3. ASSETS HELD FOR SALE AND SUBSEQUENT EVENT

On August 28, 2024, the Company entered into an agreement with a third party to sell Stockman’s for total gross proceeds of $9.2 million, plus certain working capital adjustments at closing. The sale was designed to be completed in two phases: the sale of Stockman’s real property for $7.0 million, which closed on September 27, 2024 at a $1.9 million gain; and the sale of certain remaining operating assets and related liabilities for $2.2 million (excluding working capital adjustments), which closed on April 1, 2025 at a $0.2 million loss, reflecting transaction costs incurred to date. Accordingly, as of April 1, 2025, the Company no longer owns or operates Stockman’s Casino. The disposition of Stockman’s is not expected to have a major effect on the Company’s operations and financial results.

The carrying amounts of Stockman’s assets and liabilities held for sale as of March 31, 2025, and subsequently sold on April 1, 2025, are presented in the table below:

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