content: Conformed Submission Type:  8K
  Conformed Peroid of Report: 19991230
  Item Information:           Acquisition or Disposition of Assets
  
  
  
  
                  SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C.  20549
  
  
  
                               FORM 8-K
  
  
                            CURRENT REPORT
  
                 Pursuant to Section 13 or 15(d) of
                 The Securities Exchange Act of 1934
  
  
  
    Date of Report (Date of earliest event reported): December 30, 1999
  
  
                         GLOBAL CASINOS, INC.
        (Exact name of registrant as specified in its charter)
  
                                0-15415
                         Commission File Number
  
  
  Utah                                              87-0340206
  (State or other jurisdiction of              (IRS Employer Identification No.)
  incorporation or organization)
  
  
  5373 Union Boulevard, Suite 100, Colorado Springs, Colorado          80918
  (Address of principal executive offices)                          (Zip Code)
  
  Registrant's telephone number, including area code:  (719) 590-4900
  
  (Former name or former address, if changed since last report)
  
  
  Form 8K - Events to Be Reported
  
  ITEM 2 - Acquisition or Disposition of Assets:
  
  Disposition of Global Pelican N.V., a Wholly-Owned
  Subsidiary of Global Casinos, Inc.:
  
       a.   On December 30, 1999, Global Casinos, Inc (Global) sold
            all of the issued and outstanding shares of capital stock of
            its wholly-owned subsidiary, Global Pelican, N.V., a St.
            Maarten Limited Liability Company, to Arufinance, N.V., an
            Aruba Corporation, (Arufinance)  pursuant to a Stock
            Purchase Agreement dated as of December 30, 1999 (the
            Agreement) among Global and Arufinance.
  
       b.   Arufinance acquired all of the capital stock issued and
            outstanding of Global Pelican, N.V. from Global for a
            negotiated purchase price of $1,000.  In addition to the
            stock sale, Global retained accounts receivables in the form
            of outstanding and uncollected markers totaling $69,200,
            transferred by Global Pelican to Global, and the related
            allowance for doubtful accounts of $69,200.
  
            Global also agreed to assume and pay an outstanding
            accounts payable account to vendor, Aristocrat,
            in the amount of $41,888 for certain gaming devices
            located in the Global Pellican casino.  This account
            payable was to be paid by the 30th of January, 2000.
  
       c.   Arufinance acquired all of the remaining assets and
            liabilities of Global Pelican, N.V. as part of the stock
            purchase, effective with the closing date of December 30,1999.
  
  The accompanying consolidated financial statements
  illustrate the effect of the disposition of the subsidiary
  ("Pro Forma") on the Company's financial position and
  results of operations.  The consolidated balance sheet as of
  September 30, 1999 is based upon the historical balance
  sheets of the Company and assumes that the disposition took
  place on that date.  The consolidated statements of income
  for the year ended June 30, 1999 and the three months ended
  September 30, 1999 are based on the historical statements of
  income of the Company for those periods.  The pro forma
  consolidated statements of income assume the disposition
  took place on July 1, 1998.
  
  The pro forma consolidated financial statements may not be
  indicative of the actual results of the acquisition.  In
  particular, the pro forma consolidated financial statements
  are based on management's current estimate of the
  transaction as of the September 30, 1999 interim date.  The
  actual transaction, to be recorded as of December 30, 1999,
  will differ from the current estimates.
  
  The accompanying consolidated pro forma financial statements
  should be read in connection with the historical financial statements
  of Global Casinos, Inc.
  
  Item 7 - Financial Statements, Pro Forma Financial
  Information, and Exhibits
  
       A.  Pro forma financial information
  
            1.   Global Casinos, Inc Consolidated Balance Sheet as of
                 September 30, 1999
            2.   Global Casinos, Inc. Consolidated Statement of Income
                 For the Year Ended June 30, 1999
            3.   Global Casinos, Inc.  Consolidated Statement of Income
                 For the Three Months Ended September 30,1999
            4.   Notes to Pro Forma Consolidated Financial Statements
  
       B.   Exhibit: The following exhibit are filed with this 8-K
  
            Exhibit A-1.   Stock Purchase Agreement dated as of December
                           30th,1999 by and between ARUFINANCE, N.V., an
                           Aruba Corporation, (Buyer), and GLOBAL CASINOS,
                           INC., a Utah Corporation, (Seller).
  
  
  
                                 GLOBAL CASINOS, INC.
                           PROFORMA CONSOLIDATED BALANCE SHEET
                                     (Unaudited)
  
                                  September 30, 1999
  
  
                                      Consolidated   Adjustments      ProForma
                 ASSETS
  
  Current assets:
      Cash                           $      459,632  $ (115,767) (1)   343,865
      Accounts receivable:
      Trade, net of allowance for
       doubtful accounts of $88,316
         at September 30, 1999.             407,666     (46,447) (1)   361,219
      Related parties                         2,758                      2,758
      Inventory                             225,396      (2,000) (1)   223,396
      Prepaid rent                           90,346     (77,800) (1)    12,546
      Current portion of notes
       receivable                            65,738                     65,738
      Marketable trading securities         754,505                    754,505
      Asset held for sale                   200,000                    200,000
      Other                                 126,527     (13,000) (1)   113,527
  
      Total current assets                2,332,568    (255,014)     2,077,554
  
  Land, building and equipment:
      Land                                  517,950                    517,950
      Buildings                           4,081,022                  4,081,022
      Equipment                           2,533,364    (566,068) (1) 1,967,296
                                          7,132,336    (566,068)     6,566,268
      Accumulated depreciation           (2,013,824)    332,685  (1)(1,681,139)
  
                                          5,118,512    (233,383)     4,885,129
  
  Other assets:
      Leasehold rights and interests
       and contract rights, net of
       amortization of $916,957 at
       September 30, 1999                 1,372,980                  1,372,980
      Goodwill, net of amortization
       of $312,651 at September 30,
       1999                               1,851,854                  1,851,854
      Hotel credits                         499,905                    499,905
      Notes receivable, net of
       current portion, including
       receivables in default               191,824                    191,824
      Other assets, net of
       amortization of $26,246 at
       September 30, 1999                    45,532                     45,532
      Restricted cash                       140,449    (140,449) (1)         0
  
                                          4,102,544    (140,449)     3,962,095
  
                                       $ 11,553,624  $ (628,846)    10,924,778
  
  
          See Notes to Pro Forma Consolidated Financial Statements (Unaudited)
  
  
                              GLOBAL CASINOS, INC.
                     PROFORMA CONSOLIDATED BALANCE SHEET
                                 (Unaudited)
  
                             September 30, 1999
  
  
                                              Consolidated  Adjustments  ProForma
       LIABILITIES AND STOCKHOLDERS' EQUITY
  
  Current liabilities:
      Accounts payable                             413,176   (20,712) (1)  392,464
      Accrued expenses:
         Wages and taxes                           463,448  (298,557) (1)  164,891
          Casino license fees                    1,278,081(1,278,081) (1)        0
          Interest, including $27,000 to
           related parties at
           September 30, 1999                      331,722    (1,829) (1)  329,893
          Other                                    497,546                 497,546
      Note payable                                 261,880                 261,880
      Current portion of long-term debt,
       including debt in default and
       $514,000 to related parties at
       September 30, 1999                        1,819,476               1,819,476
      Other                                         40,000                  40,000
  
           Total current liabilities             5,105,329 (1,599,179)   3,506,150
  
  Long-term debt, less current portion           2,781,580               2,781,580
  
  Commitments and contingencies
  
  Stockholders' equity:
      Preferred stock - convertible:
       10,000,000 shares authorized
           Class A - $2 par value, nonvoting,
            96,500 shares issued and
            outstanding                            193,000                 193,000
           Class B - $.01 par value, nonvoting,
            283,801 shares issued and outstanding
            at September 30, 1999                    2,837                   2,837
           Class C - $.01 par value, voting;
            487,172 shares issued and outstanding    4,872                   4,872
      Common stock - $.05 par value; 50,000 shares
       authorized; 1,546,360 shares issued and
        outstanding                                 77,318                  77,318
      Additional paid-in capital                12,789,826              12,789,826
      Accumulated deficit                       (9,401,138)  970,333(1)(8,430,805)
  
                                                 3,666,715    970,333    4,637,048
  
                                                11,553,624   (628,846)  10,924,778
  
  
  
          See Notes to Pro Forma Consolidated Financial Statements (Unaudited)
  
  
                              GLOBAL CASINOS, INC.
                  PROFORMA CONSOLIDATED STATEMENT OF INCOME
                                 (Unaudited)
  
                        For the Year Ended June 30, 1999
  
  
                                   Consolidated    Adjustments     ProForma
     Revenues:
          Casino                     4,981,496     (2,311,281) (2) 2,670,215
          Bingo                      3,592,641                     3,592,641
          Food and beverage            118,329        (29,119) (2)    89,210
          Other                        376,863        (41,088) (2)   335,775
  
                                     9,069,329     (2,381,488)     6,687,841
     Expenses:
          Cost of sales              2,162,472        (91,743) (2) 2,070,729
          Operating, general, and
           administrative            6,227,107     (2,802,658) (2) 3,424,449
          Depreciation and
           amortization                852,601       (212,901) (2)   639,700
          Restructuring charges        267,466                       267,466
                                     9,509,646     (3,107,302)     6,402,344
  
     Income from operations           (440,317)       725,814        285,497
     Other income (expense):
          Interest income               36,204                        36,204
          Interest expense,
           including $37,000 to
           related party
            for the year.             (493,196)        24,300 (2)(3)(468,896)
          Net realized gain on sale
           of marketable trading
           securities                  274,390                       274,390
          Adjustment to market value
           of marketable securities    215,305                       215,305
  
                                        32,703         24,300         57,003
  
     Income/(loss) before
      extraordinary item              (407,614)       750,114        342,500
     Extraordinary item - gain
      from restructuring of debt        84,457                        84,457
  
     Net income/(loss)                (323,157)       750,114        426,957
     Dividends on Class B and C
      preferred stock                 (266,866)                     (266,866)
  
     Net income/(loss) available to
      common stockholders             (590,023)       750,114        160,091
  
     Income/(loss) per common share -
      basic and diluted:
     Income/(loss) from continuing
      operations                          (.44)                          .05
     Extraordinary item                    .05                           .05
     Net income/(loss) available
      to common Stockholders              (.39)                          .10
  
     Weighted average shares
      outstanding                    1,528,062                     1,528,062
  
  
  
        See Notes to Pro Forma Consolidated Financial Statements (Unaudited)
  
  
                                GLOBAL CASINOS, INC.
                      PROFORMA CONSOLIDATED STATEMENT OF INCOME
                                   (Unaudited)
  
                     Three Months Ended  September 30, 1999
  
  
                                        Consolidated  Adjustments   ProForma
  Revenues:
     Casino                             1,154,172      (329,414)(2)    824,758
     Bingo                                929,846                      929,846
     Food and beverage                     31,847        (6,140)(2)     25,707
     Other                                 34,052       (26,180)(2)      7,872
  
                                        2,149,917      (361,734)     1,788,183
  Expenses:
     Cost of sales                        523,673       (11,234)(2)    512,439
     Operating, general, and
      administrative                    1,494,022      (537,146)(2)    956,876
     Depreciation and amortization        246,581       (40,128)(2)    206,453
  
                                        2,264,276      (588,508)     1,675,768
  
  Income from operations                 (114,359)      226,774        112,415
  Other income (expense):
     Interest income                       12,692                       12,692
     Interest expense, including
      $13,000 to related parties
       as of September 30, 1999          (124,598)        7,295 (2)(3)(117,303)
     Net realized gain on sale of
      marketable trading securities       120,976                      120,976
     Adjustment to market value of
      marketable securities              (128,969)                    (128,969)
     Gain on disposition of subsidiary                  969,333 (1)    969,333
                                         (119,899)      976,628        856,729
  
  Income/(loss) before extraordinary
   item                                  (234,258)    1,203,402        969,144
  Extraordinary item - gain from
   restructuring of debt                   56,843                       56,843
  
  Net income/(loss)                      (177,415)    1,203,402      1,025,987
  Dividends on Class B and C preferred
   stock                                  (72,223)                     (72,223)
  
  Net income/(loss) available to common
   stockholders                          (249,638)    1,203,402        953,764
  
  Income/(loss) per common share -
   basic and diluted:
  Income/(loss) from continuing operations  (0.19)                        0.59
  Extraordinary item                         0.03                         0.03
  Net income/(loss) available to
   common stockholders                      (0.16)                        0.62
  
  Weighted average shares outstanding   1,546,360                    1,546,360
  
  
  
       See Notes to Pro Forma Consolidated Financial Statements (Unaudited)
  
  
  
                           GLOBAL CASINOS, INC.
                      NOTES TO PRO FORMA CONSOLIDATED
                     FINANCIAL STATEMENTS (UNAUDITED)
  
  
  
  NOTE A-The pro forma adjustments to the consolidated balance
  sheet are as follows:
  
  1)   To reflect  the sale of  Global Pelican N.V. casino
       subsidiary stock pursuant to the Stock Purchase
       Agreement,  effective as of December 30, 1999, as a pro forma
       adjustment as of the September 30, 1999 interim date.
  
       The components of the sale transaction and related
       adjustments to assets and liabilities
       excluded from the sale are as follows:
  
      Pelican Casino Balance Sheet as of 9/30/99:
                  Cash                                   $ 115,767
                  Accounts Receivable, net of
                   allowance for doubtful
                   accounts of $78,316                      46,447
                  Inventory                                  2,000
                  Prepaid Rent                              77,800
                  Furniture and Equipment                  566,068
                  Accumulated Depreciation                (332,685)
                  Other Current Assets                      13,000
                  Restricted Cash                          140,449
  
                      Total Assets                       $ 628,846
  
                  Accounts payable                          20,712
                  Accrued expenses:
                     Wages and taxes                       298,557
                     Casino license fees                 1,278,081
                     Interest                                1,829
                  Current Portion of Long-term Debt         41,888
  
                      Total Liabilities                $ 1,641,067
                     Excess of Liabilties over Assets    1,012,221
  
       Assets and Liabilities Excluded from the Sale:
                  Uncollected Markers, net of
                   allowance for doubtful
                   accounts of $69,200                           0
                  Current portion of Long-term debt
                   retained by Global Casinos              (41,888)
       Adjusted Excess of Liabilities over Assets        $ 970,333
  
       Sale Price of Stock                                  (1,000)
       Gain on Disposition of Subsidiary                $  969,333
  
  
  
  
                         GLOBAL CASINOS, INC.
                   NOTES TO PRO FORMA CONSOLIDATED
                   FINANCIAL STATEMENTS (UNAUDITED)
  
  
  NOTE B-The pro forma adjustments to the consolidated statements
  of income are as follows:
  
  2)   To reflect  the sale of Pelican Casino subsidiary
       stock pursuant to the Stock Purchase
       Agreement, effective as of December 30, 1999, assuming it was recorded
       at the beginning of year ended June 30, 1999.
  
       The condensed statement of income for the subsidiary for the year
       ended June 30, 1999 and the three months ended
       September 30, 1999 are as follows:
  
                                       Year Ended       Three Months Ended
                                       June 30,1999     September 30,1999
  
        Revenues:
             Casino                     $ 2,311,281      $ 329,414
             Food and Beverage               29,119          6,140
             Other                           41,088         26,180
  
                                          2,381,488        361,734
        Expenses:
             Cost of sales                   91,743         11,234
             Operating, general, and
              administrative              2,802,658        537,146
             Depreciation and
              amortization                  212,901         40,128
  
                                          3,107,302        588,508
        Loss from operations               (725,814)      (226,774)
        Other income (expense):
             Interest expense               (14,957)        (6,279)
        Net loss available to common
         stockholders                   $  (740,771)    $ (233,053)
  
  
  3)  To adjust consolidated interest expense for reduction in
      borrowings required to fund Pelican operating losses:
  
      Interest on Long-term
      debt @ 10.74 % and 11.21 %,
      respectively                            9,343          1,016
  
  
                       GLOBAL CASINOS, INC.
  
                  NOTES TO PRO FORMA CONSOLIDATED
                  FINANCIAL STATEMENTS (UNAUDITED)
  
  
  NOTE C-Earnings or loss per share
  
    Basic income or loss per share represents the net income or loss
    available to common stockholders divided by the weighted average
    number of common shares outstanding during the year.  Diluted
    income or loss per share reflects the potential dilution that could
    occur if securities or other contracts to issue common stock were
    exercised or converted into common stock or resulted in the
    issuance of common stock that then shared in the income or losses
    of the entity.
  
    The Company's operating history of losses has resulted in an
    average market price per common share that is substantially lower
    than the conversion prices on the existing convertible preferred
    stock, stock options, stock warrants, and convertible promissory
    notes of $1.00 to $5.00 per share.  As a result of this situation,
    issuance of any additional common stock could result in a reduction
    of total common shares outstanding, which would have the effect of
    increasing the income per share on a diluted basis.
  
    Convertible preferred stock, stock options, stock warrants and
    convertible promissory notes are not considered in the calculation
    for the years ended June 30, 1999 and the three months ended
    September 30, 1999 as the impact of the potential common shares
    would be to either increase the income per share or decrease the
    loss per share.  Therefore, diluted income or loss per share is
    equivalent to basic income or loss per share.
  
  
                              SIGNATURE
  Pursuant to the requirements of the Securities Exchange Act of 1934,
  the Registrant has duly caused this report to be signed on its behalf
  by the undersigned hereunto duly authorized.
  
  
                               GLOBAL CASINOS, INC.
  
  
  Date:    January 14, 2000    By: /s/ Stephen G. Calandrella
                                   Stephen G. Calandrella, President
  
  
                           INDEX TO EXHIBITS
  
  Exhibit A-1.   Stock Purchase Agreement dated as of December 30th,1999
                 by and between ARUFINANCE, N.V., an Aruba Corporation,
                 (Buyer), and GLOBAL CASINOS, INC., a Utah Corporation,
                 (Seller).
metadata_documents: [{"type": "8-K", "sequence": "1", "secsgml_size_bytes": 22156}]
metadata_filer: {"company-data": {"conformed-name": "GLOBAL CASINOS INC", "cik": "0000727346", "assigned-sic": "7990", "irs-number": "870340206", "state-of-incorporation": "UT", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-15415", "film-number": "507903"}, "business-address": {"street1": "5373 NORTH UNION BLVD., SUITE 100", "street2": "SUITE 100", "city": "COLORADO SPRINGS", "state": "CO", "zip": "80918", "phone": "7195904900"}, "mail-address": {"street1": "5373 NORTH UNION BLVD", "street2": "SUITE 100", "city": "COLORADO SPRINGS", "state": "CO", "zip": "80918"}, "former-company": {"former-conformed-name": "MORGRO CHEMICAL CO", "date-changed": "19920703"}}
text: Conformed Submission Type:  8K
  Conformed Peroid of Report: 19991230
  Item Information:           Acquisition or Disposition of Assets
  
                  SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C.  20549
  
                               FORM 8-K
  
                            CURRENT REPORT
  
                 Pursuant to Section 13 or 15(d) of
                 The Securities Exchange Act of 1934
  
    Date of Report (Date of earliest event reported): December 30, 1999
  
                         GLOBAL CASINOS, INC.
        (Exact name of registrant as specified in its charter)
  
                                0-15415
                         Commission File Number
  
  Utah                                              87-0340206
  (State or other jurisdiction of              (IRS Employer Identification No.)
  incorporation or organization)
  
  5373 Union Boulevard, Suite 100, Colorado Springs, Colorado          80918
  (Address of principal executive offices)                          (Zip Code)
  
  Registrant's telephone number, including area code:  (719) 590-4900
  
  (Former name or former address, if changed since last report)
  
  Form 8K - Events to Be Reported
  
  ITEM 2 - Acquisition or Disposition of Assets:
  
  Disposition of Global Pelican N.V., a Wholly-Owned
  Subsidiary of Global Casinos, Inc.:
  
       a.   On December 30, 1999, Global Casinos, Inc (Global) sold
            all of the issued and outstanding shares of capital stock of
            its wholly-owned subsidiary, Global Pelican, N.V., a St.
            Maarten Limited Liability Company, to Arufinance, N.V., an
            Aruba Corporation, (Arufinance)  pursuant to a Stock
            Purchase Agreement dated as of December 30, 1999 (the
            Agreement) among Global and Arufinance.
  
       b.   Arufinance acquired all of the capital stock issued and
            outstanding of Global Pelican, N.V. from Global for a
            negotiated purchase price of $1,000.  In addition to the
            stock sale, Global retained accounts receivables in the form
            of outstanding and uncollected markers totaling $69,200,
            transferred by Global Pelican to Global, and the related
            allowance for doubtful accounts of $69,200.
  
            Global also agreed to assume and pay an outstanding
            accounts payable account to vendor, Aristocrat,
            in the amount of $41,888 for certain gaming devices
            located in the Global Pellican casino.  This account
            payable was to be paid by the 30th of January, 2000.
  
       c.   Arufinance acquired all of the remaining assets and
            liabilities of Global Pelican, N.V. as part of the stock
            purchase, effective with the closing date of December 30,1999.
  
  The accompanying consolidated financial statements
  illustrate the effect of the disposition of the subsidiary
  ("Pro Forma") on the Company's financial position and
  results of operations.  The consolidated balance sheet as of
  September 30, 1999 is based upon the historical balance
  sheets of the Company and assumes that the disposition took
  place on that date.  The consolidated statements of income
  for the year ended June 30, 1999 and the three months ended
  September 30, 1999 are based on the historical statements of
  income of the Company for those periods.  The pro forma
  consolidated statements of income assume the disposition
  took place on July 1, 1998.
  
  The pro forma consolidated financial statements may not be
  indicative of the actual results of the acquisition.  In
  particular, the pro forma consolidated financial statements
  are based on management's current estimate of the
  transaction as of the September 30, 1999 interim date.  The
  actual transaction, to be recorded as of December 30, 1999,
  will differ from the current estimates.
  
  The accompanying consolidated pro forma financial statements
  should be read in connection with the historical financial statements
  of Global Casinos, Inc.
  
  Item 7 - Financial Statements, Pro Forma Financial
  Information, and Exhibits
  
       A.  Pro forma financial information
  
            1.   Global Casinos, Inc Consolidated Balance Sheet as of
                 September 30, 1999
            2.   Global Casinos, Inc. Consolidated Statement of Income
                 For the Year Ended June 30, 1999
            3.   Global Casinos, Inc.  Consolidated Statement of Income
                 For the Three Months Ended September 30,1999
            4.   Notes to Pro Forma Consolidated Financial Statements
  
       B.   Exhibit: The following exhibit are filed with this 8-K
  
            Exhibit A-1.   Stock Purchase Agreement dated as of December
                           30th,1999 by and between ARUFINANCE, N.V., an
                           Aruba Corporation, (Buyer), and GLOBAL CASINOS,
                           INC., a Utah Corporation, (Seller).
  
                                 GLOBAL CASINOS, INC.
                           PROFORMA CONSOLIDATED BALANCE SHEET
                                     (Unaudited)
  
                                  September 30, 1999
  
                                      Consolidated   Adjustments      ProForma
                 ASSETS
  
  Current assets:
      Cash                           $      459,632  $ (115,767) (1)   343,865
      Accounts receivable:
      Trade, net of allowance for
       doubtful accounts of $88,316
         at September 30, 1999.             407,666     (46,447) (1)   361,219
      Related parties                         2,758                      2,758
      Inventory                             225,396      (2,000) (1)   223,396
      Prepaid rent                           90,346     (77,800) (1)    12,546
      Current portion of notes
       receivable                            65,738                     65,738
      Marketable trading securities         754,505                    754,505
      Asset held for sale                   200,000                    200,000
      Other                                 126,527     (13,000) (1)   113,527
  
      Total current assets                2,332,568    (255,014)     2,077,554
  
  Land, building and equipment:
      Land                                  517,950                    517,950
      Buildings                           4,081,022                  4,081,022
      Equipment                           2,533,364    (566,068) (1) 1,967,296
                                          7,132,336    (566,068)     6,566,268
      Accumulated depreciation           (2,013,824)    332,685  (1)(1,681,139)
  
                                          5,118,512    (233,383)     4,885,129
  
  Other assets:
      Leasehold rights and interests
       and contract rights, net of
       amortization of $916,957 at
       September 30, 1999                 1,372,980                  1,372,980
      Goodwill, net of amortization
       of $312,651 at September 30,
       1999                               1,851,854                  1,851,854
      Hotel credits                         499,905                    499,905
      Notes receivable, net of
       current portion, including
       receivables in default               191,824                    191,824
      Other assets, net of
       amortization of $26,246 at
       September 30, 1999                    45,532                     45,532
      Restricted cash                       140,449    (140,449) (1)         0
  
                                          4,102,544    (140,449)     3,962,095
  
                                       $ 11,553,624  $ (628,846)    10,924,778
  
          See Notes to Pro Forma Consolidated Financial Statements (Unaudited)
  
                              GLOBAL CASINOS, INC.
                     PROFORMA CONSOLIDATED BALANCE SHEET
                                 (Unaudited)
  
                             September 30, 1999
  
                                              Consolidated  Adjustments  ProForma
       LIABILITIES AND STOCKHOLDERS' EQUITY
  
  Current liabilities:
      Accounts payable                             413,176   (20,712) (1)  392,464
      Accrued expenses:
         Wages and taxes                           463,448  (298,557) (1)  164,891
          Casino license fees                    1,278,081(1,278,081) (1)        0
          Interest, including $27,000 to
           related parties at
           September 30, 1999                      331,722    (1,829) (1)  329,893
          Other                                    497,546                 497,546
      Note payable                                 261,880                 261,880
      Current portion of long-term debt,
       including debt in default and
       $514,000 to related parties at
       September 30, 1999                        1,819,476               1,819,476
      Other                                         40,000                  40,000
  
           Total current liabilities             5,105,329 (1,599,179)   3,506,150
  
  Long-term debt, less current portion           2,781,580               2,781,580
  
  Commitments and contingencies
  
  Stockholders' equity:
      Preferred stock - convertible:
       10,000,000 shares authorized
           Class A - $2 par value, nonvoting,
            96,500 shares issued and
            outstanding                            193,000                 193,000
           Class B - $.01 par value, nonvoting,
            283,801 shares issued and outstanding
            at September 30, 1999                    2,837                   2,837
           Class C - $.01 par value, voting;
            487,172 shares issued and outstanding    4,872                   4,872
      Common stock - $.05 par value; 50,000 shares
       authorized; 1,546,360 shares issued and
        outstanding                                 77,318                  77,318
      Additional paid-in capital                12,789,826              12,789,826
      Accumulated deficit                       (9,401,138)  970,333(1)(8,430,805)
  
                                                 3,666,715    970,333    4,637,048
  
                                                11,553,624   (628,846)  10,924,778
  
          See Notes to Pro Forma Consolidated Financial Statements (Unaudited)
  
                              GLOBAL CASINOS, INC.
                  PROFORMA CONSOLIDATED STATEMENT OF INCOME
                                 (Unaudited)
  
                        For the Year Ended June 30, 1999
  
                                   Consolidated    Adjustments     ProForma
     Revenues:
          Casino                     4,981,496     (2,311,281) (2) 2,670,215
          Bingo                      3,592,641                     3,592,641
          Food and beverage            118,329        (29,119) (2)    89,210
          Other                        376,863        (41,088) (2)   335,775
  
                                     9,069,329     (2,381,488)     6,687,841
     Expenses:
          Cost of sales              2,162,472        (91,743) (2) 2,070,729
          Operating, general, and
           administrative            6,227,107     (2,802,658) (2) 3,424,449
          Depreciation and
           amortization                852,601       (212,901) (2)   639,700
          Restructuring charges        267,466                       267,466
                                     9,509,646     (3,107,302)     6,402,344
  
     Income from operations           (440,317)       725,814        285,497
     Other income (expense):
          Interest income               36,204                        36,204
          Interest expense,
           including $37,000 to
           related party
            for the year.             (493,196)        24,300 (2)(3)(468,896)
          Net realized gain on sale
           of marketable trading
           securities                  274,390                       274,390
          Adjustment to market value
           of marketable securities    215,305                       215,305
  
                                        32,703         24,300         57,003
  
     Income/(loss) before
      extraordinary item              (407,614)       750,114        342,500
     Extraordinary item - gain
      from restructuring of debt        84,457                        84,457
  
     Net income/(loss)                (323,157)       750,114        426,957
     Dividends on Class B and C
      preferred stock                 (266,866)                     (266,866)
  
     Net income/(loss) available to
      common stockholders             (590,023)       750,114        160,091
  
     Income/(loss) per common share -
      basic and diluted:
     Income/(loss) from continuing
      operations                          (.44)                          .05
     Extraordinary item                    .05                           .05
     Net income/(loss) available
      to common Stockholders              (.39)                          .10
  
     Weighted average shares
      outstanding                    1,528,062                     1,528,062
  
        See Notes to Pro Forma Consolidated Financial Statements (Unaudited)
  
                                GLOBAL CASINOS, INC.
                      PROFORMA CONSOLIDATED STATEMENT OF INCOME
                                   (Unaudited)
  
                     Three Months Ended  September 30, 1999
  
                                        Consolidated  Adjustments   ProForma
  Revenues:
     Casino                             1,154,172      (329,414)(2)    824,758
     Bingo                                929,846                      929,846
     Food and beverage                     31,847        (6,140)(2)     25,707
     Other                                 34,052       (26,180)(2)      7,872
  
                                        2,149,917      (361,734)     1,788,183
  Expenses:
     Cost of sales                        523,673       (11,234)(2)    512,439
     Operating, general, and
      administrative                    1,494,022      (537,146)(2)    956,876
     Depreciation and amortization        246,581       (40,128)(2)    206,453
  
                                        2,264,276      (588,508)     1,675,768
  
  Income from operations                 (114,359)      226,774        112,415
  Other income (expense):
     Interest income                       12,692                       12,692
     Interest expense, including
      $13,000 to related parties
       as of September 30, 1999          (124,598)        7,295 (2)(3)(117,303)
     Net realized gain on sale of
      marketable trading securities       120,976                      120,976
     Adjustment to market value of
      marketable securities              (128,969)                    (128,969)
     Gain on disposition of subsidiary                  969,333 (1)    969,333
                                         (119,899)      976,628        856,729
  
  Income/(loss) before extraordinary
   item                                  (234,258)    1,203,402        969,144
  Extraordinary item - gain from
   restructuring of debt                   56,843                       56,843
  
  Net income/(loss)                      (177,415)    1,203,402      1,025,987
  Dividends on Class B and C preferred
   stock                                  (72,223)                     (72,223)
  
  Net income/(loss) available to common
   stockholders                          (249,638)    1,203,402        953,764
  
  Income/(loss) per common share -
   basic and diluted:
  Income/(loss) from continuing operations  (0.19)                        0.59
  Extraordinary item                         0.03                         0.03
  Net income/(loss) available to
   common stockholders                      (0.16)                        0.62
  
  Weighted average shares outstanding   1,546,360                    1,546,360
  
       See Notes to Pro Forma Consolidated Financial Statements (Unaudited)
  
                           GLOBAL CASINOS, INC.
                      NOTES TO PRO FORMA CONSOLIDATED
                     FINANCIAL STATEMENTS (UNAUDITED)
  
  NOTE A-The pro forma adjustments to the consolidated balance
  sheet are as follows:
  
  1)   To reflect  the sale of  Global Pelican N.V. casino
       subsidiary stock pursuant to the Stock Purchase
       Agreement,  effective as of December 30, 1999, as a pro forma
       adjustment as of the September 30, 1999 interim date.
  
       The components of the sale transaction and related
       adjustments to assets and liabilities
       excluded from the sale are as follows:
  
      Pelican Casino Balance Sheet as of 9/30/99:
                  Cash                                   $ 115,767
                  Accounts Receivable, net of
                   allowance for doubtful
                   accounts of $78,316                      46,447
                  Inventory                                  2,000
                  Prepaid Rent                              77,800
                  Furniture and Equipment                  566,068
                  Accumulated Depreciation                (332,685)
                  Other Current Assets                      13,000
                  Restricted Cash                          140,449
  
                      Total Assets                       $ 628,846
  
                  Accounts payable                          20,712
                  Accrued expenses:
                     Wages and taxes                       298,557
                     Casino license fees                 1,278,081
                     Interest                                1,829
                  Current Portion of Long-term Debt         41,888
  
                      Total Liabilities                $ 1,641,067
                     Excess of Liabilties over Assets    1,012,221
  
       Assets and Liabilities Excluded from the Sale:
                  Uncollected Markers, net of
                   allowance for doubtful
                   accounts of $69,200                           0
                  Current portion of Long-term debt
                   retained by Global Casinos              (41,888)
       Adjusted Excess of Liabilities over Assets        $ 970,333
  
       Sale Price of Stock                                  (1,000)
       Gain on Disposition of Subsidiary                $  969,333
  
                         GLOBAL CASINOS, INC.
                   NOTES TO PRO FORMA CONSOLIDATED
                   FINANCIAL STATEMENTS (UNAUDITED)
  
  NOTE B-The pro forma adjustments to the consolidated statements
  of income are as follows:
  
  2)   To reflect  the sale of Pelican Casino subsidiary
       stock pursuant to the Stock Purchase
       Agreement, effective as of December 30, 1999, assuming it was recorded
       at the beginning of year ended June 30, 1999.
  
       The condensed statement of income for the subsidiary for the year
       ended June 30, 1999 and the three months ended
       September 30, 1999 are as follows:
  
                                       Year Ended       Three Months Ended
                                       June 30,1999     September 30,1999
  
        Revenues:
             Casino                     $ 2,311,281      $ 329,414
             Food and Beverage               29,119          6,140
             Other                           41,088         26,180
  
                                          2,381,488        361,734
        Expenses:
             Cost of sales                   91,743         11,234
             Operating, general, and
              administrative              2,802,658        537,146
             Depreciation and
              amortization                  212,901         40,128
  
                                          3,107,302        588,508
        Loss from operations               (725,814)      (226,774)
        Other income (expense):
             Interest expense               (14,957)        (6,279)
        Net loss available to common
         stockholders                   $  (740,771)    $ (233,053)
  
  3)  To adjust consolidated interest expense for reduction in
      borrowings required to fund Pelican operating losses:
  
      Interest on Long-term
      debt @ 10.74 % and 11.21 %,
      respectively                            9,343          1,016
  
                       GLOBAL CASINOS, INC.
  
                  NOTES TO PRO FORMA CONSOLIDATED
                  FINANCIAL STATEMENTS (UNAUDITED)
  
  NOTE C-Earnings or loss per share
  
    Basic income or loss per share represents the net income or loss
    available to common stockholders divided by the weighted average
    number of common shares outstanding during the year.  Diluted
    income or loss per share reflects the potential dilution that could
    occur if securities or other contracts to issue common stock were
    exercised or converted into common stock or resulted in the
    issuance of common stock that then shared in the income or losses
    of the entity.
  
    The Company's operating history of losses has resulted in an
    average market price per common share that is substantially lower
    than the conversion prices on the existing convertible preferred
    stock, stock options, stock warrants, and convertible promissory
    notes of $1.00 to $5.00 per share.  As a result of this situation,
    issuance of any additional common stock could result in a reduction
    of total common shares outstanding, which would have the effect of
    increasing the income per share on a diluted basis.
  
    Convertible preferred stock, stock options, stock warrants and
    convertible promissory notes are not considered in the calculation
    for the years ended June 30, 1999 and the three months ended
    September 30, 1999 as the impact of the potential common shares
    would be to either increase the income per share or decrease the
    loss per share.  Therefore, diluted income or loss per share is
    equivalent to basic income or loss per share.
  
                              SIGNATURE
  Pursuant to the requirements of the Securities Exchange Act of 1934,
  the Registrant has duly caused this report to be signed on its behalf
  by the undersigned hereunto duly authorized.
  
                               GLOBAL CASINOS, INC.
  
  Date:    January 14, 2000    By: /s/ Stephen G. Calandrella
                                   Stephen G. Calandrella, President
  
                           INDEX TO EXHIBITS
  
  Exhibit A-1.   Stock Purchase Agreement dated as of December 30th,1999
                 by and between ARUFINANCE, N.V., an Aruba Corporation,
                 (Buyer), and GLOBAL CASINOS, INC., a Utah Corporation,
                 (Seller).