SEC Filing Summary: Poker Magic, Inc. (Form 8-K)
Business Context and Reporting Period
Company: Poker Magic, Inc.
Filing Date: June 26, 2008
Reporting Period: Event date of June 26, 2008
Business Context: The Company develops and licenses poker game variations. This filing reports the entry into a material definitive agreement amending an existing license with a casino operator.
Key Financial Metrics
This Form 8-K does not provide comprehensive financial statements, revenue totals, profit margins, cash flow, debt, or liquidity metrics. The filing focuses exclusively on the terms of a specific licensing agreement amendment.
Material Changes and Agreement Details
On June 26, 2008, Poker Magic, Inc. amended its License Agreement with Bally's Park Place, Inc. regarding the "Winner's Pot Poker" game following the conclusion of a test period and the adoption of regulations by the New Jersey Casino Control Commission. Key terms of the amendment include:
- Licensing Fees:
- Monthly fee for one unit (full week use): $475.00
- Monthly fee for an additional unit (weekend use only): $200.00
- Cost Allocation: Bally's is solely responsible for costs associated with repairs or replacements of units or table signage resulting from ordinary wear and tear.
- Previous Terms: During the test period, no license fee was payable. Fees were to be negotiated if the game was used beyond the test period.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or discussion of general risks and contingencies beyond the specific terms of the amended agreement. No unusual items were reported.
Investor Verification Checklist
- Verify the operational status of the "Winner's Pot Poker" game at Bally's Park Place, Inc.
- Confirm the actual deployment schedule (full week vs. weekend only) to estimate potential revenue impact.
- Review the original License Agreement (Exhibit 10.2 to Form 10-SB filed Jan 29, 2008) for any other material terms not detailed in this summary.
- Assess the financial significance of the $675.00 combined monthly potential fee relative to the Company's overall revenue base.