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<page> 1 Exhibit 1 Pro Forma Balance Sheet Americas Gaming International, Inc. March 31, 1996 (Unaudited) <table> <caption> Company Assets Adjustments Pro Forma <s> <c> <c> <c> Cash Assets: Cash and Cash Equivalents $ 24,644 1 4,492,923 $ 4,517,567 Accounts Receivable 20,053 20,053 Inventory 119,252 119,252 Prepaid Expenses 31,104 31,104 Current Portion 85,200 85,200 Total Current Assets 280,253 4,773,176 Deferred Underwriting Costs 165,237 1 (86,022) 79,215 Deferred Future Project Costs 69,429 69,429 Property and Equipment 2,469,709 2,469,709 Gaming License Agreement 2,257,508 2,257,508 Investment in Sagi 45,000 45,000 Total Assets $5,287,136 $ 9,694,037 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable $ 170,697 $ 170,697 Accrued Interest 59,730 59,730 Accrued Liabilities 18,642 18,642 Notes Payable and Accrued Interest; Related Party 7,225 7,225 Notes Payable - Current Portion 549,990 549,990 Stock Subscription Payable Total Current Liabilities 806,284 806,284 Notes Payable 2,349,990 2 (1,874,238) 475,752 Stockholders' Equity: Common Stock $.001 Par Value; 25,000,000 Shares Authorized: 7,898,676 Issued and Outstanding at March 31, 1996. 6,962 2 937 7,899 Preferred Stock: $.001 Par Value 5,000,000 Shares Authorized; 512,500 Shares Issued and Outstanding at March 31, 1996. 1 5,125 5,125 Additional Paid in Capital 3,732,276 1 4,401,776 2 1,873,301 10,007,353 Accumulated Deficit (1,608,376) (1,608,376) 2,130,862 8,412,001 Total Liabilities and Stockholders Equity $5,287,136 $ 9,694,037 </Table> (1) the Adjustment Necessary to Reflect the Results of the Preferred Stock Offering, Had It Been Completed as of March 31, 1996. (2) the Adjustment Necessary to Reflect the Effects of Converting the Long Term Debt (Bridge Financing) to Equity as if the Transaction Had Been Completed as of March 31, 1996
