UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-K/A
(Amendment No. 1)
(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2014
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OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the Transition period from ______ to ______
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Commission File Number: 001-31569
CANTERBURY PARK HOLDING CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
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Minnesota
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41-1775532
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(State or Other Jurisdiction
of Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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1100 Canterbury Road
Shakopee, MN 55379
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(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (952) 445-7223
Securities registered pursuant to Section 12(b) of the Act:
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Common Stock, $.01 par value
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The NASDAQ Stock Market LLC
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Title of Each Class
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Name of Exchange on which Registered
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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ NO ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ☐ NO ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). YES ☒ NO ☐
Indicate by check mark if disclosure of delinquent filers pursuant to Rule 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer
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Non-accelerated filer
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Accelerated filer
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Smaller reporting company
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒
The aggregate market value of the shares of voting and non-voting common equity held by non-affiliates based on the price at which the Company’s common stock was last sold on the NASDAQ Global Market, on June 30, 2014, the end of the registrant’s most recently completed second fiscal quarter was $24,073,872.
On March 15, 2015, the Company had 4,213,877 shares of common stock, $.01 par value, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Company’s definitive Proxy Statement for its 2014 Annual Meeting of Shareholders, to be held on June 4, 2015 and which will be filed on or before April 22, 2015, are incorporated by reference into Part III of this Form 10-K.
EXPLANTORY NOTE
This Amendment No. 1 is being filed solely for the purpose of inserting
corrected dates on the “Report of Independent Registered Public Accounting Firm” appearing on page 32 of the Form 10-K
and in Exhibit 23.2 “Consent of Independent Registered Public Accounting Firm” of our Annual Report on Form 10-K for
the year ended December 31, 2014, which was filed with the Securities and Exchange Commission on March 30, 2015.
This Form 10-K/A does not reflect events occurring after the original filing
of our Annual Report on Form 10-K on March 30, 2015 and no attempt has been made in this Form 10-K/A to modify
or update other disclosures as presented in the original filing of our Annual Report on Form 10-K. Accordingly, this Form 10-K/A
should be read in conjunction with our filings with the SEC subsequent to the original filing of our Annual Report on Form 10-K.
In addition, as required by Rule 12b-15 under the Securities Exchange Act
of 1934, as amended, new certifications by our principal executive officer and principal financial officer are filed as exhibits
to this Form 10-K/A.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Board of Directors and Stockholders
Canterbury Park Holding Corporation
We have audited the accompanying consolidated balance sheet of Canterbury
Park Holding Corporation (a Minnesota corporation) and subsidiaries (the “Company”) as of December 31, 2013, and the
related consolidated statements of operations, changes in stockholders’ equity and cash flows for the year ended December
31, 2013. These financial statements are the responsibility of the Company’s management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company’s
internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit
also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Canterbury Park Holding Corporation and subsidiaries as of
December 31, 2013, and the results of their operations and their cash flows for the year ended December 31, 2013 in conformity
with accounting principles generally accepted in the United States of America.
/s/ Grant Thornton LLP
Minneapolis, Minnesota
March 31, 2014
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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Dated: April 2, 2015 |
CANTERBURY PARK HOLDING CORPORATION |
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By |
/s/ Randall D. Sampson |
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Randall D. Sampson
President and Chief Executive Officer |
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CANTERBURY PARK HOLDING CORPORATION
Exhibit Index To
Form 10-K/A for the Year Ended December 31, 2014
Exhibit Table
Reference |
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Title of Document |
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Location in Consecutive
Numbering
System as Filed with the Securities and
Exchange Commission |
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23.2 |
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Consent of Independent Registered Public Accounting Firm |
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Filed herewith. |
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31.1 |
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Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act 0f 2002 |
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Filed herewith. |
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31.2 |
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Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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Filed herewith. |
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32 |
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Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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Filed herewith. |
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Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated March 31, 2014, with respect to the
consolidated financial statements included in the Annual Report of Canterbury Park Holding Corporation on Form 10-K for the year
ended December 31, 2014. We hereby consent to the incorporation by reference of said report in the Registration Statements of Canterbury
Park Holding Corporation on Forms S-8 (File No. 333-120377, File No. 333-97537, File No. 333-97533, File No. 333-34509, File No.
333-91591, File No. 333-150037, File No. 33-96582 and File No. 33-96580).
/s/ Grant Thornton LLP
Minneapolis, Minnesota
March 30, 2015
Exhibit 31.1
Certifications
I, Randall D. Sampson certify that:
| 1. | I have reviewed this annual report on Form 10-K/A of Canterbury Park Holding
Corporation; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles; |
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of
the end of the period covered by this report based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant’s internal control
over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of the registrant’s board of directors (or persons performing the equivalent function): |
| a. | all significant deficiencies and material weaknesses in the design or operation
of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to
record, process, summarize and report financial information; and |
| b. | any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant’s internal controls over financial reporting. |
Date: April 2, 2015 |
/s/ Randall D. Sampson |
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Randall D. Sampson
President and Chief Executive Officer
Canterbury Park Holding Corporation |
Exhibit 31.2
Certifications
I, David C. Hansen certify
that:
| 1. | I have reviewed this annual report on Form 10-K/A of Canterbury Park Holding Corporation; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the
period covered by this report based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant’s internal control over financial
reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s
internal control over financial reporting; and |
| 5. | The registrant’s other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of the registrant’s board of directors (or persons performing the equivalent function): |
| a. | all significant deficiencies and material weaknesses in the design or operation of internal controls
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize
and report financial information; and |
| b. | any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal controls over financial reporting. |
Date: April 2, 2015 |
/s/ David C. Hansen |
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David C. Hansen
Vice President and Chief Financial Officer
Canterbury Park Holding Corporation |
Exhibit 32
CERTIFICATION PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to 18 U.S.C. 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, we the undersigned Chief Executive Officer and Chief Financial Officer, respectively,
of Canterbury Park Holding Corporation (the “Company”), hereby certify that:
| (1) | The Annual Report of the Company on Form 10-K/A for the period ended December 31, 2014, (the
“Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
Date: April 2, 2015 |
/s/ Randall D. Sampson |
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Randall D. Sampson
President and Chief Executive Officer
Canterbury Park Holding Corporation |
Date: April 2, 2015 |
/s/ David C. Hansen |
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David C. Hansen
Vice President and Chief Financial Officer
Canterbury Park Holding Corporation |
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