155 East Tropicana Announces First Quarter Financial Results.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- 155 East Tropicana Tropicana may mean:
LLC - Logical Link Control (the "Company") today announced first quarter operating results for the period ended March 31, 2006. The Company owns the Hooters Casino Hotel
Operating highlights of 155 East Tropicana, LLC for the first quarter ended March 31, 2006 compared to the combined results of operations for 155 East Tropicana, LLC and Hotel San Remo San Remo (sän rĕ`mō), city (1991 pop. 56,003), in Liguria, NW Italy, on the Ligurian Sea and on the Italian Riviera. It is a fashionable resort and gaming center and a major flower market. for the first quarter of 2005 are as follows: --Net revenues increased to $15.1 million from $9.1 million in combined revenues last year. --Casino revenues increased to $6.9 million; food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. revenues increased to $5.2 million; and hotel and other revenues were $4.5 million. --Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (1) was $2.9 million, a 10.8% increase compared to $2.6 million. --Adjusted EBITDA (1) for the time period beginning February 3, 2006 through the end of the first quarter was $3.1 million. "We are pleased with the response we have seen to the Hooters Casino Hotel following its grand opening in February. Traffic levels have been consistent, and we think this clearly reflects the strength of the Hooters This article is about the two restaurant chains collectively using the shared Hooters brand. For other uses, see Hooters (disambiguation). Hooters is the trade name of two privately held American restaurant chains: Hooters of America, Inc based in Atlanta, Georgia, and brand," stated Mr. Neil Kiefer, Chief Executive Officer. "While we are encouraged by initial trends, we remain focused on those areas where we see opportunities to improve our performance. To that end, we are making several adjustments to the slot floor, implementing initiatives to improve occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy at the hotel, and tweaking tweaking Vox populi Fine-tuning to produce optimal results our marketing strategies. Supported by our brand strength and by the property's unique entertainment and dining offerings, we are confident Hooters Casino Hotel is well positioned for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. success as these initiatives take hold." Prior to the grand opening, renovation and re-branding, the Hooters Casino Hotel was known as the Hotel San Remo Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. and Resort. Through October October: see month. 31, 2005, the Company leased the hotel and casino to Eastern & Western Hotel Corporation, the former owner and operator of the Hotel San Remo. The Company then assumed operational responsibility for the hotel and casino on November November: see month. 1, 2005, after receiving approval for its state gaming license. The first quarter ended March 31, 2006 results below are the results for 155 East Tropicana, LLC compared to the combined results for Hotel San Remo and 155 East Tropicana, LLC in the first quarter ended March 31, 2005.
Supplemental Schedule
---------------------
Statement of Operations for 155 East Tropicana, LLC for quarter ended
March 31, 2006 and Combined Statement of Operations for 155 East
Tropicana, LLC and Hotel San Remo Casino and Resort for quarter ended
March 31, 2005
----------------------------------------------------------------------
155 East
Tropicana, LLC COMBINED
-----------------------------
Quarter ended Quarter ended
March 31, 2006 March 31, 2005
-----------------------------
Operating revenues:
Casino $6,898,031 $3,317,890
Food and beverage 5,152,976 1,913,955
Hotel and other 4,500,256 4,461,198
-------------- --------------
16,551,263 9,693,043
Less promotional allowances (1,421,091) (583,131)
-------------- --------------
Net operating revenues 15,130,172 9,109,912
Operating expenses:
Casino 2,967,178 1,765,182
Food and beverage 4,226,248 1,572,556
Hotel and other 1,716,584 1,118,472
General and administrative 3,326,016 2,041,770
Depreciation 1,134,233 500,461
Pre-opening expenses 5,292,834 264,890
Related party royalties expense 345,697 -
Loss on disposal of assets 977,677 -
-------------- --------------
Total operating expenses 19,986,467 7,263,331
-------------- --------------
Operating (loss) income (4,856,295) 1,846,581
Other income (expense):
Interest income 281,280 114,945
Interest expense, net of capitalized
interest (3,021,064) (1,356,732)
Loss on extinguishment of debt - (2,246,526)
-------------- --------------
Other income (expense), net (2,739,784) (3,488,313)
-------------- --------------
Loss before income taxes $(7,596,079) $(1,641,732)
============== ==============
Note: Intercompany related party lease income and expense for the
quarter ended March 31, 2005 have been eliminated in this schedule.
Operating Results of 155 East Tropicana, LLC for the Quarter Ended March 31, 2006 Compared to Combined Results of 155 East Tropicana, LCC (Leadless Chip Carrier, Leaded Chip Carrier) See leadless chip carrier, CLCC and PLCC. 1. LCC - Language for Conversational Computing. Written at CMU in the 1960's. and Hotel San Remo for the Quarter Ended March 31, 2005 The results of operations for the quarter ended March 31, 2006 includes the month of January January: see month. 2006 when the property was essentially closed for remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling as of January 2, 2006 and the first two months of operations of the Hooters Casino Hotel from February 3, 2006 through March 31, 2006. Net operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the quarter ended March 31, 2006 were $15.1 million, an increase of $6.0 million or 66.1%, from $9.1 million of net operating revenues generated by Hotel San Remo during the same period in the previous year. Included in the 2006 first quarter's net revenues were $14.8 million generated by the Hooters Casino Hotel operations beginning on February 3, 2006. The increase in net operating revenues was due to increased activity in the casino and food and beverage outlets related to the new Hooters Casino Hotel. Casino revenues increased by $3.6 million to $6.9 million for the quarter ended March 31, 2006, compared to $3.3 million for the quarter ended March 31, 2005. Casino revenue of $6.8 million was generated after the grand opening on February 3, 2006. Table games revenue was $2.9 million in 2006, an increase of $1.9 million, or 180.1%, compared to the table games win of $1.0 million from the prior year's quarter. With the exception of $34,000, all table games revenue was generated after the grand opening. Table game drop increased to $17.1 million, or by 210.8%, for the quarter ended March 31, 2006 compared to the quarter ended March 31, 2005, but table game hold percentage decreased from 19.1% in 2005 to 17.2% in 2006. The table games generated an average win per table of $1,556 per day after February 3, 2006. Slot revenue of $3.8 million for the quarter ended March 31, 2006 was an increase of 70.0% compared to $2.3 million in the same period in 2005. With the exception of $0.1 million, the entire slot revenue was generated after the grand opening. The average win per machine per day was $99 from February 3, 2006 to March 31, 2006. Casino expenses increased by 68.1% to $3.0 million for the quarter ended March 31, 2006 compared to $1.8 million for the quarter ended March 31, 2005 due to increases in payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. and other operational expenses. However, the profit margin for casino operations increased from 46.8% during the quarter ended March 31, 2005 to 57.0% during the quarter ended March 31, 2006. Food and beverage revenue was $5.2 million for the quarter ended March 31, 2006 as compared to $1.9 million for 2005, an increase of 169.2%. The increase was a result of added food covers and increased check averages after the grand opening. In addition, beverage revenue (which includes complimentary beverages) increased by $1.3 million, or 235.9%, from $0.6 million during the quarter ended March 31, 2005. Food and beverage expenses increased from $1.6 million during the quarter ended March 31, 2005 to $4.2 million during the quarter ended March 31, 2006, an increase of $2.6 million. The increase is due to increases in payroll, cost of food, and other operational expenses associated with the increase in business volume. The number of food and beverage outlets also increased from Hotel San Remo's five outlets to nine outlets at Hooters Casino Hotel after the grand opening. The profit margin for food and beverage operations remained relatively flat from 17.8% during the quarter ended March 31, 2005 to 18.0% during the quarter ended March 31, 2006. Hotel and other revenue (which includes hotel room revenue, retail, spa and other miscellaneous revenue) remained consistent at $4.5 million in 2006 and 2005. Room revenue was $3.3 million for the quarter ended March 31, 2006 compared to $4.2 million in 2005. This decrease was the result of a drop in room revenue after January 1, 2006. As planned, the Company stopped taking room reservations after January 2, 2006 to accommodate the remodeling activities for the grand opening. For the months of February and March 2006, room revenue was $3.1 million with an occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) of 66.3% and average daily room rate of $111.57. This compares to room revenue of $3.1 million for the same two months in 2005, with an occupancy rate of 90.1% and an average daily rate of $81.28. The Company has committed to increase sales and marketing efforts to improve occupancy in the second quarter of 2006. Sales from the Company's retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → selling Hooters logo merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain largely offset the decline in room revenue. Retail revenue has increased from $0.3 million during the quarter ended March 31, 2005 to $1.1 million during the quarter ended March 31, 2006, an increase of $0.8 million. Hotel and other expenses increased by 53.5% from $1.1 million during the quarter ended March 31, 2005 to $1.7 million during the quarter ended March 31, 2006 due to increases in payroll and other expenses in hotel and retail operations. Due to the increase in expenses, the hotel and other profit margin decreased substantially from 74.9% during the quarter ended March 31, 2005 to 61.9% during the quarter ended March 31, 2006. General and administrative expense includes costs associated with corporate marketing, information technology, finance, accounting, and property operations. General and administrative expense increased $1.3 million to $3.3 million for the quarter ended March 31, 2006 compared to $2.0 million for the quarter ended March 31, 2005. This increase was principally due to increases in advertising and marketing, and franchise fees due to Hooters of America
Hooters of America, Inc is a privately held U.S. corporation based in Atlanta, Georgia. totaling $269,000 in February and March 2006. Depreciation expense of $1.1 million for the quarter ended March 31, 2006 increased by $0.6 million, or 126.6%, from $0.5 million for the quarter ended March 31, 2005. The increase in depreciation expense was due to additional depreciation of fixed asset additions placed in service on February 3, 2006. Pre-opening expenses are costs associated with the start-up Start-up The earliest stage of a new business venture. activities for the new Hooters Casino Hotel and consist of salaries and wages, legal, professional, advertising, marketing, and other general administrative expenses. Pre-opening expenses increased by $5.0 million to $5.3 million for the quarter ended March 31, 2006 compared to $0.3 million during the quarter ended March 31, 2005, largely due to increased training expenses during the month of January 2006 and the costs of the grand opening celebration for the Hooters Casino Hotel in February 2006. Beginning on February 3, 2006, the Company incurred related party royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. fees pursuant to agreements with Hooters Gaming Corporation, Lags Ventures, Inc., and Las Vegas Wings, Inc. These related party royalties expense totaled $345,697 during the quarter ended March 31, 2006. The payment of the related party royalties is restricted under the Notes indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. . The fees can only be paid after the close of the fiscal year and only if the Company's debt coverage ratio is 1.5 to 1 for that fiscal year. The payments of the royalty fees are further limited to the sum of 2% of revenue and 3% of EBITDA as defined in the indenture. The loss on disposal of assets in 2006 of $1.0 million is the result of retiring and replacing certain old slot machines and other equipment in connection with the Hooters Casino Hotel remodel re·mod·el tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. . Interest income was $0.3 million for the quarter ended March 31, 2006, compared to $0.1 million for the quarter ended March 31, 2005. The increase resulted from interest income received by us on the investment of $130.0 in Notes proceeds for the quarter ended March 31, 2006. Interest expense was $3.0 million for the quarter ended March 31, 2006, compared to $1.4 million for the quarter ended March 31, 2005, an increase of $1.6 million. The increase in interest expense is largely attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to $2.8 million in interest expense on the $130.0 million in Notes. Adjusted EBITDA(1), which we define as earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
At March 31, 2006, $15.6 million was held as restricted cash and was used to pay a $5.7 million bond interest payment on April 1, 2006 and for construction payables Payables Related: Accounts payable of $7.1 million. The remaining balance of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.8 million will be used to pay outstanding construction bills, repay the Company for construction paid from operating cash, and the balance of approximately $1.2 million, which represents interest earned on the restricted funds, will be available for general purposes. The senior secured credit facility also contains customary financial covenants and other covenants and events of default. The senior credit facility can be used for additional working capital or capital expenditures, at our discretion. At March 31, 2006, we failed to meet two covenant covenant (kŭv`ənənt), agreement entered into voluntarily by two or more parties to do or refrain from doing certain acts. In the Bible and in theology the covenant is the agreement or engagement of God with man as revealed in the requirements associated with the senior secured credit facility. We were required to maintain a rolling twelve month adjusted EBITDA of $1,000,000 and a Senior Debt to EBITDA ratio of 21:1 at March 31, 2006. Due to construction disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. and pre-opening expenses experienced during the construction period, we fell short of the required EBITDA by approximately $300,000 and exceeded the minimum Senior Debt to EBITDA ratio. We have received a waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. of default from the agent for the lenders through March 31, 2006. We are in current negotiations with the agent for the lender to modify the covenants and the terms for borrowing against the senior secured credit facility in the future. As anticipated in our $130.0 million note offering document, we entered into equipment financing of $5.8 million during the quarter ending March 31, 2006. We believe that we have the flexibility to cover operational contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. , working capital needs, capital expenditures, and debt service obligations during 2006 through the use of cash (which was $9.8 million at March 31, 2006), restricted cash (which was $15.6 million at March 31, 2006), our cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses , and our ability to draw against our $15.0 million senior secured credit facility. Conference Call The Company will conduct a conference call to discuss its first quarter 2006 financial results on Monday Monday: see week. , May 15, 2006 at 11:00 a.m. ET. The call can be accessed live over the phone by dialing (800) 811-8830 or for international callers by dialing (913) 981-4904. The conference call will be simultaneously webcast on the Investor Relations Investor relations The process by which the corporation communicates with its investors. portion of the Company's website, www.hooterscasinohotel.com. A replay will be available one hour after the call and can be accessed by dialing (888) 203-1112 or for international callers by dialing (719) 457-0820; the password A secret word or code used to serve as a security measure against unauthorized access to data. It is normally managed by the operating system or DBMS. However, the computer can only verify the legitimacy of the password, not the legitimacy of the user. See NCSC. is 5443361. The replay will be available from May 15, 2006, through May 22, 2006. (1) "Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation and amortization, but after adding back unusual or non-cash items such as pre-opening expenses, loss on disposal of assets and related party royalties. Adjusted EBITDA should not be construed as an alternative to operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , as an indicator of the Company's operating performance, or as an alternative to cash flows from operating activities, as a measure of liquidity, or as any other measure determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). Moreover, our calculations of Adjusted EBITDA may not be comparable to that reported by other companies. EBITDA is a basis upon which we assess our liquidity and because certain covenants in the indenture and senior secured credit facility are tied to similar measures. EBITDA also presents useful information regarding our ability to service and incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. . EBITDA does not take into account our debt service requirements, and accordingly, is not necessarily indicative indicative: see mood. of amounts that may be available for debt service. The following table reconciles Adjusted EBITDA to operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the periods indicated (in thousands):
For the period from
February 3, 2006
Three Months Ended through
March 31, 2006 March 31, 2006
-------------------- --------------------
Operating loss $(4,856,295) $(459,988)
Depreciation 1,134,233 991,410
Related party royalties 345,697 345,697
Loss on disposal of assets 977,677 977,677
Pre-opening expense 5,292,834 1,196,447
-------------------- --------------------
Adjusted EBITDA $2,894,146 $3,051,243
==================== ====================
About 155 East Tropicana, LLC 155 East Tropicana, LLC owns the Hooters Casino Hotel in Las Vegas, Nevada. The property is located one-half block from the intersection intersection /in·ter·sec·tion/ (-sek´shun) a site at which one structure crosses another. intersection a site at which one structure crosses another. of Tropicana Avenue and Las Vegas Boulevard boulevard Broad landscaped avenue that typically permits several lanes of vehicular traffic as well as pedestrian walkways. The earliest boulevards originally followed the city walls (the word originally meant “bulwark”) and were built in the ancient Middle , a major intersection on the Las Vegas Strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. . The Hooters Casino Hotel features 696 hotel rooms and an approximately 29,000 square-foot casino. Additional information about the Company can be found at the Company's website, www.hooterscasinohotel.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release contains certain "forward-looking statements" within the meaning of the Unites States Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results in future periods may differ materially from forward-looking statements made today because of a number of risks and uncertainties, including, but not limited to, risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the successful completion of its construction and renovation projects; the implementation of the Company's business and marketing strategies; the Company's short operating history; its dependence on one gaming site; changes in and challenges to gaming laws Gaming law can be described as the set of rules and regulations that apply to the gaming or gambling industry. Gaming law is not exactly a branch of law in the traditional sense but rather a transversal gathering of a range of legal topics related to gaming which encompasses and regulations; competition; and changes in federal or state tax laws. Additional information about factors that could affect the Company's business is set forth in SEC filings.
155 EAST TROPICANA, LLC
(A NEVADA LIMITED-LIABILITY COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2006 2005
------------- -------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $9,819,849 $14,191,385
Accounts receivable, net of allowance
for doubtful accounts of $117,086 and
$110,017 in 2006 and 2005, respectively 914,124 647,776
Due from Hotel San Remo 219,460 30,508
Inventories 956,732 146,339
Prepaid expenses 1,714,779 775,836
------------- -------------
Total current assets 13,624,944 15,791,844
Property and equipment, net 124,470,853 103,264,703
Other long-term assets:
Restricted cash 15,590,387 29,345,513
Deferred financing costs 7,089,512 7,286,738
Intangible assets 6,596,051 6,609,028
Other assets 250,407 861,565
------------- -------------
Total other long-term assets 29,526,357 44,102,844
------------- -------------
Total assets $167,622,154 $163,159,391
============= =============
Liabilities and Members' Equity
Current liabilities:
Accounts payable $4,755,655 $3,323,099
Related party royalties payable 348,417 -
Construction payable 7,063,498 6,034,450
Accrued interest payable 5,693,329 2,864,396
Accrued liabilities 2,076,578 1,384,649
Current portion of long-term debt 2,392,420 -
------------- -------------
Total current liabilities 22,329,897 13,606,594
Long-term debt 133,335,533 130,000,000
------------- -------------
Total liabilities 155,665,430 143,606,594
------------- -------------
Commitments and contingencies
Members' equity:
Membership interests 34,333,375 34,333,375
Accumulated deficit (22,376,651) (14,780,578)
------------- -------------
11,956,724 19,552,797
------------- -------------
Total liabilities and members'
equity $167,622,154 $163,159,391
============= =============
155 EAST TROPICANA, LLC
(A NEVADA LIMITED-LIABILITY COMPANY)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Three Months
Ended Ended
March 31, March 31,
2006 2005
--------------- ---------------
(unaudited) (unaudited)
Operating revenues:
Casino $6,898,031 $-
Food and beverage 5,152,976 -
Hotel and other 4,500,256 -
Related party lease income - 2,374,934
--------------- ---------------
16,551,263 2,374,934
Less promotional allowances (1,421,091) -
--------------- ---------------
Net operating revenues 15,130,172 2,374,934
Operating expenses:
Casino 2,967,178 -
Food and beverage 4,226,248 -
Hotel and other 1,716,584 -
General and administrative 3,326,016 -
Depreciation and amortization 1,134,233 406,281
Pre-opening expenses 5,292,834 264,890
Related party royalties expense 345,697 -
Loss on disposal of assets 977,677 -
--------------- ---------------
Total operating expenses 19,986,467 671,171
--------------- ---------------
Operating (loss) income (4,856,295) 1,703,763
Other income (expense):
Interest income 281,280 14,990
Interest expense, net of
capitalized interest of $229,096
and $32,339 for the three months
ended March 31, 2006 and 2005,
respectively (3,021,064) (1,354,125)
Loss on extinguishment of debt - (2,246,526)
--------------- ---------------
Other income (expense), net (2,739,784) (3,585,661)
--------------- ---------------
Net loss $(7,596,079) $(1,881,898)
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