Evaggelos
Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)
Ceased to be Insider: 2007-01-31

2003-08-28 Common Shares 566,667

2006-10-26 Options (Common Shares) 40,000 40,000

2003-08-28 Warrants (Common Shares) 0 0
Insider Name: Rush, Stephen Marc
Insider Relationship: 4 - Director of Issuer
Ceased to be Insider: 2006-07-01

2005-06-06 Common Shares 0

2005-06-06 Options (Common Shares) 100,000 100,000

2005-06-06 Warrants (Common Shares) 0 0

Insider Name: Sutherland, Daniel
Insider Relationship: 4 - Director of Issuer, 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6), 5 - Senior Officer of Issuer
Ceased to be Insider: 2010-04-08

2009-02-27 Common Shares 26,259,198

2008-04-11 Options (Common Shares) 300,000 300,000

2007-01-24 Warrants (Common Shares) 1,625,000 1,625,000
Insider Name: Webb, Ann
Insider Relationship: 7 - Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6)
Ceased to be Insider: Not Applicable

2006-12-13 Options (Common Shares) 40,000 40,000

Insider Name: Wells, Randy
Insider Relationship: 5 - Senior Officer of Issuer
Ceased to be Insider: 2007-01-31

Insider Name: Wilson, Bruce David
Insider Relationship: 4 - Director of Issuer
Ceased to be Insider: Not Applicable

2005-06-06 Options (Common Shares) 100,000 100,000 100,000
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Old 07-02-2014, 09:44 AM   Nav to Top  #3
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Level 2
Orders/Shares Price Price Shares/Orders
2 / 150000 0.04 0.05 49000 / 1
1 / 30000 0.035 0.06 25000 / 2
0 / 7000 0.03 0.07 10000 / 0
4 / 268000 0.025 0.1 10000 / 0
2 / 65000 0.02 0.19 2000 / 1
0 / 75000 0.015 0.275 449000 / 1
7 / 384000 0.01 -- -- / --
6 / 910000 0.005 -- -- / --
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Old 07-02-2014, 11:07 AM   Nav to Top  #4
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TNA 2013 Total and Q1 2014 Earnings breakdown

2013

Revenue - $28,341,631
Expenses - $26,489,255
Income - $1,852,376

Other Costs - $507,693

NET INCOME - $1,344,683

Shares outstanding - 135,058,865

Earnings Per Share = 1344683 / 135058865 = 0.00995 OR $0.01c EPS

Q1 2014 (2.2% up Year over Year)

Revenue - $7,531,221
Expenses - $6,673,410
Income - $857,811

Other Costs - $300,975

NET INCOME - $556,836

Earnings Per Share = 556836 / 135058865 = 0.00412 OR $0.004c EPS

If you extrapolate the increased earnings over the other 3 quarters, TNA could earn
around $0.015c EPS for 2014. This is a lowball and very realistic target which doesn't
include the new acquisitions and expansion projects announced in Q1 MD&A. Stock is
worth well over 10c at the moment and will increase in price given the heavy insider holdings and profitable quarters.

Casino's rarely ever go under and this industry has repeat business like no other. Pretty hard to lose on a profitable and ever growing operation like this. The US economy is recovering and with that means more disposable income for people in Washington. TNA has 4 casinos + game rooms + restaurants. Similar stocks trade at 20-30 times earnings.
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Old 07-04-2014, 10:17 PM   Nav to Top  #5
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Company Picker Results
Symbol Exchange Name Shares (000's) Cap (000's) Last Price EPS PE Ratio Div/Sh Yield %Short %Short Chg Sector
TNA TSX-V EVERGREEN GAMING CORPORATION 135,966 6,119 0.045 0.00 0.00 0.00 0.00 25301010 - Casinos & Gaming
LVH TSX-V LAS VEGAS FROM HOME.COM ENTERTAINMENT IN 122,960 11,066 0.09 0.00 0.00 0.00 0.00 25301010 - Casinos & Gaming
PYD TSX-V POYDRAS GAMING FINANCE CORP 130,932 26,841 0.205 0.00 0.00 0.0019 0.0019 25301010 - Casinos & Gaming
IT TSX THE INTERTAIN GROUP LIMITED 13,623 91,549 6.72 -0.15 -44.80 0.00 0.00 0.00 -0.0493 25301010 - Casinos & Gaming
GH TSX GAMEHOST INC. 23,563 374,652 15.90 0.91 17.4725 0.88 5.5346 0.5708 -0.2202 25301010 - Casinos & Gaming
GC TSX GREAT CANADIAN GAMING CORPORATION 67,703 1,158,413 17.11 0.73 23.4384 0.00 0.00 2.8772 -0.0681 25301010 - Casinos & Gaming


Only 6 Casino/Gambling stocks exist between the TSX/TSXV, so these are very rare and hard to come by as an investment. But as we all know casinos are very profitable. I filtered through Stockwatch to get the list above

Comparing TNA to LVH and PYD. All outstanding shares are in the same range, but TNA is by far the most profitable and deserves a higher value given it's peers.

Assets
TNA - 4 Real casinos with restaurants in Washington
LVH - Online gambling website/app
PYD - Leases/Sells Gaming Machines/website

Earnings in 2013 and Q1 2014 plus their revenue added over 5 quarters

TNA - Profit of $1.34 mil and $565k or $0.01c eps and $0.004c eps ($35 mil revenue)

LVH - Loss of $2.2 mil and $642k loss or -$0.04c eps and -$0.01c eps ($20k revenue)

PYD - Loss of $1.63 mil and $996k loss or -0.08c eps and -$0.02c eps ($160k revenue)

Now lets go a little further and compare TNA to some of the TSX stocks

IT - 2013 this was a Capital pool and Q1 it lost $2 mil or -$0.15c eps (2.9 mil revenue)

However GH and GC are very profitable so not going to compare them. GH earned $0.87c a share in 2013 and trades at an 18X multiple. This is the same multiple TNA should be getting, which puts us around 20c a share.

But overall if you compare TNA.V to LVH, PYD, IT, it's easy to see the stock is extremely undervalued.
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Old 07-21-2014, 10:37 AM   Nav to Top  #6
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TNA Level 2 and Technicals below.

Level 2
Orders/Shares Price Price Shares/Orders
1 / 27000 0.05 0.055 20000 / 1
1 / 22000 0.045 0.06 37000 / 2
1 / 7000 0.035 0.07 41000 / 2
2 / 18000 0.03 0.075 30000 / 1
3 / 70000 0.025 0.08 28000 / 1
3 / 165000 0.02 0.09 10000 / 1
2 / 160000 0.015 0.19 2000 / 1
6 / 464000 0.01 0.275 449000 / 1
6 / 810000 0.005 -- -- / --


TNA.V has an ongoing P/E of 5.00, which indicates that it is highly undervalued, waiting for the buying signal. TNA.V - EVERGREEN GAMING , Stock Quote, Technical Analysis, Stock Rating

Financials
EPS 0.010
EPS Est. Current Year
EPS Est. Next Year
EPS Est. Next Quarter
Forward EPS
Shares Out. (M) 135.97
Shares Float (M) 0.76
Book Value (p.s.) 0.030
PEG Ratio
Profit Margin 4.79
Operating Margin 6.65
Return on Assets (ttm) 6.9
Return on Equity (ttm) 40.2
Qtrly Rev. Growth 2.2
Gross Profit (p.s.)
Sales Per Share 0.210
EBITDA (p.s.) 0.017
Qtrly Earnings Growth 3.60
Operating Cash Flow (M) 1.83
Levered Free Cash Flow (M) 0.26
Valuation
P/E 5.00
P/E Growth Ratio
P/BV 1.67
P/S 0.24
P/CF 3.72
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Old 11-21-2014, 08:32 PM   Nav to Top  #7
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Evergreen settles litigation, to cancel 11.25 mm shares
2014-11-21 17:08 MT - News Release

An anonymous director reports
RETURN OF 11,250,000 SHARES TO TREASURY
Evergreen Gaming Corp. has provided the following update. The company previously announced, on Oct. 17, 2012, the commencement of litigation proceedings with a former employee related to the severance of that employee and issues related to the company's involvement with the Wizards Casino. That litigation has now been settled, which settlement included the return to the company of 11.25 million common shares originally issued in connection with the Wizards Casino transaction. Those shares will be cancelled and returned to the company's treasury.
© 2014 Canjex Publishing Ltd. All rights reserved.



Some good news on a Friday. Plus their Q3 results are out next week which should be another profitable quarter!
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Old 12-01-2014, 07:53 PM   Nav to Top  #8
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TNA.V Earns $2.115 million US in 9 months

Financials below, ending September 30th 2014:

Cash: $2.43 million
Total Assets: $18.213 Million
Total Debt: $12.578 million
Common Shares: 136 Million (MINUS 11.25 million due to recent news about a settlement)
New Common Share Amount: 124.75 million

Revenue breakdown per quarter in 2014:

Q1 - $7.53 million - Net Income - $557K
Q2 - $7.34 million - Net Income - $558K
Q3 - $7.88 million - Net Income - $856K

Basic earnings after 9 months: $0.02c EPS
Diluted earnings after 9 months: $0.02c EPS (Both mentioned like this in financials)

MD&A has not been released just yet. This could be delayed due to TNA.V switching auditors recently. But regardless, the numbers show a stronger growth pattern and this stock is severely undervalued. I expect TNA to have a solid Q4 as well and close with 2.5c 2014 earnings. Stock should be trading no less than 10 times this number. Especially since insiders owns over 80% of the stock.
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Old 04-28-2015, 09:35 AM   Nav to Top  #9
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News: TNA.V Earns $2.72 million in 2014(US Dollars)
Financials below, ending December 31st 2014:
Cash: $2.44 million
Total Assets: $18.143 Million
Total Debt: $11.903 Million(mostly payables)
Common Shares: 124 million
Insider/Institutional Holdings: 80% As per SEDI

Revenue breakdown per quarter in 2014:

Q1 - $7.53 million - Net Income - $557K
Q2 - $7.34 million - Net Income - $558K
Q3 - $7.88 million - Net Income - $856K
Q4 - $7.80 million - Net Income - $750K

Total Revenue: $30.56 million
Total Cost: $27.23 million
Total Profit: $ 2.721 million

To get a realistic value, earnings should be converted from US dollars to Canadian in order to be converted on the Canadian exchange.

$2.721 million X $1.20(Rate) = 3.27 million CDN / 124 million shares =$0.026c EPS for 2014

MD&A Can be found on Welcome to the SEDAR Web Site / Bienvenue au Site Web SEDAR and insider holdings can be found on www.sedi.ca
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Old 03-27-2017, 01:03 PM   Nav to Top  #10
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This stock has come a long way since I posted about it almost 3 years ago. The company has added millions in profits, yet the stock price has been quiet. I think 2017 will rejuvenate it's price with more profitable quarters on the way. Below is DD report based on their last financial results

TNA.V Due Diligence Report – Recent Financials & MD&A Highlights

Price: $0.115
Common Shares: 124,716,865
Insider Holdings: 95,967,855 or 77.51% (Shown in the October 2016 Information Circular on Sedar)
TNA itself owns 908,000 shares(as per info circular) and there are other old insiders/institutions too
Year End Results will be released end of April 2017, below is company Q3 results. All assets are in US dollars. Given their last news release, TNA’s four casinos/restaurants should keep the profitable quarters going forward even with the upcoming changes.

Financials(USD)

ASSETS
Cash: $3,680,299
Property, Plant & Equipment: $10,899,957
Goodwill: $6,435,481
Trademarks: $1,185,000
Game Licenses: $71,067
Deferred Tax: $234,000
Deposits: $13,354
Inventories: $164,438
Accounts Receivable: $54,586
Other Assets: $185,215
Cash(Restricted): $661,200
Total Assets: $23,584,597 (Q3 2015 Total Assets - $19,101,737)

LIABILITIES *NOTE* TNA’s liabilities are numerous payables, nothing else. These have been condensed
Current Payables: $3,391,674
Non Current Payables: $7,900,565
Total Liabilities: $11,292,239 (Q3 2015 Total Liabilities - $10,014,609)

Revenue Breakdown per quarter
Date – Sales – Net Income
2014(YE) - $30,555,757 - $2,720,669 - $0.02c EPS
2015(YE) - $33,338,543 - $3,933,883 - $0.03c EPS
2016(9M) - $25,091,725 - $2,118,015 - $0.02c EPS
- We still have Q4 to add to 2016, but the company keep putting out large quarterly profits

MD&A Highlights
Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming, Inc. (“WGI”). WGI, through its subsidiary corporations, operates five casinos in Washington State: The Riverside Casino in Tukwila, Palace Casino in Tukwila, Goldies Casino in Shoreline and Chips and Palace Casinos in Lakewood. These are mini-casinos (or house-banked card rooms) which offer to persons of legal age a variety of games of chance at which the player may win or lose money, a business commonly referred to as “gaming”. The Company also operates restaurants in each casino, as required by state law.

Casino revenues for the quarter ended September 30, 2016 were $8,446,507, an increase of $95,140 compared to the same period in the prior year. Gaming dollars dropped were 10% higher than the same period last year, largely due to an increase in Baccarat dollars dropped at Riverside Casino, which had another excellent quarter with revenues 27% over the same quarter 2015. Offsetting that was Chips Casino Lakewood, where revenue was down 24% from the previous year, as their Baccarat hold percentage was half of what its target rate is and gaming dollars dropped decreased 11%. The decrease in Baccarat hold percentage is the result of the Company having to match competitors in the area who were increasing “their giveaway” and “match play” promotions. During the third quarter Chips Casino recorded income from operations of $257,700, and although still far below the $705,168 recorded the same time period a year ago, is a significant improvement over prior quarters. The Company has placed a new general manager in Lakewood who is retraining staff and reviewing all operational procedures. The Palace Casino Lakewood has an excellent hold percentage, driving revenues up 8.9% over same quarter last year. Goldies Casino also had positive income from operations despite a revenue deficit of $351,355 compared to last year, due largely to a two point drop in the Baccarat hold percentage. The Palace Casino Tukwila is partway through its transition to a full service casino. Gaming tables are being added, food and beverage offerings revised and marketing plans are underway to drive business there in the coming months.
Working capital at September 30, 2016 was $1,354,064, compared to working capital of $1,769,385 at December 31, 2015. The first quarter down payment of $1,575,000 for the acquisition of the Lakewood property contributed to the change in working capital. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.
The Company’s assets at September 30, 2016 totaled $23,584,597 compared to total liabilities of $11,292,239. At December 31, 2015, total assets were $19,597,155 compared to total liabilities of $9,422,812. These changes reflect the $4.5 million Lakewood property acquisition.
The Company’s cash at September 30, 2016 was $4,341,499, compared to $4,615,021 at December 31, 2015. These amounts include “Restricted Cash” balances of $661,200 and $517,942 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities as of the quarter ended September 30, 2016 was $2,407,697 compared to $2,840,355 as of the quarter ended September 30, 2015.
The Company continues to have access to the $1.2 million line of credit available to Tacoma Casino LLC, and Pete’s Flying Aces, Inc. from the vendor of the companies, Michels Development. As of November 29, 2016, this balance is $0.
Due to changes in the healthcare laws in the United States, the Company has made available health insurance to all employees working 30 hours per week or more beginning in 2015. Executive officers of the company have worked closely with the management company during 2016 to minimize the impact of the new law. The incremental cost of providing insurance to those qualified employees was just under $175,000. The State of Washington voters passed the minimum wage initiative on the ballot in November 2016. The initiative raises the hourly minimum wage for all workers in Washington State over the next 4 years. The present minimum wage will increase from $9.47 in 2016 to $11.00 in January 2017, $11.50 in 2018, $12.00 in 2019 and $13.50/hour in the year 2020. The increases to the minimum wage will also impact hourly wage rates for employees with greater experience and responsibility. The cumulative effect on wages, including payroll taxes over the four year period is projected to be $1,394,000, $2,041,000, $2,690,000, and $4,327,000 respectively.
Insider Holdings Breakdown
Name of Shareholder Number of Shares Percentage of Outstanding
Steve Michels 46,817,626(1) 37.81%
Leonard Libin 30,172,060 24.37%
Tom Marvin 18,978,196(2) 15.33%
Most Recent News Release:

Evergreen refinances mortgage for $3.25-million
2017-02-10 17:26 MT - News Release
An anonymous director reports
RIVERSIDE CASINO REFINANCES MORTGAGE
Evergreen Gaming Corp., through its subsidiary 14040 Gaming LLC, has refinanced the 2006 loans for the acquisition of the Riverside Casino Inc. and the associated real estate located at 14060 Interurban Ave. South, Tukwila, Wash. The original mortgage and loans, payable to the previous owners, were set to mature in 2020 and carried an interest rate of 6 per cent.
The company has refinanced the mortgage through Banner Bank for $3.25-million. The 10-year note carries a 3.85-per-cent interest rate for the first three years. The rate will be adjusted after that, based on the bullet rate for the three-year federal home loan bank fixed-rate advances (the index), which will only change every three years. That rate is currently calculated to be 4.47 per cent. The loan is secured by a deed of trust on the real property in favour of the lender, along with the assignment of rents. The loan will mature Dec. 1, 2026.
Change to Washington State minimum hourly wage
In November, 2016, voters in the state of Washington voters passed Initiative 1433. Effective Jan. 1, 2017, the initiative raises the hourly minimum wage for all workers in Washington State each January for the next four years. The present minimum wage will increase from $9.47 to $11 in January, 2017, and to $11.50 in 2018, $12 in 2019 and $13.50 per hour in the year 2020. The increases to the minimum wage will also impact hourly wage rates for employees with greater experience and responsibility. The cumulative effect on wages, including payroll taxes, over the four-year period, is projected to be $800,000, $1.1-million, $1.4-million and $2.4-million, respectively.
Management believes the company will make adjustments and increase revenues during this four-year period so as to remain profitable. Casinos are able to increase food and drink prices, but that same luxury does not exist with the company's primary revenue source, the gaming tables. Therefore, the company will commit to increasing its customer base through strategic use of marketing dollars. The company is continually reviewing all labour processes to optimize staffing needs based on customer counts. In addition, the company will seek reductions in gaming and other tax rates from local jurisdictions as a means to ease the impact of increases to minimum wage. Other changes in state laws and regulations will also be reviewed for opportunities to reduce costs or increase revenues.
Closure of unprofitable card room in Tukwila
The company announces the closure of the Palace Tukwila card room. After years of trying to establish the Palace card room in Tukwila, the company has come to the conclusion the Tukwila market is saturated and cannot support another card room. Factors contributing to the closure included the recent increase to the state minimum wage and a lack of experienced dealers willing to work for a start-up location.
The employees and assets of the business operation will be deployed for use at other business locations owned by the company. The board will be meeting later in the month to discuss optional uses for the land and building, which are owned by the company.
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