SYS-CON MEDIA Authors: Esmeralda Swartz, Pat Romanski, Elizabeth White, Yeshim Deniz, Glenn Rossman

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                                  $ -        $ -
---------------------------------------------------------------------------

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.

@CloudExpo Stories
Compute virtualization has been transformational, yet security policy implementation and enforcement has lagged behind in agility and automation. There are a number of key considerations when implementing policy in private and hybrid clouds. In his session at 15th Cloud Expo, Holland Barry, VP of Technology at Catbird, will discuss the impact of this new paradigm and what organizations can do today to safely move to software-defined network and compute architectures, including: How normal ope...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: S...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff hap...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accel...
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customiz...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that ElasticBox is holding a Hackathon at DevOps Summit, November 6 from 12 pm -4 pm at the Santa Clara Convention Center in Santa Clara, CA. You can enter as an individual or team of up to 10 developers. A New Star Is Born Every Month! All completed ElasticBoxes will then be sent to a judging panel - 12 winners will be featured on the ElasticBox website in 2015. All entrants will receive five full enterprise licenses for one year + ElasticBox headphones + Elasti...
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT tranformation? In his session at 15th Cloud Expo, John Hatem, head of V...
Cloud services are the newest tool in the arsenal of IT products in the market today. These cloud services integrate process and tools. In order to use these products effectively, organizations must have a good understanding of themselves and their business requirements. In his session at 15th Cloud Expo, Brian Lewis, Principal Architect at Verizon Cloud, will outline key areas of organizational focus, and how to formalize an actionable plan when migrating applications and internal services to...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-quality deployments.
SYS-CON Events announced today that Calm.io has been named “Bronze Sponsor” of DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Calm.io is a cloud orchestration platform for AWS, vCenter, OpenStack, or bare metal, that runs your CL tools puppet, Chef, shell, git, Jenkins, nagios, and will soon support New Relic and Docker. It can run hosted, or on premise and provides VM automation / expiry, self-service portals,...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud pla...
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue bu...
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources on configuring infrastructure and multiple software licenses. In this track, you will learn about the...
Blue Box has closed a $10 million Series B financing. The round was led by a strategic investor and included participation from prior investors including Voyager Capital and Founders Collective, as well as the Blue Box executive team. This round follows a $4.3 million Series A closed in December of 2012 and led by Voyager Capital. In May of this year, the company announced general availability of its private cloud as a service offering, Blue Box Cloud. Since that release, the company has dem...
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic network...
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic...