Welcome!

News Feed Item

Bingo.com Announces 2013 Year End Results

ANGUILLA, BRITISH WEST INDIES -- (Marketwired) -- 01/25/14 -- Bingo.com, Ltd. (OTCQB:BNGOF), owner of the popular online gaming community http://www.bingo.com, today announced its unaudited financial results for the fourth quarter and the year ended December 31, 2013. All amounts are presented in United States dollars and in accordance with United States Generally Accepted Accounting Principles.

Recent Bingo.com highlights include:

--  Total revenue increased to $1,938,699 for the year ended December 31,
    2013, an increase of 10% over revenue of $1,765,828 for the same period
    in the prior year. 
--  Total loss for the year ending December 31, 2013 was $814,178 compared
    to a loss of $46,235 for the year ending 2012. 
--  Completed transition to new desktop gaming platform in Q4 which enables
    a mobile and tablet solution to launch in the first quarter of 2014. 
--  Finalized beta testing of Trophy Bingo, our social casino game and
    completed preparations for a world wide launch on Android mobiles and
    tablets in the first quarter of 2014. 
--  Two separate financings in 2013 for a total of 2,000,000 common shares
    at $0.45 per share raising $900,000 in total. 

"2013 was filled with highs and lows for Bingo.com," said Jason Williams, the Company's CEO. "During the year, we were completely focused on two strategic initiatives; to increase revenue in our cash gaming business, and to spearhead the development of our social casino game Trophy Bingo."

"We invested heavily in our marketing campaigns with mixed results. While we believe our position within established markets has improved, player values have weakened. Increased competition and significant inflation in media prices have combined to make the environment more challenging."

"While the cash gambling market has opportunities, we believe that the social casino sector currently has more potential for a bingo focused product. Trophy Bingo will be a totally unique bingo game in the market and features patent-pending game mechanics. Development on Trophy Bingo continues at a rapid pace and we anticipate our first platform world wide release to be very soon."

"2014 will be a pivotal year for Bingo.com with the power of the Bingo.com URL harnessed under both of our business segments. The gambling business will finally be supported with a mobile product suite and Trophy Bingo will reach a global audience on multiple platforms. We continue to believe in our strategy and look forward to the year ahead."

Total revenue increased to $1,938,699 for the year ended December 31, 2013, an increase of 10% over revenue of $1,765,828 for the same period in the prior year. Gaming revenue increased to $1,913,566 for the year ended December 31, 2013, an increase of 11% over gaming revenue of $1,721,135 for the same period in the prior year. This increase compared to the prior year is due to an increase in players to the website as a result of increased marketing, especially in the first quarter of 2013. Advertising Revenue decreased to $25,133 for the year ended December 31, 2013, a decrease of 44% over revenue of $44,693 for the same period in the prior year.

Operating costs before interest, and depreciation expenses, including sales and marketing and general and administrative expenses increased to $2,748,176 for the year ended 2013, an increase of 52% over operating expenses of $1,807,558 for the year ended 2012. The increase in operating expenses compared to the year ended 2012, is primarily due to a 78% increase in marketing expenses.

Sales and marketing expenses were $2,168,031 for the year ended 2013, an increase of 78% over expenses of $1,217,416 for the year ended 2012. Sales and marketing expenses principally include costs for television marketing, Search Engine Optimization expenses, prizes for our players and other bonuses and incentives offered to gaming players. This large increase in sales and marketing expenses in 2013 did not prove as effective as anticipated and the ineffective Television campaigns have been terminated.

The net loss after taxation for the twelve months ended December 31, 2013, amounted to $814,178, a loss of ($0.01) per share, compared to a net loss of ($46,235) or ($0.00) per share in the twelve months ending December 31, 2012.

We had cash of $491,203 and working capital of $619,699 at December 31, 2013. This compares to cash of $876,004 and working capital of $1,640,713 at December 31, 2012.

For full details of the Companies operations and financial results, please refer to the Securities and Exchange Commission website at www.sec.gov or the Bingo.com website at http://www.bingo.com.

About Bingo.com

Bingo.com, Ltd. (OTCQB:BNGOF) is the parent company of the Bingo.com group of companies which own the popular online gaming community http://www.bingo.com. The Bingo.com website offers multiplayer bingo, slot machines, sweepstakes, and more. Players come together from around the world to chat, share, play and win at Bingo.com. The Bingo.com website has attracted millions of visitors from over 200 countries and is one of the most recognized and most visited bingo entertainment destinations on the Internet. Bingo.com operates its multi-language and multi-currency bingo and casino system as part of the Unibet partner program (http://www.unibet.com). Bingo.com, Ltd. (OTCQB:BNGOF) trades on the OTCQB, the venture marketplace for companies that are current in their reporting with a U.S. regulator. Investors can find real time quotes and market information for the Company at http://www.otcmarkets.com/stock/BNGOF/quote.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission. Specifically, readers should read the Company's Annual Report on Form 10-K, filed with the SEC on March 29, 2013, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, for a more thorough discussion of the Company's financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Bingo.com, Ltd.

BINGO.COM, LTD.
Unaudited Consolidated Balance Sheets

December 31,                                              2013         2012
---------------------------------------------------------------------------
Assets                                                                     
Current assets:                                                            
  Cash                                               $ 491,203    $ 876,004
  Accounts receivable, less allowance for                                  
   doubtful accounts $150,000 (2010 - $150,000)        281,257      364,184
  Prepaid expenses                                     112,095      506,133
---------------------------------------------------------------------------
Total Current Assets                                   884,555    1,746,321
                                                                           
Equipment, net                                           7,770       10,280
                                                                           
Other assets                                         1,457,557      348,212
                                                                           
Domain name rights and intangible assets             1,257,241    1,257,241
                                                                           
Deferred tax asset, less valuation allowance of                            
 $143,944 (2012 - $79,681)                                   -            -
                                                                           
---------------------------------------------------------------------------
Total Assets                                       $ 3,607,123  $ 3,362,054
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                                           
Liabilities and Stockholders' Equity                                       
Current liabilities:                                                       
  Accounts payable                                   $ 186,114     $ 24,465
  Accrued liabilities                                   67,466       65,593
  Accounts payable and accrued liabilities -                               
   related party                                        11,275       15,550
---------------------------------------------------------------------------
Total Current Liabilities                              264,855      105,608
---------------------------------------------------------------------------
                                                                           
Stockholders' equity :                                                     
  Common stock, no par value, unlimited shares                             
   authorized, 67,877,703 shares issued and                                
   outstanding (December 31, 2012 - 65,877,703)     20,097,690   19,197,690
  Accumulated deficit                              (16,780,002) (15,965,824)
  Accumulated other comprehensive loss:                                    
    Foreign currency translation adjustment             24,580       24,580
---------------------------------------------------------------------------
Total Stockholders' Equity                           3,342,268    3,256,446
                                                                           
---------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity         $ 3,607,123  $ 3,362,054
---------------------------------------------------------------------------
---------------------------------------------------------------------------


BINGO.COM, LTD.
Unaudited Consolidated Statements of Operations
For the periods ended December 31, 2013 and 2012

                                                          Three       Three
                                                         Months      Months
                             Year ended  Year ended       ended       ended
                               December    December    December    December
                               31, 2013    31, 2012    31, 2013    31, 2012
                             (Unaudited) (Unaudited) (Unaudited) (Unaudited)
---------------------------------------------------------------------------
                                                                           
Advertising revenue            $ 25,133    $ 44,693     $ 6,098     $ 4,927
Gaming revenue                1,913,566   1,721,135     398,390     549,104
---------------------------------------------------------------------------
Total revenue                 1,938,699   1,765,828     404,488     554,031
                                                                           
Operating expenses:                                                        
  Depreciation and                                                         
   amortization                   4,687       4,755       1,903       1,192
  Directors fees                 12,000      11,500       2,500       2,500
  General and                                                              
   administrative               296,581     230,849      68,127      50,155
  Salaries, wages,                                                         
   consultants and benefits     272,496     339,943      63,806      48,933
  Selling and marketing       2,168,031   1,217,416     533,029     419,954
  Stock-based compensation            -      60,005           -           -
---------------------------------------------------------------------------
Total operating expenses      2,753,795   1,864,468     669,365     522,734
---------------------------------------------------------------------------
                                                                           
(Loss) Income before other                                                 
 income (expense) and                                                      
 income taxes                  (815,096)    (98,640)   (264,877)     31,297
                                                                           
Other income (expense):                                                    
  Foreign exchange gain                                                    
   (loss)                           932      52,155       9,106       8,051
  Interest and other income         840       1,258         143         206
  Profit on sale of                                                        
   subsidiary                       812           -         812           -
---------------------------------------------------------------------------
                                                                           
(Loss) Income before income                                                
 taxes                         (812,512)    (45,227)   (254,816)     39,554
                                                                           
Income tax expense               (1,666)     (1,008)     (1,666)       (948)
---------------------------------------------------------------------------
                                                                           
Net (loss) income            $ (814,178)  $ (46,235) $ (256,482)   $ 38,606
---------------------------------------------------------------------------
                                                                           
Net (loss) income per                                                      
 common share, basic            $ (0.01)    $ (0.00)    $ (0.00)     $ 0.00
Net (loss) income per                                                      
 common share, diluted          $ (0.01)    $ (0.00)    $ (0.00)     $ 0.00
---------------------------------------------------------------------------
                                                                           
Weighted average common                                                    
 shares outstanding, basic   67,165,374  64,156,392  67,877,703  64,986,399
Weighted average common                                                    
 shares outstanding,                                                       
 diluted                     67,165,374  64,156,392  67,877,703  65,877,703
---------------------------------------------------------------------------


BINGO.COM, LTD.
Unaudited Consolidated Statements of Stockholders' Equity
For the year ended December 31, 2013
(Unaudited)

---------------------------------------------------------------------------
                                                          Accumu-
                                                           lated           
                                                           Other           
                                                          Compre-          
                                                         hensive           
                                                          income           
                                                        --------           
                                                         Foreign           
                                                        currency      
                                                           trans-     Total
                                                          lation      Stock-
                         Common stock      Accumulated    adjust-   holders'
                      Shares      Amount       Deficit      ment     Equity
---------------------------------------------------------------------------
Balance, January                                                           
 1, 2012          63,877,703 $18,237,685  $(15,019,134) $ 24,580 $3,243,131
                                                                           
  Stock-based                                                              
   compensation            -      60,005             -         -     60,005
                                                                           
  Private                                                                  
   placement       1,000,000     450,000             -         -    450,000
                                                                           
  Private                                                                  
   placement       1,000,000     450,000             -         -    450,000
                                                                           
  Net loss                 -           -      (688,561)        -   (688,561)
---------------------------------------------------------------------------
Balance, December                                                          
 31, 2012         65,877,703 $19,197,690  $(15,965,824) $ 24,580 $3,256,446
                                                                           
  Private                                                                  
   placement       2,000,000     900,000             -         -    900,000
                                                                           
  Net loss                 -           -      (814,178)        -   (814,178)
---------------------------------------------------------------------------
Balance, December                                                          
 31, 2013         67,877,703 $20,097,690  $(16,780,002) $ 24,580 $3,342,268
---------------------------------------------------------------------------


BINGO.COM, LTD.
Unaudited Consolidated Statements of Cash Flows
For Year Ended December 31, 2013 and 2012

---------------------------------------------------------------------------
Years ended December 31,                                    2013       2012
---------------------------------------------------------------------------
Cash flows from operating activities:                                      
  Net loss                                            $ (814,178) $ (46,235)
  Adjustments to reconcile net loss to net cash used                       
   in operating activities:                                                
    Depreciation and amortization                          4,687      4,755
    Profit on disposal of subsidiary                        (812)         -
    Stock-based compensation                                   -     60,005
  Changes in operating assets and liabilities:                             
    Accounts receivable                                   81,609   (216,065)
    Prepaid expenses                                     394,038   (286,854)
    Other assets                                             788       (330)
    Accounts payable and accrued liabilities             161,377      9,317
---------------------------------------------------------------------------
  Net cash used in operating activities                 (172,491)  (475,407)
                                                                           
Cash flows from investing activities:                                      
  Acquisition of equipment                                (2,177)      (208)
  Software development                                (1,110,133)  (335,905)
---------------------------------------------------------------------------
  Net cash (used in) provided by investing                                 
   activities                                         (1,112,310)  (336,113)
                                                                           
Cash flows from financing activities:                                      
  Private placement                                      900,000    900,000
---------------------------------------------------------------------------
  Net cash provided by financing activities              900,000    900,000
                                                                           
---------------------------------------------------------------------------
Change in cash                                          (384,801)    88,480
                                                                           
Cash, beginning of year                                  876,004    787,524
---------------------------------------------------------------------------
Cash, end of year                                      $ 491,203  $ 876,004
---------------------------------------------------------------------------
                                                                           
Supplementary information:                                                 
  Interest paid                                              $ -        $ -
  Income taxes paid                                      $ 1,480    $ 1,510
---------------------------------------------------------------------------
                                                                           
Non-cash financing activity                                  $ -        $ -
Non-cash investing activity                                  $ -        $ -
---------------------------------------------------------------------------

Contacts:
Bingo.com, Ltd.
Henry Bromley
CFO
(264) 461-2646
(264) 498-3805 (FAX)
[email protected]
www.bingo.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
Most people haven’t heard the word, “gamification,” even though they probably, and perhaps unwittingly, participate in it every day. Gamification is “the process of adding games or game-like elements to something (as a task) so as to encourage participation.” Further, gamification is about bringing game mechanics – rules, constructs, processes, and methods – into the real world in an effort to engage people. In his session at @ThingsExpo, Robert Endo, owner and engagement manager of Intrepid D...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
Michael Maximilien, better known as max or Dr. Max, is a computer scientist with IBM. At IBM Research Triangle Park, he was a principal engineer for the worldwide industry point-of-sale standard: JavaPOS. At IBM Research, some highlights include pioneering research on semantic Web services, mashups, and cloud computing, and platform-as-a-service. He joined the IBM Cloud Labs in 2014 and works closely with Pivotal Inc., to help make the Cloud Found the best PaaS.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution. In his session at @ThingsExpo, Akvelon expert and IoT industry leader Sergey Grebnov provided an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.