Limited Gaming of America, Inc. - Page 3




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                  For the fiscal year ended February 28, 1993, LGA filed its                           
            Federal Corporate Income Tax Return, reporting taxable income,                             
            before net operating loss deduction and special deductions, in                             
            the amount of $2,053,385.  From that amount, LGA deducted a net                            
            operating loss of $974,231, reducing its taxable income to                                 
            $1,079,154 and reported tax due in the amount of $839,766.                                 
                  For the fiscal year ended February 28, 1994, LGA filed its                           
            Federal Corporate Income Tax Return, reporting taxable income in                           
            the amount of $3,224,801 and reported tax due in the amount of                             
            $649,738.                                                                                  
                  During 1995, Mr. Robert Lobato acquired ownership and                                
            control of LGA.                                                                            
                  On February 7, 1996, both LGA and Sunrise filed Chapter 11                           
            bankruptcy petitions with the Bankruptcy Court for the Northern                            
            District of Oklahoma.                                                                      
                  On or about November 21, 1995, Mr. Lobato caused to have LGA                         
            prepare a Corporation Application for Tentative Refund (Form                               
            1139), carrying back losses incurred by LGA during its fiscal                              
            year ended February 28, 1995, to its fiscal years ended February                           
            28, 1993, and February 28, 1994.  LGA claimed refunds for its                              
            fiscal years ended February 28, 1993 and 1994 in the amounts of                            
            $216,074 and $649,738, respectively.  The claimed refunds were                             
            primarily based upon Mr. Lobato’s decision to substantively                                
            consolidate both LGA and Sunrise for Federal income tax purposes.                          






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